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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 362km2 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.

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).

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.

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

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.

Market Announcement | Page 4 of 14

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W

21LNRC001 -

E

Gold g/t

7m @ 0.68 g/t from 54m

19LNRC053 -

4m @ 0.91 g/t from 49m

19LNRC054 -

19LNRC055 -

1m @ 0.92 g/t from 40m

3m @ 1.11 g/t from 13m

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 -

High Mg Basalt

3m @ 1.88 g/t from 61m

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

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

Au Grade

Contained Au Oz

(Mt)

(g/t)

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.

Market Announcement | Page 5 of 14

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Focus Minerals Ltd. published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 22:34:09 UTC.