FOKUS MINING ENTERS INTO AGREEMENT TO ACQUIRE FOR CANCELLATION GALLOWAY BONUS PAYMENTS RIGHTS

TSX.V: FKM               OTCQB: FKMCF              Frankfurt: F7E1             

ROUYN-NORANDA, QC, Aug. 23, 2022 /CNW Telbec/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has entered into an agreement (the "Agreement") with Vantex Resources Ltd. (TSXV: VAX) (the "Vendor"), pursuant to which it will acquire for cancelation the rights of the Vendor to receive $500,000 from the Company, upon the first declaration of a minimum 500,000 ounces of gold as "indicated resources" on the Galloway gold project, and an additional $500,000 upon the first declaration of a minimum 1,000,000 ounces (the "Additional Payments"). The rights to the Additional Payments were granted under the option agreement dated July 15, 2020 between the Company and the Vendor pursuant to which the Company acquired the Galloway gold project (as more fully described in a press release dated July 16, 2020).