Focus Xplore PLC (AIM: FOX) announced on 7 September 2026 that it has signed non‑binding, conditional heads of terms to acquire five greenfield gold exploration properties in Canada. The assets cover about 8,644 hectares, split almost evenly between Newfoundland and Labrador (≈4,275 ha) and Ontario (≈4,369 ha).
The transaction targets the entire issued share capital of Nova Aurum Exploration Limited and 1597320 B.C. Ltd, whose current owners are Martlet Geoscience Ltd and Praetor Exploration Inc. Jack Dann, the beneficial owner of Martlet, is slated to join Focus Xplore’s board as Chief Geological Officer once the deal closes.
Consideration comprises a £75,000 cash payment payable after a fundraising, an additional £50,000 cash payment upon meeting exploration milestones within 24 months, and the issue of new ordinary shares representing 15% of the enlarged issued share capital. The share component will be split into 10% on completion and a further 5% on milestone achievement.
Closing the acquisition is contingent on satisfactory due diligence, execution of definitive documentation, board approval, successful fundraising, and regulatory compliance. The company noted that completion is not guaranteed.
In parallel, Focus Xplore said it will allow its White Pine uranium project to lapse, having missed a C$163,000 minimum spend deadline. The firm is refocusing its Canadian portfolio on three lithium projects and one rare‑earth project. Recent exploration activity includes a rock‑sampling programme at the Biscuit Creek property and the development of work programmes for the Pearl and Bay Road properties.
