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FML September Quarter Report

• Focus remains in a strategically strong position with cash and equivalents at 30 September of $116.7M
• During the quarter the Company completed an organisational restructuring and announced its Three Point Plan to drive towards its vision of returning to production as a low cost, high-grade gold producer by: 
  • Establishing a new, low cost operating structure
  • Pursuing targeted business development opportunities; and
  • Developing existing assets to establish a 3 year, high-grade reserve base enabling a profitable return to production
• This has seen the commencement of a new four phase exploration programme in Coolgardie focusing on two primary systems hosting multiple high-grade targets near the Three Mile Hill mill
• Drilling at the priority target of Karridale in Laverton has also confirmed the prospectivty of the area with a best result of 9m @ 5.06g/t.
• Production for the period was 7,801oz of gold from the wind down of operations at Coolgardie.

Please find below links to the Focus Minerals Annual Report for FY 13, Notice of Meeting & Proxy form

Annual_Report_2013

Notice of Meeting

Proxy Form

Download annual financial accounts here

Download FML 31 DEC 12 Interim Report here

Download December Quarterly Report & Appendix 5B here

Click to download full FML NOM and Independent Experts Report for $225M Placement

INDEPENDENT EXPERT REPORT SAYS FOCUS PLACEMENT TO SHANDONG GOLD IS “FAIR AND REASONABLE”

Focus Minerals Ltd. (ASX: FML), a leading Australian gold producer and explorer, said today the Independent Expert report on the Company’s plan to raise approximately $225 million through  the placement of new shares with Shandong Gold International Mining Corporation Limited (“Shandong Gold”) (the “Placement”) has concluded that the transaction is “fair and reasonable” to Focus shareholders.

The Independent Expert report has been prepared by BDO Corporate Finance and was today sent to Focus’ shareholders, along with a Notice of Annual General Meeting and Explanatory Memorandum. The Annual General Meeting will be held on 30 November 2012 in Perth.

Focus Directors have unanimously recommended shareholders support the Placement in the absence of a superior proposal and subject to the expert not changing its view prior to the general meeting. The Independent Expert Report notes that, if approved by Focus shareholders, the Placement is expected to deliver a number of advantages, including the following:

• Provide an immediate capital injection of $225 million to assist in fuelling an accelerated growth of Focus’ projects and operations as well as strengthening Focus’ balance sheet;
• Introduce a large, supportive investor in Shandong Gold that will allow for the exchange of technical knowledge and access to Chinese markets for potential future equity and debt funding;
• Provide expertise at Board level to assist with the exploration of Focus’ large tenement holdings; and
• Increase the market capitalisation of Focus by at least $225 million, which may lead to a re-valuation of Focus shares by the market and an increased level of investment.

Also, the Foreign Investment Review Board has advised Shandong Gold that there are no objections to the Placement in terms of the Government’s foreign investment policy.

Under the terms of the Placement, Shandong Gold, a subsidiary of one of China’s three largest gold producers by production, will acquire 51% of Focus (on a fully diluted basis) by contributing $225 million to subscribe for approximately 4.5 billion new fully paid ordinary Focus shares at 5 cents per share.

Download the FY12 Focus Minerals Annual Report here

Download September Quarterly Report & 5B here

September Quarter Highlights

• Focus entered into a Share Subscription Deed with Shandong Gold International Mining Corporation Limited (“Shandong Gold”), under which Shandong Gold has agreed to subscribe for new fully paid ordinary Focus shares to raise approximately $225 million.
• Focus posted record production in the September Quarter of 48,959oz, up from 48,222oz in the preceding Quarter, at a Group cash cost of $1,267/oz.
• Focus had record gold sales for the September Quarter of 49,383oz, generating Group revenue of A$76.7 million at an average selling price of $1,553/oz.
• Laverton Operations produced 25,786oz from 44 processing days, taking Laverton gold output to 74,874oz for the nine months of calendar 2012, a 23% uplift on the previous corresponding period.
• Coolgardie Operations produced 23,177oz of gold, the second strongest Quarter of Calender 2012.  However, stoping issues at The Mount underground negatively impacted cash operating costs offsetting positive gains that had been achieved across the wider Coolgardie operations.
• Focus announced a revised combined Mineral Resource of at 59.1Mt @ 2.2g/t for 4.3Moz of contained gold, and an Ore Reserve of 7.6Mt @ 2.1g/t for 514,000oz of contained gold.
• Exploration programs at Dreadnought in Coolgardie and Euro in Laverton have both returned strong results.
• Capital investment and exploration expenditure was $4.7 million, comprising $2.1 million of mine capital development and $2.6 million in exploration.
• At the end of the Quarter total cash and equivalents (including bullion) was $10.4 million.
• Production in the December Quarter is targeted to range between 40-45,000oz with the transition from mining to the low-strip ratio Burtville open pit in Laverton and Greenfields Open Pit in Coolgardie.

Download the FY 12 Financial Results here

Download Full Quarterly Report here

QUARTERLY ACTIVITIES REPORT: JUNE 2012

Highlights

• Record June Quarter gold production of 48,222oz, up from 47,489oz in the preceding Quarter and delivering on guidance.
• FY 2012 Group gold production 176,632oz, up 140% on FY 2011 (72,830oz) at a Group C1 cash cost of $1,222/oz.
• June Quarter Group revenue of A$77.3 million from gold sales of 48,514oz.
• Coolgardie Operations delivered one of its strongest production Quarters on record producing 24,766oz of gold, a 13% increase on the March Quarter.
• Laverton produced 23,456oz from 41 processing days, taking Laverton gold output to 49,092oz for the first six months of calendar 2012.
• Strong production at the Tindals underground, along with continued growth at the Tindals Open Pits and solid stoping production at The Mount underground resulted in the Coolgardie operations mining a total of 301,257t @ 2.99g/t containing 28,916oz of gold, a 30% increase on gold mined in the preceding Quarter.
• The Coolgardie Three Mile Hill plant turned out its 1,000th gold bar under Focus’ management (3 July 2012).
• Laverton C1 cash operating costs were $1,203/oz, down from $1,554/oz in the September 2011 Quarter after which Focus took full control.
• Coolgardie C1 cash operating costs were $1,189/oz.
• Under Focus’ internal Value Enhancement Program, a number of cost reduction initiatives were introduced at both Laverton and Coolgardie during the Quarter which are expected to positively impact cash operating costs in the September and December Quarters.
• Capital investment and exploration expenditure was $26.1M, comprising $21.7M of mine capital development and $4.4M in exploration.
• At the end of the Quarter total cash and bullion equivalents were $19.5M.
• Subsequent to the end of the Quarter, Focus has produced 23,127oz from Coolgardie and Laverton for the Month of July.