Focus Xplore Regulatory News (FOX)

28 August 2025

Focus Xplore PLC

('Focus Xplore' or the 'Company')

Exploration Update

Focus Xplore PLC (AIM: FOX), the strategic energy and critical minerals exploration and development company, is pleased to provide an update on the Phase One exploration activities focused on rare earth element ("REE") and lithium prospective pegmatites at the Bay Road, Iva, Oba, Ellie, Pearl and Burrows projects located in Ontario, Canada.

Rock chip samples from the Bay Road, Iva, Oba and Ellie projects were submitted to AGAT Laboratories in Thunder Bay, Ontario. Results from pegmatite and granite samples show that Bay Road and Iva have elemental ratios and values consistent with moderate levels of fractionation within locally enriched, or "fertile" granites. The presence of enriched granites is a key indicator for the formation of the target lithium and rare earth element ("REE") pegmatite systems and the Company considers the identification of this enrichment is an encouraging development for ongoing exploration.

Focus Xplore has now completed whole-rock laboratory analysis on a total of 73 field samples, including 26 samples identified as pegmatites. The results to date have not identified significant lithium or REE mineralisation. The Company is now considering the next work steps, including supplementary exploration work.

Patrick Cullen, Chief Executive Officer of Focus Xplore, commented:

"Our first field season in Ontario has already covered a wide selection of target areas across the Company's project portfolio. We are pleased with that progress and have laid the foundations for future work.

Focus Xplore is committed to building shareholder value by pursuing new opportunities in both AI and exploration for lithium, REE, and uranium and continues to evaluate a variety of opportunities in the critical and precious minerals sector."

INTRODUCTION

Both lithium and REE-bearing pegmatite deposits form from highly fractionated granitic intrusions. As a granite body slowly cools underground, most common elements are locked into minerals early in the crystallisation process, for example silicon forms quartz and potassium forms feldspar. However, certain elements, such as lithium and REE are considered incompatible which means they do not easily fit into the crystal structures of these early-forming minerals.

As cooling continues and more crystals grow, these incompatible elements are excluded from the cooled and solidified minerals and become increasingly concentrated in the remaining molten rock. This residual molten rock may become enriched in these elements, sometimes to levels where they can form economically valuable minerals.

By measuring the concentrations of elements like lithium and REE in rock samples, geologists can assess how enriched or "fractionated" a granite is. In general, the more fractionated the granite or pegmatite, the greater the potential for hosting economic concentrations of lithium, REE and other critical minerals.

FIELDWORK AND SUMMARY OF LABORATORY ANALYSES

Phase One activities completed at the Bay Road REE project and at the Iva, Oba, Ellie, Pearl and the Burrows lithium projects included mapping and prospecting with data collected at 226 stations.

Pegmatites were identified at six locations at Bay Road, at nine locations at Iva and at nine locations at Oba1. A total of 110 samples (26 of which were identified as pegmatites) were collected with 73 samples submitted to AGAT Laboratories for whole-rock analysis. Analyses were also made using a handheld portable X-Ray fluorescence spectrometer ("pXRF") to give an approximation of elemental ratios and assess the level of fractionation. Historic lake sediment data from Northwestern Ontario was modelled using Planetary AI's Xplore system to provide further insight into the relative prospectivity of each of the target projects.

The summary of the work by project is outlined below.

Bay Road Project: The exploration programme was initiated to demonstrate a connection between a historically mapped 6 km-long felsic dyke and nearby lake sediments that are highly enriched in REE, including dysprosium and neodymium. Planetary AI's Xplore system located target features that were interpreted to be associated with the dyke trend, through the analysis of high-resolution LiDAR data, which were subsequently successfully located and sampled.

Fractionation of the granite and pegmatite samples has been demonstrated. This includes rubidium to strontium ("Rb/Sr") ratios of up to 16 (three of which greater than 10) representing extreme fractionation of a granite2, and rubidium to barium ("Rb/Ba") ratios of up to 19, which indicated the presence of highly fractionated granitic pegmatite typical of metalliferous pegmatites3. Additionally, two samples exhibited potassium to rubidium ("K/Rb") ratios below 100, which are typical4 of enriched (or fertile) granites commonly considered prospective for lithium-caesium-tantalum ("LCT") and REE mineralisation5. A further thirteen samples exhibited K/Rb ratios below 270, which lies within the range of fertile granites4. Samples collected also display locally elevated concentrations of caesium, gallium, barium and yttrium which further support the presence of fertile granite4.

Laboratory results have not demonstrated economical concentrations of REE. The Company considers the laboratory results from the limited field work to date to be indicative of a fractionated granite to be targets for future exploration and a review of work to date is underway.

Iva Project: Historically mapped pegmatites and newly inferred pegmatites interpreted from LiDAR survey data, were targeted as being prospective for lithium mineralisation6. Lake sediment assays collected by the Ontario Geological Survey demonstrate regionally anomalous lithium and caesium results located in close proximity to mapped and inferred pegmatites further supported investigation for the presence of LCT-style mineralisation. Nine pegmatites were located and sampled in this initial phase of fieldwork.

Two pegmatite samples presented highly fractionated2 Rb/Sr ratios, of between 8 and 20, and a further five indicated moderate to high levels of fractionation. Enrichment of multiple elements associated with fractionated granites4 were also observed, including eight samples for strontium and barium, and seven for caesium. The majority of samples demonstrated elevated rubidium concentrations, however, none of the samples tested yielded lithium concentrations indicative of economic potential.

Oba and Ellie Projects: Historic occurrences of pegmatites are known at Oba and are located in the vicinity of the highly anomalous lithium, caesium and beryllium in lake sediment samples7. Fieldwork confirmed the location of nine pegmatite occurrences, seven of which were not previously mapped and whose location were interpreted through analysis of high-resolution LiDAR survey data. A total of 12 samples were submitted for laboratory analysis, including the nine pegmatites and three samples taken from surrounding rocks.

No samples exhibit Rb/Sr ratios (greater than 5) typical of LCT pegmatites, but three spatially related pegmatites in the south of the project displayed locally anomalous2 Rb/Sr ratios of between 2.3 and 4 as well as elevated Rb/Ba ratios which suggest local enrichment3. Eight of the collected samples analysed had K/Rb ratios less than 270, suggesting fertile granite is present4. Multiple samples exhibited; elevated titanium (nine in total), strontium and barium (eight samples), yttrium (three samples) and caesium (one sample), when compared to fertile granites elsewhere. Despite this anomalism, none of the pegmatite samples indicated significant concentrations of lithium. However, the Company considers the identification of ratios and elemental elevations associated with fertile granites to be a positive outcome from sampling.

Fieldwork at Ellie did not locate pegmatites. Laboratory analyses of local outcrop did not provide elemental signatures indicative of significant fractionation and no samples returned significant concentrations of lithium or associated elements.

NEXT STEPS

At Bay Road and Iva, the Company is reviewing options for supplementary fieldwork. This will follow a comprehensive analysis of the recent laboratory results, a reassessment of historical data and the initial AI prospectivity modelling. A further goal is to refine the exploration strategy across the entire portfolio.

At the Pearl Project, Focus Xplore is planning a new phase of exploration in the western part of the project area, a zone that has not yet been accessed. LiDAR survey data indicates a high concentration of pegmatites8 in this area, which lacks any known historical mapping or sampling.

Separately, at the White Pine9 uranium project, the technical team is preparing to start the next phase of fieldwork. This work will build on the initial reconnaissance completed at the end of the 2024 field season. The Company will provide more details on these plans in due course. The Company continues to evaluate further opportunities for critical and precious metals in the region.

REFERENCES

1: Focus Xplore PLC, 30 July 2025, RNS: Exploration Update, https://polaris.brighterir.com/public/focusxplore/news/rns/story/xe82lnx

2: Harlaux, M., Blein, O., Ballouard, C., Kontak, D.J., Thiéblemont, D., Dabosville, A. & Gourcerol, B., 2025. Geochemical footprints of peraluminous rare-metal granites and pegmatites in the northern French Massif Central and implications for exploration targeting. Ore Geology Reviews, 176, 106409.

3: Elsagheer, M. A., Azer, M. K., Moussa, H. E., Maurice, A. E., Sami, M., Abou El Maaty, M. A., Akarish, A. I. M., Heikal, M. Th. S., Khedr, M. Z., Elnazer, A. A., Mubarak, H. S., Seddik, A. M. A., Ibrahim, M. O. & Sobhy, H., 2025. Late Neoproterozoic rare‑metal pegmatites with mixed NYF‑LCT features: a case study from the Egyptian Nubian Shield. Minerals, 15(5), p.495.

4: Černẏ, P., 1989a. Exploration strategy and methods for pegmatite deposits of tantalum. In Lanthanides, Tantalum, and Niobium. Edited by P. Moller, P. Černý and F. Saupe. Springer-Verlag, New York, p. 274-302.

5: Černý, P., Trueman, D.L. & Goad, B.E., 1985. The Tanco pegmatite at Bernic Lake, Manitoba. V. Geochemistry and geothermometry. Canadian Mineralogist, 23, pp.381-420.

6: Focus Xplore PLC, 27 March 2025, RNS: Iva Lithium Project Expansion, https://polaris.brighterir.com/public/focusxplore/news/rns/story/x2p866w.

7: Jackson, J.E. 2002, Lake Sediment and Water Geochemical Data from the Kabinakagami Lake Area, Northern Ontario (MRD110).

8: Focus Xplore PLC, 18 February 2025, RNS: Update on 31 Explore Ltd Portfolio, https://polaris.brighterir.com/public/focusxplore/news/rns/story/xjzn01r.

9: Focus Xplore PLC, 19 November 2024, RNS: White Pine Uranium Project Activity Update, https://polaris.brighterir.com/public/focusxplore/news/rns/story/w18y8ex

QUALIFIED PERSON STATEMENT

The technical information contained in this disclosure has been reviewed and approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a principal consultant working for Mining Analyst Consulting Ltd which is providing independent technical review to Focus Xplore PLC.

GLOSSARY

Critical mineral - while there is no universally accepted definition of a critical mineral, it is commonly agreed that critical minerals have specific industrial, technological or strategic applications for which there are few viable substitutes. These minerals are economically important and can be subject to supply risk.

Felsic intrusive rock - is an intrusion of igneous rock that is predominantly composed of felsic minerals, such as quartz, feldspar, and muscovite.

Fertile granite - a type of granite that contains more water and higher concentrations of elements such as lithium and rare earth elements. These granites can serve as the source rock for rare-element and lithium-bearing pegmatites. As the granitic melt evolves, it crystallises into various units and the remaining melt can then migrate and form rare-element and lithium-bearing pegmatites in surrounding rocks.

Fractionated - In geology, when molten rock changes composition because certain minerals form earlier than others, leaving some elements behind in the remaining liquid.

Incompatible elements - Chemical elements that do not easily fit into the structures of the first minerals to form from cooling magma, so they remain in the leftover molten material.

Intrusions - Large masses of molten rock that push into surrounding rock layers and solidify underground.

LiDAR - Light Detection and Ranging is a remote sensing method that uses light in the form of a pulsed laser to measure ranges (variable distances) commonly used to generate precise, three-dimensional information of the elevation of the Earth's surface.

Pegmatite - an igneous rock with a very coarse, irregular texture that forms during the final stage of a magma's crystallisation.

Lithium-caesium-tantalum (LCT) pegmatites - are a principal source of lithium and comprise a compositionally defined subset of granitic pegmatites. The principal lithium ore minerals are spodumene, petalite, and lepidolite; caesium mostly comes from pollucite; and tantalum mostly comes from columbite-tantalite. Tin ore as cassiterite and beryllium ore as beryl also occur in LCT pegmatites.

Rare earth element (REE) - a member of a group of 17 metallic elements, encompassing the 15 lanthanides (atomic numbers 57-71) along with scandium (Sc) and yttrium (Y). These elements are known for their unique magnetic, luminescent, and electrochemical properties, making them crucial for various high-tech applications.

Residual molten rock - The small amount of molten rock left over after most minerals have formed and solidified.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

**ENDS**

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