Focus Minerals Ltd.

Published : September 28th, 2012

FY12 Full Year Results

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FULL-YEAR GROSS PROFIT DOUBLES AFTER LAVERTON OPERATIONS TURN TO PROFIT; GOLD PRODUCTION RISES
Highlights
-       Gross Profit doubles to $55.6M (FY11: $27.7M)
-       Revenue increases 151% to record $258.3M (FY11: $102.8M)
-       Gold production up 143% to 176,632oz (FY11: 72,830oz)
-       Sustainable cost savings in place at Coolgardie and Laverton operations
-       Laverton turns to profit in 9 months since acquisition
-       New leadership team put in place to drive ongoing growth
-       10-year Life of Mine Plan developed for group operations

Focus Minerals Ltd. (ASX: FML), a leading gold producer and explorer with operations in the Eastern Goldfields region of Western Australia, is pleased to announce a doubling of full-year Gross Profit to $55.6 million, up from $27.7 million in the previous corresponding period, as the company benefited from turning around the performance of its recently acquired Laverton gold operations.

The group�s Laverton operations, which comprise large scale open pit mining operations, was acquired by Focus in October 2011 after the all-scrip takeover of Crescent Gold. Focus then injected $17 million of its own cash to open up three new operating areas at Laverton, boosting production to more than 500,000t per quarter from 200,000t per quarter.

The Laverton operations posted a net profit of $3.8 million in the nine month period since being acquired by Focus, turning from a loss of $51 million in FY2011. Since taking control, Focus has reduced operating costs by 23% at Laverton to $1,203/oz from $1,554/oz.

�We�ve managed to turnaround the Laverton operations in a short time frame,� said Focus CEO Campbell Baird. Laverton produced 49,092oz in the second half of FY2012. The strong production rate resulted from higher feed grade (up 5% to 1.89g/t) and improved mine planning.

Laverton operations helped drive Focus� full-year gold output 143% higher to 176,632oz at a cash cost of $1,222/oz.

Full-year revenue increased to $258.3 million, up from $102.8 million a year earlier. Net profit after tax was $6.8 million, down from $7.6 million in FY2011, reflecting increased levels of mine development across Coolgardie and Laverton.

�We�ve had to invest heavily in the business both at the newly acquired Laverton operations and in Coolgardie where we have developed two new mines during the year.  The goal has been to achieve a scale of production where we can leverage our margin to the gold price going forward,� Mr Baird said.
 
Focus� Coolgardie operation produced 89,959oz at a cash cost of $1,194/oz in FY2012.  On a like-for-like basis in the June Quarter, gold production in Coolgardie increased 37%.

During the year, Focus ramped up two new production centres at Coolgardie: the Tindals Open Pits and The Mount underground. Focus is currently starting its new Greenfields open pit centre, which will provide the base load for the group�s Three Mile Hill processing plant for the next two years. Greenfields has a reserve of 1.0Mt at 1.7g/t.

Consolidated Results Summary FY2012 FY2011 % Change
Gold produced 176,632oz 72,830oz 143%
Revenue $258.3M $102.8M 151%
EBITDA $39.6M $22.7M 74%
Normalised NPAT $10.4M $6.2M 37%
Non recurring costs � Takeover costs $(3.5)M - -
Net Profit After Tax (NPAT) $6.8M $7.6M (10)%
Net Operating cash flow $56.0 $30.8M 81%

The Focus Group has developed a new 10-year Life of Mine plan which is based purely on the existing 4.3Mozi Mineral Resource base across Coolgardie and Laverton. 

�The life of mine plan demonstrates our ability to sustain current production over 10 years and there is further demonstrable upside on exploration success,� said Mr Baird. 

Circa $225M Placement to Shandong Gold
Subsequent to the end of FY2012, Focus Minerals announced, that it has entered in to 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 circa $225 million (see ASX release dated September 20, 2012). The Board is recommending the Placement in the absence of a superior proposal and subject to an independent expert opining that the terms of the Placement are reasonable
 
The investment by Shandong Gold will enable Focus to pursue organic and non-organic growth opportunities, and represents the start of a long-term, mutually beneficial relationship which will allow Focus to unlock the potential of its large tenement holdings.  Only 4% of Focus� significant land holdings have so far been explored.

Focus� large landholding in the two major gold precincts of Coolgardie and Laverton provide the potential for the Company to significantly grow its resource base through targeted exploration. �To capitalise on this opportunity for shareholders we clearly need capital to expand reserves and develop more resources hence the strategic placement opportunity we are putting before shareholders,� said Mr Baird.

Primary areas of exploration focus for the group will be Laverton and Burtville, the Greater Coolgardie area and the Treasure Island Gold Project on the Boulder-Lefroy Fault.  Mr Baird said the group�s focus in FY2013 will be to deliver consistent and reducing cash costs with attention to operational improvements and efficiencies and stable production from existing mining centres.  More specifically, the Company will develop the low strip ratio Burtville mining centre at Laverton to create a third major project area and transition the Coolgardie base load from the Tindals Underground mine to the Greenfields open cut.
 
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Focus Minerals Ltd � PO Box Z5422 � Perth, Western Australia 6831
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Focus Minerals Ltd.

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CODE : FML.AX
ISIN : AU000000FML4
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Focus Min. is a gold development stage company based in Australia.

Focus Min. holds various exploration projects in Australia.

Its main assets in production are COOLGARDIE, MOUNT GOLD and TINDALS MINING CENTRE in Australia and its main exploration properties are NEPEAN MINE, MOUNT (REDEMPTION JV), LAKE COWAN and TREASURE ISLAND in Australia.

Focus Min. is listed in Australia and in Germany. Its market capitalisation is AU$ 53.0 millions as of today (US$ 37.7 millions, € 33.2 millions).

Its stock quote reached its highest recent level on March 05, 2004 at AU$ 9.75, and its lowest recent point on March 13, 2020 at AU$ 0.15.

Focus Min. has 182 750 000 shares outstanding.

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Annual reports of Focus Minerals Ltd.
FY12 Annual Report & September Quarterly Report
Nominations of Focus Minerals Ltd.
7/5/2011Crescent Directors Accept the Focus Offer
4/20/2011Appoints two new directors to board
1/14/2009Appointment of Chief Operating Officer
3/4/2008 Appoints Mining Contractor, Signs Toll Treatment Agreement ...
Project news of Focus Minerals Ltd.
7/11/2011June Gold Production up 34%
6/8/2011Open Briefing: CEO on Production Ramp-Up and Outlook
5/23/2011(Tindals Mining Centre)Commences production at Tindals open pits
4/19/2011(Tindals Mining Centre)Commences development of three new open pits at Tindals Mini...
3/17/2011(Mount Gold)Production set for significant boost as mining starts at The...
3/4/2011(Treasure Island)Focus acquires remaining stake in Treasure Island gold proje...
3/1/2011(Tindals Mining Centre)High-grade results point to more open pit resources at Tinda...
2/10/2011(Tindals Mining Centre)Resources upgrade and bumper drilling results highlight stro...
1/24/2011(Coolgardie)High-grade intercepts at Big Blow strengthen Tindals open pi...
1/12/2011(Coolgardie)Hits target with production of 21,000oz in December quarter
6/15/2010Acquires High-Grade Gold-Copper Project in WA
9/7/2009(Mount (redemption Jv))Poised to Become Significant Mid-Tier Gold Producer After Se...
9/7/2009(Mount (redemption Jv))Commencement of Mining at The Mount
8/11/2009(Tindals Mining Centre)High Grade Intercepts at Tindals Mining Centre
8/11/2009(Tindals Mining Centre)Exploration Drilling Delivers Further High-Grade Gold Interc...
2/12/2009(Coolgardie)80% Increase in Gold Resources at Brilliant Deposit, Coolgar...
5/28/2008Commencement of Nepean Drilling Programme to Underpin Ongoin...
4/29/2008(Coolgardie)Delivers Maiden Gold Pour at Coolgardie Project, Western Aus...
4/3/2008(Perseverance) Upgraded Gold Reserves at Perseverance Gold Deposit Boosts ...
4/2/2008(Nepean Mine)Outstanding High-Grade Nickel Intercepts Enhance Nepean Proj...
3/26/2008(Coolgardie)Substantial Resource Upgrade for Countess Gold Deposit, Cool...
3/7/2008(Coolgardie)unveils $64m Strategy to Buyout Cooolgardie Gold JV
2/19/2008(Coolgardie)Further Resource Upgrade for High-Grade Perseverance Gold De...
Corporate news of Focus Minerals Ltd.
6/9/20162015 Annual Report
4/29/2016March Quarterly Activities and Cashflow Report
4/29/2016Coolgardie and Laverton Exploration Update
4/18/20162015 Annual Report
3/31/20162015 Full Year Financial Accounts
1/29/2016December 2015 Quarterly Activities and Cashflow Report
1/27/2016More Evidence of Significant System at Karridale
11/17/2015Maiden High Grade Resource For Bonnie Vale
10/29/2015September 2015 Quarterly Activities and Cashflow Report
10/16/2015Bonnie Vale Resource Modelling Commences
8/25/2015Correction to Quarterly Activities and Cashflow Report
7/29/2015June 2015 Quarterly Activities and Cashflow Report
7/24/2015Coolgardie Exploration Update: Bonnie Vale Continues to Deli...
4/13/2015Laverton Exploration Update
3/31/2015Focus Minerals Limited – Financial Report YE 2014
2/11/2015Coolgardie Exploration Update
2/11/2015Focus Minerals Ltd December 2014 Quarterly
12/4/2013Director Retirement
12/4/2013AGM Address
2/5/2013Management Change
1/31/2013December Quarterly Report
9/28/2012FY12 Full Year Results
8/7/2012Diggers & Dealers Presentation
10/13/2011Crescent Gold Board Changes
9/1/2011Launches iPad App on the Apple iTunes Store
8/3/2011Relevant Interest Over 50% in Crescent
6/29/2011and Crescent Release Their Bidder's and Target's Statements
6/20/2011Takeover of Crescent Gold by Focus Minerals
4/14/2011On track to accelerate growth plans after completing $7m SPP...
2/7/2011To report 28% rise in interim profit to $6.2M
1/31/2011December 2010 Quarterly Report
8/24/2010Profit Guidance - Record full year net profit
7/29/2010June 2010 Quarterly Activities Report
7/29/2010Quarterly Report for the Period Ending 30 June 2010
7/16/2010Outstanding Copper Grades from Sampling at Treasure Island
7/7/2010On Track to Produce 80,000oz for Calendar Year 2010 - Over 4...
6/3/201080% Increase in Gold Resources at Cyanide Deposit
4/30/2010March 2010 Quarterly
4/30/2010Activities Report For The Quarter Ended 31 March 2010
3/4/2010Delivers First Half A$4.9m Interim Net Profit
1/28/2010Activities Report For The Quarter Ended 31 December 2009
1/27/2010Signs Deal with La Mancha
11/26/2009Market Update
11/9/2009Record Milling Campaign Delivers Gold Production of ~ 21,900...
10/27/2009September Activities Report
10/19/2009Audio Presentation to the Australian Gold Conference
9/17/2009 (Audio) Focus Announces Maiden 2009 Year Net Profit - Mr Ca...
9/9/2009(Audio) Emerging Mid-Tier Gold Producer Steps Closer to Prod...
8/12/2009Signs Mill Treatment Exclusivity Agreement with Matsa Resour...
7/29/2009(Audio) Board Room Radio Broadcast
7/23/2009June Quarterly Activities Report
6/30/2009Delivers Record Gold Production of 19,226oz From Recent Mill...
2/24/2009Landmark A$28M Capital Raising To Fund Aggressive Growth Str...
1/23/2009 Activities Report for the Quarter Ended 31 December 2008
12/1/2008(Tindals Mining Centre)69% Increase in Probable Ore Reserves at Tindals Mining Cent...
11/26/2008Chairman's Supplementary Statement - AGM 25th November 2008
7/29/2008June Quarterly Report
5/1/2008Completes Settlement of JV Acquisition
5/1/2008Quarterly Activities Report
3/11/2008Completes $14M Placement, Announces Details of Share Purchas...
1/31/2008December 2007 Quarterly Activities Report
1/31/2008Enters into Exclusivity Agreement to Negotiate the Proposed ...
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