Focus Minerals delivered stable production at its Coolgardie Gold Project in Q2 2026, processing over 350,000 tonnes of ore with strong recovery and generating solid cash flow to support ongoing operations.
- 350,507 tonnes processed at Three Mile Hill with 95.2% recovery
- Bonnie Vale underground yields 14,011 ounces at 4.29 g/t
- Open pit mining produces 5,160 ounces at 0.80 g/t
- Gold sales of 12,805 ounces at A$6,378 per ounce
- Cash and equivalents total A$122 million plus A$95 million term deposit
Consistent Milling and Metallurgical Performance
Focus Minerals Limited (ASX:FML) reported a stable and efficient milling campaign at its Three Mile Hill processing plant during the June 2026 quarter, processing 350,507 tonnes of ore at a head grade of 1.80 grams per tonne (g/t). The plant maintained a robust metallurgical recovery rate of 95.2%, underscoring the operational reliability of the facility despite some equipment availability constraints.
Mining Output Split Between Open Pit and Underground
Open pit operations at the Coolgardie Gold Project continued across the Alicia, Dreadnought, and CNX pits, delivering 199,923 tonnes of ore at 0.80 g/t for 5,160 ounces of gold. Mining activity was particularly notable at CNX, which produced 116,586 tonnes at 0.82 g/t, contributing the bulk of open pit ounces. Meanwhile, underground mining at Bonnie Vale yielded 101,641 tonnes of development and stope ore at a significantly higher grade of 4.29 g/t, producing 14,011 ounces of gold. The increase in underground ore production was supported by expanded ore headings and stoping fronts, with lateral development advancing 1,529 metres and the decline extending 240 metres to access new production levels.
Exploration and Resource Development Drilling Advances
Exploration efforts remained active, with Focus completing 5,633 metres of diamond drilling and 16,964 metres of reverse circulation (RC) grade control drilling to underpin mine development at Bonnie Vale, Dreadnought, and CNX. Resource development drilling spanned multiple targets including Greenlight, Patricia Jean, and CNX, totaling 21,233 metres across 138 holes. These programs aim to enhance mineral reserves and sustain production growth at Coolgardie, which encompasses a 119.1 square kilometre tenement package.
Strong Sales Revenue and Cash Position
During the quarter, Focus sold 12,805.71 ounces of gold at an average realised price of A$6,377.92 per ounce, alongside 2,879.60 ounces of silver credits, generating approximately A$82 million in revenue. The company’s cash and cash equivalents stood at A$122.15 million at quarter-end, supplemented by a term deposit of A$94.9 million. Operating cash flow remained positive at A$7.8 million for the quarter, despite significant outlays on development (A$10.4 million) and production (A$56.8 million). The company reported an estimated 18.2 quarters of funding available based on current cash and expenditure levels.
Tenement Holdings and Corporate Governance
Focus Minerals maintained its full ownership across the Coolgardie tenement portfolio, with the exception of one surrendered licence in the Londonderry area. Payments to related parties, including executive and non-executive directors, totalled A$229,000 for the quarter, covering salaries, fees, and associated costs. The company also holds 6,577 ounces of gold in its Perth Mint metal account, providing an additional liquid asset buffer.
Bottom Line?
Focus Minerals’ steady operational performance and strong cash reserves position it well to sustain production and exploration momentum at Coolgardie through 2026.
Questions in the middle?
- How will ongoing exploration drilling impact Focus Minerals’ mineral reserve upgrades?
- What are the prospects for extending the life of mine at Bonnie Vale given recent underground development?
- Could gold price fluctuations materially affect Focus’s cash flow and capital allocation plans?