FOCUS MINERALS LTD

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Transition To Mine Ready

Beasley Creek, Laverton, Western Australia

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Disclaimer and Competent Person’s Statement

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This presentation is not a prospectus nor an offer for securities in any jurisdiction nor a securities recommendation.

The information in this presentation is an overview and does not contain all information necessary for investment decisions. In making investment decisions in connection with any acquisition of securities, investors should rely on their own examination of Focus Minerals Ltd (Focus Minerals or the Company) and consult their own legal, business and/or financial advisers.

The information contained in this presentation has been prepared in good faith by Focus Minerals Ltd, however no representation or warranty expressed or implied is made as to the accuracy, correctness, completeness or adequacy of any statements, estimates, opinions or other information contained in this presentation.

To the maximum extent permitted by law, Focus Minerals Ltd, its directors, officers, employees and agents disclaim liability for any loss or damage which may be suffered by any person through the use or reliance on anything contained in or omitted from this presentation.

Certain information in this presentation refers to the intentions of Focus Minerals Ltd , but these are not intended to be forecasts, forward looking statements or statements about future matters for the purposes of the Corporations Act or any other applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause Focus Minerals Ltd’s actual results, performance or achievements to differ from those referred to in this presentation. Accordingly, Focus Minerals Ltd, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in the presentation will actually occur as contemplated.

The information in this report that relates to Exploration Results, Exploration Targets and Mineral Resources is based on information compiled by Mr Alex Aaltonen who is a member of the AusIMM. Mr Aaltonen is employed by Focus Minerals Limited and 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 . Mr Aaltonen consents to the inclusion in this announcement of the matters based on the information compiled by him in the form and context in which it appears.

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Focus at a glance

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Focus Minerals Share Price Performance 1/05/2020 to 30/04/2021

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Daily Trading Close Share Price A$
Peak 11 Aug 2020 A$0.48
0.5
0.45 Perth Mint Spot Average
0.4
0.35 Bid Range A $2,193 – 2,852
0.3
0.25
0.2
Board and Senior Management Corporate Structure
Dianfei Pei Chairman +30yrs in mining Shares on Issue: 182,748,565
Zhaoya Wang Director, CEO +20yrs in mining
Market Capitalisation (30-04-2021): A$57.6m
Gerry Fahey Independent Director +40yrs in mining and exploration
A$15.7m – unrestricted
Cash Balance (30-03-2021):
A$13.6m – restricted
Rod Johns Independent Director +30yrs in processing
Debt: A$20m Loan Facility
Alex Aaltonen GM Exploration +20yrs in mining and exploration
Shandong Gold (49.53%) – the largest
Fengfan Sun CFO +10yrs in finance
gold producer in China with presence
Major Shareholder:
in China (incl. Hong Kong SAR),
Lingquan Kong Director +10yrs in mine engineering Argentina, Australia and Ghana.
5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021 4/1/2021
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WA’s next multi-asset, long-life gold producer

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Two significant projects – in a Tier 1 mining jurisdiction

Coolgardie Gold Project

Coolgardie PFS refresh delivered a robust result from just 24% of Coolgardie’s rapidly growing resource base
Focus are actively working to address and eliminate value inhibiting factors identified by the PFS
Feasibility and permitting prioritised to expedite transition of Coolgardie PFS deposits to mine ready status

Laverton Gold Project

Laverton Stage 1 PFS using refurbished centrally located 1.5mtpa plant was positive. The Board believes a significantly bigger and better Stage 2 scenario can be achieved with better results for shareholders
Laverton progressing with current work underway:
Growing resource base,
Awaiting metallurgy on Karridale fresh rock,
Re-scheduling for better economics

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CNX – multi-rig
drilling underway at
Coolgardie in May
2021
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WA’s next multi-asset, long-life gold producer

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Two significant projects – in a Tier 1 mining jurisdiction

Coolgardie District – potential near-term return to production

175km[2] highly prospective tenements
Total Indicated and Inferred Mineral Resources comprise 34.8MT @ 2.2 g/t Au for 2.5 Moz – increase of 17%
Significant drilling intersections at CNX support the recently announced resource model with extensive feasibility, permitting and resource development activities now underway

Laverton District – prolifically mineralised greenstone

386km[2] highly prospective tenements
Total Indicated and Inferred Mineral Resources comprise 61.3Mt @ 1.8 g/t Au for 3.6Moz – increase of 23%
Positive results from a progressive PFS for Stage 1 of Laverton Gold Project development

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A busy year

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Coolgardie and Laverton progress since our last AGM

At Coolgardie

Drilled 18,368m
Added 306,000oz to Total Measured + Indicated + Inferred Inventory across:
CNX +174% increase
Brilliant +12% increase
Bonnie Vale +6.4% increase
Resource additions achieved at a cost of < A$7/oz
Completed Coolgardie PFS Refresh, which covered just 24% of Coolgardie’s Mineral Resource base

At Laverton ,

Drilled 13,681m
Added 610,000oz to Total Measured + Indicated + Inferred Inventory across.
Beasley Creek +29% increase
• Karridale +60% increase • Burtville +115% increase
Resource additions achieved at < A$7/oz
Completed a progressive PFS for Stage 1 Laverton, which covered just 21% of Laverton’s Mineral Resource base

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Visible Gold CNX Hole 21CNDD004 195.2m

Visible Gold CNX Hole 21CNDD004 196.5m

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Coolgardie Gold Project

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Coolgardie PFS Refresh (announced 22 September 2020)

Summary Results

Growing resource base 34.8Mt @ 2.2 g/t for 2.5Moz
Proven and Probable Reserve is 6.6Mt @ 1.97 g/t for 422Koz with very good resource-to-reserve conversion rate of 68%
Just 24% of the Coolgardie Mineral Resource base delivered a 6- year mine life averaging 63Kozpa using a low CAPEX, 1.4Mtpa refurbished plant and average AISC of $1,282/oz
Generates Pre-Tax $254.7M Value, NPV[7.5%] $183M and IRR 71%
EPC refurbishment and optimisation of Three Mile Hill Plant to 1.4Mtpa at a cost of $24M, including 20% contingency (9 months build)
Adding new resources at CNX, Big Blow to the mine schedule will further improve this impressive result

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Coolgardie

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Coolgardie – new opportunities

Opportunities

Current JORC 2012 Mineral Resource base is growing quickly with resource addition since 2018 at < $15/oz
CNX multi-rig drilling underway for expedited Mineral Resource update in June 2021
Brilliant Mineral Resource review in progress

Requirement to stockpile ahead of mill start with impact on draw down and thereby time to pay back can be addressed via future addition of CNX and other deposits into the mine schedule

Geotech assessment underway at CNX, Big Blow, Alicia, Greenfields and Brilliant, leading to final pit designs and economic assessment

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18x open pit JORC 2004 Mineral Resources using 1g/t cutoff to update (Big Blow & Happy Jack updated 21 May 2021)
Additional non-JORC compliant shallow resources in historic production areas to be updated

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Coolgardie

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Momentum into 2021

Coolgardie Feasibility and Resource Development Fast Track

1 RC rig and 2 DD rigs at Coolgardie during April/May
YTD resource drilling at CNX well advanced with 6,152m RC, 4,475.94m DD
CNX resource update due June 2021
Big Blow & Happy Jack Mineral Resource updated in May
Mineral Resource update for Alicia due in June Quarter
Geotech, hydrogeology, baseline, metallurgy, material classification all underway at multiple deposits feeding into
permitting
360 Environmental appointed to progress permitting works
Contractor appointed for material classification program

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20CNRC001 - 37.00m @ 3.49g/t
from 59m (129.1 GXM)
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View NW of CNX hole 20CNRC001 (Announced 26 April 2021)

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Coolgardie

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Optimise Coolgardie and make it mine ready first

Feasibility and Permitting Work Underway

360 Environmental progressing base line and permitting (announced in May 2021)

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Three Mile Hill Mill to be refurbished:

EPC refurbishment budget with upgrade to 1.4Mtpa $24M including 20% contingency
Based on multiple quotes
Key equipment lead-times and quotes confirmed in house to validate budget
Build time 9 months
Includes de-bottle necking grind circuit, upgrade to agitators and pump screens
Upgrade to mill motors
Optimised tank flow in two trains
Resumption of mining at Coolgardie will fund development of Stage 2 “big brother” in Laverton

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Coolgardie

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Target for remainder of year

View NW of CNX hole 21CNDD004

Gold g/t

Update non-PFS resources at CNX and Alicia for inclusion in expanded mine schedule
Brilliant Mineral Resource updated and feasibility pit refined for inclusion in expanded feasibility mine schedule
Feasibility Ore Reserves for mine-ready Coolgardie Project
Currently evaluating alternative options to bring forward production and cashflow from Coolgardie

Visible Gold CNX Hole 21CNDD004 196.5m

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Hole 21CNDD004 is a Geotech hole extended under the December 2021 Mineral Resource to testdown dip extension of mineralisation. Red poly lines mark anticipated location of mineralisation now confirmed by 21CNDD004. Blue arrows show location of additional holes pending results.

Hole details for 21CNDD004 Collar: 327,438E, 6,577,741N , 426RL Orientation: -50 Dip, 217 Azimuth Depth: 276.1m depth.

Significant Intersections calculated using 0.5g/t cut off and up 3m internal dilution:

20.00m @ 5.2g/t from 178m (GxM 104) 5.30m @ 1.51g/t from 162.7m (GxM 8.0) 1.00m @ 1.14g/t from 210m (GxM 1.1)

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Laverton Gold Project

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Progress since our last AGM

Drilled 13,681m at Laverton
Focus have added 610,000oz to Total Measured + Indicated + Inferred Inventory at the following deposits.
Resource addition during 2020 at < A$ 7/oz

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Panned Gold Tail 20BSRD012 33 - 34m

Deposit Increase % Resource Addition Beasley Creek +29% +55Koz @ 1.77 g/t Au Karridale +60% +445Koz @ 1.26 g/t Au Burtville +115% +110Koz @ 0.73 g/t Au

Completed Laverton Stage 1 PFS covering only 21% of growing Laverton Resource Base

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Need Laverton
pics
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Visible Gold PQ3 Core 20KADD002 117.65 – 117.7m

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Laverton

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Progress year to date

Laverton targeted in the March quarter 2021

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Gold g/t
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10,740m drilled in March Quarter at Laverton delivering strong intersections at several deposits and a discovery at Skull Creek – announced April 2021)
Karridale fresh rock sighter test work completed
Samples selected for follow up Karridale fresh rock metallurgy

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21BSDD002 – 16.0m @ 3.62 g/t from 210m (GxM 57.9)
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Laverton

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Laverton Stage 1 PFS (announced 16 April 2021)

Summary Stage 1 Results

Probable Reserve is 12.6Mt @ 1.34g/t for 546Koz
Very good resource-to-reserve conversion rate of 71% from only 21% of the resource base
9.25-year mine life using a refurbished, centrally located
1.5Mtpa plant

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Laverton

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The Big Picture For Stage 2

Stage 2 to include Karridale’s fresh rock Indicated Mineral Resource of 16Mt @ 1.4g/t for 719Koz – Karridale remains open for extension/growth
Additional base feed via staged conversion of

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The potential quantity and grade of the Exploration Targets 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

Higher-value feed to be sourced from deposits including Lancefield UG, Mary-Mac, Craigiemore, Bulldog, Euro North, Beasley Shear and Chatterbox Shear

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Laverton

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The Big Picture For Stage 2

Opportunities

Large fresh rock Mineral Resource at Karridale excluded from PFS – still undergoing metallurgy test work
Very large bulk tonnage exploration targets in the BurtvilleKarridale mine corridor
These exploration targets already have preliminary confirmation drilling completed

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Burtville Mineralisation Burtville South Mineralisation Karridale Mineralisation
Volcanics &
Seds
2.6km
Karridale Basalt
Burtville Granodiorite Karridale Gabbro
Dolerite
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Laverton

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The Big Picture For Stage 2

Laverton remains a “big brother” project – a long-life, large-scale value driver

Beasley Creek deposits are open for Mineral Resource update
More than 18 open pit deposits with JORC 2004 Mineral Resources reported at 1g/t cut-off remain to be updated
In combination with Karridale fresh rock, these 18 deposits represent an additional mixed JORC 2004/2012 compliant total indicated Mineral Resource of 25.6Mt @ 1.6g/t for
1.3Moz that is not yet included in a mine schedule
Priority now to increase Stage 2 mine-ready resources to secure long life at higher production target

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Primed to deliver value for all shareholders

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Achievements

Underway

Clear Path

Built a proficient team – delivering mostly Indicated Mineral Resource additions at < A$15/oz since 2018

Coolgardie PFS - low CAPEX and potential near-term entry to production

Complete Karridale fresh rock metallurgy study (EOY 2021)

CNX Mineral Resource update drilling almost completed – June Qtr 2021

Ideally placed as markets look for WA's next sustainable gold production investment opportunity

Short runway for return to production and cashflow at Coolgardie

Mineral Resource reviews for:

Stage 1 PFS completed for Laverton

Growing resource base at both projects to underpin extended mine lives and improved economics

Alicia – June Qtr 2021
Brilliant – Sept Qtr 2021

Select JORC 2004 Mineral Resource reviews at Coolgardie and Laverton

Coolgardie cashflow to support Stage 2 large-scale Laverton project development

Coolgardie feasibility/permitting activities to promote Coolgardie to mine readiness

Target final design of mine-ready ore sources for upgrade of Coolgardie economic model and mine schedule

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WA’s next multi-asset, long-life gold producer

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For more information please contact:

Alex Aaltonen

General Manager Exploration T : +61 8 9215 7888

E : [email protected]

Office Address: Level 2, 159 Adelaide Terrace, East Perth, WA 6004 Postal Address: PO Box 3233, East Perth, WA 6892

For investor and media inquiries, please contact:

Peter Klinger

Cannings Purple M : +61 411 251 540

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E : [email protected]

About Focus Minerals Ltd (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 Sheer Zone, Lancefield-Wedge Thrust and Karridale 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 is 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. The Company is in the process of updating a pre-feasibility study for Coolgardie as part of plans to consider a resumption of gold mining operations.

The release of the Corporate Presentation was authorised by Mr Zhaoya Wang, Director and CEO of Focus Minerals Ltd.

AI assistant

FOCUS MINERALS LTD — Investor Presentation 2021

64932_rns_2021-05-27_fb7805c2-2cd8-43ef-b33c-51f471f005c5.pdf