FOCUS MINERALS LTD — Capital/Financing Update 2021

Apr 15, 2021

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Market Announcement

16 April 2021

Updated Laverton Stage 1 Open Pit PFS Progressive Results

Highlights:

• Laverton Stage 1 scenario delivers JORC 2012 Probable Ore Reserves of 12.6Mt @ 1.34g/t for 546koz gold

• Stage 1 scenario based on JORC 2012 Mineral Resource of 16.4Mt @ 1.47g/t for 770koz, just 21% of Laverton’s Total Mineral Resource of 61.3Mt @ 1.85g/t for 3.64Moz

• Stage 1 scenario using refurbished Barnicoat Mill delivered undiscounted free cash of $223M (using Australian dollar gold price of $2,207/oz) with Pre-Tax NPV of $132M[1] and Pre-Tax IRR of 17.2%

• Stage 1 PFS produces 513koz of gold at average AISC of $1,497/oz

• Results increase Board confidence in larger-scale Laverton Gold Project

• Next-phase PFS work underway, using much greater resource footprint

West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to announce progressive results from the Laverton Gold Project’s ( Laverton ) Stage 1 Open Pit PreFeasibility Study ( PFS ). This first pass PFS scenario uses a selection of five open-pit resources and assumed milling at a refurbished 1.5Mtpa Barnicoat Mill. The assessment delivered positive economic value and a resultant Stage 1 Ore Reserve Statement. Recovered gold, average run of mine ( ROM ) grade, estimated average all-in sustaining costs ( AISC ) and proportioned pre-tax free cash flow, based on the PFS mining schedule, are shown below.

Open Pit*	Recovered Gold (koz)	Diluted Grade (g/t)	Average AISC ($/ounce)	Pre-tax Free Cash ($M)
Karridale	183	1.12	1,666	41
Burtville	92	0.93	1,481	40
Beasley Creek	124	2.27	1,353	76
Beasley Creek South	76	2.47	1,300	51
Wedge	38	1.58	1,533	14
Total/Average PFS Schedule	513	1.37	1,497	223

• PFS Mining Schedule includes Inferred Resources within the pit designs comprising 4% of ore tonnes and 6% of contained gold. There is a low level of geological confidence associated with

1 5% Discount Rate

Focus Minerals Limited ACN 005 470 799 | ABN 56 005 470 799 | ASX: FML Level 2, 159 Adelaide Terrace, East Perth WA 6004 | PO Box 3233, East Perth WA 6892 T +61 (0) 8 9215 7888 | F +61 (0) 8 9215 7889 | E info@focusminerals.com.au | W focusminerals.com.au

Page 1 of 78

inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised.

The Laverton Stage 1 PFS has delivered a base case and inputs for the next stage of economic assessment. Focus has successfully increased the size and quality of its Laverton Mineral Resource base over the past 12 months across the project’s 386km[2] tenement position.

Commenting on the progressive results of the Laverton Stage 1 Open Pit PFS, Focus Minerals’ CEO, Mr Zhaoya Wang, said:

“This initial PFS scenario has delivered a positive economic assessment from just 21% of the Laverton Gold Project’s Mineral Resource base and is a further credit to the Focus technical team’s diligent work.

“Yet as positive as the PFS results are, they did not include the discovery by Focus late last year of additional high-grade Beasley Creek mineralisation which remains open along strike with significant shallow ounces growth potential yet to be drill tested. In addition, this first-phase study at Laverton has excluded large fresh-rock resources especially at Karridale because Focus is yet to receive back all outstanding metallurgical test work.

“Furthermore, there are a number of other deposits with grades of 2g/t or greater within our Laverton tenement package that will be updated to JORC 2012 compliance before being included in the second-phase PFS.

“The progressive PFS result is a huge step forward in optimising future production in Laverton. It has also demonstrated to Focus the need to look at increasing the mining and milling capacity to reduce operating costs and increase profitability. Opportunity exists to strategically position a future plant to improve efficiencies and further reduce handling cost.

“We recognise that the PFS process at Laverton is taking longer than shareholders would have expected. However, we believe it is vital to include our continued exploration success at Laverton to deliver the best possible outcome. Our team at Focus will now draw on the results of the first-phase PFS to optimise the scale and economics of the Laverton Gold Project to deliver a long-life and lowcost operation for the benefit of all shareholders.”

Market Announcement | Page 2 of 78

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Figure 1: Laverton Gold Project progressive Stage 1 Open Pit PFS Results and location of selected pits with respect to Barnicoat plant site. A strategically located milling operation will be reviewed in the second phase of Laverton’s economic assessment.

Market Announcement | Page 3 of 78

Overview of Stage 1 Resources & Reserves Only five of Laverton’s 20 deposits used in study

The Company’s Laverton Gold Project ( Laverton ) hosts recently updated total Measured, Indicated and Inferred Mineral Resources comprising 61.3Mt @ 1.85g/t for 3.64Moz gold (60% in Measured and Indicated categories).

Classification	Tonnage (Mt)	Au Grade(g/t)	Au Moz
Total Measured	0.9	1.99	0.06
Total Indicated	42.4	1.56	2.12
Total Inferred	17.9	2.52	1.45
Total Mineral Resource	61.3	1.85	3.64

This large and growing resource inventory is spread across more than 20 deposits, the Stage 1 PFS was run on five deposits with resources reported under JORC 2012 compliance.

Fresh-rock resources were generally excluded from this study as metallurgy remains in progress. The only exceptions to this were:

• Burtville, which already has significant oxide, transitional and fresh rock metallurgy; and

• • a small amount of fresh-rock mineralisation at the Wedge LF North deposit where metallurgical test work has recently been completed.

The combined subset Indicated Mineral Resources used to inform the Stage 1 pit limit optimisation was 16.3Mt @ 1.47g/t for 770Koz – just 21% of Laverton’s total Measured, Indicated and Inferred Mineral Resource base.

Stage 1 PFS Indicated Resources	Tonnage (Mt)	Au Grade(g/t)	Au koz
Karridale Oxide and Trans Only	6.17	1.24	246
Burtville Oxide,Trans and Fresh	5.09	0.97	159
BeasleyCreek Oxide and Trans Only	3.02	2.2	213
BeasleyCreek South Oxide and Trans	0.75	3.57	86
Wedge Oxide and Trans Only	1.22	1.66	66
Total Mineral Resource	16.26	1.47	770

It is worth noting that:

• All the deposits considered by this Stage 1 PFS are open for further resource expansion;

• • Several new very strong intersections were received at Beasley Creek South and not included in the current resource (see ASX announcement dated 20 August 2020);

• The Karridale fresh-rock Indicated Mineral Resource of 16Mt @ 1.4g/t for 719koz was not included in the economic assessment because metallurgical test work had not been completed;

• Fresh Mineral Resources have been excluded from analysis in the PFS for all deposits except Burtville and Lancefield, pending further metallurgical test work. Of the 770koz within the Indicated Resources assessed in the PFS, 546koz were converted to a Probable Reserve; and

• The resource-to-reserve conversion rate is strong for this base case scenario at 71%.

Market Announcement | Page 4 of 78

Ore Reserve cut-off grades were calculated for each deposit and ore type. These were based on a gold price of $2,207 per troy ounce, operating and sustaining capital costs as well as mining and metallurgical modifying factors as estimated in the PFS.

Pit Economic Cut Offs	Cut off Oxide Cut Off Transitional Cut off Fresh
Karridale	0.48g/t 0.49g/t
Burtville	0.48g/t 0.48g/t 0.50g/t
Beasley Creek	0.47g/t 0.48g/t
Beasley Creek South	0.47g/t 0.48g/t
Wedge LF North Minimal Fresh	0.47 g/t 0.48 g/t 0.49 g/t
Wedge South and Central	0.47g/t 0.48g/t

Material that is mined and slightly below the reported cut off grades will be stockpiled. This material may be be processed at the conclusion of mining when overhead operating costs reduce. At the end of mining stockpiled sub-grade material may be processed with cut off grade reduced by approximately 0.2 g/t. This sub-grade stockpiled material is included in the PFS schedule and adds 2% to gold scheduling inventory.

Within the Stage 1 PFS Pits and using cut offs by ore type the following Indicated and Inferred resources are reported

PFS Pit Design	Indicated Mineral Resource	Indicated Mineral Resource	Indicated Mineral Resource	Inferred Mineral Resource	Inferred Mineral Resource	Inferred Mineral Resource	Total PFS Pit Mineral Resources	Total PFS Pit Mineral Resources	Total PFS Pit Mineral Resources
	Mt	g/t	Au Koz	Mt	g/t	Au Koz	Mt	g/t	Au Koz
Karridale	5.7	1.21	223	0.1	1.08	3	5.8	1.21	226
Karridale M38/73 & M38/89	2.2	1.16	81	0.0	0.97	2	2.2	1.08	82
Karridale M38/8 & M38/1281	3.6	1.24	142	0.0	1.29	1	3.6	1.21	143
Burtville	3.5	0.91	104	0.2	0.97	5	3.7	0.92	109
Beasley Creek	1.8	2.51	146	0.2	1.64	11	2.0	2.41	158
Beasley Creek South	0.8	2.67	72	0.4	1.53	19	1.2	2.31	91
Wedge LF North	0.8	1.78	44	0.0	0.88	0	0.8	1.77	44
Total	12.7	1.44	589.0	0.9	1.4	39.2	13.6	1.44	628.3

Reported in Pit Mineral Resources are presented on a 100% Project Basis. Tenements M38/073 & M38/089 are 91% owned by Focus. All other tenements are 100% owned by Focus.

Market Announcement | Page 5 of 78

Selective Mining Units (SMU’s) were determined for each pit to support 5m high benches with 2.5m high flitches

Pit	SMU (m) X dimension Y dimension Z dimension	Calculated Ore Loss Ore Loss (g/t) Calculated Dilution Dilution Grade Total Metal Loss	Calculated Ore Loss Ore Loss (g/t) Calculated Dilution Dilution Grade Total Metal Loss	Calculated Ore Loss Ore Loss (g/t) Calculated Dilution Dilution Grade Total Metal Loss	Calculated Ore Loss Ore Loss (g/t) Calculated Dilution Dilution Grade Total Metal Loss	Calculated Ore Loss Ore Loss (g/t) Calculated Dilution Dilution Grade Total Metal Loss
Karridale	2.5 x 5 x 2.5	16%	0.25	15%	0.002	4%
Burtville	5 x 5 x 2.5	LUC Mineral Resource included ore loss and dilution
Beasley Creek	2.5 x 5 x 2.5	13%	1.66	13%	0.1	10%
Beasley Creek South	2.5 x 5 x 2.5	16%	1.26	6%	0.03	8%
Wedge	3.125 x 3.125 x 2.5	16%	0.9	20%	0.04	10%

Pit limit determination

• Analysis of: CAPEX, OPEX, sustaining capital, metallurgical recoveries and modifying factors, considered

• Technical analysis was completed in the PFS to determine the most appropriate mining method

• Selective open cut mining techniques are considered the preferred method of mining and used to estimate ore loss and dilution

• Geotechnical IRSA (Inter Ramp Slope Angle) was used for Whittle 4K optimisation using gold price of A$2,163.

• For the purpose of whittle optimisation any incorporated inferred resources were treated as waste.

• For the absence of doubt only Indicated status Mineral Resources were used for pit optimisation.

• Fresh type ores were specifically excluded for pit optimisation for Wedge South/Central/North, and Karridale Deposits as metallurgy testwork is still in process.

• 4 runs of whittle were completed with pit selection targeting 90% revenue factor to determine pit limits

Pit Design

• Pit design used geotechnical wall angles with 5m benches and 2.5m flitches

• Minimum ramp width for pit designs was 20m for two way ramps

• Positioning of ramps to optimise material movement

• Minimum mining width was 20m followed by a “good-bye” cut.

• Minimum cut-back width is 25 m.

PFS pit design quantities by cut off for Measured and Indicated Mineral Resource categories

Pit	Total Material (MT)	Waste (MT)	Ore (MT)	Grade (g/t)	Cont. Au(Koz)	Strip Ratio
Karridale	44.99	39.56	5.43	1.14	199	7.3
Burtville	7.17	4.04	3.13	0.96	97	1.3
BeasleyCreek	35.7	33.9	1.81	2.28	132	18.7
BeasleyCreek South	20.94	20.23	0.71	2.82	65	28.5
Wedge	11.79	11	0.79	1.59	41	13.9
Total	120.6	108.73	11.87	1.39	534	9.2

Market Announcement | Page 6 of 78

Reserve determination

• Economic model was analysed and cut off grade determined for each deposit based on ore related costs, material type, processing recoveries, applied gold price and modifying factors

• Reserves were determined for the material above cut off grade recovered for each deposit

Ore Reserves calculated from the Stage 1 open pit scenario using refurbished Barnicoat Mill comprised:

**Ore Reserves using **	Tenements	Focus Minerals Ltd.	Probable
Barnicoat Mill			Mt Au g/t Au Koz
Karridale			5.8 1.10 205
Karridale	M38/073, M38/089	91%	2.0 1.07 68
Karridale	M38/008, M38/1281	100%	3.8 1.12 137
Burtville	M38/261	100%	3.5 0.91 103
Beasley Creek	M38/049	100%	1.8 2.26 133
Beasley Creek South	M38/049	100%	0.7 2.7 64
Wedge	M38/159	100%	0.8 1.57 41
Total			12.6 1.34 546

Notes:

Ore Reserve estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The quantities contained in the above table have been rounded to reflect the relative uncertainty of the estimate. Rounding may cause values in the table to appear to have computational errors. Ore Reserves are presented on a 100% Project Basis.

All Ore Reserve estimates are on a dry basis.

Scheduling Inventory including: Measured, Indicated, Inferred Mineral Resource categories plus subgrade stockpiles

Pit	Total Material (MT)	Waste (MT)	Ore (MT)	Grade (g/t)	Cont. Au (Koz)	Strip Ratio
Karridale	44.99	39.33	5.66	1.12	204	6.9
Burtville	7.17	3.65	3.53	0.93	106	1
Beasley Creek	35.7	33.89	1.81	2.27	132	18.7
Beasley Creek South	20.94	19.93	1.01	2.47	80	19.7
Wedge	11.79	10.99	0.8	1.58	41	13.7
Total	120.6	107.79	12.81	1.37	564	8.4

Key considerations of the PFS schedule include

• No pre strip prior to year 1

• Early mill feed from low strip ratio Burtville open pit

• Pre strip targets Beasley Creek and Beasley Creek South to provide higher grade feed earlier in the schedule

• Burtville open pit production phases out in year 3 to prioritise feed from Beasley Creek pits

• Karridale operated progressively over the LOM

• Peak material movement of 17Mt in years 1-5 and reducing years 6-9

• Variable ore grade over LOM between 1 and 1.8 g/t

• Ore stockpiles built up and depleted over LOM - peak stock of 960Kt @ 0.95g/t Au (year 6)

Market Announcement | Page 7 of 78

The PFS LOM ore schedule includes a small amount of Inferred Mineral Resources above cut off which are included within the open pit designs. Inferred Mineral Resources represent 4% of ore tonnes and 6% of recovered gold of the PFS LOM ore schedule.

PFS Pit	Inferred Mineral Resources included in LOM Ore schedule (Kt)	Measured + Indicated + Inferred (kt)	Measured + Indicated tonnage %	Inferred Mineral Resource tonnage %
Karridale	61	5,659	99%	1%
Burtville	157	3,531	99%	1%
Beasley Creek		1,815	100%	0%
Beasley Creek South	284	1,010	72%	28%
Wedge LF North Minimal Fresh	9	814	99%	1%
Wedge South and Central	510	12,828	96%	4%

Notes

The relatively higher % of of inferred Mineral Resources included within the the Beasley Creek South PFS pit design reflectes the fast growing nature of this high grade deposit. All inferred resources included in the Beasley Creek South pit design are located in the hangingwall lodes that were identified in the later stages of resource drilling at Beasley Creek South. These hangingwall lodes are encountered in shallow parts of the pit design and are easily drilled by relatively cheap and short RC holes. The Indicated Mineral Resource on the the Beasley Creek South main lode was compiled by relatively slower, deeper and more expensive HQ3 diamond drilling Finally it is noted that RC targeting the hanging wall lodes provides an ideal precollar to resource extenion holes targeting the Beasley Creek Main lode.

Market Announcement | Page 8 of 78

Laverton progressive Stage 1 Open Pit PFS Summary Scenario using refurbished, centrally located 1.5Mtpa Barnicoat Mill

The study was completed by independent consultants at RPM Advisory Services Pty Ltd ( RPM ). Key inputs/outputs included:

• PFS study at +/-25% accuracy

• Australian dollar gold price of $2,207/oz

• Discount rate 5% Real

• CAPEX based on RPM’s estimates

CostCentre	Owner Operator **CAPEX AUD $M **	Contractor Mining **CAPEX AUD $M **
Major MiningEquipment	59.8	0
Process Plant Equipment	9.3	9.3
Process Plant Engineering	19.1	19.1
Infrastructure	7.5	7.5
Environment	0.3	0.3
First Fill	0.3	0.3
ProcessOperationSpares	0.6	0.6
Process Freight	2.4	2.4
Project Management(EPCM)	2.9	2.9
OwnersCost	9.5	9.5
Contingency	20.4	8.5
Sub - total	132.1	60.3

• Processing plant and asscociated costs based on KTH engineering with additional costs estimated by RPM for flow sheet modification specified in updated equipment list

• Power plant and accomodation contracted as Build, Own, Operate

• EPCM costs building on KTH estimate and 8.5% of installed plant costs

• Major mining fleet costs based on RPM cost database

• Minor supporting fleet and facilities not incurred as capital costs and instead applied to OPEX on leased basis

• Contractor operations assumed for ore haulage

• AUD to USD Exchange rate of 0.7 applied

Market Announcement | Page 9 of 78

Mining fleet selection to support LOM schedule using 5m high benches with 2.5m high flitches

Equipment	Size	Units	Max	Yr 1	**Yr 2-7 **	Yr 8	Yr 9	Yr 10
Hydraulic Excavator	200t	No.	1	1	1	1	0	0
Hydraulic Excavator	120t	No.	2	2	2	1	1	0
777 Dump Truck	97t	No.	12	12	12	10	5	0
Drill Diesel	Sandvik DP1500i	No.	3	2	3	2	2	0
Dozer Track	CAT D10R	No.	1	1	1	1	0	0
Dozer Track	CAT D9R	No.	2	2	2	1	1	0
Dozer Rubber Tyre	CAT 844	No.	2	2	2	1	1	0
Grader	16M	No.	1	1	1	1	1	0
Grader	14M	No.	1	1	1	1	1	0
Watercart	773D	No.	2	2	2	2	2	0
Watercart	Generic	No.	1	1	1	1	1	0
Front End Loader	6.4 cu. M	No.	2	2	2	2	2	2
Fuel Cart	Generic	No.	1	1	1	1	1	0
Hydraulic Excavator	75t	No.	1	1	1	1	1	0

Infrastructure

1. Site offices at each mining area and reuse of Barnicoat, Lancefield and Burtville facilities including in some cases existing water tanks, sewerage systems, wash down pads/building foundations, large sheds, transportable offices and sea containers etc…Remote site power would be supplied from portable generators

2. Equipment work shops include reuse of large sheds and or foundations at: Burtville, Barnicoat and Lancefield sites

3. Upgrade 42km of haul roads and building 13.3km of new haul roads with 10m width running surface as detailed in the following table. Benchmark pricing for haul roads will vary between A $145,000 and A$500,000 per kilometre depending on road base quality and amount of cut and fill. It is noted that the majority of new haul roads already fall on current miscellaneous licenses held by Focus Minerals Ltd.

Existing Haul Rd	Distance (km)	Proposed Haul Rd	Distance (km)
Barnicoat Haul Rd	11	Barnicoat Proposed North Haul Rd	6
Wedge Haul Rd	3.5	Northern Haul Rd to Beasley Creek	6
Karridale Haul Rd	27.5	Wedge North to Proposed Haul Rd	1.3
Total	42		13.3

1. Refurbishment and reuse of Barnicoat bore field water supply including fair condition pipelines. Estimated water budget is 2.63 GL/a. A full water balance has not been completed at this time. It is noted that Laverton has relatively abundant low salinity water available and significant quantities that can meet potable water standards with relatively simple treatment.

Market Announcement | Page 10 of 78

1. Laverton has an existing airstrip suitable for supporting mining operations in the region and as used previously by Focus Minerals Ltd.

2. The APA gas pipeline runs just 400m to the north of Barnicoat and already has an offtake node adjacent to the Barnicoat plant. APA have been contacted and have indicated potential to supply gas for power generation at Barnicoat. However, no formal discussions have been held and at this stage the PFS assumes BOO diesel power will be used to supply base load of 4.2MW with peak load estimated at 4.7MW.

3. Focus Minerals Ltd previously operated a camp in Laverton. There is sufficient land in Laverton for construction of a new 200 – 250 personnel camp facility. The Stage 1 PFS scenario uses a 5 yr BOO/T deal for construction of a 200 man camp in Laverton. The following camp accommodation costs have been estimated for a 5yr BOOT/T arrangement

Description	Cost A $
Messing and Accomodation	$65/day/person
Monthly Capital Repayment*	$146,000/month
Monthly Facility Charge	$51,000/month

*Note

Aplicable over 5 yr BOO/T contract Period

Hyrdrogeology

A hydrogeological model was developed for the region encompassing the Wedge and Beasley Creek deposits in 2020. The model has reasonable accuracy in the vicinity of Beasley Creek where historic pumping data is available. Also during 2020 downhole porosity logging was completed at the Beasley Creek deposits as part of works to further refine the hydrogeological model leading to next stage engineering and economic studies.

Future works will include development of monitoring and pumping test bores to further refine the hydrogeological models which will be expanded to Karridale and Burtville. It is noted that Beasley Creek open pit will need to be dewatered ahead of mining and this cost has been estimated in the PFS based on the hydrogeological model. Within Focus’ tenure there are numerous pipeline and historical pit storage options for this fresh water resource.

Finally it is noted that Beasley Creek is located in the south western part of the Laverton Water Reserve and that the Wedge – Lancefield North pits are located in the central part of the water Reserve. Furthermore, Water Corp operates bores around the Wedge North pit that supply potable water to Laverton. Mining operations within the Water Reserve will undergo additional permitting. It is noted open pits have been approved and operated within the Water Reserve in the last 15 years.

It is considered that the location of Beasley Creek in a surface water drainage outflow at the margin of the water reserve will not be a significant barrier to future approvals. However the process will still need to be followed. Mining at Wedge- Lancefield North occurs relatively late in the proposed schedule allowing additional time for permitting these open pits and providing substitute potable water sources.

As previously mentioned this stage 1 PFS only considers 21% of a growing Laverton Mineral Resource Base. It is considered likely that resources included in the next phase of economic assessment may further push back the relatively small amount of mining currently considered in the Wedge -Lancefield North region in this Stage 1 scenario.

Market Announcement | Page 11 of 78

Metallurgy

Beasley Creek and Beasley Creek South ores are highly oxidised including slightly transitional ores. Historic mining at Beasley Creek was completed in three stages and the reconcillaiation for mined vs milled recovery is complicated by blending at Windara and processing of lower grade mineralisation at the Ashton mill. Windara recoveries can be reconcilled to be within a range of 84 to 94%.

Met test work during 2019/2020 confirmed Beasley Creek ores provide high recoveries with fast kinematics and low reagent use. The ores are also soft, fine grained and readily pumpable. A solid database of testwork was used to develop a grade recovery curve for Beasley Creek and Beasley Creek South Ores

Beasley Creek ore

Feed grade g/t	Recovery
0.25–0.75	84%
0.75–1.25	88.5%
1.25–2.0	89.5%
+2.0	96%

Beasley Creek South ore

Feed grade g/t	Recovery
0.25–0.75	84%
0.75–1.25	91% Oxide, 88.5% Transitional
1.25–2.0	95% Oxide, 89.5% Transitional
+2.0	96%

Wedge and Lancefield North Ore has historically provided excellent mined vs recovered gold for oxide and transitional ores at 96.83%. Limited testwork indicates that oxide behaves like other Laverton Oxide ores and that transitional ores are similar to other Laverton transitional ores. A grade recovery curve was developed for Wege – Lancefield North ores

Wedge ores

Feed grade g/t	Recovery
0.25–0.75	84%
0.75–1.25	78% Oxide, 62% Transitional
1.25–2.0	80% Oxide, 83.5% Transitional
+2.0	96%

Lancefield North ores

Feed grade g/t	Recovery
0.25–0.75	84% Oxide, 84% Transitional, 82% Fresh
0.75–1.25	88.5% Oxide, 88.5% Transitional, 68% Fresh
1.25–2.0	89.5% Oxide, 89.5% Transitional, 84.5% Fresh
+2.0	96% Oxide/Transitional, 96.5% Fresh

Market Announcement | Page 12 of 78

Karridale has not been mined commercially in a modern plant and does not have historical recovery data. Metallurgy to data has focused on transitional ores and to a lesser degree on oxide ore with data to date indicating similarities to other Laverton oxide and transitional ores. Fresh ore has been excluded at this stage from the PFS as testwork is still in process. A grade recovery curve was developed for karridale ores.

Karridale ore

Feed grade g/t	Recovery
0.25–0.75	84% Oxide/Transitional
0.75–1.25	88.5% Oxide, 89.5% Transitional
1.25–2.0	89.5% Oxide, 90.3% Transitional
+2.0	96% Oxide, 95% Transitional

Burtville has a reasonable amount of metallurgical sampling covering oxide, transitional and fresh ores. Of more than 15 leach samples only two had poor recoveries considered to be related to high nugget gold. Average leach recoveries excluding nugget affected samples was more than 94%. A grade recovery curve was developed for burtville ores.

Burtville ore

Feed grade g/t	Recovery
0.25–0.75	84% Oxide/Transitional, 80% Fresh
0.75–1.25	78% Oxide, 62% Transitional, 72.6% Fresh
1.25–2.0	80% Oxide, 83.5% Transitional, 75% Fresh
+2.0	96% Oxide/Transitional, 95% Fresh

Market Announcement | Page 13 of 78

Processing

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The Barnicoat Mill is currently missing primary and secondary crushing circuit which will need to be purchased and installed as per KTH engineering estimation based on Metso quote.

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Milling and gold recovery circuit (Hybrid carbon in pulp circuit).

Market Announcement | Page 14 of 78

Key upgrades for the Banicoat plant refurbishment include:

• Procurement and installation of new two stage Metso crushing circuit with ample capacity to provide additional crushing of fresh ores supporting finer grade comminution circuit feed size

• Change ball mill motors to soft start variable motors

• Change to Chemex pump screens and agitators

• Upgrade hydro cyclones

• Additional gravity circuit capacity

• 24hrs leaching residence targeted with solid density of 45% - leaching capacity to be increased by 772m3 by addition of 9m diameter and 12.8m high tank

• Conversion to a split Anglo American Research Laboratory elution circuit

• Addition of tailings thickener for reclamation of water and reagents

• Significant portions of the plant will be rewired and upgraded to current standard along with integration of selected automation

Operating costs based on RPM’s estimates

Cost area	Unit	Owner Operator
Mining Costs	AUD/Ore t	28.07
ROM Rehandle	AUD/Ore t	4.15
Processing	AUD/Ore t	15.63
General and Administration	AUD/Ore t	6.64
Royalty	AUD/Ore t	5
OP Costs Total	AUD/Ore t	59.5
OP Costs Total	AUD/oz	1,486
AISC	AUD/Oz	1,497

Mining costs include all in pit activities up to the pit top ore stockpile or waste dump. On an Owner operator basis the following costs by activities are summarised:

• Waste mining A$1.93/t

• Ore mining A$2.57/t

• Drill ad blast A$0.34/t mined (A$0.79/t blasted)

• Includes leasing for minor support equipment and infrastructure

• ROM rehandle includes cost from stockpile to crusher using contractor haulage to ROM pad

• Processing costs are mainly related to power and labour but also include sustaining costs estimated at A$0.55/t milled . This figure is somewhat lower than average for the industry as the PFS assumes continued storage of tails in mined out Barnicoat trend open pits as per previous operating license. The Barnicoat, Cock of the North and West Pits are potential candidates for future in pit tails facilities. The Barnicoat and Cock of the North pits have been used for tails disposal when the plant was last in use. Estimated available freeboard in the selected mined out pits is just over 14 million cubic metres

• General and Administration Includes all support functions for general admin, OHS, HR, Flights, Accom, insurances, accounting, environment etc…

• Straight line depreciation method applied

• Major royalties including:

• Government 2.5%

• Indago 2%

• Lancefield 2% of Beasley Creek, Beasley Creek South and Wedge – Lancefield North

• Merolia 3% on M38/073 only

Market Announcement | Page 15 of 78

Major costs elements for the Project using owner operator scenario include:

• Labour 38%

• Energy 16% - Diesel estimated at A$0.74/l inclusive of fuel excise and transport

• Salary oncosts 18.5%

Contractor mining scenario has been modelled with mining activities as per owner operator schedule.

• Contractor scenario uses whole of life equipment rates based on leasing costs

• It is assumed the contractor purchases new equipment for life of mine.

• An operating margin of 15% has been applied to all mining contractor activities

• Estimated maximum draw down for contractor mining scenario is A$125M during the 3[rd] and 4[th] quarters of year 2

Financial model assumes no loan facility required and hence excludes upfront fees, commissions, and interest payments. Financial metrics prepared as Pre and Post tax with 30% applied for post tax estimate. It is noted that in the 2019 Annual report the Focus Group reported mor than A$130M of income tax losses to offset against future mining earnings.

Metric	Units	Pre Tax A$	Pre Tax A$	Post Tax* A$	Post Tax* A$
		Owner Operator	Contractor Mining	Owner Operator	Contractor Mining
NPV@ 5% Real	Million	132	96	82	59
IRR	%	17.2	16.5	13.5	13.1
Discounted Payback	Years	6.5	7.5	7.2	7.8

* FML Group reported in 2019 more than A$130M income tax losses that can be applied against future mining Income

==> picture [596 x 243] intentionally omitted <==

Discounted cumulative Cash flows at 5.0% discount rate

Market Announcement | Page 16 of 78

Project Economics by pit based on estimated AISC with capital assigned weighted by total mined material and ore tonnes comprises

Open Pit*	Average AISC ($/ounce)	Operating Margin AUD/Oz	Recovered Gold (koz)	EBITDA Contribution	Pre-tax Free Cash ($M)
Karridale	1,666	541	183	27%	41 (18%)
Burtville	1,481	726	92	18%	40 (18%)
Beasley Creek	1,353	854	124	29%	76 (34%)
Beasley Creek South	1,300	907	76	19%	51 (23%)
Wedge	1,533	674	38	7%	14 (6%)
Total/Average PFS Schedule	1,497	710	513	100%	223 (100%)

• LOM 9.25 years

• Owner-operator mining basis selected as more favourable scenario results in Peak draw down of A$170M between quarter 3 of year 1 and quarter 3 of year 2.

• Use of mined-out Barnicoat Open Pits for tailings storage as per previous Barnicoat operating license. Tailings discharge pipelines are still in place to most recent in pit tails facilities and considered to be in reasonable condition. It is proposed to add a thickener to the tails disposal system in order to reclaim some water and reagents prior to discharge.

• Life of Mine operating AISC cost A$60.0/tonne or A$1,497/oz.

==> picture [466 x 252] intentionally omitted <==

Figure 2: All In Sustaining Capital Costs vs gold production.

**Processing (Dry basis) **	**Units **	**Year 1 **	**Year 2 **	**Year 3 **	**Year 4 **	**Year 5 **	**Year 6 **	**Year 7 **	**Year 8 **	**Year 9 **	Year 10	Total
Direct Feed Grade Ore	kt	694	1,485	1,485	1,488	1,486	1,486	1,483	1,488	1,264	0	12,362
Low-Grade Stockpile Ore	kt	0	0	0	0	0	0	0	0	220	231	451
Total Processed Ore	kt	694	1,485	1,485	1,488	1,486	1,486	1,483	1,488	1,484	231	12,814
Processed Grade	g/t	0.87	1.1	1.57	1.91	1.44	1.23	1.33	1.63	1.10	0.52	1.37
Contained Gold	k ozt	19	52	75	91	69	59	63	78	53	4	564
Recovered Gold	k ozt	17	47	68	84	63	53	58	72	47	3	513
Average Recovery	%	89	89	91	93	92	90	91	92	90	83	91

Figure 3: Laverton Stage 1 annual processing schedule using refurbished Barnicoat mill.

Market Announcement | Page 17 of 78

Mining (Dry basis)	**Units **	**Year 1 **	**Year 2 **	**Year 3 **	**Year 4 **	**Year 5 **	**Year 6 **	**Year 7 **	**Year 8 **	Year 9	Total
Ore Mined
Karridale	kt	18	40	146	683	998	1,449	917	496	910	5,659
Burtville	kt	1,166	1,450	825	76	0	0	0	0	0	3,517
Beasley Creek	kt	51	306	657	801	0	0	0	0	0	1,815
Beasley Creek South	kt	0	0	0	27	317	129	403	134	0	1,010
Wedge	kt	0	0	0	0	0	6	109	609	90	814
Total Ore Mined	kt	1,235	1,797	1,628	1,587	1,315	1,583	1,429	1,239	1,000	12,814
Waste	kt	**14,600 **	**15,163 **	**15,049 **	**14,799 **	**15,644 **	**13,102 **	10,005	7,169	2,276	107,806
SR	t:t	11.8	8.4	9.2	9.3	11.9	8.3	7.0	5.8	2.3	8.4
Cum'l SR	t:t	11.8	9.8	9.6	9.5	10.0	9.7	9.3	8.9	8.4

Figure 4: Laverton Stage 1 open pit annual mine production schedule using refurbished Barnicoat mill.

Sensitivity analysis indicates that the Stage 1 Laverton scenario is most sensitive to A$ gold price. Break even gold price analysis was completed on a pre-tax basis.

At a 5% discount rate, the break-even price is A$1,856/oz (pre-tax basis) and on an undiscounted cash flow basis is A $1,745/oz (pre-tax basis).

Environment, Heritage and Pemitting

No environment impact statement has been completed to date. The Nyalpa Pirniku claim has been lodged over the Laverton project areas. No claims have been determined at this time

Consultants have reviewed the current stage 1 Laverton scenario for compliance with heritage and environmental obligations. It is estimated to progress from commencement of additional baseline studies to project construction will require approximately 18 to 24 months. No major environmental or permitting risks have been identified at this stage.

All reported reserves are on granted mining tenements with history of open pit mining. Open pit mines have been approved on Focus tenure in the last 15 years.

Market Announcement | Page 18 of 78

Recommendations for phase-two Laverton PFS

Karridale and other resources included; larger mill to be considered

It is noted that this is a progressive study with a base case using a refurbished 1.5Mt Barnicoat mill. Phase 1 of the PFS was limited to an initial five deposits but more prospects will be added for optimisation in the subsequent phases of the PFS studies.

The high-grade Beasley Creek deposits have considerable potential for resource growth. In particular, further infill drilling at shallow near-surface Inferred resource areas may improve confidence levels to the Indicated level. Furthermore, the resource at Beasley Creek South is rapidly growing while the phase-one PFS also did not include some recent very strong intersections (see ASX announcement dated 20 August 2020).

A fresh-rock metallurgical study is in progress for several Laverton deposits. As a result, Indicated Mineral Resources at Karridale comprising 16Mt @ 1.4g/t for 719Koz were excluded from this progressive economic assessment. The Karridale deposit remains open with a large Inferred Mineral Resource envelope yet to be targeted for resource upgrade.

The Burtville open pit resulting from this progressive Stage 1 Open Pit PFS has a strip ratio of only 1:0. Furthermore, the pit terminates at the limit of current drilling. As a result, additional drilling is warranted at depth and along strike of this bulk tonnage system.

It is noted that increased mill capacity at a strategic location closer to the fast-growing bulk tonnage deposits may be warranted. In this base case scenario, 72% of ore tonnes originate in the Burtville– Karridale Mine Corridor. AISC for Karridale-Burtville pits include ~ $112/oz for rehandling and haulage to the Barnicoat Mill.

A larger mill capacity will generally produce a lower OPEX per tonne. However, it will attract higher upfront CAPEX. The next phase of the Laverton PFS will examine the benefits and level of impact from pursuing a larger mining and processing operation.

Phase 2 will also look into the rehandling and haulage of mine tonnes as more fresh ore will be included in the mine plan. Focus will also look to assess the merits of an owner-operated fleet versus contract mining and other mine models during the life of mine to further optimise project economics.

Market Announcement | Page 19 of 78

The release of this ASX announcement was authorised by Mr Zhaoya Wang, CEO of Focus Minerals Ltd.

For further information For media and investor enquiries please contact: please contact: Alex Aaltonen Peter Klinger General Manager Exploration Director, Investor Relations Focus Minerals Ltd. Cannings Purple Phone: +61 8 9215 7888 Phone: +61 411 251 540 Email: info@focusminerals.com.au Email: pklinger@canningspurple.com.au

About Focus Minerals Limited (ASX: FML)

Focus Minerals is a Perth-based, ASX-listed gold exploration company focused on delivering shareholder value from its 100%-owned Laverton Gold Project and Coolgardie Gold Project, in Western Australia’s Goldfields.

The flagship Laverton Gold Project covers 386km[2] area of highly prospective ground that includes the historic Lancefield and Chatterbox Trend mines. Focus’ priority target is to confirm sufficient gold mineralisation at the Beasley Shear Zone, Lancefield-Wedge Thrust, Karridale and Burtville to support a Stage 1 production restart at Laverton. In parallel, Focus is working to advance key Laverton resource growth targets including Sickle, Ida-H and Burtville South. Focus has delivered first results from a progressive Pre-Feasibility Study and is advancing study work utilising Laverton’s expanded mineral resource position.

Focus is also committed to delivering shareholder value from the Coolgardie Gold Project, a 175km[2] tenement holding that includes the 1.4Mtpa processing plant at Three Mile Hill (on care and maintenance), by continuing exploration and value-enhancing activities. An updated PFS in September 2020 highlighted the potential for a low capital cost, fast-tracked return to mining at Coolgardie and delivered an NPV7.5% of $183 million. The Company’s efforts are now focused on increasing production ready Mineral Resources at Coolgardie.

Market Announcement | Page 20 of 78

Competent Person Statement

Resources

The information in this announcement that relates to previously announced Mineral Resource estimates was compiled by Mr Alex Aaltonen, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Aaltonen is an employee of Focus Minerals Limited. Mr Aaltonen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

The Mineral Resource estimates for Beasley Creek South, Wedge, and Karridale were undertaken by Ms Hannah Kosovich, an employee of Focus Minerals. Ms Hannah Kosovich is a member of Australian Institute of Geoscientists and has sufficient experience to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Aaltonen and Ms Hannah Kosovich consent to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The Mineral Resource estimates for Beasley Creek and Burtville were undertaken by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Job is an independent consultant employed by Cube Consulting. Mr Job has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

Mr Job consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

Ore Reserves

The information in this announcement that relates to Ore Reserves is based on an assessment completed by Mr Igor Bojanic who is a Fellow of the Australasian Institute of Mining and Metallurgy and is a full-time employee of RPM Advisory Services Pty Ltd (RPMGlobal).

RPMGlobal and Mr Bojanic were engaged by FML to complete the Preliminary Feasibility Study investigating the technical and financial viability of mining the Karridale, Burtville, Beasley Creek, Beasley Creek South and Wedge Mineral Resources. Mt Bojanic has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of “The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.“ Mr Bojanic consents to the inclusion in any report or public announcement of the matters based on his information in the form and context in which it appears.

Market Announcement | Page 21 of 78

JORC Code, 2012 Edition – Table 1

For the purpose of assessing and reporting compliance with the JORC (2012) code, Table 1 of the of the JORC code has been compiled and provided below. Further detail regarding the basis of the Ore Reserve estimates can be found in the 2020 PFS Update and the original 2017 PFS study and relevant Mineral Resource reports.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

• Section 1 Details for the Karridale Deposit from ASX Announcement “Karridale Mineral Resource increases by 60%” Dated 24/09/2020

Criteria	Explanation
Sampling techniques	RC Sampling • RC percussion drill chips were collected through a cone splitter from the drill rig. The bulk sample from drilling was placed in neatly rows on the ground with the nominal 2-3kg calico split sub- sample placed on top of the corresponding sample. • RC chips were passed through a cone splitter to achieve a nominal sample weight of approximately 3kg. The splitter was levelled at the beginning of each hole. In the 2018 and 2019 drilling geological logging defined whether a sample was to be submitted as a 1m cone split sample or a 4m spear composite sample. Split samples (1m) were transferred to sample numbered calico bags for submission to the laboratory. Composite samples were spear sampled using a spear to obtain a small representative sample and deposited into numbered sample bags. Previous drill programs from 2017 and earlier have submitted 1m samples for assay taken from the drill rig for the entire hole length with no compositing of samples. Diamond Core Sampling ▪ Diamond core was collected into standard plastic core trays. Down hole depths were marked onto wooden core blocks and stored in the trays. ▪ The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of mineralisation and/or alteration. Whenever possible the cut-line was drawn parallel to and close to the down hole core orientation line to ensure the cut-line was consistent over the hole. The core was cut in half using an automatic core saw, with half-core samples submitted for analysis.
Drilling techniques	• RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, downhole surveys for RC holes were completed at a 10m interval by using True North Seeking Gyro tool. Otherwise, a single shot Eastman camera downhole survey was used either “in-rod” or “open hole”. • Diamond core was drilled at NQ2/HQ size. All drill core was oriented where competent by the drilling contractor using an Ezy-mark or similar system. • At hole completion diamond holes were survey using a single shot tool at a range of intervals between 20m and 50m, averaging 30m.
Drill sample recovery	• RC sample recovery was recorded by a visual estimate during the logging process. • DD sample recovery was measured and calculated (core loss) during the logging process. DD core had generally good to excellent recovery.

Page 22 of 78

Criteria	Explanation
Logging	• All RC samples were geologically logged to record weathering, regolith, rock type, alteration, mineralisation, structure, texture and any other notable features that are present. All data is entered directly into validating digital software. • All core samples were oriented where possible, marked at metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. • All diamond core was logged for structure, geology and geotechnical data using the same system as that for RC. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • The logging information was transferred into the company’s drilling database once the log was complete. • Diamond core was photographed one core tray at a time using a standardised photography jig. RC chip trays are routinely photographed. • The entire length of all holes is geologically logged, except for rock roller diamond pre-collars which produce no sample.
Sub-sampling techniques and sample preparation	• All samples were collected in a pre-numbered calico bag bearing a unique sample ID. • Core samples were taken from half core, cut using an Almonte automatic core saw. The remainder of the core was retained in core trays tagged with a hole number and metre mark. • At the assay laboratory, all samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight. All samples were pulverized to 90% passing 75μm. • Gold analysis was by a 30 to 50g Fire Assay with an ICP-OES or AAS Finish. • Different laboratories have been used over the years. Most recently Jinning Testing & Inspection completed the assay testing, with sample preparation completed in Kalgoorlie or Perth and analysis completed in Perth for the 2018/2019 drilling. Previously drill samples were submitted to Kalgoorlie Assay Laboratories for sample preparation and analysis. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • QAQC checks involved inserting standards 1:20 samples (with minimum 3 standards every submission). Duplicate samples for RC were achieved by producing 2 samples for each metre one hole every 20th hole drilled and submitting all produced samples. The remaining bulk sample was also bagged to plastic bags for retention and further checks. Diamond core field duplicates were not taken. • Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. • The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during thisphase of exploration.
Quality of assay data and laboratory tests	•The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. •No geophysical tools, spectrometers or handheld XRF instruments were used for assay determination. •The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances and where they did not further analysis was conducted as appropriate. •Umpire samples are collected on a routine basis will be submitted to independent ISO certified labs in 2019. •Additional bulk mineralised RC samples have also been collected and retained for follow up QAQC, metallurgical and sample characterisationpurposes.
Verification of sampling and assaying	•Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. Consultants were not used for this process. •Primary logging data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project.

Market Announcement | Page 23 of 78

Criteria	Explanation
Location of data points	•Drill collars are surveyed after completion using a DGPS instrument. •A True North Seeking Gyro for RC end of holes surveys or a Reflex single shot camera for diamond drilling was used for “single shot” surveys whilst advancing drilling. •All coordinates and bearings use the MGA94 Zone 51 grid system. •FML utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments. •After completion, the drill hole locations were picked up by DGPS with accuracy of +/-20cm. •
Data spacing and distribution	• Drill spacing at Karridale varies from 40m x 40m to 80m x 80m on the wider fringes of the known deposit.
Orientation of data in relation to geological structure	•Drilling was designed based on known/developing geological models, field mapping, verified historical data, cross-sectional and long-sectional interpretation. •Where achievable, drill holes were oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body. •True widths have not been calculated for reported intersections. However, drill orientation was wherever possible consistently optimised to approximate true width of mineralisation.
Sample security	•All samples were reconciled against the sample submission with any omissions or variations reported to FML. •All samples were bagged in a tied numbered calico bag. The bags were placed into green plastic bags with a sample submission sheet secured by cable ties and delivered directly from site to the Kalgoorlie laboratories by FML personnel at completion of each hole.

Market Announcement | Page 24 of 78

• Section 1 Details for the Burtville deposit from ASX Announcement “115% Increase to Burtville Mineral Resource” Dated 21/10/2020

Criteria	Explanation
Sampling techniques	• Earliest RC drilling at Burtville used in the estimate was by Thames Mining NL (Thames), only 8 RC holes were used, limited information on the Thames drilling is reported by Aberfoyle Resources Ltd (Aberfoyle). Aberfoyle conducted RC drilling collecting 1m samples that were composited to 4m for analysis. Later programs riffle split the 1m sample into 2 samples, submitting 1 sample for analysis and retaining the duplicate sample onsite for future QAQC analysis. • Gwalia Consolidated NL (Gwalia) RC drill cuttings were collected at 1m intervals and riffle split into 3kg samples for analysis. • Sons of Gwalia Ltd (SOG) mined the Burtville deposit during the 1990’s with RC drilling carried out by the site mining department and not reported to the Department of Mines. In the Crescent Gold Ltd (Crescent) Bankable Feasibility Study of January 2005 (WAMEX reference A070179 appendix), extensive geological and mining data acquired from SOG were validated against original records by an independent geologist. • Early Crescent Drilling submitted 1m 3-4kg samples for analysis. • Later drilling by FML collected 1m samples by cone splitter off the drill rig and submitted for analysis. ▪ Aberfoyle diamond core was sampled at 1m intervals. In areas of poor sample recovery core was sampled using a knife or hammer and chisel. Competent core was sawn, and one half submitted for analysis. ▪ Focus Diamond core was sampled at 1m intervals or to geological contacts, half core was submitted for assay.
Drilling techniques	• Aberfoyle states RC drilling was by a VK600 rig with a 5 ½ inch hole diameter. • Aberfoyle diamond core was drilled from an RC pre-collar for all but 2 holes. Diamond core was drilled at NQ size. • Gwalia Consolidated NL RC drilling used a Gemco H22A rig and 4 ¼ diameter face sampling hammer drill. • Crescent and Focus RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, Focus and Crescent surveyed RC holes using True North Seeking Gyro tool. Otherwise, a single shot Eastman camera downhole survey was used either “in-rod” or “open hole”. • Diamond core was drilled at NQ/HQ size. All drill core was oriented where competent by the drilling contractor using an Ezy-mark or similar system.
Drill sample recovery	• Historic sample recovery is not well recorded. • Aberfoyle details poor diamond core sample recovery (74% in some cases) above the clay/granodiorite contact. • SOG recorded recovery as a visual qualitative estimate. • RC sample recovery was recorded by a visual estimate during the logging process. • DD sample recovery was measured and calculated (core loss) during the logging process. DD core had generally good to excellent recovery.

Market Announcement | Page 25 of 78

Criteria	Explanation
Logging	• Aberfoyle logged 1m RC and Diamond intervals for colour, weathering, lithology and visual percentage estimate of sulphur and quartz. • Gwalia logged 1m RC intervals for colour, lithology and quartz. • SOG logging included colour, lithology, weathering, texture, grain size, veining • Crescent and Focus RC samples were geologically logged to record weathering, rock type, alteration, mineralisation, structure, texture and any other notable features that are present. • All data is entered directly into validating digital software. • All Focus core samples were oriented where possible, marked at metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. • All diamond core was logged for structure, geology and geotechnical data using the same system as that for RC. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • The logging information was transferred into the company’s drilling database once the log was complete. • Diamond core was photographed one core tray at a time using a standardised photography jig. RC chip trays are routinely photographed. • The entire length of all holes isgeologically logged.
Sub-sampling techniques and sample preparation	• Early Aberfoyle programs split 1m samples on site before compositing to 4m for analysis. Where the composited assay returned >0.5g/t Au, the individual 1m samples for that interval were submitted. Later programs submitted 1m samples. All samples were assayed for Au by Genalysis Kalgoorlie for a single stage mix and grind sample preparation followed by 50g fire assay analysis for Au. • Aberfoyle diamond core was also submitted to Genalysis Kalgoorlie for the same sample preparation and analysis as the RC samples outlined above. • Gwalia submitted 3kg samples for analysis by Leonora Laverton Assay Laboratories. • SOG Mining submitted 3m composites or 1m samples for analysis • Later SOG programs from year 2000 sent 3m composite samples to Ultra Trace Laboratories in Perth for Au analysis using an aqua regia digest followed by ICP-MS determination. • All Crescent and Focus samples were collected in a pre-numbered calico bag bearing a unique sample ID. • Core samples were taken from half core, cut using an Almonte automatic core saw. The remainder of the core was retained in core trays tagged with a hole number and metre mark. • At the assay laboratory, samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight. All samples were pulverized to 90% passing 75μm. • Gold analysis was by a 30 to 50g Fire Assay with an ICP-OES or AAS Finish. • Different laboratories have been used over the years. Early Crescent Drilling submitted samples to SGS Leonora, drill samples were also submitted to Kalgoorlie Assay Laboratories and Amdel for sample preparation and analysis. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • QAQC checks involved inserting standards and field duplicate samples for RC. Diamond core field duplicates were not taken. • Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. • The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration.

Market Announcement | Page 26 of 78

Criteria	Explanation
Quality of assay data and laboratory tests	•The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. •No geophysical tools, spectrometers or handheld XRF instruments were used for assay determination. •Aberfoyle details check sampling between labs for repeatability. They also submitted re-splits of the Thames RC drillholes and concluded results could be reproduced. Two samples were submitted for screen fire assay. In later programs they also submitted lab duplicates at approximately 1 in 20, standards at one per batch, resubmitted pulps with different sample ids as a check and submitted field duplicates. •The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances and where they did not further analysis was conducted as appropriate.
Verification of sampling and assaying	•Historic logging data is verified against available WAMEX reports. •Crescent Gold Ltd engaged the services of an Independent Geologist to validate the electronic databases acquired from SOG using original records. •Primary logging data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project.
Location of data points	•Aberfoyle used a local grid with unknown survey methods. •Gwalia used survey consultants to survey their holes, the Aberfoyle drilling and previous drill programs. Gwalia also established permanent survey stations. •During mining operations by SOG site surveyors surveyed the drill collars. •Crescent and Focus drilled holes were also surveyed by site based mine survey team. •Crescent/Focus used True North Seeking Gyro for RC downhole surveys. A Reflex single shot camera was used for “single shot” surveys whilst advancing diamond drill holes. •All coordinates and bearings use the MGA94 Zone 51 grid system. •FML utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments.
Data spacing and distribution	• Drill spacing at Burtville is variable with 10m x 10m spacing in areas RC grade control drilled, with a nominal 20m x 20m spacing across most of the east and west existing pit areas. Drilling spacing is irregular across the saddle and increases out to 40m x 60m along the southern extents of the deposit. The average depth of the SOG drilling was 50m, more recent Crescent and Focus drilling was an average of 81 and 89m, respectively.
Orientation of data in relation to geological structure	•Drilling was designed based on known/developing geological models, field mapping, verified historical data, cross-sectional and long-sectional interpretation. •Where achievable, drill holes were oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body.
Sample security	•Historic sample security is unknown. •Crescent and Focus samples were reconciled against the sample submission with any omissions or variations reported.

Market Announcement | Page 27 of 78

• Section 1 Details for the Beasley Creek deposit from ASX Announcement “Beasley Creek Mineral Resource Grows by 29%” Dated 20/08/2020

Criteria	Explanation
Sampling techniques	Focus Minerals RC Sampling • RC percussion drill chips were collected through a cone splitter from the drill rig. The bulk sample from drilling was placed in neat rows directly on the ground (not bagged) with the nominal 2-3kg calico split sub-sample placed on top of the corresponding pile. • RC chips were passed through a cone splitter to achieve a nominal sample weight of approximately 3kg. The splitter was levelled at the beginning of each hole. Geological logging defined whether a sample was to be submitted as a 1m cone split sample or a 4m spear composite sample. Split samples (1m) were transferred to sample numbered calico bags for submission to the laboratory. Composite samples were spear sampled using a scoop to obtain a small representative sample and deposited into numbered sample bags. Focus Minerals Diamond Sampling • Diamond core was sampled across geologically identified zones of mineralisation, the sample widths varied between a minimum of 0.2m and a maximum of 1.2m with material on either side sampled to capture the entire mineralised zone. • The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of lithology, alteration and where applicable core loss. The core was cut in half using a core saw and the same half of the core (RHS looking downhole) was routinely sent to the laboratory for analysis. Some soft core was sampled half by using a bolster, and some fractured quartz core were cut in half by using manual diamond core saw to ensure half core was sampled. • A small number of whole core samples where routinely collected for bulk density analysis. These samples were submitted to the same lab for gold analysis after bulk density measurement. WMC Sampling • RC samples were collected in plastic bags in 1m intervals. • Diamond core was sampled to at 1m intervals or on geological contacts. Metex Sampling • Diamond core was halved by core saw or hand split when too friable. Individual 1m samples of _1/2 core were submitted for assay. _
Drilling techniques	Focus Minerals Drilling • RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, downhole surveys for RC holes were completed at a 10m interval by using True North Seeking Gyro tool. • At hole completion diamond holes were survey using a single shot tool at a range of intervals between 20m and 50m, averaging 30m • Diamond drill holes with dips less than 50 degrees were collared from surface to a predetermined depth using a rock roller bit. • Where possible on holes with dips more than 50 degrees an RC pre-collar was completed to improve drilling efficiency. • All pre-collars were cased off and the diamond component of the drill hole completed using HQ3 (producing 63mm core diameter) equipment. • Wherever core conditions and hole orientation would allow, drill core was oriented by the drilling contractor using the electronic ACT III Tool. WMC Drilling • It has been reported by Metex that RC holes were drilled with conventional crossover subs. • Some of the later diamond holes had pre-collars, otherwise it was diamond core from surface and HQ and NQ coring. Metex • Diamond holes had an RC pre-collar and then cored to end of hole.

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Criteria	Explanation
Drill sample recovery	Focus Minerals Drilling • RC sample recovery was recorded by a visual estimate during the logging process. • DD sample recovery was measured and calculated (core loss) during the logging process. DD core had generally reasonable recovery <10% core loss in and around mineralisation. Some holes had more than 30% core loss. Where this core loss was experienced around HG and VHG it likely had a material impact on reported calculated intersection grade as all core loss in reported intersections was fully diluted and assigned a grade of 0.0g/t Au. WMC Drilling • Sample recovery was not recorded Metex Drilling • _Recorded <10% core loss in diamond core and mostly excellent sample recovery in RC drilling. _
Logging	Focus Minerals Drilling •All RC samples were geologically logged to record weathering, regolith, rock type, colour, alteration, mineralisation, structure, texture and any other notable features that are present. All data is entered directly into validating digital software directly. •All core samples were oriented where possible, marked into metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. •All diamond core was logged for structure, geology and geotechnical data using the same system as that for RC. •Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. •The logging information was transferred into the company’s drilling database once the log was complete. • Diamond core was photographed one core tray at a time using a standardised photography jig. RC chip trays are routinely photographed. • The entire length of all holes is geologically logged, except for rock roller diamond pre-collars, which produce no sample. WMC Drilling • RC samples were logged to record colour, grain size, occasional weathering, structural fabric and rock type. • Diamond core was logged to lithological boundaries, recording rock type, structure, texture, alteration and veining. The pre-collar drill cuttings do not appear to have been logged. Metex Drilling • RC and DD were logged for: Colour, Weathering, structural Fabric, Alteration Veining, Mineralisation and lithology
Sub-sampling techniques and sample preparation	Focus Minerals Drilling • All samples were collected in a pre-numbered calico bag bearing a unique sample ID. • At the assay laboratory, all samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight before being pulverized to 90% passing 75μm. •Gold analysis was by 40g Fire Assay with an AAS Finish. •Jinning Testing & Inspection completed the assay testing, with sample preparation completed in Kalgoorlie or Perth and analysis completed in Perth and Kalgoorlie. •The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. •QAQC checks involved inserting standards 1:20 samples (with minimum 3 standards every submission). Duplicate samples for RC were achieved by producing 2 samples for each metre one hole every 20th hole drilled and submitting all produced samples. The remaining bulk sample was also bagged to plastic bags for retention and further checks. Diamond core field duplicates were not taken. •Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. •The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration. WMC Drilling • RC samples were collected as 1m samples and submitted to the WMC Windarra laboratory for Au analysis by fire assay. • Diamond core was submitted as 1m samples or to geological contact to the Windarra laboratory for fire assay.

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Criteria	Explanation
	Metex • RC was collected into plastic bags in 1m intervals. All dry sample were riffle split to return a representative split sample for analysis. Any wet/Moist samples where 50mm PVC spear sampled. • Diamond drilling was ½ core sampled to geological intervals and generally 1m intervals. • All Au Analysis was completed at were submitted to Amdel Kalgoorlie for 50g Fire Assay for Au
Quality of assay data and laboratory tests	Focus Minerals Drilling •The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. •No geophysical tools, spectrometers or handheld XRF instruments were used for assay determination. •The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances and where they didn’t further analysis was conducted as appropriate. •Umpire samples are collected on a routine basis will be submitted to independent ISO certified labs in 2020 •Additional bulk mineralised RC samples have also been collected and retained for follow up QAQC, metallurgical and sample characterisation purposes. WMC Drilling • Notwithstanding the lack of information on WMC laboratory techniques, the assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. Metex Drilling • An appropriate assay method and laboratory procedures were used for the style of mineralisation. Metex reported frequent inspections of the drill rig cyclone and splitter whilst drilling. Duplicates were taken at a frequency of approx. one in thirty. Laboratory replicates were also reported, and results monitored.
Verification of sampling and assaying	Focus Minerals Drilling •Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. Consultants were not used for this process. •Primary logging data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project.
Location of data points	Focus Minerals Drilling •Drill collars are surveyed after completion using a DGPS instrument. Where possible, all drill core was oriented by the drilling contractor using an ACT III electronic system. •A True North Seeking Gyro for RC end of holes surveys or a Reflex single shot camera for diamond drilling was used for “single shot” surveys whilst advancing drilling. •All coordinates and bearings use the MGA94 Zone 51 grid system. •Focus Minerals utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments. •After completion, the drill hole locations were picked up by DGPS with accuracy of +/-20cm. WMC Drilling • Holes were surveyed by WMC survey staff in local mine grid Metex Drilling • Holes were surveyed by a consultant survey company. Diamond core holes were downhole surveyed by an Eastman single shot camera.
Data spacing and distribution	•Beasley Creek drill spacing approximates 40m x 20m •Spacing is deemed to be appropriate for the type of mineralisation

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Criteria	Explanation
Orientation of data in relation to geological structure	• Drilling was designed based on known/developing geological models, field mapping, verified historical data, cross-sectional and long-sectional interpretation. • Where achievable, drill holes were oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body. Please note this was not always possible in the NW part of the pit where relatively complex mineralisation has been intersected in the footwall of the Beasley Creek Shear. • True widths have not been calculated for reported intersections. However, drill orientation was whereverpossible consistently optimised to approximate true width of mineralisation.
Sample security	Focus Minerals Drilling • All samples were reconciled against the sample submission with any omissions or variations reported to Focus Minerals. • All samples were bagged in a tied numbered calico bag. The bags were placed into green plastic bags and cable tied before depositing into sample cages. Sample cages were routinely delivered directly from site to the Kalgoorlie laboratories by Focus Minerals personnel and or freight contractors. WMC and Metex sample security is not recorded.

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• Section 1 Details for the Beasley Creek South deposit from ASX Announcement “Beasley Creek South Delivers High Grade Mineral Resource” Dated 15/07/2020

Criteria	Explanation
Sampling techniques	• FML RC Sampling • RC percussion drill chips were collected through a cone splitter from the drill rig. The bulk sample from drilling was placed in neat rows directly on the ground (not bagged) with the nominal 2-3kg calico split sub-sample placed on top of the corresponding pile. • RC chips were passed through a cone splitter to achieve a nominal sample weight of approximately 3kg. The splitter was levelled at the beginning of each hole. Geological logging defined whether a sample was to be submitted as a 1m cone split sample or a 4m spear composite sample. Split samples (1m) were transferred to sample numbered calico bags for submission to the laboratory. Composite samples were spear sampled using a scoop to obtain a small representative sample and deposited into numbered sample bags. • FML Diamond Sampling • Diamond core was sampled across geologically identified zones of mineralisation, the sample widths varied between a minimum of 0.2m and a maximum of 1.2m with material on either side sampled to capture the entire mineralised zone. • The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of lithology, alteration, and where applicable core loss. The core was cut in half using a core saw and the same half of the core (RHS looking downhole) was routinely sent to the laboratory for analysis. Some soft core was sampled half by using a bolster, and some fractured quartz core were cut in half by using manual diamond core saw to ensure half core was sampled. • A small number of whole core samples where routinely collected for bulk density analysis. These samples were submitted to the same lab for gold analysis after bulk density measurement.
Drilling techniques	• RC drilling was conducted using a 5 3/8inch face sampling hammer for RC drilling. • At hole completion, downhole surveys for RC holes were completed at a 10m interval by using True North Seeking Gyro tool. • At hole completion diamond holes were surveyed using a single shot tool at a range of intervals between 20m and 50m, averaging 30m. • Diamond drill holes with dips less than 50 degrees were collared from surface to a predetermined depth using a rock roller bit. • Where possible on holes with dips more than 50 degrees an RC pre-collar was completed to improve drilling efficiency. • All pre-collars were cased off and the diamond component of the drill hole completed using HQ3 (producing 63mm core diameter) equipment. • Wherever core conditions and hole orientation would allow, drill core was oriented by the drilling contractor using the electronic ACT III Tool.
Drill sample recovery	• RC sample recovery was recorded by a visual estimate during the logging process. • DD sample recovery was measured and calculated (core loss) during the logging process. DD core had generally reasonable recovery <10% core loss in and around mineralisation. Some holes had more than 30% core loss. Where this core loss was experienced around HG and VHG it likely had a material impact on reported calculated intersection grade as all core loss was fully diluted and assigned a grade of 0.0g/t Au.

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Criteria	Explanation
Logging	• All RC samples were geologically logged to record weathering, regolith, rock type, colour, alteration, mineralisation, structure, texture and any other notable features that are present. All data is entered directly into validating digital software directly. • All core samples were oriented where possible, marked into metre intervals and compared to the depth measurements on the core blocks. Any loss of core was noted and recorded in the drilling database. • All diamond core was logged for structure, geology and geotechnical data using the same system as that for RC. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • The logging information was transferred into the company’s drilling database once the log was complete. • Diamond core was photographed one core tray at a time using a standardised photography jig. RC chip trays are routinely photographed. • The entire length of all holes is geologically logged, except for rock roller diamond pre-collars, which produce no sample.
Sub-sampling techniques and sample preparation	• All samples were collected in a pre-numbered calico bag bearing a unique sample ID. • At the assay laboratory, all samples were oven dried, crushed to a nominal 10mm using a jaw crusher (core samples only) and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight before being pulverized to 90% passing 75μm. • Gold analysis was by 40g Fire Assay with an AAS Finish. • Jinning Testing & Inspection completed the assay testing, with sample preparation completed in Kalgoorlie or Perth and analysis completed in Perth. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • QAQC checks involved inserting standards 1:20 samples (with minimum 3 standards every submission). Duplicate samples for RC were achieved by producing 2 samples for each metre one hole every 20th hole drilled and submitting all produced samples. The remaining bulk sample was also bagged to plastic bags for retention and further checks. Diamond core field duplicates were not taken. • Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. • The sample sizes were appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration.
Quality of assay data and laboratory tests	• The assay method and laboratory procedures were appropriate for this style of mineralisation. The fire assay technique was designed to measure total gold in the sample. • No geophysical tools, spectrometers or handheld XRF instruments were used for assay determination. • The QA/QC process described above was sufficient to establish acceptable levels of accuracy and precision. All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances and where they didn’t further analysis was conducted as appropriate. • Umpire samples are collected on a routine basis will be submitted to independent ISO certified labs in 2020. • Additional bulk mineralised RC samples have also been collected and retained for follow up QAQC, metallurgical and sample characterisation purposes.
Verification of sampling and assaying	• Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. Consultants were not used for this process. • Primary logging data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. • The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. • Once loaded, data was extracted for verification by the geologist in charge of the project.

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Criteria	Explanation
Location of data points	• Drill collars are surveyed after completion using a DGPS instrument. Where possible, all drill core was oriented by the drilling contractor using an ACT III electronic system. • A True North Seeking Gyro for RC end of holes surveys or a Reflex single shot camera for diamond drilling was used for “single shot” surveys whilst advancing drilling. • All coordinates and bearings use the MGA94 Zone 51 grid system. • FML utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments. • After completion, the drill hole locations were picked up by DGPS with accuracy of +/-20cm.
Data spacing and distribution	• Beasley Creek South drill spacing on indicated resource parts of the main lode between surface and 130m depth approximates 20m x 25m. There are limited holes targeting the main lode beneath 130m depth and these parts of the model are classified as inferred. • Drill spacing on the hanging wall lodes approximates 20m x 40m. however there are sample gaps and these lodes have been classified as inferred at this stage. • Spacing is deemed to be appropriate for the type of mineralisation.
Orientation of data in relation to geological structure	• Drilling was designed based on previous geological models, historical data, cross-sectional and long-sectional interpretation. • Where achievable, drill holes were oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body. • True widths have not been calculated for reported intersections. However, drill orientation was wherever possible consistently optimised to approximate true width of mineralisation.
Sample security	• All samples were reconciled against the sample submission with any omissions or variations reported to FML. • All samples were bagged in a tied numbered calico bag. The bags were placed into cable tied numbered green bags and loaded into bulka cages. On an approximately biweekly basis bulka cages were delivered with a sample submission sheet directly to the Kalgoorlie laboratories by FML personnel or freight contractor.

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• Section 1 Details for the Wedge deposit from ASX Announcement “Wedge Open Pit Resource Update” Dated 24/01/2020

• Criteria	• Commentary
Sampling techniques	• This report relates to results from Reverse Circulation (RC) and diamond core (DDH) drilling. • Wedge has been drilled by various companies over the years and this report contains information on holes drilled by Focus Minerals Ltd (FML); Teck Explorations Ltd (Teck) and Hillmin Gold Mines Pty Ltd (Hillmin), which was renamed Ashton Gold Mines Pty Ltd (Ashton) in October 1989. This was dissolved in December 1990 with all rights and obligations assumed by Ashton Gold (WA) Ltd. Metex Resources NL (Metex) subsequently acquired the tenement and conducted 2 drill campaigns. • Teck collected 1m samples in plastic bags from the drill rig cyclone and were split for assay. The 1m splits were combined to form 2m samples which were assayed for gold by AAS methods. Where anomalous AAS results were returned, 1m samples were submitted for fire assay. • Hillmin/Ashton collected 1m RC samples via a riffle splitter. A spear sample was taken of the intervals in the form of 2m and 4m composites for subsequent drill programs. Where composite assays exceeded 0.25 ppm Au, the corresponding 1m sample was submitted. • Ashton recorded duplicate samples in the assay files. • Hillmin reported a comparison check between assay laboratories in a 1988 WAMEX report. • Hillmin diamond core was sampled as either 4m filleted composites or a sawn core sampled to lithological contacts. • Metex collected 1m samples split from the rig using a cyclone riffle splitter. A 4m composite sample was taken by spear sampling the 1m interval spoils. Resampling of the composite intervals where assay results were 0.1 ppm Au or greater was carried out on an individual 1m basis. • The information of sampling techniques below applies to the drill holes drilled by Focus Minerals (FML) only. • RC percussion drill chips were collected through a cyclone and in-line cone splitter under driller control. • RC chips were passed through a cone splitter to achieve a sample weight of approximately 3kg. The splitter was levelled at the beginning of each hole using a bullseye level. The spoils were collected in green bags or heaped neatly on the ground at 1m intervals. Samples for assay were collected in pre-numbered calico bags. • Standards of appropriate grade were inserted into the RC and DDH sample runs at a rate of 1 per 20. No blanks were used as many of the primary samples on the project recorded assays below or close to the detection limit making the role of the blank superfluous. Instead, gold geochemical standards with low expected values were utilised regularly. • RC samples were collected as either a 4m composite taken from the bulk 1m sample or the 1m cyclone cone split sample. Where 4m composites returned a grade over 0.2ppm the corresponding cyclone split sample was collected. • Diamond core was sampled across identified zones of mineralisation by site geologists, the sample widths varied between a nominal minimum of 0.3 m and a nominal maximum of 1m. • The diamond core was marked up for sampling by the supervising geologist during the core logging process, with sample intervals determined by the presence of mineralisation and/or alteration. Sample intervals did not overlap zones of core loss. The core was cut in half using an automatic core saw. Samples for assay were put into pre-numbered calico bags. • At the assay laboratory all calico bagged assay samples were oven dried, core samples (only) crushed to a nominal 10mm using a jaw crusher and weighed. Samples in excess of 3kg in weight were riffle split to achieve a maximum 3kg sample weight before being pulverized to 90% passing 75μm.
Drilling techniques	• Only RC and Diamond drilling methods have been included in the resource estimate. • Ashton reports state drilling was by a face sampling hammer RC rig. • Hillmin used rotary mud pre-collars or existing RC holes for its diamond drilling using a PQ diameter drill bit. • Metex used a face sampling hammer RC drill rig with 5 3/8” drill bits. • All FML drilling was completed using RC gear with face sampling hammer or HQ-PQ triple tube diamond drilling

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• Criteria	• Commentary
Drill sample recovery	• Teck made no attempt to estimate cutting recovery due to wide range of sample weights and wet samples. • Hillmin early RC drill logs do not document drill recovery, however later drill logs have a percentage estimate recorded. • Hillmin Diamond core recovery is recorded in the drill logs. • Metex recorded sample recovery in the drill logs. • FML RC sample recovery was recorded by a visual estimate during the logging process. Diamond core recovery was measured and recorded as a percentage of the core “run”. That is, the measured length of core recovered against the increase in hole depth.
Logging	• Teck logged the entire drill hole for colour, rock type, texture, weathering, structure, alteration and veining. • Hillmin logged the entire drill hole for colour, weathering, rock type, texture, structure, alteration, veining and mineralisation. • Ashton logged the entire hole for weathering, rock type, structure, texture, alteration, veining, mineralisation and colour. • Hillmin diamond core was photographed, geotechnically logged and inspected by Golder Associates prior to diamond sawing and sampling. Holes were also geologically logged for colour, weathering, rock type, texture, structure, alteration, veining and mineralisation. • Metex holes were logged for colour, weathering, rock type, texture, structure, alteration, veining and mineralisation. • The information of logging techniques below applies to the drill holes drilled by FML only. • Core hole samples were oriented where possible and marked into metre intervals with relation to hole depth. Any loss of core was noted and recorded in the drilling database. Recovery and RQD measurements were recorded. SG readings were taken using the water displacement method on competent representative lengths of core. SG samples were collected nominally at 10m intervals through zones of waste rock and at 1-5m intervals through zones of mineralisation. • All RC and DDH samples were geologically logged to record weathering, grain size, lithology, texture, alteration, veining, mineralisation and structure. • In addition to parameters logged over RC chips, all diamond core was also logged for structure. If an orientation line was available, structure orientation measurements were taken and recorded. • The logging information was transferred into the company’s drilling database once the log was complete. • Logging was qualitative, however the geologists often recorded quantitative mineral percentage ranges for the sulphide minerals present. • Diamond core was photographed one core tray at a time using a standardised photography jig. • Samples from RC holes were archived in standard 20m plastic chip trays. • The entire length of all holes was logged.
Sub-sampling techniques and sample preparation	• Teck submitted 2m composites to Analabs in Kalgoorlie. The composite samples were analysed by aqua regia digest, with subsequent anomalous values and/or chert intersections were assayed at 1m intervals by fire assay with an AAS finish. • Hillmin submitted 4m composite samples in numbered bags that corresponded to the 1m intervals they had composited. Samples were sent to AAS Laboratories in Leonora, RDL or SGS for Fire Assay. Where the composite sample exceeded 0.25 ppm Au, the pre-numbered individual 1m samples were submitted for Fire Assay to a lower detection limit of 0.01ppm Au. • Ashton submitted 4m composite samples to SGS Kalgoorlie, samples were dried, jaw crushed, hammer milled, split and pulverised. Samples were analysed for gold by fire assay on a 50g charge to a lower limit of detection of 0.01 ppm Au. Where the composite assay exceeded 0.25 ppm, the relevant 1m interval was submitted to SGS for analysis. • Hillmin diamond core was sampled as either 4m filleted composites or a sawn core sampled to lithological contacts. Samples were submitted to SGS Kalgoorlie for gold analysis. • Metex submitted 4m composites collected by spear sampling for gold analysis to Amdel Laboratories Kalgoorlie, for 50g Fire Assay to 0.01 lower detection limit. Resampling of composite intervals where results exceeded 0.1ppm Au was carried out on an individual 1m basis. • The information of sub-sampling and sample preparation below applies to the drill holes drilled by FML only.

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• Criteria	• Commentary
	• Core samples were taken from half core, cut using an automatic core saw. The remainder of the core was retained in core trays tagged with a hole number and metre mark. • RC samples were cone split to a nominal 2.5kg to 3kg sample weight. The drilling method was designed to maximise sample recovery and delivery of a clean, representative sample into the calico bag. • The samples were collected in a pre-numbered calico bag bearing a unique sample ID. Samples were crushed to 75μm at the laboratory and riffle split (if required) to a maximum 3kg sample weight. Gold analysis was a 40g Fire Assay for individual samples with an ICP-OES or AAS Finish. • The assay laboratories’ sample preparation procedures follow industry best practice, with techniques and practices that are appropriate for this style of mineralisation. Pulp duplicates were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • Regular reviews of the sampling were carried out by the supervising geologist and senior field staff, to ensure all procedures were followed and best industry practice carried out. • The sample sizes are considered to be appropriate for the type, style and consistency of mineralisation encountered during thisphase of exploration.
Quality of assay data and laboratory tests	• Hillmin ran a laboratory comparison check during the 1987 drill program comparing RDL Assay results to SGS Assay results for selected drill hole intervals. Overall, 23 drill holes (354 samples) were submitted for an AAS and Fire Assay check to a 0.001 ppm Au limit of detection. The results were generally comparable. • The information on quality of assay data and laboratory tests below applies to the drill holes drilled by FML only. • No geophysical tools, spectrometers or handheld XRF instruments were used. • For RC drilling, every 15th hole was drilled producing 2 duplicate cone split samples. For these holes both duplicate samples for the entire hole were submitted for analysis. Diamond core field duplicates were not taken. Standards were inserted every 20th sample number. All sample despatches had a minimum of 3 standards inserted. • All results from assay standards and duplicates were scrutinised to ensure they fell within acceptable tolerances. • Focus twinned several historic holes to check the location and accuracy of the historic sampling data and the results are considered to be acceptable. •
Verification of sampling and assaying	• Significant intervals were visually inspected by company geologists to correlate assay results to logged mineralisation. • Historic sampling and assaying have been checked against hard copy WAMEX reports. • The Hillmin diamond program from 1986 was designed to twin RC holes drilled in previous years. The ATR (Annual Technical Report) notes in general diamond intersections were narrower and of lower grade. This was attributed to narrower sampling intervals and variations in grade along strike as diamond holes were drilled approx. 5m away from the RC hole they were twinning to avoid any cavities created in the drilling of the RC hole. • FML primary data is sent in digital format to the company’s Database Administrator (DBA) as often as was practicable. The DBA imports the data into an acQuire database, with assay results merged into the database upon receipt from the laboratory. Once loaded, data was extracted for verification by the geologist in charge of the project. • No adjustments were made to any current or historic data. If data could not be validated to a reasonable level of certainty it was not used in any resource estimations.

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• Criteria	• Commentary
Location of data points	• Historical surveying methods are not stated, however later Hillmin WAMEX reports note the use of registered surveyors to record the drill hole collars in a local grid. • Ashton collar survey methods are unknown and reported in local grid. • Metex spent time re-establishing the mine grids, creating baselines and gridlines. They tied the previous local and mine grid data into AMG co-ordinates. • Focus personnel confirmed location data of original grid and resurveyed baseline stakes using DGPS. • FML drill collars were surveyed upon completion, using a DGPS instrument. • Diamond drill core was oriented by the drilling contractor using an electronic system. • For RC, a north-seeking gyroscope tool was used to survey down hole. • For DDH a magnetic single shot survey was completed at 30m intervals during hole advance. • All coordinates and bearings use the MGA94 Zone 51 grid system. • Historic holes have been converted to MGA94 Zone 51 grid system in Acquire. • Historic hole collars were sometimes still visible and re-surveyed to check the accuracy of the grid conversion. The comparison was considered within acceptable error limits of using a DGPS unit. • FML utilises Landgate sourced regional topographic maps and contours as well as internally produced survey pick-ups produced by the mining survey teams utilising DGPS base station instruments.
Data spacing and distribution	• Drill spacing along the Wedge trend is quite regular at a 25x25m spaced pattern along strike. • 1m samples were collected by riffle splitter for RC holes and 4m composites were collected by spear sampling the individual 1m intervals.
Orientation of data in relation to geological structure	• Drilling was designed based on known geological models, field mapping, verified historical data and cross-sectional interpretation. • Drill holes were either vertical or oriented at right angles to strike of deposit, with dip optimised for drill capabilities and the dip of the ore body.
Sample security	• All samples were reconciled against the sample submission with any omissions or variations reported to FML. • All samples were bagged in a tied pre-numbered calico bag and grouped into green plastic bags. The bags were placed into bulka bags with a sample submission sheet and kept within the Laverton yard until ready for transport to Kalgoorlie by transport courier or FML staff. • Historic sample security is not recorded.
Audits or reviews	• After Metex Resources acquired the WMC data, a thorough data validation of the WMC Surpac database against raw data hard copy information and Eastman photographic survey shots was conducted in the mid 1990’s. Focus Minerals has purchased the Metex validated database and associated hard copies aspart of the Lancefieldproject acquisition.

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

• Section 2 Details for the Karridale Deposit from ASX Announcement “Karridale Mineral Resource increases by 60%” Dated 24/09/2020

Criteria	Explanation
Mineral tenement and land tenure status	• The drilling was conducted on tenements E38/2032, M38/008, M38/089, M38/261 and M38/073 +91% owned by Focus Minerals (Laverton) Pty Ltd. In JV with Goldfields (GSM). Exploration expenditure by FML is continuing to increase the proportion of the JV tenement held by FML. • All tenements are in good standing. • The Nyalpa Pirniku claim has been lodged over the Laverton project areas. No claims have been determined at this time
Exploration done by other parties	• Karridale was originally mined by small scale shafts targeting high grade veins. The shallow shafts and drives are developed throughout the area and an excellent vector within the interpreted Karridale Footprint. • Karridale has been explored by several parties including Sons of Gwalia and Crescent. Sons of Gwalia explored for oxide resources and mined an oxide resource at Burtville which was later followed into hard rock by a Crescent. • Exploration by Focus on Karridale targets the interpreted mineralised footprint which is based on: historical mining, structural interpretation, geological model, geophysics and continued success with infill of 2018 320m x 160m and 160m x 80m footprint drilling.
Geology	• Karridale mineralisation is hosted in an interpreted half graben on the SE side of a large Gabbro intrusion. The half graben is composed from northwest to south east by: o Gabbro with dolerite chill margin. The south and south east sides of the Gabbro dip to the south and south east o Structurally juxtaposed against the south and south east gabbro contacts are a series of shallow north east dipping pillow basalt flows. The basalt flows are generally 5-+10m in thickness and marked by distinct vesicle rich autobreccia tops. o Laterally and down dip extensive interflow meta sediments/volcaniclastics are sandwiched between the flows. o The basalt package is overlain and partly structurally interfingered with intermediate volcanic tuff and interbedded sandstone-black shale sequence. This volcano sedimentary sequence also hosts stacked shallow NW drilling mineralised shears. o The shallow NW dipping shears are predominantly developed in the interflow sediments. These structures control the location of some limited 1 – 3m thick dolerite sills sourced from the Karridale gabbro. o Gold mineralisation appears to postdate the Karridale gabbro intrusion but, in general is very tightly focused into the strata bound and stacked interflow meta – sediments/volcaniclastics. These interflow units preferentially take up the structural strain, alteration and mineralised veining. o Additional higher-grade mineralisation is located in cross faults with north and north west strikes.

Market Announcement | Page 39 of 78

Criteria		Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation
Drill hole information		• Drill holes that have been previously reported see table below for reporting reference: Drill Hole Number ASX Release Title ASX Release Date 18KARC011 – 021, 079 19KARC078 Significant Increase in Karridale Gold Deposit’s Mineral Resource 28 January 2020 19KARC009 – 076, 079 – 088, 091 – 095, 097 - 102 High-Grade Gold Intersections from infill drilling at Karridale 30 October 2019 18KARC006, 022,023, 063, 064, 066, 070, 071, 074, 075, 076, 078, 087, 089-093, 101, 102, 108 25% Increase in Karridale Gold Deposit’s Mineral Resource 27 May 2019 19KARC001 - 008 More High-Grade Intercepts at Laverton Gold Project 29 April 2019 18KARC065, 068, 077, 080-085, 104-107, 117,119, 128 Focus Advances its Karridale and Burtville Projects 30 January 2019 18KARC004,007-010 Exploration Progress Update 31 July 2018 KARC129, 135 Maiden Mineral Resource for Karridale Deposit 23 February 2018 KARC207, 216, 220, 227, 235, 278, 279, 280, 282, 283, 284 KARD202, 281 Operational Update 16 January 2018 KARC242 – 262, 264-277 KARD281 KARC282 – 284 Operational Update 25 July 2017 KARC228, 230 – 240 Drilling Update Karridale RC Programme 28 April 2017 KARC194 – 201, 203 – 226, 229 Progress Report for Coolgardie and Laverton 25 January 2017 KARC169 – 193 Focus Minerals Ltd Exploration Update 28 April 2016 KARD155, 158, 160 - 168 KARC156 – 157, 159 BVRC716, 717, 724, 725 – 727, 732 Evidence Grows for Significant Gold System at Karridale 27 January 2016 KARD154 Karridale Exploration Update: Exciting Signs 13 April 2015 KARC138 – 143 KARC145 – 146 KARC152 - 153 Laverton Exploration Update 30 January 2015 KARC123 – 126 KARC130 - 134 Quarterly Activities Report 30 October 2013 • Collar details of 5 drill holes that have not beenpreviously reported aregiven below: Hole ID Easting GDA94z51 Northing GDA94z51 RL Total Depth (m) Azimuth (Collar) Dip (Collar) Tenement (Collar) 18KARC067 466074. 6 6815277 469.6 72 148.7 -59.9 M3800089 18KARC072 466159.3 6815432 471.2 78 151.1 -60.2 M3801281 18KARC073 466139.7 6815467 471.5 108 150 -60 M3801281 18KARC086 466222.58 6815479.6 471.27 96 151.26 -59.2 M3800073 18KARC127 466209.9 6815915.5 470.39 142 146.28 -49.66 M3800073
		Drill Hole Number			ASX Release Title				ASX Release Date
		18KARC011 – 021, 079 19KARC078			Significant Increase in Karridale Gold Deposit’s Mineral Resource				28 January 2020
		19KARC009 – 076, 079 – 088, 091 – 095, 097 - 102			High-Grade Gold Intersections from infill drilling at Karridale				30 October 2019
		18KARC006, 022,023, 063, 064, 066, 070, 071, 074, 075, 076, 078, 087, 089-093, 101, 102, 108			25% Increase in Karridale Gold Deposit’s Mineral Resource				27 May 2019
		19KARC001 - 008			More High-Grade Intercepts at Laverton Gold Project				29 April 2019
		18KARC065, 068, 077, 080-085, 104-107, 117,119, 128			Focus Advances its Karridale and Burtville Projects				30 January 2019
		18KARC004,007-010			Exploration Progress Update				31 July 2018
		KARC129, 135			Maiden Mineral Resource for Karridale Deposit				23 February 2018
		KARC207, 216, 220, 227, 235, 278, 279, 280, 282, 283, 284 KARD202, 281			Operational Update				16 January 2018
		KARC242 – 262, 264-277 KARD281 KARC282 – 284			Operational Update				25 July 2017
		KARC228, 230 – 240			Drilling Update Karridale RC Programme				28 April 2017
		KARC194 – 201, 203 – 226, 229			Progress Report for Coolgardie and Laverton				25 January 2017
		KARC169 – 193			Focus Minerals Ltd Exploration Update				28 April 2016
		KARD155, 158, 160 - 168 KARC156 – 157, 159 BVRC716, 717, 724, 725 – 727, 732			Evidence Grows for Significant Gold System at Karridale				27 January 2016
		KARD154			Karridale Exploration Update: Exciting Signs				13 April 2015
		KARC138 – 143 KARC145 – 146 KARC152 - 153			Laverton Exploration Update				30 January 2015
		KARC123 – 126 KARC130 - 134			Quarterly Activities Report				30 October 2013
		• Collar details of 5 drill
		Hole ID	Easting GDA94z51	Northing GDA94z51		RL	Total Depth (m)	Azimuth (Collar)	Dip (Collar)	Tenement (Collar)
		18KARC067	466074. 6	6815277		469.6	72	148.7	-59.9	M3800089
		18KARC072	466159.3	6815432		471.2	78	151.1	-60.2	M3801281
		18KARC073	466139.7	6815467		471.5	108	150	-60	M3801281
		18KARC086	466222.58	6815479.6		471.27	96	151.26	-59.2	M3800073
		18KARC127	466209.9	6815915.5		470.39	142	146.28	-49.66	M3800073

Market Announcement | Page 40 of 78

Criteria	Explanation
Data aggregation methods	▪ Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting width of 1m and up to 3m internal dilution. The length weighted average grades from diamond core can include measured intervals of core loss.
Relationship between mineralization widths and intercept lengths	▪ Holes were drilled orthogonal to mineralisation as much as possible, however the exact relationship between intercept width and true width cannot be estimated exactly in all cases.
Diagrams	▪ Accurate plans are included in this announcement. 3D perspective views and schematic cross- sections are included to illustrate the distribution of grade.
Balanced reporting	▪ Drilling results are reported in a balanced reporting style. The ASX announcement for FML holes shows actual locations of holes drilled, and representative sections as appropriate.
Other substantive exploration data	▪ There is no other material exploration data to report at this time.
Further work	▪ FML anticipates additional drilling to follow up on encouraging results in Laverton. ▪ Focus have engaged RPMGlobal to conduct a PFS for Laverton Stage 1 mining

Market Announcement | Page 41 of 78

• Section 2 Details for the Burtville deposit from ASX Announcement “115% Increase to Burtville Mineral Resource” Dated 21/10/2020

Criteria	Explanation
Mineral tenement and land tenure status	•The drilling was conducted on tenement M38/261 which is 100% owned by Focus Minerals (Laverton) Ltd •The tenement is in good standing. •The Burtville Deposit is covered by the 2019 Nyalpa-Pirniku Native Title Claim.
Exploration done by other parties	•Historically Burtville was mined as part of the Burtville Mining Centre from the late 1890’s until 1922 to a depth of 20m – 40m below surface. •From the 1970’s various companies have conducted exploration activities at Burtville. The bulk of the historical drilling was by SOG who open pit mined the deposit in the 1990’s recovering 64,000 ounces @ 1.4g/t Au. •Crescent Gold and subsequently Focus conducted large scale deeper drilling programs before recommencing mining in 2012 until May-2013 that recovered 23,635 oz at 1.12 g/t Au.
Geology	•The Burtville deposit lies within the Burtville Terrane of the Laverton Greenstone Belt. •Basal Basalts/Dolerite overlain by shales, sandstones and felsic/intermediate volcaniclastics have been intruded by the Karridale Gabbro and Burtville Granodiorite. A swarm of brittle ductile shallow NNW dipping fault zones/shears over print the package. Furthermore, a network of 200-400m spaced N-S and NNW striking cross faults extend between Burtville - Karridale and further south to Mt Lebanon. These cross faults have been the historic focus of hundreds of shallow shafts/drives exploiting higher grade mineralisation. At Burtville a pervasive west dipping fabric hosts significant bulk mineralisation as a halo to higher grade steep ~N striking and shallow NNW dipping mineralised structures.

Market Announcement | Page 42 of 78

Drill hole information		•Historic drilling information has been validated against publicly available WAMEX reports. Not all drill holes used in the estimate have been reported publicly. However, when Crescent Gold acquired the tenements a detailed review checking original records against those in the database was conducted by an independent geologist. These drill holes occur mostly in the oxide layer that has been mined out. Furthermore, just over 2/3rds of the drilling informing the remnant portion of the Burtville Mineral Resource was completed by Crescent and later Focus Minerals. Company Drill Hole Number WAMEX Report A- Number Report Date Aberfoyle BTRC001, BTRC002, BTRC003, BTRC004, BTRC005, BTRC006, BTRC007, BTRC008, BTRC009, BTRC010, BTRC011, BTRC012, BTRC013, BTRC014, BTRC015, BTRC016, BTRC017, BTRC018, BTRC019, BTRC020, BTRC021, BTRC022, BTRC023, BTRC024, BTRC025, BTRC026, BTRC027, BTRC028, BTRC029, BTRC030, BTRC031, BTRC032, BTRC033, BTRC034, BTRC035, BTRC036, BTRC037, BTRC038, BTRC040, BTRC041, BTRC043 27610 Feb-89 BTRC062, BTRC063, BTRC064, BTRC065, BTRC066, BTRC067, BTRC068, BTRC069, BTRC070, BTRC071, BTRC072, BTRC073, BTRC074, BTRC075, BTRC076, BTRC077, BTRC078, BTRC079, BTRC080, BTRC081, BTRC082, BTRC083, BTRC084, BTRC085, BTRC086, BTRC087, BTRC088, BTRC089, BTRC090, BTRC091, BTRC092, BTRC093, BTRC094, BTRC095, BTRC096, BTRC097, BTRC098, BTRC099, BTRC100, BTRC101, BTRC102, BTRC103, BTRC104, BTRC105, BTRC106, BTRC107, BTRC108, BTRC109, BTRC111, BTRC112, BTRC113, BTRC114, BTRC115, BTRC116, BTRC117, BTRC118, BTRC119, BTRC120, BTRC121, BTRC122, BTRC123, BTRC124, BTRC125, BTRC126, BTRC127, BTRC128 31876 Sep-89 BTRC044, BTRC045, BTRC047, BTRC049, BTRC050, BTRC051, BTRC052, BTRC054, BTRC056, BTRC057, BTRC058,BTRC059 31884 May-89 BTRCDD039, BTRCDD042, BTRCDD046, BTRCDD048, BTRCDD053,BTRCDD061 BTRCDD143,BTRCDD144 31885 Dec-89 Gwalia Consolidate d NL BTRC150, BTRC151, BTRC152, BTRC153, BTRC154, BTRC155, BTRC156, BTRC157, BTRC158, BTRC160, BTRC161, BTRC162, BTRC163, BTRC164, BTRC165, BTRC166, BTRC167, BTRC168, BTRC169, BTRC170, BTRC171, BTRC172, BTRC173, BTRC174, BTRC175, BTRC176, BTRC177, BTRC178, BTRC179, BTRC180, BTRC181 35752 Jun-91 Sons of Gwalia BEC825,BEC826,BEC827,BEC828,BEC830 62685 Mar-01	•Historic drilling information has been validated against publicly available WAMEX reports. Not all drill holes used in the estimate have been reported publicly. However, when Crescent Gold acquired the tenements a detailed review checking original records against those in the database was conducted by an independent geologist. These drill holes occur mostly in the oxide layer that has been mined out. Furthermore, just over 2/3rds of the drilling informing the remnant portion of the Burtville Mineral Resource was completed by Crescent and later Focus Minerals. Company Drill Hole Number WAMEX Report A- Number Report Date Aberfoyle BTRC001, BTRC002, BTRC003, BTRC004, BTRC005, BTRC006, BTRC007, BTRC008, BTRC009, BTRC010, BTRC011, BTRC012, BTRC013, BTRC014, BTRC015, BTRC016, BTRC017, BTRC018, BTRC019, BTRC020, BTRC021, BTRC022, BTRC023, BTRC024, BTRC025, BTRC026, BTRC027, BTRC028, BTRC029, BTRC030, BTRC031, BTRC032, BTRC033, BTRC034, BTRC035, BTRC036, BTRC037, BTRC038, BTRC040, BTRC041, BTRC043 27610 Feb-89 BTRC062, BTRC063, BTRC064, BTRC065, BTRC066, BTRC067, BTRC068, BTRC069, BTRC070, BTRC071, BTRC072, BTRC073, BTRC074, BTRC075, BTRC076, BTRC077, BTRC078, BTRC079, BTRC080, BTRC081, BTRC082, BTRC083, BTRC084, BTRC085, BTRC086, BTRC087, BTRC088, BTRC089, BTRC090, BTRC091, BTRC092, BTRC093, BTRC094, BTRC095, BTRC096, BTRC097, BTRC098, BTRC099, BTRC100, BTRC101, BTRC102, BTRC103, BTRC104, BTRC105, BTRC106, BTRC107, BTRC108, BTRC109, BTRC111, BTRC112, BTRC113, BTRC114, BTRC115, BTRC116, BTRC117, BTRC118, BTRC119, BTRC120, BTRC121, BTRC122, BTRC123, BTRC124, BTRC125, BTRC126, BTRC127, BTRC128 31876 Sep-89 BTRC044, BTRC045, BTRC047, BTRC049, BTRC050, BTRC051, BTRC052, BTRC054, BTRC056, BTRC057, BTRC058,BTRC059 31884 May-89 BTRCDD039, BTRCDD042, BTRCDD046, BTRCDD048, BTRCDD053,BTRCDD061 BTRCDD143,BTRCDD144 31885 Dec-89 Gwalia Consolidate d NL BTRC150, BTRC151, BTRC152, BTRC153, BTRC154, BTRC155, BTRC156, BTRC157, BTRC158, BTRC160, BTRC161, BTRC162, BTRC163, BTRC164, BTRC165, BTRC166, BTRC167, BTRC168, BTRC169, BTRC170, BTRC171, BTRC172, BTRC173, BTRC174, BTRC175, BTRC176, BTRC177, BTRC178, BTRC179, BTRC180, BTRC181 35752 Jun-91 Sons of Gwalia BEC825,BEC826,BEC827,BEC828,BEC830 62685 Mar-01	•Historic drilling information has been validated against publicly available WAMEX reports. Not all drill holes used in the estimate have been reported publicly. However, when Crescent Gold acquired the tenements a detailed review checking original records against those in the database was conducted by an independent geologist. These drill holes occur mostly in the oxide layer that has been mined out. Furthermore, just over 2/3rds of the drilling informing the remnant portion of the Burtville Mineral Resource was completed by Crescent and later Focus Minerals. Company Drill Hole Number WAMEX Report A- Number Report Date Aberfoyle BTRC001, BTRC002, BTRC003, BTRC004, BTRC005, BTRC006, BTRC007, BTRC008, BTRC009, BTRC010, BTRC011, BTRC012, BTRC013, BTRC014, BTRC015, BTRC016, BTRC017, BTRC018, BTRC019, BTRC020, BTRC021, BTRC022, BTRC023, BTRC024, BTRC025, BTRC026, BTRC027, BTRC028, BTRC029, BTRC030, BTRC031, BTRC032, BTRC033, BTRC034, BTRC035, BTRC036, BTRC037, BTRC038, BTRC040, BTRC041, BTRC043 27610 Feb-89 BTRC062, BTRC063, BTRC064, BTRC065, BTRC066, BTRC067, BTRC068, BTRC069, BTRC070, BTRC071, BTRC072, BTRC073, BTRC074, BTRC075, BTRC076, BTRC077, BTRC078, BTRC079, BTRC080, BTRC081, BTRC082, BTRC083, BTRC084, BTRC085, BTRC086, BTRC087, BTRC088, BTRC089, BTRC090, BTRC091, BTRC092, BTRC093, BTRC094, BTRC095, BTRC096, BTRC097, BTRC098, BTRC099, BTRC100, BTRC101, BTRC102, BTRC103, BTRC104, BTRC105, BTRC106, BTRC107, BTRC108, BTRC109, BTRC111, BTRC112, BTRC113, BTRC114, BTRC115, BTRC116, BTRC117, BTRC118, BTRC119, BTRC120, BTRC121, BTRC122, BTRC123, BTRC124, BTRC125, BTRC126, BTRC127, BTRC128 31876 Sep-89 BTRC044, BTRC045, BTRC047, BTRC049, BTRC050, BTRC051, BTRC052, BTRC054, BTRC056, BTRC057, BTRC058,BTRC059 31884 May-89 BTRCDD039, BTRCDD042, BTRCDD046, BTRCDD048, BTRCDD053,BTRCDD061 BTRCDD143,BTRCDD144 31885 Dec-89 Gwalia Consolidate d NL BTRC150, BTRC151, BTRC152, BTRC153, BTRC154, BTRC155, BTRC156, BTRC157, BTRC158, BTRC160, BTRC161, BTRC162, BTRC163, BTRC164, BTRC165, BTRC166, BTRC167, BTRC168, BTRC169, BTRC170, BTRC171, BTRC172, BTRC173, BTRC174, BTRC175, BTRC176, BTRC177, BTRC178, BTRC179, BTRC180, BTRC181 35752 Jun-91 Sons of Gwalia BEC825,BEC826,BEC827,BEC828,BEC830 62685 Mar-01	•Historic drilling information has been validated against publicly available WAMEX reports. Not all drill holes used in the estimate have been reported publicly. However, when Crescent Gold acquired the tenements a detailed review checking original records against those in the database was conducted by an independent geologist. These drill holes occur mostly in the oxide layer that has been mined out. Furthermore, just over 2/3rds of the drilling informing the remnant portion of the Burtville Mineral Resource was completed by Crescent and later Focus Minerals. Company Drill Hole Number WAMEX Report A- Number Report Date Aberfoyle BTRC001, BTRC002, BTRC003, BTRC004, BTRC005, BTRC006, BTRC007, BTRC008, BTRC009, BTRC010, BTRC011, BTRC012, BTRC013, BTRC014, BTRC015, BTRC016, BTRC017, BTRC018, BTRC019, BTRC020, BTRC021, BTRC022, BTRC023, BTRC024, BTRC025, BTRC026, BTRC027, BTRC028, BTRC029, BTRC030, BTRC031, BTRC032, BTRC033, BTRC034, BTRC035, BTRC036, BTRC037, BTRC038, BTRC040, BTRC041, BTRC043 27610 Feb-89 BTRC062, BTRC063, BTRC064, BTRC065, BTRC066, BTRC067, BTRC068, BTRC069, BTRC070, BTRC071, BTRC072, BTRC073, BTRC074, BTRC075, BTRC076, BTRC077, BTRC078, BTRC079, BTRC080, BTRC081, BTRC082, BTRC083, BTRC084, BTRC085, BTRC086, BTRC087, BTRC088, BTRC089, BTRC090, BTRC091, BTRC092, BTRC093, BTRC094, BTRC095, BTRC096, BTRC097, BTRC098, BTRC099, BTRC100, BTRC101, BTRC102, BTRC103, BTRC104, BTRC105, BTRC106, BTRC107, BTRC108, BTRC109, BTRC111, BTRC112, BTRC113, BTRC114, BTRC115, BTRC116, BTRC117, BTRC118, BTRC119, BTRC120, BTRC121, BTRC122, BTRC123, BTRC124, BTRC125, BTRC126, BTRC127, BTRC128 31876 Sep-89 BTRC044, BTRC045, BTRC047, BTRC049, BTRC050, BTRC051, BTRC052, BTRC054, BTRC056, BTRC057, BTRC058,BTRC059 31884 May-89 BTRCDD039, BTRCDD042, BTRCDD046, BTRCDD048, BTRCDD053,BTRCDD061 BTRCDD143,BTRCDD144 31885 Dec-89 Gwalia Consolidate d NL BTRC150, BTRC151, BTRC152, BTRC153, BTRC154, BTRC155, BTRC156, BTRC157, BTRC158, BTRC160, BTRC161, BTRC162, BTRC163, BTRC164, BTRC165, BTRC166, BTRC167, BTRC168, BTRC169, BTRC170, BTRC171, BTRC172, BTRC173, BTRC174, BTRC175, BTRC176, BTRC177, BTRC178, BTRC179, BTRC180, BTRC181 35752 Jun-91 Sons of Gwalia BEC825,BEC826,BEC827,BEC828,BEC830 62685 Mar-01
		Company	Drill Hole Number	WAMEX Report A- Number	Report Date
		Aberfoyle	BTRC001, BTRC002, BTRC003, BTRC004, BTRC005, BTRC006, BTRC007, BTRC008, BTRC009, BTRC010, BTRC011, BTRC012, BTRC013, BTRC014, BTRC015, BTRC016, BTRC017, BTRC018, BTRC019, BTRC020, BTRC021, BTRC022, BTRC023, BTRC024, BTRC025, BTRC026, BTRC027, BTRC028, BTRC029, BTRC030, BTRC031, BTRC032, BTRC033, BTRC034, BTRC035, BTRC036, BTRC037, BTRC038, BTRC040, BTRC041, BTRC043	27610	Feb-89
			BTRC062, BTRC063, BTRC064, BTRC065, BTRC066, BTRC067, BTRC068, BTRC069, BTRC070, BTRC071, BTRC072, BTRC073, BTRC074, BTRC075, BTRC076, BTRC077, BTRC078, BTRC079, BTRC080, BTRC081, BTRC082, BTRC083, BTRC084, BTRC085, BTRC086, BTRC087, BTRC088, BTRC089, BTRC090, BTRC091, BTRC092, BTRC093, BTRC094, BTRC095, BTRC096, BTRC097, BTRC098, BTRC099, BTRC100, BTRC101, BTRC102, BTRC103, BTRC104, BTRC105, BTRC106, BTRC107, BTRC108, BTRC109, BTRC111, BTRC112, BTRC113, BTRC114, BTRC115, BTRC116, BTRC117, BTRC118, BTRC119, BTRC120, BTRC121, BTRC122, BTRC123, BTRC124, BTRC125, BTRC126, BTRC127, BTRC128	31876	Sep-89
			BTRC044, BTRC045, BTRC047, BTRC049, BTRC050, BTRC051, BTRC052, BTRC054, BTRC056, BTRC057, BTRC058,BTRC059	31884	May-89
			BTRCDD039, BTRCDD042, BTRCDD046, BTRCDD048, BTRCDD053,BTRCDD061
			BTRCDD143,BTRCDD144	31885	Dec-89
		Gwalia Consolidate d NL	BTRC150, BTRC151, BTRC152, BTRC153, BTRC154, BTRC155, BTRC156, BTRC157, BTRC158, BTRC160, BTRC161, BTRC162, BTRC163, BTRC164, BTRC165, BTRC166, BTRC167, BTRC168, BTRC169, BTRC170, BTRC171, BTRC172, BTRC173, BTRC174, BTRC175, BTRC176, BTRC177, BTRC178, BTRC179, BTRC180, BTRC181	35752	Jun-91
		Sons of Gwalia	BEC825,BEC826,BEC827,BEC828,BEC830	62685	Mar-01

Market Announcement | Page 43 of 78

Company Drill Hole Number WAMEX Report A- Number Report Date Crescent Gold BU011,BU012,BU013,BU014,BU016 70629 May-05 BURC001, BURC002, BURC003, BURC004, BURC005, BURC006,BURC007,BURC009,BURC011,BURC012 81631 Mar-09 BVRC001, BVRC002, BVRC003, BVRC004, BVRC007, BVRC008,BVRC009,BVRC010 89791 Mar-11 BVRC018, BVRC019, BVRC020, BVRC021, BVRC022, BVRC023, BVRC024, BVRC025, BVRC026, BVRC027, BVRC028, BVRC029, BVRC030, BVRC031, BVRC032, BVRC033, BVRC034, BVRC035, BVRC036, BVRC037, BVRC038, BVRC039, BVRC040, BVRC041, BVRC042, BVRC043, BVRC044, BVRC045, BVRC046, BVRC047, BVRC048, BVRC049, BVRC050, BVRC051, BVRC052, BVRC053, BVRC054, BVRC055, BVRC056, BVRC057, BVRC058, BVRC059, BVRC060, BVRC061, BVRC062, BVRC063, BVRC064, BVRC065, BVRC066, BVRC067, BVRC046, BVRC047, BVRC048, BVRC049, BVRC050, BVRC051, BVRC052, BVRC053, BVRC054, BVRC055, BVRC056, BVRC057, BVRC058, BVRC059, BVRC060, BVRC061, BVRC062, BVRC063, BVRC064, BVRC065, BVRC066, BVRC067, BVRC068, BVRC069, BVRC070, BVRC071, BVRC072, BVRC073, BVRC074, BVRC075, BVRC076, BVRC077, BVRC079, BVRC080, BVRC081, BVRC082, BVRC083, BVRC084, BVRC085, BVRC086, BVRC087, BVRC088, BVRC089, BVRC090, BVRC091, BVRC093, BVRC094, BVRC095, BVRC096, BVRC097, BVRC098, BVRC099, BVRC100, BVRC101, BVRC102, BVRC103, BVRC104, BVRC105, BVRC106, BVRC107, BVRC108,BVRC109,BVRC110,BVRC111 94269 Mar-12 BVRC112, BVRC113, BVRC114, BVRC115, BVRC116, BVRC117, BVRC118, BVRC119, BVRC120, BVRC121, BVRC122, BVRC123, BVRC124, BVRC125, BVRC126, BVRC127, BVRC128, BVRC129, BVRC130, BVRC131, BVRC132, BVRC133, BVRC134, BVRC135, BVRC136, BVRC137, BVRC138, BVRC139, BVRC140, BVRC142, BVRC143, BVRC144, BVRC145, BVRC146, BVRC147, BVRC148, BVRC150, BVRC151, BVRC152, BVRC153, BVRC154, BVRC155, BVRC156, BVRC157, BVRC158, BVRC159, BVRC160, BVRC161, BVRC162, BVRC163, BVRC164, BVRC165, BVRC166, BVRC167, BVRC168, BVRC169, BVRC170, BVRC171, BVRC172, BVRC173, BVRC174, BVRC175, BVRC176, BVRC177, BVRC178, BVRC179, BVRC180, BVRC181, BVRC182, BVRC183, BVRC184, BVRC185, BVRC186, BVRC187, BVRC188, BVRC189, BVRC190, BVRC191, BVRC192, BVRC193, BVRC194, BVRC195, BVRC196, BVRC197, BVRC198, BVRC199, BVRC200, BVRC201, BVRC202, BVRC203, BVRC204, BVRC205, BVRC206, BVRC207, BVRC208, BVRC209 98692 Mar-13

Market Announcement | Page 44 of 78

Company Drill Hole Number WAMEX Report A- Number Report Date Focus Minerals Ltd BVRC210, BVRC211, BVRC212, BVRC213, BVRC214, BVRC215, BVRC216, BVRC217, BVRC218, BVRC219, BVRC220, BVRC221, BVRC222, BVRC223, BVRC224, BVRC225, BVRC226, BVRC227, BVRC228, BVRC229, BVRC230, BVRC231, BVRC232, BVRC233, BVRC234, BVRC235, BVRC236, BVRC237, BVRC238, BVRC239, BVRC244, BVRC245, BVRC252, BVRC254, BVRC257, BVRC258, BVRC259, BVRC260, BVRC263, BVRC264, BVRC265, BVRC266, BVRC267, BVRC268, BVRC269, BVRC270, BVRC271, BVRC272, BVRC273, BVRC274, BVRC275, BVRC276, BVRC277, BVRC278, BVRC279, BVRC281, BVRC282, BVRC283, BVRC284, BVRC285, BVRC286, BVRC287, BVRC288, BVRC289, BVRC290, BVRC291, BVRC292, BVRC298, BVRC300, BVRC301, BVRC302, BVRC303, BVRC304, BVRC305, BVRC306, BVRC307, BVRC308, BVRC309, BVRC310, BVRC311, BVRC312, BVRC313, BVRC314, BVRC315, BVRC316, BVRC317, BVRC318, BVRC319, BVRC320, BVRC321, BVRC322, BVRC323, BVRC324, BVRC325, BVRC326, BVRC327, BVRC328, BVRC329, BVRC330, BVRC331, BVRC332, BVRC333, BVRC334, BVRC335, BVRC336, BVRC337, BVRC338, BVRC339, BVRC341, BVRC342, BVRC343, BVRC344, BVRC345, BVRC346, BVRC347, BVRC348, BVRC349, BVRC350, BVRC351, BVRC352, BVRC353, BVRC354, BVRC355, BVRC356, BVRC358, BVRC359, BVRC360, BVRC361, BVRC362, BVRC363, BVRC364, BVRC365, BVRC366, BVRC367, BVRC368, BVRC369, BVRC370, BVRC371, BVRC372, BVRC373, BVRC374, BVRC375, BVRC376, BVRC378, BVRC379, BVRC380, BVRC381, BVRC382, BVRC383, BVRC384, BVRC385, BVRC386, BVRC387, BVRC390, BVRC391, BVRC392, BVRC393, BVRC394, BVRC395, BVRC397, BVRC398, BVRC399, BVRC400, BVRC401, BVRC402, BVRC403, BVRC404, BVRC405, BVRC406, BVRC407, BVRC408, BVRC409, BVRC410, BVRC411, BVRC412, BVRC413, BVRC414, BVRC415, BVRC416, BVRC417, BVRC418, BVRC419, BVRC420, BVRC421, BVRC422, BVRC423, BVRC424, BVRC425, BVRC426, BVRC427, BVRC428, BVRC429, BVRC430, BVRC431, BVRC432, BVRC433, BVRC434, BVRC435, BVRC436, BVRC437, BVRC438, BVRC439, BVRC440, BVRC441, BVRC442, BVRC443, BVRC444, BVRC445, BVRC446, BVRC447, BVRC448, BVRC449, BVRC450, BVRC451, BVRC452, BVRC453, BVRC454, BVRC455, BVRC456, BVRC457, BVRC458, BVRC459, BVRC460, BVRC461, BVRC462, BVRC463, BVRC464, BVRC465, BVRC466, BVRC467, BVRC468, BVRC469, BVRC470, BVRC471, BVRC472, BVRC473, BVRC474, BVRC475, BVRC476, BVRC477, BVRC478, BVRC479, BVRC480, BVRC481, BVRC482, BVRC483, BVRC484, BVRC486, BVRC487, BVRC488, BVRC489, BVRC490, BVRC491, BVRC492, BVRC493, BVRC494, BVRC495, BVRC496, BVRC497, BVRC524, BVRC525, BVRC526, BVRC527, BVRC529, BVRC530, BVRC531, BVRC533, BVRC534, BVRC535, BVRC536, BVRC537, BVRC538, BVRC539, BVRC540, BVRC541, BVRC548, BVRC549, BVRC550, BVRC551, BVRC552, BVRC553, BVRC555, BVRC556, BVRC557, BVRC558, BVRC561, BVRC562, BVRC576, BVRC581, BVRC583, BVRC584, BVRC586, BVRC587, BVRC588, BVRC611, BVRC612, BVRC613, BVRC617, BVRC618, BVRC619, BVRC620,BVRC621 98692 Mar-13

Market Announcement | Page 45 of 78

BVRC543, BVRC546, BVRC559, BVRC563, BVRC567, BVRC568, BVRC569, BVRC570, BVRC572, BVRC573, BVRC574, BVRC577, BVRC580, BVRC582, BVRC585, BVRC590, BVRC591, BVRC595, BVRC596, BVRC601, BVRC602, BVRC603, BVRC604, BVRC606, BVRC614, BVRC623, BVRC624, BVRC626, BVRC628, BVRC629, 102458 Mar-14 BVRC630, BVRC631, BVRC632, BVRC634, BVRC635, BVRC637, BVRC638, BVRC639, BVRC640, BVRC641, BVRC642, BVRC645, BVRC646, BVRC647, BVRC648, BVRC650, BVRC652, BVRC653, BVRC654, BVRC655, BVRC656, BVRC657, BVRC659, BVRC673, BVRC674, BVRC675, BVRC676, BVRC677, BVRC678, BVRC689, BVRC690, BVRC691, BVRC692, BVRC693, BVRC694, BVRC695, BVRC696, BVRC697, BVRC698, BVRC699

The collar details of 14 holes drilled by Focus but not externally reported are given below.

Hole ID	Easting GDA94z51	Northing GDA94z51	RL	Total Depth (m)	Azimuth (Collar)	Dip (Collar)	Drill Type
BUDD0002	465187.88	6817865.2	437.502	75	273.8	-58.9	DD
BUDD0004	465221.28	6817863.6	436.882	93.5	92.8	-60	DD
BVRC241	465517.03	6817777.8	476.071	125	256.1	-59.3	RC
BVRC242	465497.91	6817779.6	476.247	125	259.7	-60.7	RC
BVRC255	465419.79	6817980.2	477.876	125	264.6	-61.4	RC
BVRC256	465399.73	6817980.1	478.012	125	270.2	-61.8	RC
BVRC261	465364.04	6817636.8	476.406	125	88.2	-60.3	RC
BVRC262	465349.72	6817638.8	475.871	125	88.2	-60.8	RC
BVRC280	465446.65	6817680	475.81	110	88.4	-87.6	RC
BVRC564	465365.01	6817891.6	427.378	54	90	-60	RC
BVRC608	465123.4	6817860	435.134	54	90	-60	RC
BVRC609	465144.2	6817861	436.363	48	90	-60	RC
BVRC610	465163.59	6817860	436.916	54	90	-60	RC
BVRC627	465355.01	6817891.7	426.907	54	90	-60	RC

Market Announcement | Page 46 of 78

Criteria	Explanation
Data aggregation methods	▪ Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting width of 1m and up to 3m internal dilution. The length weighted average grades from diamond core can include measured intervals of core loss.
Relationship between mineralization widths and intercept lengths	▪ Holes were drilled orthogonal to mineralisation as much as possible, however the exact relationship between intercept width and true width cannot be estimated exactly in all cases.
Diagrams	▪ Accurate plans are included in this announcement. 3D perspective views and schematic cross- sections are included to illustrate the distribution of grade.
Balanced reporting	▪ Drilling results are reported in a balanced reporting style. WAMEX references are available for the bulk of the resource with only 12% of the remnant resource utilising SOG’s drilling conducted by the mining department and not externally reported.
Other substantive exploration data	▪ There is no other material exploration data to report at this time.
Further work	▪ Focus have engaged RPMGlobal to conduct a PFS for Laverton Stage 1 mining.

Market Announcement | Page 47 of 78

• Section 2 Details for the Beasley Creek deposit from ASX Announcement “Beasley Creek Mineral Resource Grows by 29%” Dated 20/08/2020

Criteria	Explanation
Mineral tenement and land tenure status	• The drilling was conducted on tenements 100% owned by Focus Minerals (Laverton) Pty Ltd. • All tenements are in good standing. • The Beasley Creek mineral resource estimate is contained entirely within Mining Lease M38/049. • The Nyalpa Pirniku claim has been lodged over the Laverton project areas. No claims have been determined at this time
Exploration done by other parties	• Beasley Creek was formerly mined as an open pit to about 85m depth by WMC from 1987-1994 with production of 88.8Koz. • Later exploration has been performed by Metex/Delta Gold 1996/1997 and then Crescent Gold in 2010.
Geology	• Mineralisation at Beasley Creek is located on the Beasley Creek Shear Zone and cross cutting Fitton and McIntyre FZ’s. The Beasley Creek SZ is deeply weathered to at least 200m depth with gold mineralisation hosted in: o saprolitic clays, o saprock of hydrothermally brecciated sediments, conglomerates and minor black shale, o iron stone after gossan, o laminated veins and, o breccia vein infill. o Core loss typically occurs when quartz breccia fragments become partially lodged in the drill bit. These hard fragments rotate with the bit causing grinding/washing of the soft highly oxidised shear matrix.

Market Announcement | Page 48 of 78

Criteria			Explanation
Drill hole information		Company	Drill Hole Number	WAMEX Report A- Number	Report Date
			BCP0002, BCP0003, BCP0004, BCP0005, BCP0007, BCP0008, BCP0009, BCP0010, BCP0012, BCP0013, BCP0014, BCP0021, BCP0022, BCP0023, BCP0024, BCP0025, BCP0026, BCP0033, BCP0034	22647	1987
			BCD001
		Western Mining Corporation Ltd	BCD005, BCD006, BCD007, BCD009, BCD010, BCD015, BCD016, BCD017	26696	1988
			BCP0035, BCP0036, BCP0037, BCP0039, BCP0040, BCP0041, BCP0042, BCP0043, BCP0045, BCP0046, BCP0047, BCP0049, BCP0051, BCP0052, BCP0054, BCP0058, BCP0059, BCP0060, BCP0062, BCP0063, BCP0064, BCP0065, BCP0066, BCP0067, BCP0068, BCP0069, BCP0070, BCP0071, BCP0073, BCP0074, BCP0075, BCP0076, BCP0077, BCP0078, BCP0079, BCP0081, BCP0082, BCP0098, BCP0099, BCP0100, BCP0101, BCP0102, BCP0103, BCP0104, BCP0111, BCP0124, BCP0125, BCP0126, BCP0127, BCP0128, BCP0129, BCP0130, BCP0131, BCP0132, BCP0133, BCP0134, BCP0135, BCP0136, BCP0137, BCP0138, BCP0140, BCP0142, BCP0144, BCP0148, BCP0162, BCP0163, BCP0165, BCP0166, BCP0167, BCP0275, BCP0276, BCP0277, BCP0278, BCP0279, BCP0280, BCP0281, BCP0282, BCP0284
			BCD008, BCD013, BCD018, BCD019, BCD020, BCD021,BCD023,BCD024,BCD025,BCD026	31396	1989
			BCP0328
		Metex Resources NL	BCD028	48547	1996
		Focus Minerals Ltd	18BSDD001, 18BSDD002, 18BSDD003, 18BSDD004, 18BSDD005, 18BSDD006, 18BSDD007, 18BSDD008, 18BSDD009, 18BSDD010, 18BSDD012, 18BSDD013 18BSDD014, 18BSDD015, 18BSDD016, 18BSDD017,18BSDD019,18BSDD020	120411	2019
			18BSRC001,18BSRC002,18BSRC003
			18BSRD004,18BSRD011,18BSRD015
			19BSDD001, 19BSDD002, 19BSDD003, 19BSDD004,19BSDD005,19BSDD006,
			19BSRC001, 19BSRC002, 19BSRC003, 19BSRC004, 19BSRC006, 19BSRC007, 19BSRC010,19BSRC011,19BSRC012,

Market Announcement | Page 49 of 78

Criteria			Explanation	Explanation
			19BSRD001, 19BSRD002, 19BSRD004, 19BSRD005, 19BSRD006, 19BSRD007, 19BSRD008, 19BSRD010, 19BSRD011, 19BSRD012, 19BSRD013, 19BSRD014, 19BSRD016, 19BSRD017, 19BSRD018, 19BSRD019, 19BSRD022, 19BSRD023, 19BSRD026
		Focus Minerals’ drilled holes not yet available on WAMEX
		Drill Hole Number		ASX Release Title		ASX Release Date
		19BSDD009, 19BSDD011, 19BSDD013, 19BSDD014, 19BSDD015, 19BSDD016, 19BSDD017, 19BSDD018, 19BSDD019, 19BSDD021, 19BSDD022, 19BSDD023, 19BSDD024, 19BSDD025, 19BSDD026, 19BSDD027, 19BSDD028, 19BSDD029, 19BSDD030, 19BSDD031, 19BSDD032, 19BSDD033, 19BSDD034, 19BSDD035, 19BSDD037, 19BSDD038, 19BSDD040, 19BSDD041, 19BSDD042,19BSDD043		High Value Exploration Results from Laverton Gold Project		22/07/2019
		19BSRC015, 19BSRC016, 19BSRC025, 19BSRC026, 19BSRC027, 19BSRC028, 19BSRC035, 19BSRC040, 19BSRC043, 19BSRC044, 19BSRC045, 19BSRC053, 19BSRC054, 19BSRC055
		19BSRD027, 19BSRD028, 19BSRD031, 19BSRD032, 19BSRD033, 19BSRD034
		20BSDD027, 20BSDD030, 20BSDD032, 20BSDD038, 20BSDD050, 20BSDD051, 20BSDD052, 20BSDD054, 20BSDD055, 20BSDD061, 20BSDD063, 20BSDD065, 20BSDD066		Laverton Exploration Update		28/07/2020
		20BSRC004,20BSRC005
		20BSRD012,20BSRD013,20BSRD014,20BSRD015
Data aggregation methods	•	Mineralised intersections are reported at a 0.5g/t Au cut-off with up to 3m internal dilution. The length weighted average grades from diamond core can include measured intervals of core loss.
Relationship between mineralization widths and intercept lengths	• • • •	Wherever possible holes were drilled orthogonal to mineralisation Holes targeting the WNW extension McIntyre/BTW FZ structures and Shallow SE dipping footwall structures in the NW part of the Beasley Creek Project often have sub-optimal orientations due to limited drilling collar locations. None of these intersections are represented as true widths at this stage. True widths can be estimated once geological/mineralisation modelling has been completed. Furthermore, no intersections are represented as calculated true widths in this report
Diagrams	•	Accurate plans are included in this announcement. 3D perspective views and schematic cross- sections are included to illustrate the distribution ofgrade
Balanced reporting	• •	Historic drill results are available on WAMEX Drilling results are reported in a balanced reporting style. The ASX announcement for Focus Minerals holes shows actual locations of holes drilled, and representative sections as appropriate.
Other substantive exploration data	•	There is no other material exploration data to report at this time.
Further work	•	Focus Minerals anticipates additional drilling to follow up on encouraging results in Laverton.

Market Announcement | Page 50 of 78

• Section 2 Details for the Beasley Creek South deposit from ASX Announcement “Beasley Creek South Delivers High Grade Mineral Resource” Dated 15/07/2020

Criteria		Explanation	Explanation	Explanation	Explanation	Explanation	Explanation
Mineral tenement and land tenure status		• The drilling was conducted on tenements 100% owned by Focus Minerals (Laverton) Pty Ltd. • All tenements are in good standing. • The Beasley Creek South mineral resource estimate is contained entirely within Mining Lease M38/049. • The Nyalpa Pirniku claim has been lodged over the Laverton project areas. No claims have been determined at this time
Exploration done by other parties		• Beasley Creek South has been drilled by numerous companies over the years, mainly WMC who mined the adjacent Beasley Creek open pit, Metex Resources and Crescent Gold NL. • Drill spacing on the main shear approached 20m x 20m and was useful for guiding follow up drill depths. However, due to RC sample issues within the main shear none of these holes were used in this resource estimate.
Geology		• Mineralisation at Beasley South is located on the moderately east dipping Beasley Shear Zone (SZ). To date mineralisation is confirmed at Beasley South over 500m strike and to within 400m of the southern side of Beasley Creek. • The Beasley SZ is deeply weathered to ~80-100% clay and drill intersections to date at 130m depth are located in completely weathered rock. • The Beasley SZ is sandwiched between hanging-wall (eastern) mafic high magnesium volcanics and footwall (western) ultramafic intrusions and feldspar-hornblende porphyries. • The weathered rocks within the Beasley SZ include: o saprolitic clays, o saprock of hydrothermally brecciated sediments, conglomerates and minor black shale, o iron stone after gossan, o laminated veins and, o breccia vein infill. o Core loss typically occurs when quartz breccia fragments become partially lodged in the drill bit. These hard fragments rotate with the bit causing grinding/washing of the soft highly oxidised shear matrix. o Due to the soft nature of the oxidised shear RC sample recovery has proven to be elusive and regularly is less than 40% within mineralised Beasley Creek SZ
Drill hole information		Company	Drill Hole Number		WAMEX Report A- Number	Report Date
		Focus Minerals Ltd	18BSRC009, 18BSRC010		120411	2018
		FML Drilled holes notyet available on WAMEX
		Drill Hole Number		ASX Release Title			ASX Release Date
		19BSDD044, 19BSDD045, 19BSDD048, 19BSDD049, 19BSDD050, 19BSDD058, 19BSDD060, 19BSDD061, 19BSDD062, 19BSDD063, 19BSDD064, 19BSDD065, 19BSDD066, 19BSDD067, 19BSDD068, 19BSDD069, 19BSDD071, 19BSDD072, 19BSDD073, 19BSDD074, 19BSDD075, 19BSDD076, 19BSDD077, 19BSDD078, 19BSDD080, 19BSDD082, 19BSDD083, 19BSDD084, 19BSDD085, 19BSDD086, 19BSDD087, 19BSDD088, 19BSRC066, 19BSRD036		Outstanding Results Beasley Creek South		at	30/01/2020

Market Announcement | Page 51 of 78

Criteria		Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation
		Drill Hole Number				ASX Release Title				ASX Release Date
		20BSDD001, 20BSDD002, 20BSDD003, 20BSDD005, 20BSDD007, 20BSDD008, 20BSDD010, 20BSDD011, 20BSDD012, 20BSDD013, 20BSDD014, 20BSDD015, 20BSDD016, 20BSDD017, 20BSDD018				Strong Hits at Beasley Creek South Boost Laverton Resource Upside				28/04/2020
		Collar details of FML holes drilled during 2020 and				yet to be released
		BHID	EAST	NORTH	RL		AZIMU TH	DIP	DEPTH		Drill Type
		20BSDD020	434046.97	6837783.9	432.6		270	-60	162.4		DD
		20BSDD021	434041.44	6838041.2	432.5		270	-60	168.3		DD
		20BSDD022	433897.77	6838100.1	431.8		270	-60	61.8		DD
		20BSDD023	433893.32	6838038.9	431.9		270	-60	50.7		DD
		20BSDD024	433887.6	6837973.8	431.8		270	-60	31.8		DD
		20BSDD025	433966.06	6837910.5	431.4		270	-60	105		DD
		20BSDD026	433984.01	6838185.7	432.1		270	-60	98		DD
		20BSDD029	434015.9	6838131.6	432.5		270	-60	128		DD
		20BSDD031	434077	6837876.2	432.6		270	-60	136.1		DD
		20BSDD033	434001.31	6838049.5	432.4		270	-60	124.9		DD
		20BSDD034	433960.39	6838042.6	432.4		265	-60	112.9		DD
		20BSDD035	434022.77	6837911.8	432.3		270	-60	151.8		DD
		20BSDD036	434041.93	6838114.7	433.8		270	-60	156.6		DD
		20BSDD037	434007.12	6837937.2	433.4		270	-60	156.4		DD
		20BSDD039	433966.44	6837982.7	431.8		270	-60	107		DD
		20BSDD040	433978.19	6837805.8	433.3		270	-60	165.3		DD
		20BSDD041	434004.72	6837889.0	432.8		270	-60	142.9		DD
		20BSDD042	433936.7	6837958.6	431.7		270	-60	98.1		DD
		20BSDD043	433981.66	6837895.8	432.1		270	-60	115.9		DD
		20BSDD044	433914.19	6838045.6	431.8		270	-60	64.8		DD
		20BSDD045	433965.15	6837962.3	431.7		270	-60	107		DD
		20BSDD046	433896.06	6838073.0	431.8		270	-60	46.9		DD
		20BSDD048	433919.98	6838100.0	431.8		270	-60	52.9		DD
		20BSDD049	434019.65	6838171.8	431.9		270	-60	128		DD
		20BSDD053	433978.72	6837860.7	433.4		270	-80	147.4		DD
		20BSDD056	434098.45	6837841.5	433.6		270	-60	220.9		DD
		20BSDD057	433956.02	6837837.2	433.3		265	-60	107		DD
		20BSDD058	434116.06	6837789.8	431.3		270	-60	238.9		DD
		20BSDD064	433958.33	6838160.4	430.8		260	-60	65		DD
		20BSRC002	433907.3	6838129.7	431.7		269.0	-60	30		RC
		20BSRD004	434111.36	6837890.4	432.5		272.1	-60	224		RC/DD
		20BSRD006	434084.52	6838114.7	432.5		267.8	-60	195.5		RC/DD
		20BSRD009	434110.45	6838035.1	432.3		271.9	-60	222.4		RC/DD
		20BSRD010	434092.46	6838078.7	432.4		269.4	-60	198.5		RC/DD
		20BSRD011	434090.95	6837965.4	432.1		269.3	-60	207.4		RC/DD

Market Announcement | Page 52 of 78

Criteria	Explanation
Data aggregation methods	• Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting width of 1m and up to 3m internal dilution. The length weighted average grades from diamond core can include measured intervals of core loss.
Relationship between mineralization widths and intercept lengths	• Wherever possible holes were drilled orthogonal to mineralisation • True widths can be estimated once geological/mineralisation modelling has been completed. • Furthermore, no intersections are represented as calculated true widths in this report.
Diagrams	• Accurate plans are included in this announcement. 3D perspective views and schematic cross- sections are included to illustrate the distribution ofgrade.
Balanced reporting	• Drilling results are reported in a balanced reporting style. The ASX announcement for FML holes shows actual locations of holes drilled, and representative sections as appropriate.
Other substantive exploration data	• There is no other material exploration data to report at this time.
Further work	• FML anticipates additional drilling to follow up on encouraging results in Laverton. • Focus have engaged RPMGlobal to conduct a PFS for Laverton Stage 1 mining

Market Announcement | Page 53 of 78

• Section 2 Details for the Wedge deposit from ASX Announcement “Wedge Open Pit Resource Update” Dated 24/01/2020

Criteria	Explanation
Mineral tenement and land tenure status	• All exploration was conducted on tenements 100% owned by FML or its subsidiary companies Focus Operations Pty Ltd. All tenements are in good standing. • Various royalties may be in place as documented in the FML Annual Report 2016 • The Nyalpa Pirniku claim has been lodged over the Laverton project areas. No claims have been determined at this time • The tenements fall within the Laverton Water Reserve and all exploration completed complied with required regulations.
Exploration done by other parties	• The Wedge deposit has been historically mined as 3 pits by Ashton Gold (WA) Ltd between 1990 and 1992. Production figures state 262,023t @ 2.53g/t Au HG ore was mined from the pits and 260,544t @ 2.51 g/t of HG ore was Milled. • Ashton Gold Mines Pty Ltd formerly Hillmin Gold Mines Pty Ltd conducted various exploration activities over the Wedge trend since 1984 when it gained 100% management and operation of Teck Explorations and Morrison Petroleum’s JV interests. This involved geological mapping, ground magnetic surveys, soil sampling, aeromagnetics, resistivity, gradient array, induced polarisation, rock chip sampling, RC, Rotary Air Blast (RAB) and Diamond drilling. • Metex acquired the Wedge tenements from Ashton Gold (WA) Ltd in September 1996, conducting various exploration activities including data validation, geological mapping, aerial photography, soil sampling, rock chip sampling, aeromagnetic surveys, RAB, Vacuum and RC drilling. • The ground was subsequently acquired by Crescent Gold NL in May 2010 before being taken over by Focus Minerals Laverton in October 2012.
Geology	• Regionally the geology comprises strongly deformed ultramafics, mafic volcanics and intercalated iron formation and sediments. • The deposit is hosted by an interflow sedimentary unit within a thick Archean mafic volcanic pile. The interflow sediments consist of chert, shale and minor black shale below the oxidation horizon and contain pyrite and minor pyrrhotite.

Market Announcement | Page 54 of 78

Criteria		Explanation	Explanation	Explanation	Explanation
Drill hole information	•	Historic drilling information has been validated against publicly available WAMEX reports. Not all drill holes can be found referenced in the WAMEX reports. However, cross-checking of original drill surveys was verified against the database. Most of these holes were drilled in the excavated pit area and has been depleted from the reported resource. WAMEX Reference: Company Drill Hole Number WAMEX Report A- Number WAMEX Report Date Hillmin Gold Mines Pty Ltd LNP027 - LNP032, LNP034, LNP040 - LNP044, LNP047 - LNP050, LNP052, LNP053, LNP055, LNP056 16888 February 1985 LNP001, LNP002, LNP007, LNP008, LNP013 - LNP015, LNP020, LNP024 - LNP026, LNP057 - LNP077, LNP083 - LNP093, LNP095, LNP096, LNP101, LNP102 Unknown LNP104 - LNP123, LNP129 - LNP135, LNP138, LNP139 - LNP143 20646 February 1987 LNP144 - LNP161, LNP163 - LNP215, LNP217 - LNP236, LNP238 - LNP241, LNP243, LNP245 - LNP268, LNP270, LNP271, LNP273, LNP274, LNP276, LNP278 - LNP287, LNP289, LNP291, LNP293, LNP295, LNP298 - LNP328, LNP330 23398 February 1988 LND001 - LND009 27633 February 1989 LNP331 - LNP347, LNP349, LNP351 - LNP357 Ashton Gold Mines Pty Ltd LND010 15929 January 1990 LNP359 - LNP361, LNP365 - LNP385 LNP386 - LNP401, LNP403 - LNP406 33668 March 1991 LNP411 - LNP418, LNP421, LNP424 - LNP432 35688 January 1992 Metex Resources NL LNRC001, LNRC002, LNRC007 - LNRC010 48547 January 1996 Western Mining Corporation Ltd LFP0817 22647 January 1988 FML holes WAMEX reference: Company Drill Hole Number WAMEX Report A- Number WAMEX Report Date Focus Minerals Ltd 18LNRC001, 18LNRC002, 18LNRC003, 18LNRC004, 18LNRC005, 18LNRC006, 18LNRC007, 18LNRC008, 18LNRC010, 18LNRC011, 18LNRC012, 18LNRC017, 18LNRC018, 18LNRC019, 18LNRC020, 120411 July 2019
		Company	Drill Hole Number	WAMEX Report A- Number	WAMEX Report Date
		Hillmin Gold Mines Pty Ltd	LNP027 - LNP032, LNP034, LNP040 - LNP044, LNP047 - LNP050, LNP052, LNP053, LNP055, LNP056	16888	February 1985
			LNP001, LNP002, LNP007, LNP008, LNP013 - LNP015, LNP020, LNP024 - LNP026, LNP057 - LNP077, LNP083 - LNP093, LNP095, LNP096, LNP101, LNP102	Unknown
			LNP104 - LNP123, LNP129 - LNP135, LNP138, LNP139 - LNP143	20646	February 1987
			LNP144 - LNP161, LNP163 - LNP215, LNP217 - LNP236, LNP238 - LNP241, LNP243, LNP245 - LNP268, LNP270, LNP271, LNP273, LNP274, LNP276, LNP278 - LNP287, LNP289, LNP291, LNP293, LNP295, LNP298 - LNP328, LNP330	23398	February 1988
			LND001 - LND009	27633	February 1989
			LNP331 - LNP347, LNP349, LNP351 - LNP357
		Ashton Gold Mines Pty Ltd	LND010	15929	January 1990
			LNP359 - LNP361, LNP365 - LNP385
			LNP386 - LNP401, LNP403 - LNP406	33668	March 1991
			LNP411 - LNP418, LNP421, LNP424 - LNP432	35688	January 1992
		Metex Resources NL	LNRC001, LNRC002, LNRC007 - LNRC010	48547	January 1996
		Western Mining Corporation Ltd	LFP0817	22647	January 1988
		FML holes WAMEX reference:
		Company	Drill Hole Number	WAMEX Report A- Number	WAMEX Report Date
		Focus Minerals Ltd	18LNRC001, 18LNRC002, 18LNRC003, 18LNRC004, 18LNRC005, 18LNRC006, 18LNRC007, 18LNRC008, 18LNRC010, 18LNRC011, 18LNRC012, 18LNRC017, 18LNRC018, 18LNRC019, 18LNRC020,	120411	July 2019

Market Announcement | Page 55 of 78

Criteria				Explanation	Explanation	Explanation	Explanation
				18WDRC001, 18WDRC002, 18WDRC003, 18WDRC004, 18WDRC005, 18WDRC006, 18WDRC007, 18WDRC008, 18WDRC009, 18WDRC010, 18WDRC011, 18WDRC012, 18WDRC013, 18WDRC014, 18WDRC015, 18WDRC016, 18WDRC017, 18WDRC018, 18WDRC019, 18WDRC020, 18WDRC021, 18WDRC022, 18WDRC023, 18WDRC024, 18WDRC025, 18WDRC026, 18WDRC027, 18WDRC028, 18WDRC029, 18WDRC030, 18WDRC031, 18WDRC032, 18WDRC033, 18WDRC034, 18WDRC035, 18WDRC036, 18WDRC037, 18WDRC038, 18WDRC039, 18WDRC040, 18WDRC041, 18WDRC042, 18WDRC043, 18WDRC044, 18WDRC045, 18WDRC047
		FML Drilled holes notyet available on WAMEX
		Drill Hole Number				ASX Release Title				ASX Release Date
		19LNRC019 - 19LNRC045				High Value Exploration Results from Laverton Gold Project					22-Jul-19
		19WDRC014, 19WDRC016 - 19WDRC024, 19WDRC026, 19WDRC028 - 19WDRC055
		19LNRC057 - 19LNRC0061, 19LNRC065, 19LNRC069 - 19LNRC070, 19LNRC074 - 19LNRC079, 19LNRC089, 19LNRC092				Wedge Open Pit Resource Update					24-Jan-20
		19WDDD001-19WDDD002, 19WDRC059 - 19WDRC063
		Collar details of FML holes			drilled during	2019 are given below:
		Hole ID									Depth (m)	Tenement
					MGA 94 Zone 51
			Easting		Northing	RL	Azimuth		Dip
		19LNRC063	440997.69		6844326.7	457.35	304.64		-60.14		60	M3800159
		19LNRC064	440918.51		6844228.1	456.83	309.92		-52.57		96	M3800159
		19LNRC066	440974.68		6844293.2	457.27	281.26		-49.1		78	M3800159
		19LNRC067	440919.89		6844178.6	456.47	313.09		-60.66		90	M3800159
		19LNRC071	440942.06		6844265.3	456.88	305.64		-70.11		54	M3800159
		19LNRC085	441026.11		6844433.2	457.31	299.9		-60.28		30	M3800159
		19LNRC086	441010.67		6844398.9	457.61	306.57		-60.32		30	M3800159
		19LNRC087	441003.76		6844389.1	457.53	302.52		-60.34		30	M3800159
		19WDRC015	440377.35		6843239.7	455.71	320.49		-50.9		54	M3800159
		19WDRC025	440374.13		6843274.5	455.68	310.13		-55.75		36	M3800159
		19WDRC027	440391.37		6843288.2	455.73	321.87		-54.96		54	M3800159
		19WDRC056	439873.36		6842975.9	453.45	323.79		-50.76		30	M3800159
		19WDRC057	439861.23		6842964.1	453.52	324.25		-50.21		30	M3800159
		19WDRC058	439829.81		6842931.3	453.78	319.51		-59.47		30	M3800159

Market Announcement | Page 56 of 78

Criteria	Explanation
Data aggregation methods	• Mineralised intersections are reported at a 0.5g/t Au cut-off, composited to 1m. • A statistical review of the different mineralisation lodes revealed some high-grade outliers to the sample population and various top cuts were applied on a lode-by-lode basis. A maximum top-cut of 25g/t was applied to one high grade lode, on average a 10g/t top-cap was applied to higher-grade outlier samples.
Relationship between mineralization widths and intercept lengths	• Holes were drilled orthogonal to mineralisation as much as possible, however the exact relationship between intercept width and true width cannot be estimated exactly in all cases.
Diagrams	• Refer to Figures and Tables in body of the release.
Balanced reporting	• Historic drill hole results available on WAMEX. • FML drill hole data is available in the previous drill hole information table.
Other substantive exploration data	• There is no other material exploration data to report at this time.
Further work	• The company is further reviewing the exploration results. • Focus have engaged RPMGlobal to conduct a PFS for Laverton Stage 1 mining

Market Announcement | Page 57 of 78

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section)

• Section 3 Details for the Karridale Deposit from ASX Announcement “Karridale Mineral Resource increases by 60%” Dated 24/09/2020

Criteria	Explanation
Database integrity	▪ Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. ▪ FML’s database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: ▪ Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. ▪ Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. ▪ Referential Integrity: Rows cannot be deleted which are used by other records. ▪ User-Defined Integrity: business rules enforced by acQuire and validation codes set up by FML. ▪ Additionally, in-house validation scripts are routinely run in acQuire on FML’s database and they include the following checks: o Missing collar information o Missing logging, sampling, downhole survey data and hole diameter o Overlapping intervals in geological logging, sampling, down hole surveys o Checks for character data in numeric fields ▪ Data extracted from the database were validated visually in GEOVIA Surpac software and ARANZ Geo Leapfrog software. Also, when loading the data any errors regarding missing values and overlaps are highlighted.
Site visits	▪ Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager - Exploration and conducts regular site visits. ▪ Hannah Kosovich, the Competent Person for Section 3 of Table 1 is FML’s Resource Geologist and last visited site in September 2019.

Market Announcement | Page 58 of 78

Criteria	Explanation
Geological interpretation	▪ All Focus drill holes, and historic mining data was used to guide the geological interpretation of the mineralisation specifically adhering to geological and structural controls. ▪ Relogging of Focus diamond core and RC chips was completed to standardise and provide a coherent data set. ▪ The relogging and additional drilling improved the understanding of geological controls on gold mineralisation at Karridale. The Karridale mineralisation is hosted in an interpreted half graben on the SE side of a large Granodiorite intrusion. The mineralisation is hosted primarily by the shallow NW dipping shears depicted by mylonitic sediment packages with intense carb-sericite alteration and by some NW-SE subvertical veins. ▪ The logging of sheared to mylonitic zones, quartz veining and/or carbonate-sericitic alteration guided the primary interpretation so that it was not solely controlled by mineralisation. ▪ The mineralised geological interpretation was completed using Seequent Leapfrog software on a section-by-section basis. An approximate 0.5g/t Au value was used to guide the interpretation. ▪ Minor deviation only of the lode geometry was noticed between drill holes along strike and down- dip. ▪ A number of steeply dipping NW striking cross fault features were identified and modelled. An apparent increase in grade was noted at the intersections of these cross faults and the shallow NW dipping lodes. The contacts of these intersections were considered a dilatational contacts with sharing of grades along the contact. Although in the flatter structures a grade dependent search was used to limit the influence of the high grades.
Dimensions	▪ Mineralisation extends over a 900m strike length trending NE and has been modelled from surface to a depth of 450m below surface. Numerous lodes have been modelled plunging 20 - 30° to the NW. Six cross-cutting faults plunging 55° to NNW and 30° to the NNE have also been interpreted. The thickness of the individual quartz veins varies from 0.25m to 6m thick. Average thickness of mineralised shears is 4m. In addition, an average 2m thick sub-horizontal supergene cover lode has been modelled covering most of the mineralised deposit area.
Estimation and modelling techniques	▪ Only RC and Diamond holes drilled by FML were used in the estimation. In total 301 holes were used, 271 RC holes for 53,270m and 30 RC pre-collar with diamond tail (RC/DD) holes for 10,934.53m. ▪ The drill hole samples were composited to 1m within each domain, the dominant sampling interval. With a minimum 0.2m composite length, intervals less than this were added to end of previous composite interval. ▪ Composited assay values of each lode were exported as text file (.csv) from Leapfrog and imported into Snowden Supervisor for statistical and geostatistical analysis. ▪ A review of histograms, probability plots and mean/variance plots for each domain revealed some outlier sample values. ▪ Top capping of higher Au values within each domain was carried out with Au values above the cut- off grade reset to the cut-off grade. ▪ Different caps were used for the lodes, an average of 10g/t Au was used; the largest cap was 30g/t Au in the cross-cutting HG fault lodes. ▪ Variograms were modelled in Supervisor for lodes with greater than 200 samples, which was 13 lodes. Lodes with fewer than 200 samples shared the variogram of a similar orientated lode. A normal scores transformation was applied to the negatively skewed data in each lode. A back- transformation to original units was applied to the variogram models before being exported in Surpac readable format. ▪ GEOVIA Surpac Software was used for the estimation. An Ordinary Kriging (OK) technique was selected using the variograms modelled in Supervisor. Each domain was estimated separately. After a review of the geology and contact analysis in Supervisor software, it was considered acceptable for samples along the contact of the cross faults and flat lodes to be shared with limiting grade searches restricting the distance the higher grades were spread into the flat lodes. ▪ A minimum of 8 and a maximum 14 - 16 samples were used to estimate each block with a maximum of 6 samples per drill hole. selected based on a Kriging Neighbourhood analysis in Supervisor.

Market Announcement | Page 59 of 78

Criteria	Explanation
	▪ An elliptical search was used based on range and rotation directions of the Variograms. ▪ If a block was not estimated with the initial search parameters, the minimum number of samples was reduced to 4 and the search distance increased by 1.5 times, with the maximum number of samples per hole reduced to 3. After the second search pass, a third pass was run on un-estimated blocks, increasing the search distance twice that of the second pass. After the third pass a few blocks in two lodes that had not estimated were assigned the average grade of the surrounding estimated blocks. ▪ The block model had 54% blocks estimate in first search pass, 38% in the second search pass and 8% in the third search pass. ▪ Block sizes for the model were 20m in Y, 20m in X and 5m in Z direction. Sub celling of the parent blocks was permitted to 5m in the Y direction, 2.5m in the X direction and 1.25m in the Z direction. Sub-blocking was used to best fill the wireframes and inherit the grade of the parent block. No rotation was applied to the orientation of the blocks. ▪ Block size is approximately ½ of the average drill hole spacing. ▪ The estimate was validated by several methods. An initial visual review was done by comparing estimated blocks and raw drill holes. ▪ Tonnage weighted mean grades were compared for all lodes with the raw and top-capped drill hole values. There were no major differences. ▪ Swath plots of drill hole values and estimated Au grades by northing, easting and RL for the larger lodes were run in Supervisor and showed that the estimated grades honoured the trend of the drilling data.
Moisture	▪ Tonnages are estimated on a dry basis
Cut-off parameters	▪ The Resources for Karridale have been reported above a 0.6g/t Au cut-off and above the 230mRL (235m below surface) for open pit based on previous pit optimisations.
Mining factors or assumptions	▪ The Karridale deposit would be mined by open pit extraction.
Metallurgical factors or assumptions	▪ While no metallurgical test work has been carried out specifically at Karridale, previous production and processing records for the nearby Burtville Pit exist.
Environmental factors or assumptions	▪ Karridale deposit sits near the previously mined Burtville Pit, with numerous historic workings in the area, including minor underground development at Boomerang.
Bulk density	▪ Density values were assigned based on a modelled regolith category. The densities for each weathering category were calculated using a combination of physical bulk density and specific gravity measurements obtained from Focus diamond core. ▪ A value of 1.94 was assigned to completely oxidised, 2.12 for completely weathered, 2.30 for strongly weathered, 2.53 for moderately weathered, 2.72 for partially weathered and 2.86 for fresh. ▪ In total 512 specific gravity and bulk density measurements were used to determine the assigned densities. ▪ Jinning Testing and Inspections completed the bulk density measurements. ▪ The water immersion technique was used for the specific gravity determinations on selected competent lengths of core greater than 10cm.
Classification	▪ Resources have been classified as Indicated and Inferred based primarily on drilling spacing and geological confidence in the geometry and continuity of the lodes. In addition, various estimation output parameters such as number of samples, search pass, kriging variance, and slope of regression have been used to assist in classification. ▪ Shapes were created in Surpac to constrain the model within 40m x 40m spacing has been classified as Indicated and the surrounding 40m x 80m spaced drilling for Inferred Resource down to the 230mRL
Audits or reviews	▪ No external audits of the mineral resource have been conducted.
Discussion of relative accuracy/ confidence	▪ This is addressed in the relevant paragraph on Classification above. ▪ The Mineral Resource relates to global tonnage and grade estimates.

Market Announcement | Page 60 of 78

• Section 3 Details for the Burtville deposit from ASX Announcement “115% Increase to Burtville Mineral Resource” Dated 21/10/2020

Criteria	Explanation
Database integrity	• Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • FML’s database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by FML. • Additionally, in-house validation scripts are routinely run in acQuire on FML’s database and they include the following checks: • Missing collar information • Missing logging, sampling, downhole survey data and hole diameter • Overlapping intervals in geological logging, sampling, down hole surveys • Checks for character data in numeric fields • Data extracted from the database were validated visually in GEOVIA Surpac software, ARANZ Geo Leapfrog software and Datamine software. Also, when loading the data, any errors regarding missing values and overlaps are highlighted.
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager - Exploration and conducts regular site visits. • Michael Job, the Competent Person for Section 3 of Table 1 has not visited site.
Geological interpretation	• All Focus and previous operators (Aberfoyle, Sons of Gwalia and Crescent Gold) RC and diamond drill holes and historic mining data was used to guide the geological interpretation of the mineralisation. • The gold mineralisation at Burtville is complex and is hosted within a granodiorite intrusive as well as via an extensive network of structurally controlled quartz veins. The stockwork of narrow quartz veins (1 mm to 30 cm) which cut the granodiorite, overlying sandstone and mafic units hosts a higher grade of gold compared with the alteration mineralisation seen in the surrounding granodiorite. • A geological matrix analysis was conducted to determine what geological characteristics are important to assist in understanding the gold mineralisation. At Burtville, this study was inconclusive, with significant Au mineralisation in all rock types/altered zones except for the mafic volcanics. • Deterministic grade-based wireframes (as used in previous estimates) and running an estimate using linear methods (such as ordinary kriging (OK) or inverse distance (ID)) is difficult and not representative of the mineralisation. In particular, trying to tie together mineralised trends in such a structurally complex deposit is challenging. • Therefore, the economic compositing function in Leapfrog software was used for the interpretation of the mineralised zone - at a cut-off of 0.05 ppm Au, the minimum ore composite length was set to 5 m, with maximum included and consecutive internal waste parameters set to 4 m. • An intrusive geological model was constructed in Leapfrog. In the weathered zone (above the base of complete oxidation, which varies from 20 m to 50 m below topographic surface), a horizontal global trend was set, and used for interpolation of the geological model. In the transitional and fresh rock zone, a global trend of 25° towards grid west was set, which is concordant with the Au mineralisation trend. • The geological model was designed to essentially exclude waste material and were to be used to constrain a non-linear estimation method.
Dimensions	• The deposit extends over a strike length of 700 mN, is about 800 mE wide and extends to 140 m below the surface. The mineralisation is mainly around the granodiorite contact, which limits the known depth extent.

Market Announcement | Page 61 of 78

Criteria	Explanation
Estimation and modelling techniques	• Estimation of the mineral resource was by the non-linear method Localized Uniform Conditioning (LUC) using Isatis software. Test work of the other major non-linear estimation method (Multiple Indicator Kriging) were not successful, as the indicator variograms above even low thresholds were essentially nugget effect. • The LUC estimation process was as follows: • Drill hole data selected within mineralized domains and composited to 2m downhole intervals in Datamine software – 2m was chosen as the best compromise between detailed information and over-smoothing using longer composites. • Composited data imported into Isatis software for statistical and geostatistical analysis. • Variography was done on data transformed to normal scores, and the variogram models were back transformed to original units. The Gaussian anamorphosis used for the normal scores transform was also subsequently used for the discrete Gaussian change of support model required for Uniform Conditioning. Variography was performed for separate oxidized and transitional/fresh rock mineralized domains. • The variogram models had very high nugget effects (~80% of total sill), with a range of 200 m in fresh rock and 35 m in oxidised. • Estimation (via Ordinary Kriging) was into block model that was a non-rotated model in MGA94 grid, with a panel block size of 20 mE x 20 mN x 5 mRL – this is about the average drill spacing in the deposit. Localization of the grades was later into Selective Mining Units (SMU) block of 5 mE x 10 mN x 2.5 mRL (16 SMUs per panel). • A ‘distance limited threshold’ technique was used where uncapped data was used within 5 m of the extreme values, but a capping of 10 ppm was used beyond this This cap was based on inflections and discontinuities in the histograms and log-probability plots. • The ellipsoid search parameters were based on the variogram ranges, with the search ellipse dimensions about 90% of the variogram range, with anisotropies retained. A minimum of 10 and maximum of 60 (2m composite) samples per panel estimate. • If a panel was not estimated with these search parameters, then the ellipse was expanded by a factor of four, but less than 2% of the panels required this second pass. • The UC process applies a Change of Support correction (discrete Gaussian model) based on the composite sample distribution and variogram model, conditioned to the Panel grade estimate, to predict the likely grade tonnage distribution at the SMU selectivity. • The Localizing step was then run, and the resulting SMU models for the fresh and oxidised material were exported from Isatis to Datamine • Estimates of Au grades were validated against the composited drill hole data by extensive visual checking in cross-section, plan and on screen in 3D, by global (per shoot) comparisons of input data and model, and by semi-local statistical methods (swath plots). All methods showed satisfactory results.
Moisture	• Tonnages are estimated on a dry basis.
Cut-off parameters	• The cut-off grade of 0.6 ppm Au was established for the nearby Beasley Creek pit optimisation work. Given that the mining and processing methods would be the same for both pits, this is a reasonable assumption. However, pit optimisation work is currently underway for Burtville, and cut-off grades and other assumptions for limiting the resource should be reviewed when this work is completed.
Mining factors or assumptions	• The Burtville deposit would be mined by open pit extraction. The previous pit design would have extended to 120 m below surface (360 mRL). The gold price used for the optimisation/pit design is unknown, but the spot price in late 2012 was ~AUD$1700/oz. • Further pit optimisation is underway but given the much higher current gold price (~AUD$2600/oz), then it is probable that the pit shells would be deeper and reach towards the extent of the modelled mineralisation. • The 340 mRL has therefore been used as the base for reporting the classified resource.
Metallurgical factors or assumptions	• Historical metallurgical test work and actual open cut mining showed the mineralised material had very good to excellent recoveries in a standard CIL gold processing plant (>90% for some transitional material, but generally above 98% in fresh rock.
Environmental factors or assumptions	• The Burtville deposit has previously been mined by open pit methods in the 2012-2013 by Focus, and there are existing waste dumps and open cut pits. • Other operations in the area in the last 8 years have been Focus’ Chatterbox – Apollo Pits south along strike and at Euro South to the SE and is 27 km from Goldfield’s Granny Smith gold mine. • Therefore, there is extensive mining history in the region, and there are no unforeseen environmental considerations that would preclude conventional open cut mining and waste dump construction.

Market Announcement | Page 62 of 78

Criteria	Explanation
Bulk density	• Bulk density test work was gathered throughout the life of the historical open cut pit (mining ceased in 2013) with the water immersion technique used for these determinations. • Average bulk density values were assigned per modelled lithology/weathering domain (1.8 t/m3 for oxidised, 2.45 t/m3 for transitional and 2.65 t/m3 for fresh rock).
Classification	• The Indicated Mineral Resource has a nominal drill spacing of 20 mN x 20 mE or closer (10 mE x 10 mN in grade control drilled areas), is not more than 20m laterally beyond drilling, not more than 10 m below the base of drilling and blocks estimated using the first search pass. • The Inferred Mineral Resource is material within the mineralised domain, but not meeting the criteria for Indicated. • The Indicated part of the resource only extends 10 m below the limit of drilling (360 mRL maximum), and the Inferred resource only to the 340 mRL maximum. • This classification considers the confidence of the resource estimate and the quality of the data and reflects the view of the Competent Person.
Audits or reviews	• No external audits of the mineral resource have conducted, although the independent consultants used for the resource estimate (Cube Consultants) conduct internal peer review.
Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates.

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• Section 3 Details for the Beasley Creek deposit from ASX Announcement “Beasley Creek Mineral Resource Grows by 29%” Dated 20/08/2020

Criteria	Explanation
Database integrity	• Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • Focus Minerals’ database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy/chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by Focus Minerals. • Additionally, in-house validation scripts are routinely run in acQuire on Focus Minerals’ database and they include the following checks: • Missing collar information • Missing logging, sampling, downhole survey data and hole diameter • Overlapping intervals in geological logging, sampling, down hole surveys • Checks for character data in numeric fields • Data extracted from the database were validated visually in GEOVIA Surpac software, ARANZ Geo Leapfrog software and Datamine software. Also, when loading the data any errors regarding missing values and overlaps are highlighted.
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is Focus Minerals’ General Manager - Exploration and conducts regular site visits. • Michael Job, the Competent Person for Section 3 of Table 1, has not visited site.
Geological interpretation	• All Focus Minerals drill holes and historic mining data were used to guide the geological interpretation of the mineralisation. • The mineralised shoot interpretation is based on the Beasley Creek Shear Zone and the brecciated sediments and veins within the shear. Au grades are used to assist in the interpretation. The orientation of the shoots in the southern part of the deposit reflects the known shoot geometry from the previous mining. • In the southern part of the deposit, the south-east plunge of the mineralised shoots is confirmed by the outcrop and mined mineralisation in the historical WMC pit, and any alternative interpretation is unlikely. However, for the northern part of the deposit away from the pit, there may be alternatives to the geometry of the shoots modelled, although the global tonnages are smaller here and unlikely to be significantly different if an alternative interpretation was adopted. • It is recognised that the WMC RC data in places shows down hole contamination (due to the wet ground conditions and older cross-over sub RC hammers used). Much of this data is within the historical pit and has very little influence over the resource estimate below the pit. Where this RC data is below the pit, it has not been used for the interpretation as it would create incorrect long intercepts. However, this data has been used for grade interpolation, as studies showed this data within the interpreted shoots was very similar statistically to the modern RC and DDH drilling undertaken by Focus Minerals. • Contiguous high-grade zones (>5 ppm Au) were modelled as separate domains. • The weathering/oxidation profiles at Beasley Creek is deep, with clays and saprock extending up to 250 m below surface in the eastern part of the deposit. • Leapfrog software was used for the interpretation of the mineralised shoots and the regolith domains. Each mineralised shoot intercept was coded in the database before being imported into Leapfrog, so the resulting solids honour the data well.
Dimensions	• The deposit extends over a strike length of 1100m and extends to at least 280m below the surface. The deposit is arcuate in shape, striking towards the north-west in the northern part of the deposit, and to the south-west and then south in the southern part. There are numerous mineralised lodes, plunging at 30 to 50° to the south-east in the southern part of the deposit, and dipping at 50 to 60° to the north-east in the northern part. • The individual lodes range from 5 m to 30 m thick (averaging 15 m), from 20 m to 80 m wide (averaging 30 m) and can extend up to 400 m downplunge.

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Criteria	Explanation
Estimation and modelling techniques	• Estimation of the mineral resource was by ordinary kriging using Datamine software. The estimation process was as follows: • Drill hole database including coded shoot intercepts imported into Datamine. • Drill hole data composited to 1m downhole intervals, with a minimum allowable composite of 0.25 m at the shoot base. • Composited data imported into Supervisor software for statistical and geostatistical analysis. • Top-capping applied per mineralised shoot – caps ranged between 5 to 10 ppm Au for the main mineralised shoots, and up to 25 ppm Au for the high-grade shoots. The caps were based on inflections and discontinuities in the histograms and log-probability plots. • Variography was done on data transformed to normal scores, and the variogram model was back transformed to original units. Variography was only performed for mineralised shoots with more than 150 samples (seven shoots), and these were applied to the other shoots that had the closest statistical similarities. • As the mineralised shoots have different orientations, the applied variogram rotations (for the smaller shoots) were adjusted (and checked) for each individual shoot. • The variogram models had moderate to high nugget effects (~30 to 50% of total sill), and with a down-plunge range of 50 to 60 m. The range across dip was small, generally 6 to 8 m. • The ellipsoid search parameters were based on the variogram ranges, with the search ellipse dimensions about 90% of the variogram range, with anisotropies retained. A minimum of 8 and maximum of 14 (1m composite) samples per block were used, with a maximum of 4 samples per drill hole. Estimates were into parent blocks, not sub-blocks. • Search ellipse rotation directions were the same as the variograms, for each shoot. • If a block was not estimated with these search parameters, then the ellipse was expanded by a factor of two, using the same sample numbers. If a block was not estimated on the second pass, then a third pass was used – this was an expanded search of a factor of 4 compared to the first pass, with a minimum of two and maximum of 18 samples. • For the block model, 66% of blocks were estimated on the first pass, 30% on the second and 3% on the third. No blocks in the mineralised shoots were left unestimated. These search volumes assisted with later resource classification. • The block model itself was a non-rotated model in MGA94 grid, with a parent block size of 10 mE x 20 mN x 5 mRL – this is about half of the average drill spacing in the well-mineralised areas. • Sub-blocking was to a minimum of 1.25 mE x 2.5 mN x 1.25 mRL for accurate volume representation, and the blocks and sub-blocks were coded by mineralised shoot and lithology/weathering and topography. • Estimates of Au grades were validated against the composited drill hole data by extensive visual checking in cross-section, plan and on screen in 3D, by global (per shoot) comparisons of input data and model, and by semi-local statistical methods (swath plots). All methods showed satisfactory results.
Moisture	• There is significant groundwater at Beasley Creek, but bulk density determinations (see below) were made on dried core. Tonnages are therefore estimated on a dry basis.
Cut-off parameters	• The cut-off grade of 0.8 ppm Au was established from the previous pit optimisation run (see below) and gave a consistent cash flow. As the Au price is now higher than the price used during this optimisation study (AUD$2300/oz cf. $1800/oz), then the reporting cut-off grade used is a conservative approach.
Mining factors or assumptions	• The Beasley Creek deposit would be mined by open pit extraction. Previous pit optimisation runs have extended to 180 m below surface (250 mRL), using a gold price of AUD$1786/oz. • Further pit optimisation is underway but, given the much higher current gold price (~AUD$2300/oz), it is probable that the pit shells would be deeper. • The 250 mRL has therefore been used as the base for reporting the classified resource.

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Criteria	Explanation
Metallurgical factors or assumptions	• WMC reported reconciled recovery of blended feed at Windarra between 1991 and 1994, although this was a blend from a number of sources. WMC mine reconciliation for the period ranged from 82% - 93% • Test work was completed on samples by Metex/Delta in the late 1990s for heap leach and column test work and reported 94% recovery in 56 days and 80% in 20 days, which was considered favourable for heap leach. • Eleven samples were further acquired by Delta Gold and subjected to bottle roll test work, returning 84-98% recovery after 48 hours. Nine of the 11 samples returned average 94.28% recovery after 24 hours with very low reagent consumption. • Focus Minerals completed two new samples at ALS in September 2019. The material was considered in natural state already too fine to require grinding and was simple-sized post-test work. • Later sizing showed the P80 for one sample was 54 micron and the other 75 microns. As such some of the insitu material may not need a grind at all. • The leach results for these two Beasley Creek samples were good with 96.74% and 97.74% recovery after 4 hours and, 94.44% and 92.67% recovery at 2 hours, with low reagent consumption. • These results confirm earlier results from Beasley Creek and indicate it will run very well in either a mill or as a heap leach. • Metallurgical test work at Beasley Creek South shows a similar response to samples processed at ALS in 2019
Environmental factors or assumptions	• Beasley Creek was mined by open pit methods between 1987-1993 by WMC and there are existing waste dumps and open cut pits. • Other operations in the area in the past eight years have been Focus Minerals’ Chatterbox– Apollo Pits 8.5km south along strike and at Euro South, 19km to the south-east. • Therefore, there is extensive mining history in the region, and there are no unforeseen environmental considerations that would preclude conventional open cut mining and waste dump construction. • A potential heap leach would have greater environmental management burden than sending to a CIL plant but would not preclude mining.
Bulk density	• Bulk density test work was initially on diamond core samples from different geology domains, with the water immersion technique used for these determinations. These results were compared with external lab results in order to develop an accurate database. • Follow up PQ3 holes were drilled for down hole gamma logging of insitu bulk density at 0.2m downhole spacing. In additional available open HQ3 holes were down hole gamma logged to build a significant high-resolution dataset at Beasley Creek. • The regolith at Beasley Creek was comprehensively modelled in Leapfrog and used to evaluate all bulk density results by regolith domain. • The statistics of each domain were analysed to determine refined average bulk density values to be applied to each regolith domain.
Classification	• The mineralised shoots are classified as Indicated where the drilling pattern is 40 m along strike and 20 m down dip, and within 20m of the lower-most drilling in the shoot • All the rest of the mineralised shoots outside this area are classified as Inferred. • This classification considers the confidence of the geological interpretation and the quality of the data and reflects the view of the Competent Person.
Audits or reviews	• No external audits of the mineral resource have conducted, although the independent consultants used for the resource estimate (Cube Consultants) have critically reviewed the geological _interpretationsprovided by Focus and thequality of the WMC RC drilling. _
Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates.

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• Section 3 Details for the Beasley Creek South deposit from ASX Announcement “Beasley Creek South Delivers High Grade Mineral Resource” Dated 15/07/2020

Criteria	Explanation
Database integrity	• Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. • Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • FML’s database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by FML. • Additionally, in-house validation scripts are routinely run in acQuire on FML’s database and they include the following checks: o Missing collar information o Missing logging, sampling, downhole survey data and hole diameter o Overlapping intervals in geological logging, sampling, down hole surveys o Checks for character data in numeric fields. • Data extracted from the database were validated visually in GEOVIA Surpac software, ARANZ Geo Leapfrog software and Datamine software. Also, when loading the data any errors regarding missing values and overlaps are highlighted. •
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager - Exploration and conducts regular site visits. • Hannah Kosovich, the Competent Person for Section 3 visited site in September 2019.
Geological interpretation	• All available drill hole and historic mining data was used to guide the geological interpretation of the mineralisation. Although percussion drill holes were used with caution due to the poor sample recovery and quality that is inherent with the drilling method at Beasley Creek South. • The mineralised geological interpretation was generated in Seequent Leapfrog Geo implicit modelling software. Three larger mineralised lodes were generated by coding mineralised intervals along strike and down dip of the known trend using logged geology as a guide. An approximate 0.5g/t cut-off was used, infrequently sub 0.5g/t samples were included for continuity. • Within the larger mineralised lodes, several cores of higher-grade mineralisation were modelled as separate domains. • Two hanging wall lodes were modelled also with higher-grade cores within each lode. • Minor deviation of the lode geometry was noticed between drill holes down-dip. • A gap in the main lode was modelled corresponding with less altered/weathered coarse calc – silicate mafic intrusion. Tight spaced infill drilling has been used to better define its location and extent.
Dimensions	• The deposit extends over a strike length of 450 m and extends to approximately 250 m below the surface. The deposit is striking towards the NNW. There are three main lodes of mineralisation and two hanging wall lodes. The bulk of the mineralisation has been modelled from surface. • The lodes range from 5 m to 25 m wide (averaging 10 m), with the internal HG shoots ranging from 1 m to 15m wide (averaging 5 m). The two hanging wall lodes average 3m wide.
Estimation and modelling techniques	• The drill hole samples were composited to 1m within each domain. This is the dominant sampling interval. • The boundaries between lodes and also between the HG shoots and surrounding lodes were considered “hard” boundaries and no drill hole information were used by another domain in the estimation.

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Criteria	Explanation
	• Composited assay values of each domain were exported to a text file (.csv) and imported into Snowden Supervisor for geostatistical analysis. • A review of histograms, probability plots and mean/variance plots by domain revealed outlier sample values in some of the lodes/shoots. A maximum top-cut of 40g/t Au and an average of 25g/t Au was used for the HG shoots; maximum top-cut of 7g/t Au and an average of 4g/t Au was used for surround lodes. Assays above the top-cut were set to the top-cut value. • Variograms were modelled in Supervisor for the main lode and one of the smaller lodes that had the largest number of samples. Other minor lodes shared the minor lode variogram. • GEOVIA Surpac Software was used for the estimation and modelling process. The model was created in GDA 94 grid co-ordinates. Block sizes for the model were 10m in Y, 10m in X and 5m in Z direction. Sub celling of the parent blocks was permitted to 1.25m in the Y direction, 1.25m in the X direction and 2.5m in the Z direction. Sub-blocking was used to best fill the wireframes and inherit the grade of the parent block. No rotation was applied to the orientation of the blocks. • Block size is approximately ½ of the average drill hole spacing along strike and across strike was selected to best fill the wireframe volumes. • An Ordinary Kriging (OK) estimation technique was selected and used the variograms modelled in Supervisor. • The main lode was estimated using a minimum (8) and maximum (16) samples were selected based on a Kriging Neighbourhood analysis in Supervisor. • An elliptical search was used based on range/ratio of the Variograms. • Three search passes were run in order to fill the block model with estimated Au values. After each search pass the search range was increased and the minimum number of samples was decreased. • The estimate was validated by several methods. An initial visual review was done by comparing estimated blocks and raw drill holes. • Tonnage weighted mean grades were compared for the lodes with no major differences. • Swath plots of drill hole values and estimated Au grades by northing and RL were run and showed that the estimated grades honoured the trend of the drilling data.
Moisture	• Tonnages are estimated on a dry basis.
Cut-off parameters	• The open pit cut-off grade of 0.55 g/t Au (Gold Price AUD $1,800/oz) was established from the 2019 Laverton Scoping Study. • For the purposes of reporting this open pit resource a cut-off grade of 0.8 g/t Au has been used which is in line with the recently reported and nearby Beasley Creek Resource Estimate (Announced 25/10/2019).
Mining factors or assumptions	• The Beasley Creek South deposit would be mined by open pit extraction. Nearby Beasley Creek has been optimised in the scoping study down to the 250mRL (approx.180m below surface) for reasonable open pit extraction the same RL cut off has been applied to the Beasley Creek South open pit resource.
Metallurgical factors or assumptions	• Beasley Creek South samples are being compiled for metallurgical test work. • Samples are geologically / mineralogically similar to the nearby Beasley Creek deposit. • As stated in the Beasley Creek release 25 October 2019: o Focus sent two samples for test work to ALS in September 2019. The material was considered in natural state already too fine to require grinding and was simple sized post-test work. o Later sizing showed the P80 for one sample was 54 micron and the other 75 microns. As such some of the insitu material may not need a grind at all. o The leach results for these two Beasley Creek samples were good with 96.74% and 97.74% recovery after 4hrs and, 94.44% and 92.67% recovery at 2 hrs, with low reagent consumption. • These results confirm earlier results from Beasley Creek and indicate it will run very well in either a mill or as a heap leach.

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Criteria	Explanation
Environmental factors or assumptions	• Beasley Creek South is approximately 400m south of the existing Beasley Creek open pit which was mined by open pit methods in the 1980s by WMC. • It forms part of the Chatterbox Shear group of deposits which have been historically mined and there are no unforeseen environmental considerations that would preclude conventional open cut mining and waste dump construction.
Bulk density	• Bulk density test work was routinely completed on FML diamond core samples targeting all geological/weathering domains. The water immersion technique used for these determinations. • During May 2020, 9 whole or partial Beasley South and 2 further Beasley Creek holes were downhole logged using a bottom loading gamma ray source sonde to directly measure formation density. • This logging method delivers bulk high-quality data with sample intervals of 0.2m. • The downhole logging data was categorised by modelled geological/weathering domains. This allowed direct comparison of various sourced data within each relevant domain using box and whisker plots. • Analysis of the data showed tight correlation between downhole logging, and laboratory and company Archimedes immersion method specific gravity determinations in most domains. However, some oxidised shear zone bulk density samples measured by the water immersion technique fell below acceptable data ranges. An analysis of samples with very low density concluded that these samples were affected by noticeable dehydration/shrinkage cracks. • These types of samples can dry to form 0.2 – 0.5m sized sticks of core that can be measured but should not be measured as they deliver spurious results. These samples with very low densities (<1.2 SG) were cut out of the data. Equally, anomalously high-density values were examined and were determined to be spurious were discarded from the dataset. • It is also noted that the immersion method requires sticks of core at least 0.2m long. Unfortunately, this creates a sample bias towards more clay rich samples that tend to dry into sticks of core. These samples have lower average densities than more blocky quartz, sulphidic black shale or gossan units that could not be routinely measured. It is interpreted that this is responsible for the slightly lower average for oxidised shear samples measured using the immersion technique. • Once the data was compiled and sorted a simple average density was then assigned to each geological unit/weathering domain.
Classification	• The mineralised lodes and internal HG shoots are classified as Indicated above the 300mRL (130m depth and limit of most drilling) with the bulk of the lodes filling within the first search pass. • • Mineralised lodes below the 250mRL are classified as Inferred. The hanging wall lodes which require further delineation are classified as Inferred.
Audits or reviews	• No external audits of the mineral resource have been conducted.
Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates.

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• Section 3 Details for the Wedge deposit from ASX Announcement “Wedge Open Pit Resource Update” Dated 24/01/2020

Criteria	Explanation
Database integrity	• Data was geologically logged electronically; collar and downhole surveys were also received electronically as was the laboratory analysis results. These electronic files were loaded into an acQuire database by the company in-house Database Administrator. Data was routinely extracted to Microsoft Access during the drilling program for validation by the geologist in charge of the project. • FML’s database is a Microsoft SQL Server database (acQuire), which is case sensitive, relational and normalised to the Third Normal Form. Because of normalisation, the following data integrity categories exist: • Entity Integrity: no duplicate rows in a table, eliminated redundancy and chance of error. • Domain Integrity: Enforces valid entries for a given column by restricting the type, the format or a range of values. • Referential Integrity: Rows cannot be deleted which are used by other records. • User-Defined Integrity: business rules enforced by acQuire and validation codes set up by FML. • Additionally, in-house validation scripts are routinely run in acQuire on FML’s database and they include the following checks: • Missing collar information • Missing logging, sampling, downhole survey data and hole diameter • Overlapping intervals in geological logging, sampling, down hole surveys • Checks for character data in numeric fields. • Data extracted from the database were validated visually in GEOVIA Surpac software and ARANZ Geo Leapfrog software. Also, when loading the data any errors regarding missing values and overlaps are highlighted. • Historic data has been validated against WAMEX reports where possible.
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager - Exploration and conducts regular site visits. • Hannah Kosovich, the Competent Person for Section 3 of Table 1 is FML’s Resource Geologist and last visited site in September 2019.
Geological interpretation	• All available drill hole and historic mining data was used to guide the geological interpretation of the mineralisation. • The mineralised geological interpretation was generated in Seequent Leapfrog Geo implicit modelling software. A larger mineralised trend of the entire Wedge/Lancefield North deposits was generated by coding mineralised intervals along strike and down dip of the known trend using logged geology as a guide. An approximate 0.2g/t cut-off was used, infrequently sub 0.2g/t samples were included for continuity. To the North of Lancefield North deposit an east/west running cross fault appears to terminate the mineralisation. • Within the larger mineralised trend, small higher-grade shoots were modelled as separate domains. • Several hanging wall lodes were modelled. • Minor deviation only of the lode geometry was noticed between drill holes down-dip. Along strike two mineralised lodes have been interpreted that appear to be cross-cutting structures.
Dimensions	• The entire Wedge/Lancefield North deposit strikes NE with a total strike length of approx. 2.6km. Lancefield North sits along the NE strike some 250m from the Wedge trend. The main lode of mineralisation has been modelled greater than 200m below surface, however only the top 130m of the estimate is reported. The bulk of the mineralisation has been modelled from surface. Mineralisation has an average width of 5m.
Estimation and modelling techniques	• A total of 549 drill holes were used in the Estimation; 11 diamond holes, 1 diamond hole with an RC pre-collar and 537 RC holes for a total of 37,891.3m. • The drill hole samples were composited to 1m within each domain. This is the dominant sampling interval. • All domain boundaries were considered “hard” boundaries and no drill hole information were used by another domain in the estimation. • Composited assay values of each domain were exported to a text file (.csv) and imported into Snowden Supervisor for geostatistical analysis. • A review of histograms, probability plots and mean/variance plots for the main lode domain revealed outlier sample values. A maximum top-cut of 25g/t Au and an average of 10g/t Au was used for the different lodes, with assays above the top-cut set to the top-cut value. • Variograms were modelled in Supervisor for the main lode and one of the smaller lodes that had the largest number of samples. Other minor lodes shared the minor lode variogram.

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Criteria	Explanation
	• GEOVIA Surpac Software was used for the estimation and modelling process. The model was created in GDA 94 grid co-ordinates. Block sizes for the model were 12.5m in Y, 12.5m in X and 5m in Z direction. Sub celling of the parent blocks was permitted to 1.562m in the Y direction, 1.562m in the X direction and 1.25m in the Z direction. Sub-blocking was used to best fill the wireframes and inherit the grade of the parent block. No rotation was applied to the orientation of the blocks. • Block size is approximately ½ of the average drill hole spacing along strike and across strike was selected to best fill the wireframe volumes. • An Ordinary Kriging (OK) estimation technique was selected and used the variograms modelled in Supervisor. • The main lode was estimated using a minimum (6) and maximum (20) samples were selected based on a Kriging Neighbourhood analysis in Supervisor. • The smaller lodes were estimated using a minimum (6) and maximum (14) samples. • An elliptical search was used based on range/ratio of the Variograms. • Three search passes were run in order to fill the block model with estimated Au values. After each search pass the search range was increased and the minimum number of samples was decreased. • The estimate was validated by a number of methods. An initial visual review was done by comparing estimated blocks and raw drill holes. • Tonnage weighted mean grades were compared for the lodes with no major differences. • Swath plots of drill hole values and estimated Au grades by northing and RL were run and showed that the estimated grades honoured the trend of the drilling data. • Available production figures for Wedge were used as a comparison with the estimated material within the pit shells. Production figures state 262,023t @ 2.53g/t Au HG ore was mined from the pits and 260,544t @ 2.51 g/t of HG ore was Milled.
Moisture	• Tonnages are estimated on a dry basis.
Cut-off parameters	• The mineral resource for the Wedge/Lancefield North deposits has been reported above a 0.8g/t Au cut-off.
Mining factors or assumptions	• The Wedge/Lancefield North deposits would be mined by a cut-back on the existing open pits.
Metallurgical factors or assumptions	• Metallurgical test work was carried out by AMMTEC on behalf of Hill Minerals NL in August and September 1988. • An end of mine report by Ashton Gold states mill recoveries were typically in the range of 94% - 95%
Environmental factors or assumptions	• Wedge has been historically mined by open pit methods.
Bulk density	• Density values were assigned based on weathering profile and rock type, using SG test work on FML diamond core samples and historic figures used in the region. An average SG of 2.06 was used for the transported and cemented horizon, 2.0 for the highly weathered clay weathering profile, 2.49 for transitional material and 2.77 for Fresh rock were applied. • The water immersion technique was used for the FML measurements.
Classification	• Material has been classified Indicated and Inferred based on a number of criteria such as geological continuity, drill hole spacing, estimation pass and proximity to existing open pit.
Audits or reviews	• No external audits of the mineral resource have conducted.
Discussion of relative accuracy/ confidence	• This is addressed in the relevant paragraph on Classification above. • The Mineral Resource relates to global tonnage and grade estimates.

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Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in the preceding section also apply to this section.)

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Criteria	Commentary
Mineral Resource Estimate for conversion to Ore Reserves	The Mineral Resources used for the estimation of Ore Reserves were previously reported as summarised in Section 3 of Table 1. The Mineral Resources has been compiled by: • Ms. Hannah Kosovich is the Competent Person for the Karridale, Beasley Creek South and Wedge Lancefield Mineral Resources. • Mr. Michael Job is the Competent Person for the Burtville and Beasley Creek Mineral Resources. Ms. Hannah Kosovich is an employee of Focus Minerals and a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Michael Job is an employee of Cube Consulting and a Fellow of AusIMM. Ms. Kosovich and Mr. Job have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that they have undertaken to qualify as a Competent Persons as defined in the JORC Code. • The Mineral Resources are inclusive of these Ore Reserves. • Following the completion of the Pre-Feasibility Study, the cut-off grades applied in the reporting of the Ore Reserve are lower than those applied to the reporting of the Mineral Resources. • As similar cut-off grades were applied to the geological interpretation in the Mineral Resource and the Ore Reserve, the reporting of Mineral Resources at a higher cut-off **grade does not impact the accuracy of the reported Ore Reserves. **
Site visits	• Alex Aaltonen, the Competent Person for Sections 1 and 2 of Table 1 is FML’s General Manager of Exploration and Geology, conducts regular site visits. • Hannah Kosovich, the Competent Person for Section 3 of Table 1 is FML’s Resource Geologist and has conducted site visits in the past. • The Ore Reserve for Focus Laverton Gold Mine is based on information compiled and reviewed by Mr. Igor Bojanic, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is a full-time employee of RPM Advisory Services Pty Ltd (RPMGlobal). • No site visit was undertaken due to COVID-19 travel restrictions. Mr. Bojanic is experienced in gold operations in the Laverton region
Study status	• The Mineral Resources have been converted to Ore Reserves by means of a Preliminary Feasibility Study (PFS) including economic assessment. • The PFS mine plan demonstrates that the Project outcomes are technically achievable, and the Project is economically viable.
Cut off parameters	• The PFS included analysis of operating costs, sustaining capital, and metallurgical recoveries. • Applied cut-off gold grades vary by pit and material type due to variations in haulage costs from pit to the Run of Mine (ROM) pad and metallurgical recoveries.

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• Technical analysis was completed in the PFS to determine the most appropriate mining method and estimate ore loss and dilution.

• • Selective open cut mining techniques are considered the preferred method of mining. • The in situ Mineral Resource models were converted to run-of-mine mining models by regularisation of the sub-blocks to the following sizes:

Pit	Block Dimension
Karridale Burtville Beasley Creek Beasley Creek South Wedge	2.5 x 5 x 2.5 m 5 x 5 x 2.5 m 2.5 x 5 x 2.5 m 2.5 x 5 x 2.5 m 3.125 x 3.125 x 2.5 m

• Note - the Burtville Resource model was estimated using Localised Uniform Conditioning with minimum sub-blocks dimensions of 5 x 5 x 2.5 m. Given the method of resource estimation and the sub-block dimensions, no further adjustments were applied.

• • Ore loss and dilution is reported relative to in situ Resource quantities and summarised below.

Mining factors or assumptions

Pit	Ore Loss Quantity (%)	Avg. Grade of Ore Loss (g/t)	Ore Dilution Quantity (%)	Avg. Grade of Dilution (g/t)
Karridale Beasley Creek Beasley South Wedge	16% 13% 16% 16%	0.25 1.66 1.26 0.9	15% 13% 6% 20%	0 0.1 0.03 0.04

• Minimum mining width was 20m followed by a “good-bye” cut.

• Minimum cut-back width is 25 m.

• Geotechnical criteria for the design of the open pits were developed by Green Geotechnical Pty Ltd for the purpose of the PFS. The resultant overall slope angles, following pit design, are summarised below.

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• The economic pit shell was defined using Whittle 4X pit optimisation software (“Whittle 4X”) with inputs such as geotechnical parameters, run of mine model, metallurgical recoveries and operating and sustaining capital costs. Only Measured and Indicated Resources were used to identify the economic mining limit.

• • In defining the economic pit shell, metallurgical recoveries were not applied to Primary material from Karridale, Beasley Creek, Beasley Creek South and Wedge due to limited metallurgical test work in Primary material from these deposits. Metallurgical recoveries were applied to Primary material from Burtville and Lancefield.

• • Inferred Mineral Resources were assumed to be waste rock for the pit shell selection using Whittle. Inferred Mineral Resources included within the selected pit shells was treated as ore in the mine scheduling and economic analysis. A breakdown of Inferred Material by pit is summarised below.

• No specialised infrastructure is required to support the proposed mining method.

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	• The PFS mining schedule strip ratios (inclusive of Inferred Resources described above) are Karridale 7.0:1, Burtville 1.0:1, Beasley Creek 18.7:1, Beasley Creek South 19.7:1 and Wedge/Lancefield 13.5:1. Overall strip ratio for the PFS mining schedule is 8.4:1. • Conventional open cut mining is a very common mining method used through the mining industry and requires no specialist infrastructure. • The required supporting infrastructure has been included in the PFS. Major items include refurbishment of the haul roads connecting the pits to the Barnicoat mill, workshops and offices near the Barnicoat area and satellite offices and facilities near the main mining areas.
Metallurgical factors or assumptions	• A reasonable quantity of test work has been conducted in several campaigns over many years. Additional metallurgical test work will provide more confidence in the performance of the milling circuit and gold recoveries. • The proposed flowsheet and the refurbished Barnicoat processing plant is considered capable of successfully handling the Laverton oxide and transition ores as well as selected primary ore types. Primary ores from Karridale, Beasley Creek, Beasley Creek South and Wedge have been excluded from the PFS and Ore Reserve. • Ores from Burtville, Beasley Creek, Wedge and Lancefield open pits have been successfully processed in a number of processing operations, including the Barnicoat mill, providing confidence in the proposed outcomes. • The Barnicoat plant will recover gold via a gravity circuit and by a carbon-in-leach process. The plant is designed to process 1.5 Mt/a of ore. • No major presence of deleterious material has been identified. • Head grade/recovery relationships have been estimated for each material type by pit. Life of mine average metallurgical recovery as estimated in the PFS is 91.0%
Environmental	• A review of the environmental permitting required was completed as part of the PFS. • No environment impact statement has been completed to date. • Environmental studies relating to the re-commencement of mining and processing operations are yet to commence. • It is estimated to progress from commencement of additional baseline studies to project construction will require approximately 18 to 24 months. • The Project is a brown-field operation. New pits are proposed at Beasley Creek South and Karridale which are nearby previously operated open pits. All other proposed open pits are extensions of previously mined pits. The Barnicoat mill, already in place, is not proposed to be relocated. • No major environmental or permitting risks have been identified for the Project. RPMGlobal considers that following completion of the required baseline studies and assessments it is likely the Project will receive relevant permits and approvals. These approvals will outline the conditions under which the Project will need to be operated.

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Infrastructure	• The Project is located approximately 8 km East of the town of Laverton. • Site infrastructure requirements have been defined as part of the PFS. • There is existing infrastructure and facilities on-site, including the de-commissioned Barnicoat mill, buildings, workshops and pit to mill haul roads. These will require upgrading prior to being re-commissioned. • The PFS proposes the following infrastructure and services for the Project: • Power to be generated via a diesel power station with a Peak Power load of 4.7 MW. • Re-commission of water bores. • Accommodation camp of 200 to 250 persons potentially located in Laverton. • Satellite crib areas, offices, workshops and go-bays to support mining operations at the Karridale/Burtville area and the Beasley Creek/Beasley Creek South/Wedge area. • Tailings to be stored in previously mined pits adjacent to the Barnicoat mill. • Some additions to the existing haul roads between the pits and mill are required. • Sufficient land is available for the placement of all required. infrastructure, including ore processing plant, waste rock storage, explosives magazine and accommodation village • Further studies are required to confirm the site water balance and capital and operating costs associated with water supply to the project.
Costs	• The estimating of capital and operating costs was supported by engineering commensurate with a preliminary feasibility study. • Mobile plant (mining equipment) capital costs for major items were based on recent quotes from equipment providers. • Fixed plant capital costs were primarily based on in-house data and benchmarking. An average contingency of 18% was applied to initial capital costs. • Some capital items, such as the diesel power plant and accommodation camp were cost based on a Build Own Operate Transfer (BOO/T) contract basis. Additionally, mining facilities, such as satellite facilities, workshop plant, diesel generators were costed on a life of mine leasing basis. • Capital costs were based on an AUD to USD exchange rate of 0.7. • Mining, processing and G&A operating costs were largely derived from a first principal engineering basis, with cost inputs, such as operating consumables, based on in-house data and benchmarking. • Off-site costs such as refining were provided by Focus. • Royalties were assessed on a tenement basis. These included royalties for Government (2.5%) and tenement specific royalties. Total royalties vary by tenement and range from 6.5 to 7.5% of revenue.
Revenue factors	• Gold is the only revenue generating product considered in the Ore Reserves. • A gold price of AUD 2,207/oz was provided by Focus and confirmed by Mr. Bojanic as reasonable estimate for a long-term price using published metal price forecasts
Market Assessment	• The demand for gold is considered in the gold price used. • It was considered that gold will be marketable for beyond the processing life of these Reserves. • The commodity is not an industrial metal.
Economic	• An economic model has been prepared from the outcomes of the preliminary engineering and costing associated with the PFS. The economic modelling demonstrates that the Project is cash flow positive. • The base case results in a positive economic outcome as assessed by an NPV calculation (@5.0% DCF). The NPV is most sensitive to the gold price. • Focus has advised the Project carries sufficient tax credits to cover forecast tax payable from the PFS. RPMGlobal completed economic analysis on both a pre- and post-tax basis. • The project break-even gold price is approximately AUD1,856/ oz (pre-tax) or AUD 1,900 oz (post-tax).

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Social	• There is currently a native title application (Nyalpa Pirniku WC2019/002) over most of the Project area. The claim has been accepted to be considered for determination but is yet to be determined (Wood 2020). Traditional owners of the area are the Wongatha people. • Focus holds an Aboriginal Land Access agreement with the Wongatha people, who had a native title claim over the entire Project Area. The Wongatha claim was dismissed. It is yet to be determined whether the ongoing heritage interest over the Project area by the parties to the Wongatha agreement will be influenced by the progression of Nyalpa Pirniku native title claim.
Other	• No naturally occurring material risks have been identified through the PFS. • Mining Leases covering most of the areas to be affected by the proposed operations are in place. • Parts of existing and proposed haul roads are not covered by Mining Act tenements so appropriate tenure will need to sought to facilitate their development and use. • The Barnicoat Mill is a prescribed premise (Category 5), licenced under L8490/2010/2, which permits processing of up to 1.5 Mt of ore per annum.
Classification	• The Ore Reserve is classified as Probable in accordance with the JORC Code, corresponding to the resource classifications of Measured and Indicated Resources. • There are no Measured Resources at the Project. • Indicated Resources have been converted to Probable status. • No Inferred Mineral Resources were included in the Ore Reserve estimate.
Audits and Reviews	• The JORC Code provides guidelines which set out minimum standards, recommendations and guidelines for the Public Reporting of exploration results, Mineral Resources and Ore Reserves. Within the JORC Code is a “Checklist of Assessment and Reporting Criteria” (Table 1 – JORC Code). This checklist has been used as a systematic method to undertake a review of the underlying Study used to report in accordance with the JORC Code. • RPMGlobal has completed an internal review of the Ore Reserve estimate, deriving results using two separate methods, and believes the estimate accurate.

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	Discussion of relative accuracy/ confidence	• The proposed gold mine will be employing conventional mining and ore processing techniques. • The PFS has been supported by engineering and costing to provide a level of service targeting +/-25% accuracy. • The marginal cut-off grades used to derive the Ore Reserve estimates were calculated from the final outcomes of the PFS. • The ultimate pit limits were selected based on a Revenue Factor of 85% to provide a 15% margin at the limit and based on Measured and Indicated Resources. • Pit designs were undertaken based on the preferred pit shells. • Ore Reserve quantities and grades were derived based on the mining model, the cut-off grade and with the detailed ultimate pit shell. • An internal audit checked the estimation of quantities. • Sensitivity analyses were undertaken on the economic model to test robustness of the economic outcomes • The Project is most sensitive to gold price. Un-discounted cash-flows are break-even at a gold price of AUD 1,753/oz (post tax). • The accuracy of the underlying Mineral Resources is defined by the Resource Category that the Mineral Resources are assigned to. Only Indicated Resources have been used for estimating Ore Reserves. • Exploration targets have recently been reported in the immediate vicinity of the reported Ore Reserves at the Karridale, Burtville and Beasley Creek South areas. • Additional metallurgical test work is recommended to increase the confidence in the performance of the milling circuit and gold recoveries • Primary ores from Karridale, Beasley Creek, Beasley Creek South and Wedge have been excluded from the PFS and Ore Reserve. The current reserve pit shell at Karridale extends to the boundary between transitional and fresh material. Further metallurgical testing and studies are required to determine the potential metallurgical properties and likely capital and operating costs for the processing of this material.

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