Focus Xplore Share News (FOX)

(Sharecast News) - Focus Xplore said on Friday that it had made major progress in its artificial intelligence-driven exploration programme in Ontario, Canada, where its collaboration with Planetary AI identified multiple new critical-mineral targets, including potential rare earth, lithium and uranium deposits.

The AIM-traded company said the findings marked a breakthrough in early-stage exploration and positioned it as a first mover in applying AI and remote sensing technologies across underexplored regions of Ontario.

It said it had now launched its proprietary 'Focus Xplore AI Discovery Engine', developed with Planetary AI, which integrates large geological, geophysical and geochemical datasets to pinpoint mineralisation patterns.

Using machine learning applied to more than 35,000 geochemical samples and high-resolution LiDAR and hyperspectral data, the system reportedly detected surface features consistent with lithium-caesium-tantalum pegmatites - key host rocks for hard-rock lithium deposits.

Fieldwork subsequently confirmed the presence of pegmatites in predicted locations, validating the AI-based methodology.

Chief executive Patrick Cullen said the partnership with Planetary AI had been transformative for the company's exploration model.

"We are excited to introduce and expand the innovative 'Focus Xplore AI Discovery Engine' and look forward to providing updates on progress as our projects evolve and new opportunities emerge as we drive our AI strategy ahead," he said.

"AI has become central to our model, enhancing efficiency, cutting costs, and de-risking our decision-making process.

"Our partnership with Planetary AI and use of their Xplore system has delivered exciting opportunities, and this now being expanded across more mineral targets."

To fund continued AI development, project work and working-capital needs, Focus Xplore raised £0.39m through an oversubscribed share placing at 0.04p per share, issuing 967.5 million new shares.

A further 142.5 million shares were issued in lieu of £57,000 in fees, including £10,000 payable to Planetary AI for ongoing work, and 100 million shares were issued to directors as payment in lieu of salary and fees.

Each new share carried a half-warrant exercisable at 0.07p for 2.5 years, with the potential for an additional "super warrant" at 0.1p subject to shareholder approval.

Directors participating in the placing include Cullen, chairman Sean Wade and non-executives Tinus Maree and Louis Scheepers, together subscribing a total of £40,000.

Following admission of all new shares, Focus Xplore said it would have 3.48 billion shares in issue.

Cullen said the company had identified proprietary AI capability as a "cornerstone of future growth", adding: "Whether through development or acquisition, this initiative represents a transformative opportunity to unlock new value, drive innovation, and position Focus Xplore at the forefront of AI-driven exploration."

At 0835 BST, shares in Focus Xplore were down 14.29% at 0.05p.

Reporting by Josh White for Sharecast.com.