FOCUS MINERALS LTD — Capital/Financing Update 2022

Jan 17, 2022

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Market Announcement

18 January 2022

Lancefield Far North Maiden Mineral Resource

Highlights:

• Maiden Inferred Mineral Resource of 33,900oz for Lancefield Far North, on the northern extension of the richly mineralised Lancefield Shear Zone.

• Shallow Wedge-style mineralisation estimated to 110m depth with mineralisation open along strike

• Lancefield Far North to extend Laverton Gold Project Stage 1 open pit options

West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to announce a maiden Mineral Resource estimate for the Lancefield Far North deposit, part of the Company’s Laverton Gold Project.

The Mineral Resource is classified as Inferred following limited shallow extension and infill drilling completed in 2019 and 2021. Mineralisation at Lancefield Far North is open along strike and a lookalike of the nearby Wedge/Telegraph-style mineralisation that has multi-kilometre strike.

The Laverton Gold Project ( Laverton ) covers 362km[2] of highly prospective tenements, including the historic Lancefield and Chatterbox trend mines, on the outskirts of the Laverton township in the Goldfields region. Focus’ strategy is to identify sufficient open pit Mineral Resources across the Laverton tenement package to commence a Stage 1 gold mining operation.

The maiden Lancefield Far North Mineral Resource is reported to a depth of 110m depth using a 0.5g/t Au cut-off and on a dry tonnage basis:

Classification	Tonnage (Mt)	Au Grade(g/t)	Contained Au Oz
Inferred	0.79	1.34	33,900
Total Mineral Resource	0.79	1.34	33,900

Commenting on this latest Mineral Resources addition at Laverton, Focus Minerals’ CEO, Mr Zhaoya Wang, said:

“The 2021 Laverton PFS detailed a chain of shallow, cut-back open pits along more than 1km of strike at Wedge. This maiden Mineral Resource at Lancefield Far North, starting just 4.9km north and along strike of the Wedge deposit, highlights the enormous potential of our tenement position.”

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

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Lancefield Far North

Shallow mineralisation on extension of the Lancefield Shear Zone

Lancefield Far North is located 4.9km north of the Wedge deposit and within 20km of the Barnicoat mill site.

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Figure 1: Key Laverton Gold Project deposits

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Lancefield Far North has never been mined. However, historic mining along strike to the south across the richly mineralised Lancefield Shear Zone produced more than 3Moz gold including:

• Lancefield mining 1915-1940 - 552Koz

• • Ashton mining of the Wedge pits in the 1990s - 25.4Koz • WMC mining of the Telegraph pit in the 1990s - 35Koz

• WMC pit and underground mining at Lancefield 1987-1990’s - 2.43Moz

The Lancefield Shear can be mapped from geophysical datasets and followed north from Wedge to Lancefield Far North (Figure 2).

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Figure 2: Geology map of the Laverton Gold Project

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In 2019, three traverses of three overlapping fence reverse circulation (RC) holes were completed for 1,452m to confirm target geology and mineralisation location. During 2021 nine targeted infill and extension RC holes for 840m were completed.

The increased drill density has enabled an estimation of a maiden Mineral Resource for Lancefield Far North, delivered at a cost of less than A$8/oz. The strike of the Lancefield Far North resource is open for follow-up resource drilling.

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----- Start of picture text -----

Gold g/t
E
E38/3186
Wedge Far North E38/3186 Maiden Mineral
Resource Estimate reported at 0.5 g/t cut off:
Inferred Category 786Kt @ 1.34 g/t for 33.9Koz
Basalt
High Mg Basalt
W
N
----- End of picture text -----

Figure 3: Plan view looking east and down-dip of mineralisation at Lancefield Far North with block model cut at 0.5g/t coloured by grade as per inset legend. The interpreted geology is labelled. Representative section location for Figure 4 is shown by a white-dashed rectangle.

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----- Start of picture text -----

W 21LNRC001 – E Gold g/t
7m @ 0.68 g/t from 54m
4m @ 0.91 g/t from 49m
19LNRC053 – 19LNRC055 – 1m @ 0.92 g/t from 40m
3m @ 1.11 g/t from 13m 19LNRC054 – 5m @ 0.87 g/t from 50m
2m @ 1.87 g/t from 19m
7m @ 1.29 g/t from 42m
Upper Saprolite
Lower Saprolite
19LNRC054 –
2m @ 1.36 g/t from 37m
Basalt
19LNRC055 –
3m @ 1.88 g/t from 61m
High Mg Basalt
21LNRC001 –
2m @ 1.59 g/t from 72m
21LNRC002 –
2m @ 0.56 g/t from 57m
1m @ 2.06 g/t from 67m
3m @ 1.43 g/t from 76m
----- End of picture text -----

Figure 4: View north of the representative Lancefield Far North section (see Figure 3 for location). Drill intersections cut at 0.5g/t are coloured as per inset legend. Significant intersections calculated using 0.5g/t cut-off and up to 3m internal dilution are labelled by lode. Interpreted logged/labelled geology is also shown.

Summary Geology and Structure

The mineralisation at Lancefield Far North is hosted by several sub-parallel interflow metasediments in a shear package. The hangingwall of the shear package comprises pillow basalts. The footwall of the shear package comprises high magnesium basalts (Figures 3 and 4).

This geology is analogous to mineralisation that is the mainstay of historical mining at the Wedge, Telegraph and Lancefield deposits. The package dips at about 20 degrees to the east and has been targeted with 50m x 40m spaced RC resource drilling over 220m strike.

Exploration Target

The maiden Lancefield Far North Mineral Resource estimate covers 300m of the richly mineralised Lancefield Shear Zone on Focus’ tenement E38/3186. The mineralisation is open along strike for targeting in future resource development programs. Based on the current understanding of the Lancefield Far North deposit and similar mineralisation at Wedge and Telegraph, Focus has determined the additional Lancefield Far North Exploration Target, using a 0.5 g/t cut-off, to comprise:

Exploration Target	Tonnage (Mt)	Au Grade (g/t)	Contained Au Oz
Lancefield Far North	1.8 – 2.4	1.2 – 1.5	70,000-116,000

The potential quantity and grade of the Exploration Target are conceptual in nature and therefore an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The Lancefield Far North Exploration Target will be assessed by exploration drilling and resource modelling over the next 24 months.

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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 Coolgardie Gold Project and Laverton Gold Project, in Western Australia’s Goldfields.

Focus is committed to delivering shareholder value from the Coolgardie Gold Project, a 138km[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 and delivering the approvals and permits required for a resumption of gold-mining operations.

The Laverton Gold Project covers 362km[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 (Pre-Tax NPV5.0% A $132M) and is advancing study work utilising Laverton’s expanded Mineral Resource position.

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Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information 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 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 Lancefield Far North Exploration Target in this announcement were compiled by Mr Alex Aaltonen, who is a Member of AusIMM and, employee of Focus Minerals. Mr Aaltonen has sufficient experience with the style of mineralisation/deposit under consideration 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 consents to the release of the Lancefield Far North Exploration Target in the form and context as it appears.

ASX Listing Rule 5.19.2

The Lancefield Far North Mineral Resource is not included in the Laverton Stage 1 Open Pit PFS Progressive Results announced on 11 March 2021. Therefore, the material assumptions underpinning the production target, or the forecast financial information derived from the PFS continue to apply and have not materially changed.

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JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

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

Criteria	Explanation
Sampling techniques	FML RC Sampling • Focus Minerals Ltd (FML) RC percussion drill chips were collected through a cyclone and riffle splitter. Samples were collected as 4m composites or as 1m samples through mineralised ground or interesting geology. Where the 4m composite samples returned greater than 0.20g/t Au, 1m samples were submitted. The spoils were either bagged per metre in appropriately sized plastic bags or placed on the ground and left in neat rows at 1m intervals with an accompanying cone split 1m calico sample. • 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.
Drilling techniques	• Years 2019 onward FML 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”. • Earlier drilling by FML was completed using an RC face sampling hammer. Most holes were surveyed upon completion of drilling using an EMS camera open hole.
Drill sample recovery	• FML sample recovery was recorded by a visual estimate during the logging process. • All RC samples were drilled dry whenever possible to maximize recovery, with water injection on the outside return to minimise dust.
Logging	The information of logging techniques below applies to the drill holes drilled by FML only. • All RC samples were geologically logged to record weathering, regolith, rock type, alteration, mineralisation, veining, structure and texture and any other notable features that are present. • 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. • RC chip trays are wet photographed. • The entire length of all holes is logged.
Sub-sampling techniques and sample preparation	• FML RC samples were riffle 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. • Prior to 2019 - samples were submitted to ALS or Kal Assay for analysis. • 2019 onward FML samples were submitted to Jinning lab in Kalgoorlie with gold analysed by fire assay. • Where possible all RC samples were drilled dry to maximise recovery. Sample condition was recorded (wet, dry, or damp) at the time of sampling and recorded in the database. • 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 primarily 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 andpractices that are appropriate for this style of mineralisation. Pulp duplicates

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	were taken at the pulverising stage and selective repeats conducted at the laboratories’ discretion. • FML QAQC checks involved inserting a certified standard or blank alternating every 20 samples. A minimum of 3 standards was inserted for every sample batch submitted. • The sample sizes are considered to be appropriate for the type, style and consistency of mineralisation encountered during this phase of exploration. • Laboratory repeat checks were also run on the assay data.
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. • 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.
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 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.
Location of data points	• All 2019 onwards FML RC holes were down hole surveyed using a north seeking gyro. • All pre 2019 FML holes were surveyed using an EMS system. • After completion, the drill hole locations were picked up by DGPS with accuracy of +/-20cm. • 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. • Detailed drone topography and imagery has also been acquired over the project area to provide additional topographic detail and spatial accuracy.
Data spacing and distribution	• Drill spacing at Lancefield Far North within resource area is approximately 50m x 40m. The average vertical depth of the RC drilling is 90m, with a maximum depth of 102m.
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. • The vast majority of holes are oriented at right angles to the strike of historic mineralization, 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 numbered calico bag, grouped into tied green plastic bags. The bags were placed into bulk bags or pods with a sample submission sheet and delivered directly from site to the Kalgoorlie laboratories by FML personnel. • Historic sample security is not recorded.

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Section 2 Reporting of Exploration Results

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

Criteria	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation	Explanation
Mineral tenement and land tenure status	• Lancefield Far North is located within Exploration Lease E38/3186, registered to Focus Minerals Ltd. and Focus Operations Pty Ltd of Perth, Western Australia and which is current until 3 May 2022. • The Nyalpa Pirniku claim cover the Laverton Project tenure. At this stage no Laverton claims have progressed to determined status.
Exploration done by other parties	• Lancefield Far North and adjacent prospects have been explored in the past with geological, geophysical and drilling techniques. Geological mapping, ground magnetics, aeromagnetics and soil sampling have been routinely carried out by other parties since the mid 1980’s. Drilling included rotary air blast, reverse circulation, aircore, vacuum drilling and auger.
Geology	• The Lancefield Far North deposit mineralisation is hosted by the East dipping Lancefield Shear. Mineralisation is associated with a silicified horizons of interflow black shale-chert dipping at 20 degrees to the east. • The Lancefield Shear is sandwiched with a hangingwall of pillow basalt to the east and a footwall of high magnesium basalts to the west. • The orientation of the ore body is tabular and stacked. • The Lancefield Far North deposit averages varies from 2m to +7m width over 300m strike and open along strike. • Infill and extensional drilling conducted in 2019 and 2021 has shown the mineralisation at Lancefield Far North to be consistent and predictable.
Drill hole Information	Holes not available through WAMEX but previously reported:										Release Date 28-Apr- 21
	Company		Drill Hole Number						Anouncemen t		Release Date
	FOCUS		19LNRC047, 19LNRC048, 19LNRC049, 19LNRC050, 19LNRC051, 19LNRC052, 19LNRC053, 19LNRC054, 19LNRC055, 21LNRC001, 21LNRC002, 21LNRC003, 21LNRC004, 21LNRC005						Exploration Update - Laverton Gold Project		28-Apr- 21
	Lancefield Far North Significant Intercepts previously reported:
	Hole ID	Easting		Northing	RL	Dip	Azimuth	Depth		Intersection
		(MGA 94 Zone 51)					(MGA94)	(m)
	CNX Drill Collars. Significant Intersections calculated at
							0.5g/t Au cut	off an up to 3m internal dilution
	19LNRC047	442554		6849459	446	-51	273	174.0		1.00m @ 0.81g/t from 29m for (GxM 1)
	19LNRC048	442614		6849467	446	-50	272	180.0		1.00m @ 0.51g/t from 29m for (GxM 1)
										1.00m @ 1g/t from 34m for (GxM 1)
	19LNRC049	442672		6849453	469	-52	275	180.0		1.00m @ 1.72g/t from 66m for (GxM 2)
										2.00m @ 0.87g/t from 77m for (GxM 2)
										2.00m @ 1.02g/t from 118m for (GxM 2)
										1.00m @ 0.54g/t from 150m for (GxM 1)
	19LNRC050	442550		6849362	468	-51	269	54.0		1.00m @ 0.74g/t from 34m for (GxM 1)

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							1.00m @ 0.55g/t from 48m for (GxM 1)
19LNRC051	442611	6849361	468	-51	269	174.0	1.00m @ 1.32g/t from 28m for (GxM 1)
19LNRC052	442670	6849358	469	-50	266	174.0	9.00m @ 2.31g/t from 39m for (GxM 21)
19LNRC053	442594	6849254	468	-51	268	174.0	3.00m @ 1.11g/t from 13m for (GxM 3)
							2.00m @ 1.87g/t from 19m for (GxM 4)
19LNRC054	442640	6849257	453	-51	266	174.0
							2.00m @ 1.36g/t from 37m for (GxM 3)
							13.00m @ 1.22g/t from 42m for (GxM
19LNRC055	442653	6849258	469	-51	268	168.0	16)
							3.00m @ 1.88g/t from 61m for (GxM 6)
							1.00m @ 0.92g/t from 40m for (GxM 1)
21LNRC001	442752	6849259	470	-61	272	90.0	15.00m @ 0.77g/t from 49m for (GxM 12)
							2.00m @ 1.59g/t from 72m for (GxM 3)
							2.00m @ 0.56g/t from 57m for (GxM 1)
21LNRC002	442792	6849260	470	-60	271	102.0	4.00m @ 0.66g/t from 64m for (GxM 3)
							3.00m @ 1.43g/t from 76m for (GxM 4)
							6.00m @ 3.08g/t from 60m for (GxM
21LNRC003	442709	6849359	470	-60	274	90.0	18)
							4.00m @ 0.5g/t from 76m for (GxM 2)
							3.00m @ 1.01g/t from 80m for (GxM 3)
21LNRC004	442750	6849358	470	-59	272	96.0
							4.00m @ 0.6g/t from 92m for (GxM 2)
							4.00m @ 0.77g/t from 64m for (GxM 3)
21LNRC005	442712	6849453	470	-60	271	132.0	6.00m @ 2.1g/t from 76m for (GxM 13)
							1.00m @ 0.7g/t from 91m for (GxM 1)

New Lancefield Far North Significant Intercepts not previously reported:

Hole ID	Easting		Northing	RL	Dip		Azimuth	Depth	Intersection
	(MGA 94	Zone 51)					(MGA94)	(m)
CNX Drill Collars. Significant Intersections calculated at						0.5g/t Au cut off an up to			3m internal dilution
									3.00m @ 2.64g/t from 61m for (GxM 8)
21LNRC006	442689		6849409	468	-60		270	90
									1.00m @ 2.56g/t from 74m for (GxM 3)
									12.00m @ 1.01g/t from 73m for (GxM
21LNRC007	442730		6849409	468	-60		270	96	12)
									1.00m @ 1.44g/t from 93m for (GxM 1)
21LNRC008	442679		6849308	467	-60		270	66	2.00m @ 2.7g/t from 43m for (GxM 5)
									3.00m @ 1.61g/t from 58m for (GxM 5)
21LNRC009	442717		6849310	467	-60		270	78
									1.00m @ 1.95g/t from 71m for (GxM 2)

Data aggregation methods

• Mineralised intersections are reported at a 0.5g/t Au cut-off with a minimum reporting width of 1m for RC holes and 0.3m for diamond holes, composited to 1m.

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Relationship between mineralisation 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	• 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	• Metallurgical testwork and geotechnical study will be initiated in the next 24 months

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Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	Explanation
Database integrity	• FML 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 either consultants rOREdata or 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. As a result 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 Seequent 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 data was used to guide the geological interpretation of the mineralisation. • Further drilling by FML in 2021 confirmed the mineralisation interpretation from the 2019. • Four stacked lodes striking NNE and dipping gently (~ 20°) to the east have been interpreted. • Minor deviation only of the lode geometry was noticed between drill holes along strike and down-dip within each lode.
Dimensions	• The Lancefield Far North – Lancefield-Telegraph-Wedge strikes SSW – NNE over 9km • Lancefield Far North mineralisation has been modelled over 300m, the lodes have been interpreted from near surface to approximately 110m below surface to the 360mRL. • The average thickness of the lodes is 3m.
Estimation and modelling techniques	• The drill hole samples were composited to 1m within each domain. This is the dominant sampling interval. • Composited assay values of each domain were imported into Snowden Supervisor for 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. • Only 1 grade was capped to 8ppm Au. • Due to the small data set meaningful Variograms could not be generated. • Datamine 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 25m in Y, 10m in X and 5m in Z direction. Sub celling of theparent blocks waspermitted to 3.125m in the Y direction, 1.25m in

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	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. • Block size is approximately ½ of the average drill hole spacing. • An Inverse Distance Squared estimation technique was selected given the lack of variography. • Minimum (6) and maximum (14) sample numbers were selected, this was dropped to a minimum (4) samples on the second and third search pass. • An elliptical search was used based on the orientation of the modelled lodes. • Three search passes were run in order to fill the block model with estimated Au values. The search distance was doubled between each estimation run. • 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 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 and RL were reviewed 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 Lancefield Far North have been reported above a 0.5g/t cut-off for open pit above 360mRL ~ 110m below surface.
Mining factors or assumptions	• The Lancefield Far North deposit would be mined by open-cut methods.
Metallurgical factors or assumptions	• Metallurgical test work is yet to be carried out at Lancefield Far North, however nearby Wedge and Lancefield North had tests performed. • 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% • A single sample of fresh rock from Wedge was submitted for gravity and leach recovery metallurgical test work. The gravity recovery was 14.2%. The leach returned 74.8% recovery after 8 hrs. • A single sample of fresh rock from Lancefield North was tested for gravity and leach recovery. The gravity recovery was 11.5% and the leach returned 94.9% recovery after 8hrs.
Environmental factors or assumptions	• The tenement is within the Laverton Water Reserve.
Bulk density	• Density values were assigned based on weathering profile. A value of 2.0 t/m3 was applied to oxide blocks, 2.49 t/m3 was applied to transitional material blocks and a value of 2.80 t/m3 applied to Fresh Rock.
Classification	• Mineral Resources have been classified as Inferred based on geological confidence in the geometry and continuity of the lodes and the use of only recent FML RC drillholes when estimating the resource. • Sub-Inferred blocks exist at the northern and southern extension of the mineralisation where it has been inferred beyond reasonable distance past the last line of FML drilling.
Audits or reviews	• No external audit or review has been carried out.
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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