Result of AGM
Focus Xplore PLC announced at its Annual General Meeting that it is strategically refocusing on gold exploration in Canada, moving away from a diversified portfolio of gold, uranium, lithium, and rare earth elements due to financial constraints and a need to strengthen its financial position. The company will allow several licences to lapse, including the White Pine property, and will retain three lithium properties and one rare earth elements property, while actively seeking early-stage gold opportunities. All resolutions presented at the AGM, including the approval of the 2025 financial statements and the re-election of directors, were unanimously passed by shareholders.
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Chairman's Statement and Results of Resolutions
Focus Xplore PLC (AIM: FOX), the minerals exploration and development group, issued the following statement at its AGM today.
Chairman's Statement
"At the time of their appointment in April 2026, the new directors committed to undertake a review of the Group's assets and strategy. Gold exploration has been at the heart of the Group since it first expanded its gold assets in Africa in 2018, before subsequently diversifying into critical minerals in Canada. This resulted in a group with some 8 subsidiaries and 3 associate investments across six countries, with exploration activities spanning four different minerals, gold, uranium, lithium and rare earth elements. Such a diversified portfolio brings considerable challenges and, in light of the need to strengthen the Group's finances, the new board believes that a more concentrated approach anchored by gold exploration heritage will be better received by investors.
As set out in the recently issued 2025 audited accounts, a number of the licences acquired last year have been allowed to lapse. Further, and as a consequence of the Group's limited financial resources, the White Pine property will lapse next month. This will leave the Group with three lithium properties (Pearl, Iva and Biscuit Creek) and one rare earth elements property (Bay Road).
The Board has reviewed a number of potential acquisitions to bolster the future value of the Group's portfolio of exploration assets. Whilst opportunities in copper and uranium were considered, the board's clear preference has been to rebuild the Group's presence in gold exploration.
Accordingly, and in keeping with the Board's decision to more narrowly focus the Group's operations, the Group is focusing its attention on possible early stage gold opportunities in Canada. This would return the Group to its roots in gold, whilst taking advantage of the new relationships formed in Canada over the last year. The board believes that gold exploration, at a time of sustained strength in the gold price, offers the most compelling route to restoring and growing shareholder value. Should terms be agreed on a specific opportunity, the Board will notify Shareholders.
The Board recognises that the last few months have been a period of disruption and uncertainty and is grateful for the patience and support shown by the Group's shareholders, advisors and creditors.
Results of Resolutions put to the Annual General Meeting 2026
The Board further announces that all resolutions put to shareholders at its Annual General Meeting ("AGM") held earlier today, were unanimously passed on a show of hands.
The proxy votes received ahead of the meeting were as follows:
| Resolution | For | Against | Withheld | Total votes cast | ||
|---|---|---|---|---|---|---|
| No. of votes | % | No. of votes | % | |||
| 1. Ordinary Resolution - to approve the Annual Report and Financial Statements for the year ended 31 December 2025 | 931,302,545 | 99.97% | 314,771 | 0.03% | 201,000 | 931,617,316 |
| 2. Ordinary Resolution - To re-elect Mr Antony Legge | 931,165,631 | 99.95% | 451,685 | 0.05% | 201,000 | 931,617,316 |
| 3. Ordinary Resolution - To re-elect Mr David Russell | 931,165,631 | 99.95% | 451,685 | 0.05% | 201,000 | 931,617,316 |
| 4. Ordinary Resolution - To re-elect Mr Neil Slade | 931,165,631 | 99.95% | 451,685 | 0.05% | 201,000 | 931,617,316 |
| 5. Ordinary Resolution - To re-appoint Crowe U.K. LLP as auditor | 931,177,479 | 99.95% | 439,837 | 0.05% | 201,000 | 931,617,316 |
| 6. Ordinary Resolution - To authorise the Directors to determine the auditor's remuneration | 930,277,999 | 99.86% | 1,339,317 | 0.14% | 201,000 | 931,617,316 |
| 7. Ordinary Resolution - To authorise the Directors to allot shares | 931,167,679 | 99.95% | 449,637 | 0.05% | 201,000 | 931,617,316 |
| 8. Ordinary Resolution - To authorise the Directors to allot shares to satisfy exercise of warrants | 931,167,679 | 99.95% | 449,637 | 0.05% | 201,000 | 931,617,316 |
| 9. Special Resolution - To authorise the Directors to waive pre-emption rights | 931,167,679 | 99.95% | 449,637 | 0.05% | 201,000 | 931,617,316 |
| 10. Special Resolution - To authorise the Directors to waive pre-emption rights to satisfy exercise of warrants | 931,167,679 | 99.95% | 449,637 | 0.05% | 201,000 | 931,617,316 |
Notes:
- A 'Vote withheld' is not a vote in law and is not counted in the calculation of the proportion of the votes 'For' and 'Against' any resolution.
- The Company's total ordinary shares in issue (total voting rights) as at the date of the AGM is 3,519,420,573 ordinary shares of £0.0001 each. Ordinary shareholders are entitled to one vote per ordinary share held.
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