Focus Minerals Limited provided an update to its plan to resume mining operations at the Coolgardie Gold Project (Coolgardie). The Resumption Plan objectives were to refine elements of the 2020 Prefeasibility Study Focus has undertaken review and assessment of the following areas: Draft Life of Mine (LOM) Plan - The Coolgardie 2020 PFS was based on the mining of Greenfields and Brilliant South open pits and Bonnie Vale underground. At that time the Coolgardie Mineral Resource was 33.8Mt @2.3g/t for 2.42Moz Au.

Since then, the Coolgardie total Mineral Resource has been revised to 42.2Mt @ 1.9g/t for 2.6Moz Au (see ASX announcement dated 24 May 2022). The additional Mineral Resource allows the Company to refine its production plan to now incorporate the CNX deposit, located only 1.25km north north-west of the Three Mile Hill ROM pad. At Greenfields the Mineral Resource has been reconsidered targeting improvement in strip ratio for a faster mining single stage pit optimisation and design.

An updated Mining Proposal for the Greenfields open pit has been submitted to regulators for approval. Focus has also refined the optimisation of Brilliant South open pit using the updated 23 Feb. 2022 Mineral Resource.

The Feb. 2022 Mineral Resource has grown significantly and includes new lodes to the NE which are now being considered in the new design. The outcome of the optimisation is expected to deliver a significant reduction in mined waste.

The preliminary optimisation and design of these three open pits is expected to improve the economic mining outcome despite inclusion of up to date contract mining market rates. At present, the Bonnie Vale underground project is undergoing a more detailed engineering assessment than the 2020 PFS design and costing. Geotechnical drilling will commence in June to be included in an updated design.

The Company is also well advanced in submitting a mining proposal for the Big Blow deposit. It shows potential for a small mining project for toll milling at a regional processing plant to bring in early cash flow. The Mineral Resource may have further potential as a future underground operation.

The Company is also assessing the viability of toll treating low-grade stockpiles and has completed grade control drilling at Dreadnought and Big Blow low grade stockpiles during April and May 2022. Three Mile Hill Plant ­ The scope of works for the mill refurbishment has been prepared for final engineering and cost estimation. The Company is now engaging with contractors leading to early contractor involvement (ECI) prior to the development of a design and construct (EPC) refurbishment contract.

It is anticipated that the Company will finalise negotiations and award the refurbishment contract during July/August 2022. The plant upgrade may take up to 12 months to complete, subject to the availability of materials and a suitably qualified construction workforce. Project Delivery Timeline - The Resumption Plan targets recommencing mining and stockpiling at Coolgardie which could commence in early CY2023 but, acknowledges that this timeframe may change depending on the mill refurbishment schedule and other relevant factors.

The prevailing demand/supply conditions in the WA mining industry, present a significant risk to the schedule for returning Focus to production.