Focus Minerals Ltd (ASX: FML) has provided an update regarding the 75 forfeiture applications against its tenements, previously announced on 8 March 2019 and 17 February 2020.
All of the 27 New Forfeiture Applications:
Were made by the same applicants that made 66 of the 75 Existing Forfeiture Applications (Applicant’s Existing Forfeiture Applications), that Focus is currently defending; and
Asserts non-compliance by Focus with the minimum expenditure obligations of the relevant tenements, which Focus denies.
Focus has up to 60 days after each tenement anniversary date (F5 Lodgement Period) to lodge the relevant and operations expenditure report (Form 5) for the preceding 12 months with the Department of Mines, Industry Regulation and Safety (DMIRS).
Once a Form 5 is lodged it becomes a public record and is accessible on the DMIRS website. As none of the related tenements have reached their respective 60-day F5 Lodgement Periods, Focus has not yet lodged its Form 5s for any of the 27 New Forfeiture Applications related tenements.
Focus considers that the 27 New Forfeiture Applications are speculative in nature and motivated to create strategic leverage in relation to the proceedings relating to the Applicant’s Existing Forfeiture Applications that Focus is currently vigorously defending.