Fokus Mining acquires Quebec mineral properties
Fokus Mining Corp. [TSXV: FKM; OTCQB: FKMCF] reported that it has entered into an asset purchase agreement (the APA) with Olympio Metals Limited [ASX: OLY] and local prospectors to acquire a 100% interest in the Dufay property located along the Cadillac-Larder Lake Fault between the Galloway Project and the Ontario border, Quebec.
Philippe MacKay, President and CEO of Fokus, stated: “This land consolidation represents a defining moment for Fokus. We now control one of the largest land packages between the town of Rouyn-Noranda and the Ontario border at nearly 16,000 hectares, positioned directly along the Cadillac-Larder Lake Fault, a structure that has produced over 100 million ounces of gold historically.
“Our strategic position along this prolific gold trend, provides us with optionality and multiple pathways to create value. With our newly approved Advanced Exploration Permit tripling our exploration area, we have significantly expanded our ability to grow the Galloway Project and make new discoveries across this prospective ground. This expanded land position also provides flexibility for future mine infrastructure development within an area that hosts approximately 10 million ounces of gold within a 15-km radius of Galloway. Our property benefits from exceptional infrastructure access, including an existing railway corridor, which provides significant logistical advantages for potential future development. Fokus is well-positioned to unlock the potential of this land package.”
The Dufay property totals 6,083 hectares across 115 exclusive exploration rights (i.e. formerly called mining claims), significantly increasing Fokus’ total land package to 15,988 hectares in the region and providing exploration upside adjacent to three gold systems, including Gold Candle’s Kerr-Addison project, the Agnico Eagle [TSX, NYSE: AEM] Wasamac project and Fokus’ flagship Galloway Project.
The Galloway Project hosts an NI 43-101 inferred mineral resource estimate of 1.42 million ounces of gold (41.20 million tonnes grading 1.07 g/t Au) at a gold price of US$1,750/oz which also includes a sensitivity analysis showing that, at a gold price of US$1,960/oz, the inferred mineral resource increases to 1.79 million ounces of gold (57.55 million tonnes grading 0.97 g/t Au).
The Dufay property represents a compelling, underexplored opportunity located immediately south of the world-class Cadillac-Larder Lake Fault Zone with multiple gold-copper showings. Despite hosting numerous historical chalcopyrite-rich quartz vein showings with strike lengths extending hundreds of meters, including the Chevrier workings mined in the late 1920s, the property has seen minimal recent exploration.
Additionally, Fokus has acquired several additional claims along the Ontario border totaling 459 hectares, collectively referred to as the Deep property. These claims are prospective, with historical drill holes intersecting similar mineralization styles (both flow and green carbonate mineralization) to the historic Kerr-Addison Mine.
Drill results include 5.76 g/t Au over 0.7 metres and 4.11 g/t Au over 1.7 metres (taken from digitized historical maps/reports by Golden Harker Explorations Ltd., Dasserat TWP., Project Compilation Map, dated April 1990. These historical values have not been verified by the company, and no assay certificates have been reviewed to confirm this information), demonstrating the potential of this newly consolidated land package.
Under the terms of the APA, Fokus acquired the property for total consideration of approximately $656,565 consisting of the payment of $56,565 in cash on closing of the transaction, and the issuance, upon the completion of certain conditions precedents, including the approval by TSX Venture Exchange of the transaction and the issuance and listing of such number of common shares in the capital of Fokus having an aggregate value of $600,000, determined based on the higher of the volume-weighted average trading price of the common shares of Fokus on the facilities of the TSXV for the five business days immediately preceding the closing of the Transaction which occurred on November 27, 2025 or) the maximum discounted price authorized by the TSXV.
Concurrently with the transaction, Fokus entered into an assumption agreement with respect to that certain option agreement entered into between the local prospectors and Olympio on November 18, 2024 with respect to the property, pursuant to which Fokus will assume all rights and obligations of the local prospectors under the Option Agreement and a termination agreement with Olympio pursuant to which Fokus will pay a consideration to Olympio by the issuance of common shares of Fokus, having a value of approximately $494,000, net of withholding tax, to terminate the Option Agreement. The issuance of the Termination Shares is subject to TSXV approval.
The completion of the transaction, including the issuance of the Consideration Shares and the Termination Shares is expected to occur by March 31, 2026. Both Fokus, Olympio and the local prospectors were dealing at arm’s length at the time the Transaction, and no finder’s fee or commission are payable in connection with the Transaction. The Transaction, the APA, the Assumption Agreement and the Termination Agreement are subject to regulatory approval, including that of the TSXV.
Fokus submitted an expanded permit application in mid-August 2025, upgrading its current Authorization for Impact Work from 353 hectares to 1,178 hectares. This expansion provides additional flexibility to advance the Galloway Project and pursue new targets across the property. Fokus intends to initiate the permitting process for Authorization for Impact Work on its newly acquired properties.
During the summer and fall, detailed geological mapping was completed to better define lithological units across the property. Additionally, mapping and prospecting was initiated to follow up on a 2012 VTEM Survey (Vantex Resources Ltd. and Geotech Ltd., 2012) where no known prior work had been carried out. Initial prospecting identified significant quartz/pyrite mineralization associated with the Priority 1 VTEM Anomaly.
Hole GA-25-96, tested a chargeability anomaly located adjacent to a magnetic inversion, approximately 125 meters down-dip from the known Moriss mineralization. The hole returned results of 3.46 g/t Au over 1.5 metres from 97.5 metres to 99.0 metres and 7.13 g/t Au over 1.0 metre from 107.0 metres to 108.0 metres.
Fokus Mining is focused on the acquisition and exploration of precious metal deposits in Québec’s Abitibi region. The company’s flagship Galloway Project is located approximately 20 km west of Rouyn-Noranda, immediately north of the Cadillac-Larder Lake Fault.
Fokus’ land package totals 15,988 hectares along the Cadillac-Larder Lake Fault and includes nine 100%-owned properties: Galloway, Cadillac Break, Lucky Break, Wasa Creek, Wasa East, Silidor, Stadacona-East, Deep and Dufay plus a 40% interest in the Capricorn property.