Focus Minerals builds cash as Bonnie Vale underground output rises

A$180 million in gold receipts strengthens Focus balance sheet

Focus Minerals (ASX:FML) converted a busy September quarter at its Coolgardie Gold Project into A$180.1 million of customer receipts, ending September with A$184.6 million in cash and cash equivalents. It also held a A$95.1 million term deposit, giving the Western Australian gold producer a substantial liquidity buffer after paying its first fully franked A$0.08-a-share dividend, worth approximately A$22.9 million.

The dividend had been declared earlier in the quarter after Focus announced its maiden distribution, following the A$250 million sale of the Laverton Gold Project. The company has now paid the distribution, while its cash balance increased by A$62.4 million during the quarter despite the payment and A$11.4 million of investing outflows.

Bonnie Vale underground production reaches 20,212 ounces

Mining delivered 5,914 ounces from the open pits and 20,212 ounces from Bonnie Vale underground, for a combined 26,126 ounces before processing and recovery considerations. Bonnie Vale produced 112,649 tonnes at an average grade of 5.58 grams per tonne, including 8,273 ounces from longhole stoping and 11,939 ounces from development ore.

Underground output increased as additional headings and stoping fronts became available. The decline advanced 188.2 metres, lateral development reached 1,756 metres and an exploration decline began at the 1345 level towards the historical Quarry Reef workings. Focus completed 5,796 metres of underground diamond drilling to support mine development. The quarter’s performance extends the operating thread described in the company’s March quarter production, which reported steady Coolgardie production and processing.

Three Mile Hill holds 96.6% recovery despite constraints

Three Mile Hill processed 387,029 tonnes of ore at an average head grade of 2.22 grams per tonne, with average gold recovery of 96.6%. Focus said plant performance remained stable despite equipment availability constraints. The company sold 30,011.15 ounces of gold at an average realised price of A$5,988.89 per ounce, alongside 4,039.43 ounces of silver credits.

That sales figure includes 6,577.409 ounces held in a Perth Mint metal account at 30 June 2026, a detail that matters when comparing quarterly sales with mine output. The filing does not provide all-in sustaining costs, earnings or production guidance, so the cash receipts and realised price offer useful scale but not a complete measure of operating margins.

Alicia winds down while CNX and Green Light remain active

Open-pit mining continued at Dreadnought, Alicia and CNX, with Alicia effectively completed during September. CNX supplied 151,358 tonnes at 0.76 grams per tonne for 3,693 ounces, while Dreadnought produced 1,558 ounces as mining progressed alongside dewatering of the historic pit. At CNX, grade-control drilling and pit-floor regularisation continued, including work across historic waste stockpiles.

Focus spent A$1.4 million on exploration during the quarter and completed 1,324 metres of diamond drilling and 4,923 metres of reverse-circulation resource-development drilling across Bonnie Vale, Green Light, Patricia Jean and CNX. The company also surrendered five Londonderry tenements, while the filing recorded no change to the ownership percentages of its principal Coolgardie tenements.

The immediate question is whether Bonnie Vale can keep opening new mining fronts while the open-pit contribution shifts away from Alicia. Focus has the cash to fund ongoing development and exploration, but the quarter provides no cost guidance or updated reserve position; the next operating report will need to show whether production consistency is translating into durable margins as the mine sequence changes.