Mr. Jean Rainville reports

FOKUS MINING ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT

Fokus Mining Corp. has held a first closing of a non-brokered private placement in which it issued 500,000 units at a price of five cents per unit, for aggregate gross proceeds to Fokus of $25,000, and 5,030,667 flow-through (FT) units at a price of six cents per FT unit, for aggregate gross proceeds to Fokus of $301,840.02. Each of the units is composed of one common share and one common share purchase warrant, and each of the FT units is composed of one common share and one-half of a common share purchase warrant. Each unit warrant entitles its holder to acquire one additional common share of Fokus at a price of eight cents for a period of three years from the closing date and each whole FT unit warrant entitles its holder to acquire one additional common share of Fokus at a price of eight cents for a period of two years from the closing date. Fokus intends to use the proceeds from the FT units for exploration of its Galloway property located in Quebec and the proceeds from the units for working capital purposes.

Jean Rainville, president and chief executive officer of the company, stated: "Although we have not yet received all the subscription agreements, we have decided to proceed with a first closing of the financing, as we will be ready to resume drilling on the Galloway project in Abitibi in about a week's time. Our next phase will include more drill holes on the mineralized zones we have been working on for the past two years, but also some drilling on known mineralized showings where the company has not done any work to date, other than compiling the work done by predecessor companies."

Additional closings of the private placement may be held until Nov. 13, 2023, subject to a maximum of an additional 4.5 million units at a price of five cents per unit and a maximum of an additional 3,969,333 FT units at a price of six cents per FT unit to subscribers in Quebec, for total maximum gross proceeds of $463,159.98.

In connection with the private placement, the company paid cash commissions to three securities dealers in an aggregate amount of $18,200. In addition, Fokus granted finder's warrants to one of the securities dealers entitling it to acquire up to 40,000 additional common shares of the company at a price of eight cents per share until Oct. 25, 2026, and to another one of the securities dealers entitling it to acquire up to 20,000 additional common shares of the company at a price of eight cents per share until Oct. 25, 2025.

As a result of the first closing of the private placement, there are 111,059,460 common shares of Fokus issued and outstanding. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period, expiring on Feb. 26, 2024.

About Fokus Mining Corp.

Fokus Mining is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, Canada. In implementing this major undertaking within the Canadian mining industry, the company is determined to unlock the secret of the Galloway gold project.

The Galloway project covers an area of 2,865.54 hectares and is located just north of the Cadillac/Larder Lake deformation, which extends laterally for more than 100 kilometres. Numerous gold deposits are related to that structure and its subsidiaries.

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