Focus Xplore plc has started to review its existing interests and evaluate a “range of new exploration opportunities”.
FINANCES
The company’s current exploration portfolio covers uranium, lithium and selected rare earth elements (magnet metals) in Ontario, Canada.
The review follows last month’s board resignations and appointments, while the company expects to appoint an additional director.
Focus said that, following the board changes, the £75,000 convertible loan note from 9 March has become unconditional and the funds are expected “imminently”.
The company aims to minimise its cash burn by restricting the aggregate salaries of the new directors to no more than £60,000.
They will accrue until Focus’ finances are on a “firmer footing”.
Former chief executive officer Patrick Cullen has also agreed to waive his accrued fees and receive an ex-gratia payment of €11,695 and £5,500 of shares.
Newly appointed independent non-executive chairman Antony Legge, executive director David Russell and non-executive director Neil Slade will each receive 10,000 warrants.
“On behalf of the new board, I would like to thank Patrick Cullen for his dedication and support during this period of transition,” said Mr Legge.
“His efforts have ensured a smooth handover, and we wish him well.
“The new board is united in its commitment to rebuilding shareholder value.
“Our immediate priorities are to complete the review of existing interests and to progress new opportunities whilst carefully managing the company’s limited financial resources.”
31 EXPLORE
Focus previously held assets in the nickel-lithium Haneti project in Tanzania under its previous name of Katoro Gold plc, with partner Power Metal Resources plc.
The companies exited Tanzania in March 2025 due to the high levels of expenditure needed.
Katoro acquired Darlington-based 31 Explore Ltd, before changing its name to Focus Xplore, which held 612 operational cell claims across 12,792 hectares (127.92km2).
31 Explore co-founder and also Power Metal’s chief operating officer, James Tosh, stepped down last month as a Focus non-executive director.