Completion of Acquisition and Board Appointment

Focus Xplore PLC (AIM: FOX), the minerals exploration and development company, is pleased to announce that, following the admission to trading this morning of 3,077,775,176 new ordinary shares in the capital of Focus Xplore, the acquisition of the entire issued share capital of Nova Aurum Exploration Limited ("Nova Aurum") and 1597320 B.C. Ltd ("159 BC") has completed.

The Group is further pleased to update shareholders with details of the newly acquired gold exploration properties (together the “Gold Portfolio”) and the exploration programmes planned for them, along with an update on the Group’s strategy and its plans for its other four properties in Canada, and the appointment of Jack Dann as a director of Focus Xplore.

Gold Portfolio Details

The Gold Portfolio comprises five greenfield gold exploration properties totalling approximately 86.44km2 across two Canadian provinces - approximately 42.75km2 in Newfoundland and Labrador and approximately 43.69 km2 in Ontario, as set out below:

Table 1; Table of Claims

Table Notes: Total area: 8,644 hectares; Ontario total 4,369 hectares; Newfoundland total:4,275 hectares. 1km2 = 100 hectare. Ontario Multicell Mining Claims issued under Ontario Mining Lands Administration System (MLAS) to Nova Aurum Exploration Ltd Newfoundland Licences registered under Government of Newfoundland and Labrador Mineral Lands Administration Portal to 1597320 B.C. Ltd.

Clarkdon

The Clarkdon property consists four contiguous Multicell Mining Claims comprising a total area of 18km2 located 50km northwest of Ignace in Northwest Ontario. It is prospective for orogenic and banded iron formation (BIF) gold, with base-metal potential. Untested linear magnetic anomalies are located in the centre of the property, positioned in close proximity to known alteration mineralogy and structural features that host auriferous mineralisation elsewhere in the region1.

In the south of the property, untested conductive horizons2 inferred to represent BIFs, faulting, or sulphide-rich horizons3 lie within the South Surgeon Fault Zone, a crustal scale fault structure which has recently been identified as a major fault system and potential conduit for gold-bearing fluids; with fault structure itself, and areas in close proximity having the capacity to host significant gold mineralisation4.

Elsewhere on the property, historical mapping has identified calcium-rich alteration and sulphide occurrences associated with a poorly mapped fault structure1; a similar structure located 7 km to the north has historically yielded 6.17 g/t Au and 1,000 ppm Co6. Additionally, a historical drill hole intercept recorded in the north of the property returned 29 ft at 0.43% Cu and 14 g/t Ag7.

Garden Lake

The Garden Lake property comprises three Multicell Mining Claims, of which two are contiguous, with an area totalling 13.84km2 centred approximately 135 km north-west of Thunder Bay. The property is centred on 11 km² of largely untested greenstone within the Garden Lake Greenstone Belt, inferred to be a continuation of the prolific Beardmore-Geraldton Gold Belt7,8. The tenure hosts over 9.6 km of untested, mafic metavolcanic rocks, with inferred banded iron formations (BIFs)9. This geology represents a highly prospective target for gold mineralisation. Local prospectivity is highlighted by an OMI gold occurrence located within 200 metres of the property boundary10, featuring a vein system that graded 1.23 oz/t (42.17 g/t) Au and 0.93 oz/t (31.9 g/t) Au with visible gold. Limited historical exploration, including legacy drilling11, on this tenure has identified brecciation, silicification and sulphide-bearing horizons, which are typical targets for gold mineralisation12, with multiple inferred faults interpreted to exert structural control.

Kearns

The Kearns property comprises three Multicell Mining Claims, of which two are contiguous, with an area totalling 11.85km2. Prospective for orogenic gold mineralisation the property is located 2.5 km south--west of the Garden Lake property and also within the Garden Lake Greenstone Belt. The property overlies circa 10 km² of underexplored metavolcanic greenstone and features over 2 km of inferred banded iron formations13. The inferred location of the Banded iron formations is associated with albite, an alteration mineral commonly found within the alteration halos of orogenic gold deposits14. Regional mapping shows multiple tuff belts cross the property, these are often highly permeable and can focus hydrothermal fluids. Tuff units can also be associated with key alteration minerals, including epidote, albite, and carbonate, all of which are characteristic of greenstone-hosted orogenic gold systems14. Limited historical exploration has recorded albitisation and carbonation in the northern extent of the property, alongside epidote alteration in the south.

Outside of Focus Xplore’s holdings, the remainder of the Garden Lake Greenstone belt has recently been consolidated by Kenorland Minerals Ltd (TSXV: KLD).

Canada Bay

The Canada Bay property comprises a single Licence, comprising 87 claims, covering a total area of approximately 21.75 km2 within the prospective Humber Zone of northeast Newfoundland. A structurally controlled gold occurrence grading 0.6 g/t Au is located within a fault-controlled alteration zone in the cliffs of the northeast property area, associated with widespread alteration15.

The east of the property is composed of the heavily faulted and sheared Maiden Point Formation16; similar geology is targeted elsewhere in the Province for gold mineralisation.

The west of the property is mapped as consisting of slates, phyllites, dolomites, and calcitic geology. The dolomite is mapped as heavily fractured and structurally competent, offering an untested trap environment for sediment-hosted micron gold (Carlin-type) mineralisation along a structurally complex corridor.

O'Brien

The O'Brien property comprises a single Licence, comprising 84 claims, covering a total area of 21.00 km2 within the Exploits Subzone of central Newfoundland. It is positioned within 10 km of the Queensway gold deposit held by New Found Gold Corp (with an Indicated Mineral Resource of 1.39Moz Au). The western of the property targets internal, untested structures running parallel to the Mount Peyton Trend, a regional-scale system known to yield up to 166 g/t Au locally17.

The east of the property targets orogenic gold mineralisation associated with second- and third-order fault splays branching from the crustal-scale Dog Bay Line. In this area of the property, Geophysical data reveals weak magnetic responses associated with major local faulting, potentially indicating demagnetisation linked to hydrothermal alteration, alongside a strong magnetic response that may relate to a gabbroic/dioritie intrusion, similar geology is targeted for gold along strike18 and elsewhere in Newfoundland. Significant gold mineralisation is found in similar structural and geological settings19, including the Moosehead Deposit, 35km to the west, where intersections of 69.5 g/t Au over 4.85m and 40.89 g/t over 4.3 m have been reported20, as well as multiple deposits in Australia, including; King of the Hills21 (Mineral Resource of 6.2 Moz Au22) and Groundrush deposits23.

Planned Work Programme

Phase one exploration programmes will be carried out on the Gold Portfolio by Martlet, as set out below:

Table 2; Table of Proposed Work on the Nova and 159 BC Gold Properties, Spend and Timing.

Phase one programmes are currently being finalised for a mid-October start on Clarkdon, Garden Lake and Kearns, with further field work in early-to-mid November on the Newfoundland assets, all necessary permits are in place to allow the proposed work to go ahead. A full technical overview on each property will be provided to the market in due course.

A fee of £50,000 (the Exploration Management Fee) shall be payable to Martlet upon the achievement of any two of the following milestones:

completion of a phase-one exploration programme (geophysics and/or systematic surface sampling) on at least two of the five Gold Portfolio properties;

identification of at least one drill target on any Gold Portfolio property; and

receipt of surface sampling results of ≥1.0 g/t Au (rock/grab) or a coherent soil/biogeochemical anomaly on any Gold Portfolio property.

The Exploration Management Fee is payable in cash or shares at the Group’s discretion. Where it is paid in shares, the price per share shall be the 10-day VWAP ending on the day that the second milestone is achieved.

Strategy Update

The Acquisition and Fundraise, as defined in the announcement of 6 October 2026, is the culmination of the review commenced in April 2026 with the new Board was appointed. The primary aims of that review were (i) to identify the value in the existing properties, (ii) secure additional properties to boost the Group’s value in order to support a fundraise, and (iii) complete a fundraise of sufficient size to settle the Group’s creditors and provide sufficient working capital to fund both a work programme to build the value in the Group’s properties and meet the Company’s ongoing running costs.

Identifying value in existing properties

As previously announced, the Group has reduced its Canadian holdings to three lithium properties (Pearl, Iva and Biscuit Creek) and one rare earth elements property (Bay Road). Exploration work on these properties was largely completed in 2025. The Group now intends to carry out the following work programme over the next few months to further refine its understanding of the geological and scientific data.

Table 2; Table of Proposed Work on Focus Xplore’s Lithium and REE Properties, Spend and Timing.

This work programmes are aimed at keeping the licences in good standing and enabling the Group to better identify where value might reside.

Securing additional properties

The Acquisition brings five properties in the Gold Portfolio and has been instrumental in supporting the Fundraise. However, the Board recognise the high risk attached to early-stage mineral exploration projects with considerable time elapsing between initial exploration, to proving a resource and then eventually mining. Thus, the Board is looking to build a pipeline of accretive, early-stage North American gold acquisitions, also noting that the selective consolidation of adjacent ground and drill-ready projects, where available, would assist in building a district-scale gold position.

AI modelling capability

The Board believes that Artificial intelligence (AI) computer modelling can assist in the targeting of early-stage projects and plans to adapt the previous strategy by setting up a new subsidiary to develop AI modelling tools. The intention is that the new subsidiary will become self-funding and will not be a drain on the Group’s resources. The Board also sees the potential, in the future, to license the technology to third parties. The Group is in discussions with a potential management team to lead the project.

In summary, the Board’s strategy is to:

Acquire early-stage gold assets in Ontario and Newfoundland, repositioning the Company as a North American gold explorer.

Continue to develop the existing lithium and critical-minerals projects, and pursue a sale, joint venture or other value-realising options as appropriate.

Build an AI-driven geological analysis capability through a dedicated AI Special Purpose Vehicle to sharpen targeting and capital allocation.

Appointment of Jack Dann as a Director

As announced, following completion of the Acquisition, Jack Dann has joined the Board of the Company as Chief Geological Officer, to lead the Company's exploration activities and bring direct geological knowledge of the Gold Portfolio. Jack Dann is a geologist with international exploration experience across a range of commodities, with a particular focus on uranium and gold. He is Technical Director for Fermi Exploration Ltd and has previously worked at AIM-listed Power Metal Resources plc, working across its global multi-commodity portfolio. He holds an MSc in Earth Science from the University of Ottawa, and an MGeol in Geology from the University of Plymouth.

Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for Companies, Jack Dann, aged 37 is, or has during the last five years, been a director or partner of the following companies and partnerships:

CURRENT:

Martlet Geoscience Ltd Nova Aurum Exploration Limited 156319 B.C. Ltd 9542-6706 Quebec Inc. 1597320 B.C. Ltd 101396 NFLD 1386067 B.C. Ltd

PAST:

31 Explore Ltd CA31 Exploration (Canada) Ltd

Jack Dann, indirectly through Martlet, holds an interest in 669,072,933 Ordinary Shares in the Company representing 8.33% of the issued share capital of Focus Xplore.

Distribution

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