Interim report
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Page | 1 Focus Minerals Limited ABN 56 005 470 799 Interim Financial Report for the half year ended 30 June 2026
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Page | 2 Table of Contents Corporate Information ..................................................................................................................................... 3 Directors’ Report ............................................................................................................................................. 4 Auditor’s Independence Declaration ............................................................................................................. 8 Consolidated Statement of Profit or Loss and Other Comprehensive Income......................................... 9 Consolidated Statement of Financial Position ........................................................................................... 11 Consolidated Statement of Changes In Equity .......................................................................................... 12 Consolidated Statement of Cash Flows ...................................................................................................... 13 Notes to the Consolidated Interim Financial Report .................................................................................. 14 Directors’ Declaration ................................................................................................................................... 24 Independent Auditor’s Review Report ........................................................................................................ 25
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Page | 3 Corporate Information ABN 56 005 470 799 Directors Wanghong Yang Chairman – Executive Lingquan Kong Director – Executive Gerry Fahey Director – Independent Richard O’Shannassy Director – Independent Zhongshan Song Director – Non-Executive (Resigned 13 February 2026) Wenli Cui Director – Non-Executive (Appointed 30 March 2026) Company Secretary Nicholas Ong Registered and Head Office Level 5 8 St George’s Terrace East Perth WA 6000 PO Box 3233 East Perth WA 6892 Tel: +61 (0) 8 6218 0200 Share Registry Auditor Computershare Investor Services Pty Ltd RSM Australia Partners Level 17 Level 32 – Exchange Tower 221 St Georges Terrace 2 The Esplanade Perth WA 6000 Perth WA 6000 Banks Stock Exchange Listing National Australia Bank Australian Securities Exchange (ASX) 100 St Georges Terrace ASX Symbol: FML Perth WA 6000 Solicitors Bank of China Perth Branch HFW Australia Level 28 77 St Georges Terrace Level 15 Brookfield Place – Tower 2 Perth WA 6000 123 St Georges Terrace, Perth, WA 6000 Industrial and Commercial Bank of China Level 28, St Martins Tower 44 St Georges Terrace Perth WA 6000
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 4 Directors’ Report The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the ‘Group') consisting of Focus Minerals Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 30 June 2026. Directors Wanghong Yang Chairman – Executive Lingquan Kong Director – Executive Gerry Fahey Director – Independent Richard O’Shannassy Director – Independent Zhongshan Song Director – Non-Executive (Resigned 13 February 2026 Wenli Cui Director – Non-Executive (Appointed 30 March 2026) All directors held their position as a director throughout the entire period and up to the date of this report unless otherwise stated. Principal Activities The principal activities of the Group during the period were exploration, mine development, mine operations and ore processing in Western Australia. There were no significant changes to these activities during the period. Review of Operations Three Mile Hill Processing Plant Three Mile Hill plant processed a total of 705,386 tonnes of ore during the period, of which 644,842 tonnes were the Company’s own ore and 60,544 tonnes were toll treatment ore. Mill availability for this period was an average of 90% and production remained stable. Mill utilisation was above 93%. Processing recovery averaged 95% with an average head grade of 1.85g/t. Major plant maintenance works include the Product Screen changeout, new conveyor hard skirt system installed, and ROM bin remediation work, all completed to improve asset integrity and reliability. Gold sales for the period were approximately 30,997 ounces with an average price of A$6,768 per ounce. The Company has also sold approximately 6,282 ounces of silver credits. As of 30 Jun 2026, Focus Minerals has 6,577.409 oz of gold held in Perth Mint metal account. Open Pit Mining Open pit mining delivered ore from Alicia pit, CNX pit, and Dreadnought pit with a total of 481,723 tonnes of ore mined. During the period, Alicia pit was mined towards final pit with minor remnants to recover. Dreadnought pre-stripping has rapidly progressed, with ore production set to ramp up during H2 2026. A total of 9,812m of RC grade control drilling was completed in during the period. 1,675m of RC grade control drilling was completed at the south Dreadnought stockpile to define recoverable mineralisation. CNX Stage 1 open pit was regularised to 395mRL, providing improved efficiency with a larger pit floor. Initial stage 4,397m of RC grade control drilling was completed during the period. Initial stage 3,265m of RC grade control drilling was completed at the old CNX waste dump to define recoverable mineralisation. Underground Mining At Bonnie Vale Underground Mine, key infrastructure was delivered, including return air rises extended to 1190L, the escapeway extended to 1220L, and establishment of the 1210L pump station. Bonnie Vale Underground Mine progressed 3,145m of lateral development and produced 187,668 tonnes of ore.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 5 Resource Development Bonnie Vale Resource Development: 25 RC and RC pre-collars drilled at Bonnie Vale for 7,401m. 1 diamond hole from surface drilled at Bonnie Vale for 360.4m. 23 diamond tails for 7,906m drilled at Bonnie Vale. Further drilling is scheduled to commence in September 2026. The Greenlight and Patricia Jean deposits are targeted area within the Coolgardie Gold Project for future development planning purposes. The Company will focus on grade control drilling and resource definition to progress the deposits within this area towards production ready. Greenlight Resource Development Drilling: 114 RC holes for 8,998m drilled at Greenlight. Diamond geotechnical drilling is underway, targeting completion in September 2026. Mineral resource estimate is pending. Patricia Jean: 10 diamond holes from surface for 1,404m. 85 RC holes for 5,895m. Mineral resource estimate is pending.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 6 Corporate For the 6-month period ended 30 June 2026, the Group generated a profit after tax of $85.82 million (30 June 2025: $221.40 million, which includes a gain on disposal of the Laverton Gold Project of $207 million). As at 30 June 2026, the Group has net assets of $453.89 million (31 December 2025: $368.08 million), a cash balance of $122.15 million (31 December 2025: $129.81 million) and short-term deposits maturing within 12 months of $94.90 million (31 December 2025: $29.89 million). Risk Management Focus is exposed to a number of financial risks. The key risks that may adversely affect Focus’ financial assets, liabilities or future cash flows are as follows: a) Commodity and other price risks All of Focus’ gold production is sold to the Perth Mint. The market price of gold is a key driver of Focus’ capacity to generate cash flow. Focus is currently an unhedged gold producer, providing shareholders with exposure to changes in the market price of gold. Focus may consider partially hedging its gold production in the future. b) Foreign currency risk As of June 2026, Focus had no liabilities exposed to foreign currency risk. c) Interest rate risk Focus’ exposure to interest rate risk primarily arises from debt obligations carrying floating interest rates. As of June 2026, Focus had no outstanding debts and consequently, no significant exposure to interest rate risk arising from borrowings. Focus also holds funds in bank accounts and term deposits that generate interest income and therefore exposed to changes in market interest rates. As of June 2026, Focus had approximately $94 million in Term Deposit with maturities of more than three months. Auditor’s Independence Declaration The declaration required under Section 307C of the Corporations Act 2001 is set out on Page 8.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 7 Significant changes in the state of affairs There were no significant changes in the state of affairs of the consolidated entity during the financial half-year. Rounding of Amounts The Company is of a kind referred to in Corporations Instrument 2026/183 , issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. This report is made in accordance with a resolution of directors, pursuant to section 306(3)(a) of the Corporations Act 2001. On behalf of the directors Wanghong Yang Chairman of the Board 10 September 2026 Perth, Western Australia
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au AUDITOR’S INDEPENDENCE DECLARATION As lead auditor for the review of the financial report of Focus Minerals Limited for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and (ii) any applicable code of professional conduct in relation to the review. RSM AUSTRALIA Perth, WA ALASDAIR WHYTE Dated: 10 September 2026 Partner
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 9 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 JUNE 2026 Consolidated Notes 6 months to 6 months to 30 June 30 June 2026 2025 $’000 $’000 Revenue from Contracts with Customers 3 256,373 77,732 Interest income 5,121 626 Other income 4 6 6,057 Expense Mining (63,653) (22,714) Processing (22,386) (21,656) Site services (1,984) (758) Government and Other Royalty Expenses (7,502) (1,498) Changes in Inventories 4,370 3,073 Depreciation and Amortisation Expenses 3 (28,896) (5,569) Finance Costs 3 (471) (4,349) Employee Expenses (20,715) (12,908) Corporate and Other Expenses 3 (1,941) (5,502) Profit/(loss) before income tax benefit from continuing operations for the period 118,322 12,534 Income tax benefit/(expense) 12 (32,505) 1,691 Profit/(loss) after income tax expense from continuing operations 85,817 14,225 Profit/(loss) after income tax expense from discontinued operations 10(b) - 207,173 Profit/(loss) after income tax for the period 85,817 221,398 Other comprehensive income for the period, net of tax - - Total comprehensive income / (loss) for the period 85,817 221,398 Total comprehensive profit /(loss) for the period is attributed to: Continuing operations 85,817 14,225 Discontinued operations - 207,173 Owners of Focus Minerals Limited 85,817 221,398
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 10 Earnings per share for profit from continuing operations attributable to the owners of Focus Minerals Limited Basic profit/(loss) per share (cents per share) 29.95 4.96 Diluted profit/(loss) per share (cents per share) 29.95 4.96 Earnings per share for profit from discontinued operations attributable to the owners of Focus Minerals Limited Basic profit/(loss) per share (cents per share) - 72.30 Diluted profit/(loss) per share (cents per share) - 72.30 Earnings per share attributable to the owners of Focus Minerals Limited Basic profit/(loss) per share (cents per share) 29.95 77.26 Diluted profit/(loss) per share (cents per share) 29.95 77.26 The accompanying notes form part of these financial statements.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 11 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Consolidated 30 June 31 December Notes 2026 $’000 2025 $’000 Assets Current Assets Cash and cash equivalents 122,151 129,812 Other Financial Assets 94,900 29,889 Trade, Other Receivables and Prepayment 13 72,026 17,848 Inventories 22,497 17,239 Total Current Assets 311,574 194,788 Non-Current Assets Other Financial Assets 5,823 6,632 Property, Plant and Equipment 5 87,721 84,971 Right-of-use assets 2,534 4,314 Mine properties 6 107,646 110,765 Exploration and evaluation assets 7 43,515 41,257 Total Non-Current Assets 247,239 247,939 Total Assets 558,813 442,727 Liabilities Current Liabilities Trade and other payables 28,150 28,397 Provisions 2,132 1,829 Income Tax Payable 12 40,775 14,750 Lease liabilities 1,127 2,694 Total Current Liabilities 72,182 47,670 Non-Current Liabilities Trade and other payables 419 1,256 Provisions 24,421 23,945 Lease liabilities 1,419 1,781 Deferred tax liabilities 12 6,480 - Total Non-Current Liabilities 32,739 26,982 Total Liabilities 104,921 74,652 Net Assets 453,892 368,075 Equity Issued capital 8 453,119 453,119 Reserves - - Accumulated profit/(losses) 773 (85,044) Total Equity 453,892 368,075 The accompanying notes form part of these financial statements
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2026 Issued Capital Accumulated Losses Reserves Total $’000 $’000 $’000 $’000 Balance at 1 January 2025 453,119 (350,315) (7,178) 95,626 Profit after income tax for the period - 221,398 - 221,398 Other comprehensive income - - - - Total comprehensive income for the period - 221,398 - 221,398 Balance as at 30 June 2025 453,119 (128,917) (7,178) 317,024 Balance at 1 January 2026 453,119 (85,044) - 368,075 Profit after income tax for the period - 85,817 - 85,817 Other comprehensive income - - - - Total comprehensive income for the period - 85,817 - 85,817 Balance as at 30 June 2026 453,119 773 - 453,892 The accompanying notes form part of these financial statements.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 13 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 JUNE 2026 Consolidated 6 months to 6 months to 30 June 30 June 2026 2025 ’$000 ’$000 Cash Flows from Operating Activities Receipt from Customers (Including GST) 214,331 74,499 Payments to Suppliers and Employees (Including GST) (124,334) (68,364) Royalties Paid (7,502) (1,498) Interest Received 5,121 743 Finance Costs (177) (11,552) Net Cash Inflow/ (Outflow) from Operating Activities 87,439 (6,172) Cash Flows from Investing Activities Proceeds from Sale of Non-Current Assets 8 - Acquisition of Plant and Equipment (11,166) (8,531) (Increase)/Decrease in Security Deposit (100) 3 Increase in Term Deposits (64,102) - Payments for Development Activities (15,751) (23,617) Exploration Expenditure (2,257) (2,531) Proceeds from sale of subsidiary - 250,000 Net Cash (Outflow)/Inflow from Investing Activities (93,368) 215,324 Cash Flows from Financing Activities Proceeds from Borrowings - 15,924 Repayment of Borrowings - (165,007) Repayment of Lease Liabilities (1,732) (2,383) Net Cash Outflow from Financing Activities (1,732) (151,466) Net (Decrease)/Increase in Cash and Cash Equivalents (7,661) 57,686 Cash and Cash Equivalents at the Beginning of the Period 129,812 16,500 Cash and Cash Equivalents at the End of the Period 122,151 74,186 The accompanying notes form part of these financial statements.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 14 Notes to the Consolidated Interim Financial Report Note 1: Material Accounting Policy Information These general-purpose financial statements of Focus Minerals Limited (the “Company”), together with its controlled entity (the “Group”) for the interim half-year reporting period ended 30 June 2026 have been prepared in accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’. These general-purpose financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, these financial statements are to be read in conjunction with the Annual Report for the year ended 31 December 2025 and any public announcements made by Focus Minerals Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The accounting policies adopted are consistent with those of previous financial year and corresponding interim reporting period, unless otherwise noted below. (a) New or amended Accounting Standards and Interpretations adopted The Group has adopted all the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (“AASB”) that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. (b) Going Concern The financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 15 Note 2: Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. This operating segment is based on the internal reports that are reviewed and used by the Executive Chairman (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. All of Focus Minerals Limited’s subsidiaries are wholly owned. The Group has one reportable segment, as described below. The Executive Chairman (who is identified as the Chief Operating Decision Maker, ‘CODM’) reviews EBITDA (earnings before interest, tax, depreciation and amortisation) and internal management reports on each of these business units on a monthly basis. Segment financial Information for the six months ended 30 June 2026 is presented below: 6 months to 30 June 6 months to 30 June 6 months to 30 June 2026 2026 2026 Coolgardie Corporate Consolidated $’000 $’000 $’000 Revenue from continuing operations 256,373 - 256,373 Interest revenue 139 4,982 5,121 Other income 6 - 6 Total 256,518 4,982 261,500 EBITDA 146,021 (3,453) 142,568 Interest revenue 5,121 Depreciation and amortisation expenses (28,896) Finance costs (471) Profit before income tax expense 118,322 Income tax expense (32,505) Profit after income tax expense from continuing operations 85,817 Profit after income tax expense from discontinued operations - Total comprehensive income for the period 85,817 30 June 30 June 30 June 2026 2026 2026 Coolgardie Corporate Consolidated $’000 $’000 $’000 Current Assets 101,338 210,236 311,574 Non-Current Assets 242,681 129,210 371,891 Intersegment eliminations (124,652) TOTAL ASSETS 558,813 Current Liabilities (29,160) (43,022) (72,182) Non-Current Liabilities (149,826) (7,565) (157,391) Intersegment eliminations 124,652 TOTAL LIABILITIES (104,921) NET ASSETS 453,892
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 16 Segment financial Information for the six months ended 30 June 2025 is presented below: 6 months to 30 June 6 months to 30 June 6 months to 30 June 2025 2025 2025 Coolgardie Corporate Consolidated $’000 $’000 $’000 Revenue from continuing operations 77,732 - 77,732 Interest revenue 106 520 626 Other income 1 6,056 6,057 Total 77,839 6,576 84,415 EBITDA 22,942 (1,116) 21,826 Interest revenue 626 Depreciation and amortisation expenses (5,569) Finance costs (4,349) Profit before income tax expense 12,534 Income tax benefit 1,691 Profit after income tax benefit from continuing operations 14,225 Profit after income tax expense from discontinued operations 207,173 Total comprehensive income for the period 221,398 30 June 30 June 30 June 2025 2025 2025 Coolgardie Corporate Consolidated $’000 $’000 $’000 Current Assets 36,386 70,153 106,539 Non-Current Assets 258,934 274,440 533,374 Intersegment eliminations (267,235) TOTAL ASSETS 372,678 Current Liabilities (29,541) (2,268) (31,809) Non-Current Liabilities (290,069) (1,011) (291,080) Intersegment eliminations 267,235 TOTAL LIABILITIES (55,654) NET ASSETS 317,024
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 17 Note 3: Revenues and Expenses Consolidated 30 Jun 2026 $’000 30 Jun 2025 $’000 (a) Revenue from continuing operation Gold sales *** 252,197 56,889 Silver sales *** 725 53 Toll treatment *** 3,451 20,790 Total revenue from contracts with customers 256,373 77,732 *** All revenue is derived in Australia and recognised at a point in time. Expenses Depreciation and amortisation expenses Depreciation – plant and equipment 8,441 3,211 Depreciation – right-of-use assets 1,585 2,358 Amortisation – mine development 18,870 - Total depreciation and amortisation expenses 28,896 5,569 Finance expenses Interest provision – asset retirement obligation 295 211 Interest expense paid/payable on lease liabilities 135 270 Interest expense paid/payable on long-term borrowings - 3,632 Other finance costs 41 236 Total finance expenses 471 4,349 Corporate and other expenses Professional services and consulting fees 738 4,038 Short-term lease payments 29 44 Net foreign exchange loss - - Other corporate expense 1,174 1,420 Total corporate and other expenses 1,941 5,502 Note 4: Other income Consolidated 30 Jun 2026 $’000 30 Jun 2025 $’000 Sundry income 6 6 Realised/Unrealised Foreign Exchange Gains - 6,051 Other income 6 6,057
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 18 Note 5: Property, Plant and Equipment Consolidated As at 30 June As at 31 December 2026 $’000 2025 $’000 Property, plant and equipment - at cost: 152,209 141,022 Accumulated depreciation and impairment (64,488) (56,051) 87,721 84,971 Reconciliation Note 6: Mine Properties Consolidated As at 30 June As at 31 December 2026 $’000 2025 $’000 Mine properties assets – at cost: 107,646 110,765 Movement Summary: Mine properties includes aggregate expenditure in relation to mine construction, mine development, exploration and evaluation expenditure where a development decision has been made and acquired mineral interests. Expenditure includes direct cost of construction, drilling costs and removal of overburden to gain access to the ore and an appropriate allocation of attributable overheads. Mine development costs are amortised on a units-of-productions basis over the life of mine to which they relate. Carrying amount at the beginning of the period 84,971 89,237 Additions 11,193 7,764 Disposals (2) (540) Depreciation expense (8,441) (11,490) Carrying amount at the end of the period 87,721 84,971 Carrying amount at the beginning of the period 110,765 64,016 Add – Expenditure capitalised 15,751 62,237 Add – Exploration asset transferred to Mine Development 8,956 Changes in Rehabilitation Provision Estimates - 6,424 Less – Amortisation (18,870) (30,868) Carrying amount at the end of the period 107,646 110,765
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 19 Note 7: Exploration and Evaluation Assets Consolidated As at 30 June As at 31 December 2026 $’000 2025 $’000 Exploration and evaluation expenditure at cost: 43,515 41,257 Movement Summary: The value of the Group’s interest in exploration expenditure is dependent upon: - the continuance of the Group’s rights to tenure of the areas of interest; - the results of future exploration; - the recoupment of costs through successful development and exploitation of the areas of interest, or alternatively, by their sale; and - no significant changes in laws and regulations that greatly impact the Group’s ability to maintain tenure. Note 8: Issued Capital and Reserves Authorised Capital The Group does not have an Authorised Capital and there is no par value for ordinary shares. (a) Ordinary Shares As at 30 June 2026 As at 31 December 2025 No. of shares $’000 No. of shares $’000 Issued capital 286,558,645 453,119 286,558,645 453,119 Share Issue Details There were no shares issued during the half year period (6 months ended 30 June 2025: Nil). Voting Entitlements At each shareholder’s meeting each ordinary share is entitled to one vote on the calling of a poll, otherwise each shareholder is entitled to one vote on a show of hands. (b) Dividends On 10 September 2026 the directors declared a maiden fully franked final dividend for the year ending 31 December 2025 of 8 cents per ordinary share to be paid on 1 October 2026, a total estimated distribution of $22,924,692 based on the number of ordinary shares on issue as at 30 June 2026. (6 months ending 30 June 2025: Nil). The financial effect of dividends declared after the reporting date are not reflected in the 30 June 2026 financial statements and will be recognised in subsequent financial reports. Carrying amount at the beginning of the period 41,257 126,002 Add – Exploration expenditure 2,258 4,601 Less – write-off of tenements allowed to lapse, dropped or sold - (1,256) Less – Exploration asset transferred to Mine Development - (8,956) Less – Exploration asset impairment - (17,455) Less - Disposal of Laverton Project (Note 10) - (61,679) Carrying amount at the end of the period 43,515 41,257
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 20 Note 9: Contingencies There have been no changes to contingent liabilities or assets for the period ended 30 June 2026. Note 10: Discontinued Operations （a）Background On 4 June 2025, the Group sold Focus Minerals (Laverton) Pty Ltd, a subsidiary of Focus Minerals Limited, for consideration of $250,000,000, resulting in a gain on sale after income tax of $207,154,000. (b) Financial performance and cash flow information The financial performance and cash flow information presented reflects the operations for the half year ended 30 June 2025 and subsequent adjustments to the contingent consideration receivable. 6 months to 30 Jun 2025 $'000 Interest revenue 116 Expenses (97) Profit/(loss) before income tax expense 19 Income tax expense - Profit/(loss) after income tax expense 19 Gain on disposal before income tax 207,154 Income tax expense - Profit on disposal after income tax expense 207,154 Profit after income tax expense from discontinued operations 207,173 Net cash inflow/(outflow) from ordinary activities 19 Net cash inflow from sale of Laverton as investing activities 250,000 Net increase/(decrease) in cash generated by the discontinued operations 250,019 Carrying amounts of assets and liabilities disposed As at 4 June 2025 $'000 Other current assets 21 Property, plant and equipment 7 Other non-current assets 61,679 Total assets 61,707 Provisions (18,861) Total liabilities (18,861) Net assets 42,846
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 21 (c) Details of the sale of the subsidiary 30 Jun 2025 $'000 Total sale consideration 250,000 Carrying amount of net assets disposed (42,846) Gain on disposal before income tax 207,154 Gain on disposal after income tax 207,154 Note 11: Subsequent events Apart from the dividend declared as disclosed in note 8, no other matter or circumstance has arisen since 30 June 2026 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 22 Note 12: Income tax expense Consolidated 30 Jun 2026 $’000 30 Jun 2025 $’000 Income tax expense Current tax 30,746 - Deferred tax – Origination and reversal of temporary differences 6,480 (1,691) Adjustment recognised for prior periods (4,721) - Aggregate income tax expense/(benefit) 32,505 (1,691) Accounting profit/(loss) before tax (continuing operations) 118,322 12,534 Accounting profit/(loss) before tax (discontinued operations) - 207,173 Total 118,322 219,707 Tax at the statutory income tax rate of 30% (2025: 30%) 35,497 65,912 Tax effect of amount which are not deductible/(taxable) in calculating taxable income: Non-deductible/ (Other deductible) expense (389) 300 Gain on sale of subsidiary - 11,743 Deferred tax liabilities/(assets) relating to temporary differences now brought to account 6,480 (3,592) Previously unrecognised tax losses now brought into account (4,362) (76,054) Adjustment recognised for prior periods (4,721) - Income tax expense/(benefit) recognised in profit or loss 32,505 (1,691) Deferred tax balances A net deferred tax balance has been recognised in respect to the following items. Consolidated 30-Jun 31-Dec 2026 2025 $'000 $'000 Deferred Tax Assets Property, plant and equipment - 248 Trade and other payables - 102 Accruals 7,459 6,683 Provisions (Current) 640 549 Lease liability (Current) 349 782 Provisions (Non-current) 225 171 Provisions for rehabilitation 7,101 7,013 Lease liability (Non-current) 407 531 Other deductible expenditure 72 82 Tax Losses 5,612 69,719 Deferred Tax Assets Total 21,865 85,880 Deferred Tax Asset on Tax Losses Recognised 21,865 21,819 Deferred Tax Asset on Tax Losses Unrecognised 5,482 64,061
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 23 Deferred Tax Liabilities Prepayments (65) (191) Inventories (1,938) (1,671) Property, plant and equipment (2,114) - Mine properties (10,414) (6,285) Exploration and evaluation assets (13,054) (12,377) ROU Assets (760) (1,295) Deferred Tax Liabilities Total (28,345) (21,819) Deferred Tax Liabilities Recognised (28,345) (21,819) Deferred Tax Liabilities Unrecognised - - Deferred Tax Asset /(Liabilities) Recognised Deferred Tax Asset 21,865 21,819 Deferred Tax Liabilities (28,345) (21,819) Net Deferred Tax Asset / (Liabilities) Recognised (6,480) - Note 13: Trade, Other Receivables and Prepayment Consolidated 30 June 31 December 2026 $’000 2025 $’000 Gold Sales Receivable 44,634 2,240 Goods and Services Tax Receivable 2,653 2,289 Prepayments 22,854 12,343 Other receivables 1,885 976 72,026 17,848
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Focus Minerals Ltd – Financial Report for the half year ended 30 June 2026 Page | 24 Directors’ Declaration The directors of the Company declare that: 1. The financial statements and notes are in accordance with the Corporations Act 2001, including: a. Complying with Australian Accounting Standards AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements; and b. Giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date. 2. In the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors in accordance with section 303(5)(a) of the Corporations Act 2001. Wanghong Yang Chairman of the Board 10 September 2026 Perth, WA
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RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation RSM Australia Partners Level 32 Exchange Tower, 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844 T +61 (0) 8 9261 9100 www.rsm.com.au INDEPENDENT AUDITOR’S REVIEW REPORT To the Members of Focus Minerals Limited Report on the Half-Year Financial Report Conclusion We have reviewed the accompanying half -year financial report of Focus Minerals Limited, which comprises the consolidated statement of financial position as at 30 June 202 6, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, notes comprising material accounting policy information and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half -year financial report of Focus Minerals Limited is not in accordance with the Corporations Act 2001 including: (a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 202 6 and of its performance for the half-year ended on that date; and (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001. Basis for Conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity . Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of Focus Minerals Limited, would be in the same terms if given to the directors as at the time of this auditor’s review report.
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Directors' Responsibility for the Half-Year Financial Report The directors of Focus Minerals Limited are responsible for the preparation of the half -year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility for the Review of the Financial Report Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the half -year financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 30 June 202 6 and its performance for the half -year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conduct ed in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. RSM AUSTRALIA Perth, WA ALASDAIR WHYTE Dated: 10 September 2026 Partner