FOKUS TO REVISIT THE OPEN PIT SHELL POTENTIAL OF THE GP GOLD ZONE OF GALLOWAY

Rouyn-Noranda, Québec, Canada, May 8, 2024 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has awarded a contract to InnovExplo Inc. to:

1) Conduct a sensitivity analysis at today’s economical parameters for the NI43-101 open pit shell originally outlined by SRK Consultants in 2012 at a gold price of US $1,400. The estimate included 18.14 million tons of indicated resources at a grade of 0.41 G/T (equivalent to 240,000 ounces of gold) and 2.51 million tons of inferred resources at a grade of 0.39 G/T (equivalent to 32,000 ounces of gold).

2) Develop a new sensitivity model for the NI 43-101 compliant resource estimate published in March 2023 to reflect recent increases in the price of gold.

3) Obtain an accurate independent assessment of the necessary drill holes spacing in order to upgrade a portion of the resource to the ‘Indicated’ category.

Jean Rainville, CEO and President of Fokus, stated that the 2023 independent resource estimate only considered an underground bulk mining scenario. Given the current higher gold prices, Fokus believes it is necessary to reassess the open pit potential of the near surface gold mineralization of the GP Zone. “To expedite this process and save costs, we will use the drilling data from March 2023 to provide a preliminary estimate. Although operating costs are expected to be higher now than in 2012, we believe that the increased price of gold and the US/Canadian dollar exchange rate differential (1:1 in 2012 and now 1:1.37) should offset the additional expenses.” Fokus does not anticipate that a potential GP Zone near surface operation alone would warrant a large capital investment in a gold processing facility. However, we are exploring the option of a custom milling operation, given the GP Zone’s proximity to the 117 highway and railway. The preliminary findings suggest that the mineralization is not likely to result in acid mine drainage.

Jean Rainville stated, “When we made the decision to initially option and later acquire full ownership of the Galloway property, our plan was to eventually evaluate the possibility of beginning with a small pit at GP and then expanding underground to access the deeper and/or adjacent RB and Hendrick zones. However, we believed it was necessary to wait for improved gold prices before moving forward with this plan. And in the meantime, we concentrated on exploring other parts of the property that were already known to contain gold mineralization.”

As pointed out earlier, a reassessment of the March 2023 resource estimate at increased gold prices will be conducted to analyze the effects of various cut-off grades on the resource model.

Jean Rainville further stated: “Although additional 40 holes have been drilled in Galloway since the initial resource estimate in March 2023, it is deemed premature to revise the estimate at this time. Rather, the plan is on continuing drilling efforts to enhance the quality and quantity of the resource before revisiting the estimate. Therefore, the current model will be used to evaluate the implications of a higher gold price environment.”

Finally, as stated in the press release dated April 16, 2024, the Company has presented a proposed drill program for the GP and RB zones to stakeholders to secure necessary permits, with further refinement pending the establishment of drill spacing requirements. Jean Rainville mentioned: “A timetable has yet to be determined and priorities for the drill program have not been set, though there is a potential priority made on shallow holes in the GP.” 

Qualified Person

The scientific and technical disclosure for Fokus included in this news release have been reviewed and approved by Gilles Laverdière, P. Geo. Mr. Laverdière is a geologist and a qualified person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and a director of the Company.