02 June 2025

Focus Xplore PLC

('Focus Xplore' or the 'Company')

 Exploration Update

Bay Road Rare Earth Element Project

Focus Xplore PLC (AIM: FOX), the strategic energy and critical minerals exploration and development company, is pleased to provide an update on its ongoing exploration programme at the Company's Bay Road rare earth element (REE) project.

At Bay Road, a 6 kilometre-long felsic dyke¹ recorded by the Ontario Geological Survey ("OGS") is interpreted by Focus Xplore's technical team to be related to nearby lake sediments² that are highly anomalous for REE dysprosium and neodymium.

The Company has leveraged Planetary AI's Xplore system utilising full resolution LiDAR³ data to significantly enhance the identification of linear geological features across the project area. The technical team identified a selection of these linear features as potential felsic intrusive rocks and pegmatites matching the trend of the historically mapped felsic dyke.

Geologists in the field have confirmed that multiple pegmatitic features within felsic intrusive rocks are associated with linear features identified from the LiDAR data. These have been mapped and sampled as part of the ongoing field programme.

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

"At Bay Road, our research connected a prospective geological target and lake sediments we know are highly anomalous for some of the key 'magnet metals', dysprosium and neodymium. I am pleased to report we have made immediate progress, successfully making the connection between our desktop interpretations and observations made in the field.

Applying Planetary AI's Xplore system has given us an advantage here, enabling us to detect and enhance target features that were not visible when we first reviewed the LiDAR data, and giving us the ability to guide the geologists directly to key areas of interest.

The observations are promising. The next step is to gather all the field data together and perform further analyses of samples back in Thunder Bay. I look forward to providing further updates on this and the activities at our other projects."

APPLICATION OF LIDAR DATA

Prior to the commencement of field exploration activities at Bay Road, the Focus Xplore technical team reviewed available pre-processed LiDAR³ raster image files in order to identify lineations that may be associated with a felsic dyke noted on OGS mapping¹. However, while this approach did identify multiple linear features, significant uncertainty remained regarding their size and prospectivity, and lineations matching the target trend proved difficult to identify with confidence.

To overcome this uncertainty, Focus Xplore's technical team, worked with Planetary AI using their proprietary Xplore system to complete a review of the raw, full resolution LiDAR data (derived from available .LAZ format files) over the Bay Road Project, to enhance linear features which are interpreted to be associated with pegmatites and felsic intrusions matching the trend of the historically mapped felsic dyke. Two examples of the linear features interpreted by this method are shown below in Figures 1 and 2.

Figure 1: Processed LiDAR imagery from Bay Road showing previously unidentified linear features, field confirmed location of pegmatites and the location of highly anomalous Dy and Nd in lake sediment results.

Of note in Figure 1 (above) is the linear feature, inferred to be related to the historically mapped felsic dyke, which passes through the centre of a small lake. Assays of lake sediment samples located as shown indicate the presence of highly anomalous² dysprosium (Dy) and neodymium (Nd), alongside other rare earth elements.

Figure 2: Processed LiDAR imagery from Bay Road showing the previously unidentified linear features, field confirmed location of pegmatites and regional scale faulting.

In another example, multiple linear features were identified in the east of the property and inferred by the Focus Xplore technical team to represent pegmatitic and/or felsic intrusive rocks.

PRELIMINARY FIELDWORK RESULTS

Fladgate Exploration Consulting Corporation ("Fladgate") were commissioned to conduct prospecting, geological mapping and sampling at the Bay Road Project. Pre-planning included providing the field team with the locations of the linear target features discussed above, as well as access routes and a series of exploratory target areas for investigation.

During the programme, the Fladgate geologists identified multiple occurrences of felsic intrusive and pegmatitic rocks, including exposures demonstrating orientations which appear to correlate with the historically mapped felsic dyke, examples are indicated in Figures 1 and 2 (above). Based on field observations and sample descriptions, the intrusive units encountered exhibit mineralogical characteristics consistent with fractionated, fertile granites, which is a geological setting considered prospective for economic mineralisation of some critical minerals including REE.

BACKGROUND TO THE BAY ROAD PROJECT

The Bay Road Project covers 425 hectares directly south of the fertile White Otter Batholith¹ and is prospective for REE. The property is centred around a 6 kilometre-long felsic dyke¹ mapped by the Ontario Geological Survey. As shown in Figure 3 below, this intrusive feature has a spatial relationship with highly anomalous REE² in lake sediment assays collected on the property, as part of regional scale geochemical sampling programmes, specifically the 'magnet metals' dysprosium and neodymium used in the manufacture of modern permanent magnets.

Although mapped, the geometry, extent and mineralogy of the felsic intrusive rock mapped on the property has remained an unknown, but critical aspect, of the Bay Road Project

Figure 3: Location of the mapped felsic dyke on Bay Road and highly anomalous neodymium (Nd) and dysprosium (Dy) in lake sediment assays.

NEXT STEPS

Samples from the Bay Road Project will be analysed using a portable X-ray fluorescence (pXRF) analyser prior to submission of samples to an accredited laboratory for chemical assay. The pXRF will provide preliminary elemental data, including insights into the presence of key elements and mineral phases.

REFERENCES

1: Santaguida, F., 2001, Ontario Geological Survey, Precambrian Geology Compilation Series - Quetico Sheet, 2000 Series Map (M2663).

2: Dyer, R.D., 1999, Lake Sediment and Water Geochemistry Data from the Atikokan-Lumby Lake Area, Northwestern Ontario (MRD043); Jackson, J.E. 2003, Lake Sediment Geochemical Data from the Ignace Survey Area, Northwestern Ontario: Operation Treasure Hunt (MRD118); Dyer, R.D., Burke, H.E. 2012, Lake Sediment and Water Geochemical Data from the Mine Centre Area, Northwestern Ontario (MRD296).

3: Ontario Ministry of Natural Resources and Forestry, accessed 1 May 2025, Forest Resources Inventory leaf-on LiDAR, Ontario GeoHub <https://geohub.lio.gov.on.ca/>.

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

Batholith - a type of igneous rock that forms when magma rises into the earth's crust but does not erupt onto the surface.

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 dyke/intrusion - is a dyke or other intrusion of igneous rock that is predominantly composed of felsic minerals, such as quartz, feldspar, and muscovite.

.LAZ format - file format is a compressed version of the LAS (LiDAR Aerial Survey) file format used for storing LiDAR data.

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.

Ppm - a concentration in parts per million

Raster image file - a two-dimensional image file represented as a rectangular matrix or grid of pixels viewable via a computer display and characterized by the width and height of the image in pixels and by the number of bits per pixel.

X-Ray Fluorescence (XRF) - A non-destructive analytical technique used to determine the elemental composition of materials. When a sample is exposed to high-energy X-rays, its atoms emit secondary (fluorescent) X-rays at characteristic energies unique to each element. By measuring these energies and their intensities, XRF instruments can rapidly identify and quantify major, minor, and trace elements in solids, powders, or liquids. As well as being a longstanding laboratory tool, portable, hand held "pXRF" analysers are quickly becoming standard in modern exploration.

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

**ENDS**

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