Fokus Mining Corporation announced the results of a sensitivity analysis of the gold price on the initial NI 43-101 Mineral Resource estimate ("MRI") for its 100%-owned Galloway gold project located in the Abitibi region of Quebec. Using the same model as for the initial NI 43-101 MRI at a gold price of USD 2,300 per ounce, and a cut-off grade of 0.70, inferred resources would be estimated at 2.71 million ounces of gold. As announced in the release of May 8th, 2024, Fokus commissioned InnovExplo to develop a new sensitivity model for the NI 43-101 compliant resource estimate published in March 2023.

In this regard, the results are very convincing and confirm the hypotheses that led Fokus to request this study. The impact of a higher gold price is very significant on the model used to produce the independent NI 43-101 mineral resource estimate, published on March 23, 2023. The gold price used, at that time, was an average at USD 1,750 per ounce and inferred resources were estimated at 1.4 million ounces of gold with a cut-off at 0.9g/tonne.

In addition, it is important to mention that 1) the study did not assess the potential of an open pit model; and 2) since the completion of the initial MRI, over 35 holes have been drilled in the westernmost part of Galloway with interesting gold results.