Focus Xplore completes fundraising, partners with AI firm

LONDON - Focus Xplore PLC (AIM:FOX), an energy and critical minerals exploration company, announced today that it has successfully closed a fundraising placement, raising £307,500. The company also revealed the appointment of Planetary AI Limited as an artificial intelligence consultant to aid in identifying exploration opportunities in Ontario.

The placement resulted in the issuance of 20,000,000 Ordinary Shares at 0.05p per share, with an attached warrant for each share granting the right to subscribe for one new share at 0.07p per share for three years starting from February 28, 2025. Additionally, Focus Xplore will issue 20,000,000 Ordinary Shares to Planetary AI as part of the consulting fee arrangement.

Planetary AI will utilize its proprietary Xplore system, which combines semantic technology with machine learning, to analyze geological data in Ontario. The system is designed to understand and interpret data similarly to human geologists, enabling the identification of mineral-rich zones. The Xplore platform, developed by International Geoscience Services Limited and based on over fifty mineral deposit types, has been significantly enhanced over the past two years.

Patrick Cullen, CEO of Focus Xplore, expressed confidence in the partnership with Planetary AI, highlighting the system’s geological knowledge and expertise. He also noted the wealth of data available from the Ontario government and the Ontario Geological Survey, which will be leveraged in the search for critical minerals.

The company is preparing to finalize contracts for upcoming field activities in Ontario, with service providers based in Thunder Bay.

An application has been filed for the newly issued shares to be admitted to trading on AIM, with admission expected around April 25, 2025. Following admission, the total number of ordinary shares in issue will be 2,269,420,573.

Focus Xplore also announced that First Equity Limited has become its sole corporate broker, following the termination of its engagement with SI Capital Ltd.

This update is based on a press release statement and contains information that is considered inside information under Market Abuse Regulations.

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