Focus Minerals : Beasley Creek South Mineral Resource Update

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Market Announcement

23 February 2022

Beasley Creek South Mineral Resource Update

Highlights:

• Indicated Mineral Resources at Beasley Creek South increased by 14%
• Total Mineral Resource stands at 2.06Mt at 1.81 g/t Au for 120,000oz, with mineralisation extending along strike and at depth
• Resource includes Indicated and Inferred high-grade domain mineralisation, reported at 0.8 g/t cut-off to 180m depth, of 981Kt @ 3.11 g/t Au for 98,000oz

West Australian gold explorer Focus Minerals (ASX: FML) (Focus or the Company) is pleased to announce an updated Mineral Resource estimation for the Beasley Creek South deposit at its 100%- owned Laverton Gold Project.

This updated Mineral Resource follows diamond drilling in 2020 and 2021 that enabled the definition of more tightly controlled, high-grade domains and a rebuilt hangingwall lode mineralisation. This work has allowed significant parts of the hangingwall lodes to be upgraded to the Indicated category.

Beasley Creek South is a key deposit at the Laverton Gold Project (Laverton), which covers 362km2 of highly prospective tenements, including the historic Lancefield and Chatterbox trend mines, on the outskirts of the Goldfields township. Focus' strategy is to identify sufficient open pit Mineral Resources across the Laverton tenement package to commence a Stage 1 gold mining operation.

The updated Mineral Resource for Beasley Creek South, which is reported on a dry tonnage basis to a depth of 180m (250 mRL) and using a 0.5 g/t cut-off, has delivered a significant increase in the Indicated category and therefore provides more resource certainty compared to the last resource estimate in 2020 (see ASX announcement dated 15 July 2020):

Tonnage

Au

Au

% Change Au

Classification

Grade

Contained

Ounces vs 15

(Mt)

(g/t)

Koz

July 2020

Indicated

1.62

2.09

109,200

+14%

Inferred

0.43

0.78

10,800

-74%

Total Mineral Resource

2.06

1.81

120,000

-12%

% change vs 2020 Total Mineral

+0.2%

-12%

-12%

Resource Estimate

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 [phone] | F [phone] | E [e-mail] | W focusminerals.com.au

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The mineralisation at Beasley Creek South remains open along strike and at depth, providing Focus with confidence in the potential for further increases in the Mineral Resource. Beasley Creek South is 300m south of the Beasley Creek deposit, which has an Indicated and Inferred Mineral Resource of 4.12Mt at 2.0 g/t Au for 264,500oz (see ASX announcement dated 8 November 2021).

Commenting on the Beasley Creek South update, Focus Minerals' CEO, Mr Zhaoya Wang, said:

"Beasley Creek South is an exciting open pit deposit and I am delighted with the work carried out by the Focus technical team over the past 18 months to better understand the mineralisation at this key Laverton deposit, which has significant growth potential.

"We have been deliberately conservative with our assessment of Beasley Creek South. Importantly, the increase in the Indicated category announced today enhances the value at Beasley Creek South and gives us greater confidence in the deposit, particularly because the mineralisation remains open at depth and along strike. Beasley Creek South is just 300m from the Beasley Creek deposit, which combined is starting to delivering a significant resource for our Laverton Stage 1 plans."

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Beasley Creek South

Significant growth in Indicated Mineral Resource

Beasley Creek South is located along strike and 300m south of the Beasley Creek gold deposit. Both deposits are located 10km north-west of the Laverton township.

Figure 1: Key Laverton project deposits

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Beasley Creek South has not been previously mined. The deposit hosts a core of high-grade oxide mineralisation exceeding 3 g/t located on the Beasley Shear Zone. The high-grade core extends from near-surface to a depth of at least 230m and is open along strike. The high-grade core sits within a zone surrounded by medium and lower-grade mineralisation.

This Beasley Creek South Mineral Resource update includes a thorough rebuild of the resource for estimation in Dataminetm software (previously Surpactm).

For this Mineral Resource estimate, high-grade domains were modelled in much more detail utilising an iterative approach to ensure that block-model grades reflected variability in drill intersections. This approach has slightly reduced the tonnage of the high-grade domains and also modestly reduced the grade of the high-grade domains.

The Mineral Resource update includes rebuilt hangingwall splay mineralisation in the Indicated category following comprehensive remodelling.

Furthermore, six new hangingwall lodes are now included in the Inferred Mineral Resource category. These new hangingwall lodes are an attractive shallow-resource development target, particularly at a first pass within the 2021 PFS pit design (see ASX announcement dated 16 April 2021). The new Inferred Mineral Resource lodes extend further to the north and highlight an under-drilled area that might host linking structures to the Beasley Creek deposit just 300m to the north.

Summary Geology and Structure

The Beasley Shear Zone (SZ) strikes north-south and dips moderately to the east. It is interpreted that the Beasley SZ merges with the Chatterbox shear between the Beasley Creek/Beasley Creek South deposits and the Chatterbox deposits (Figure 2).

The majority of the gold mineralisation at Beasley Creek and Beasley Creek South is located on the north-south trending, moderately east-dipping Beasley SZ. Both deposits host mineralisation in deeply weathered oxide overprint of the Beasley SZ and related sediments/volcanics. The Beasley SZ is sandwiched between footwall (western) ultramafic intrusives and hangingwall (eastern) mafic/high magnesium units (Figure 4).

In 2018, Focus identified that the Beasley SZ was offset 140m to the west by the mineralised cross- cutting, south south-east dipping Fitton Fault Zone (FZ). This development opened up the southern 300m strike between Beasley Creek South and Beasley Creek with the limited and widely spaced exploration drilling located too far to the east (Figure 3).

During remodelling of the Beasley Creek hangingwall lodes it has now been confirmed that another mineralised cross fault with similar orientation to the Fitton FZ is located immediately north of the Beasley Creek South Indicated Mineral Resource (Figure 3). The recognition of this mineralised cross fault is significant as it provides an exploration opportunity to test for linking structures between the Beasley Creek and Beasley Creek South deposits.

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Two Indicated category hangingwall splay structures to the Beasley SZ are now modelled at Beasley Creek South (Figure 4). There are another two near-surface,under-drilled hangingwall lodes within the 2021 PFS pit (Figure 4) that remain an attractive exploration target for further resource development drilling.

In addition, at the northern edge of the Beasley Creek South Indicated mineralisation there are three sub-parallel and closely spaced east north-east striking Inferred Mineral Resource category lodes located within the recently confirmed cross fault (Figure 3).

Figure 2: Geology map of the Laverton Gold Project

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