Focus Minerals Sustains Strong Gold Output and Cash Flow in March Quarter

Stable Processing and Strong Recovery at Three Mile Hill

Focus Minerals Limited (ASX:FML) reported a steady performance at its Three Mile Hill (TMH) processing plant during the March 2026 quarter, processing 354,879 tonnes of ore with an impressive average metallurgical recovery of 95.4%. The throughput included 294,335 tonnes of the company's own ore and 60,544 tonnes of toll treatment ore, sustaining a mill utilisation rate of 92.05%. The average head grade of the processed ore was 1.90 grams per tonne, underpinning solid production metrics despite some equipment availability constraints.

Mining Operations Deliver Nearly 18,000 Ounces of Gold

Open pit mining continued across the Alicia, Dreadnought, and CNX pits, delivering a combined 281,800 tonnes at 0.85 g/t for 7,709 ounces of gold. Alicia remained the primary focus with 175,863 tonnes mined at 0.87 g/t, contributing 4,945 ounces, while Dreadnought and CNX supplied 985 and 1,780 ounces respectively. Underground mining at Bonnie Vale showed stable progress, producing 86,028 tonnes at a high grade of 3.71 g/t for 10,256 ounces of gold. Notably, stoping production increased as more stoping fronts opened, supported by 1,616 metres of lateral jumbo development and a 212-metre advance of the decline to access new mining levels.

The combination of open pit and underground mining yielded a total of 17,965 ounces of gold for the quarter, reflecting a balanced operational mix that supports ongoing production stability.

Robust Sales Revenue and Cash Position

Focus Minerals sold 18,191 ounces of gold during the quarter at an average realised price of A$7,043.39 per ounce, alongside 3,402 ounces of silver credits, generating approximately A$132.4 million in revenue. The company’s cash and cash equivalents rose to A$150.2 million, supplemented by a term deposit of A$66.1 million, underscoring a strong liquidity position. Operating cash flow was positive at A$62.2 million, offsetting investing outflows of A$41.8 million primarily related to property, plant and equipment and deposits. No financing activities were recorded during the period.

Payments to related parties, including executive and non-executive directors, amounted to A$453,000, covering salaries, fees, superannuation, and rent.

Exploration and Resource Development Advance Across Multiple Targets

Resource development drilling remained active, with reverse circulation (RC) and diamond drilling (DD) programs conducted at Bonnie Vale, Bonnie Vale West, Green Light, and Patricia Jean. The combined drilling effort included 93 RC holes totalling 9,286.8 metres and 11 DD holes for 1,368.5 metres, targeting life-of-mine extensions and resource upgrades. Underground diamond drilling at Bonnie Vale alone accounted for 4,879 metres, supporting ongoing mine development and stoping activities.

Mine geology reports indicated development ore grades consistent with drilling assays, with stoping concentrated between the 1330 and 1285 levels and backfilling operations underway to maintain mining sequence continuity.

Tenement Holdings Remain Largely Unchanged

Focus Minerals maintained full ownership of its extensive Coolgardie tenement portfolio, covering 119.1 square kilometres, with the exception of one tenement surrendered during the quarter. This stable landholding supports ongoing exploration and mining activities across the project area.

The company’s sustained operational momentum builds on prior quarters, including the record gold pour achieved in November 2025, when Focus processed 414,896 tonnes and sold 17,813 ounces at a lower average price, reflecting both operational consistency and favourable market conditions. The March quarter's higher realised gold price of over A$7,000 per ounce represents a notable improvement in revenue generation compared to previous periods record gold pour.

With the Alicia open pit scheduled for completion in early May and ongoing underground development at Bonnie Vale, the company is positioned to maintain production levels. However, the extent to which exploration drilling will translate into resource upgrades and mine life extensions remains to be seen, as drilling results continue to be assessed.