Focus Minerals Processes 370,262 Tonnes in Record Quarter, Sells 5,376 Ounces Gold

Record Milling Performance at Three Mile Hill

Focus Minerals Limited (ASX: FML) has reported a landmark quarter at its Coolgardie Gold Operations, with milling throughput at the Three Mile Hill (TMH) processing plant reaching a new high of 370,262 tonnes. This includes an all-time monthly record of 129,309 tonnes processed in March alone, reflecting the plant's enhanced capacity and operational efficiency. The throughput comprised 106,502 tonnes of the company's own ore and a substantial 263,760 tonnes of toll treatment ore, underscoring the plant's strategic role in processing third-party material alongside internal feed.

Mining Progress and Underground Development

Mining activities advanced steadily, with 165,838 tonnes extracted from the Greenfields Open Pit and Bonnie Vale Underground Mine. Notably, Bonnie Vale achieved its first ore milestone in March, delivering 1,926 tonnes from development headings at an impressive grade of 1.79 g/t. The underground development is progressing ahead of schedule, with 595 metres completed by quarter-end, including significant infrastructure works such as ventilation and power supply installations. Surface mining transitioned successfully to an owner-operated model early in the year, enhancing operational control and cost management.

Strong Financial Metrics and Sales

During the quarter, Focus Minerals sold 5,376.6 ounces of gold at an average realised price of A$4,388 per ounce, supplemented by silver credits of 477 ounces sold at spot prices. The company generated approximately A$38.3 million from gold and silver sales plus toll milling fees. Despite operational expenditures, Focus maintained a healthy cash balance of $20.72 million as of 31 March 2025, supported by various unsecured loan facilities and bank guarantees. Exploration expenditure was modest at $1.07 million, reflecting a balanced approach between development and resource definition.

Exploration and Infrastructure Expansion

Exploration drilling continued at the Coolgardie and Laverton Gold Projects, with significant infill and resource development drilling at Bonnie Vale and Undaunted. Rehabilitation activities followed up previous drilling programs at Laverton, maintaining environmental compliance. To support the expanding workforce, the Varischetti Village accommodation facility was expanded by 80 rooms, ensuring adequate infrastructure for ongoing operations and future growth.

Outlook and Operational Milestones

Open pit mining at Greenfields remains on plan for completion by early May 2025, with concurrent mining fleets optimised for different pit conditions. Surface preparation works have commenced at the Alicia open pit, marking the next phase of open pit development. The establishment of Greenfields Pit as an in-pit tailings facility is poised for implementation in early Q2, reflecting careful planning for sustainable waste management. Underground stoping activities at Bonnie Vale are anticipated to commence ahead of schedule in October, potentially accelerating gold production from this high-grade source.