REG - Focus Xplore PLC - Board Appointments and Strategic Review

Focus XploreAnnouncement

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RNS Number : 9314Y  Focus Xplore PLC  01 April 2026

Focus Xplore PLC

1 April 2026

 

Focus Xplore PLC

('Focus Xplore' or the 'Company')

Board Appointments and Strategic Review

 

Focus Xplore PLC (AIM: FOX), the strategic energy and critical minerals
exploration and development company, is pleased to confirm that, further to
the announcement on 9 March and as at 31 March 2026, Antony Legge has been
appointed as Independent Non-Executive Chairman, David Russell has been
appointed as Executive Director, Neil Slade has been appointed as
Non-Executive Director and Sean Wade and Patrick Cullen have stepped down from
the Board. The Board intends to appoint an additional director with relevant
mining expertise as soon as practicable.

The Company would like to take this opportunity to express its sincere
gratitude to Sean Wade and to Patrick Cullen, who is stepping down as Chief
Executive Officer and will leave the Board at the end of March 2026. Sean and
Patrick have made valuable contributions during a critical period of
transition for the Company, and the Board wishes them every success in their
future endeavours.

Review of Existing Interests & New Business Opportunities

Following the Board changes, the CLN announced on 9 March, is now
unconditional and the funds expected imminently. The Board is in the process
of reviewing all existing interests as well as actively evaluating a range of
new exploration opportunities and will provide further updates as appropriate.

Further steps have also been taken to minimise the Company's ongoing cash burn
with the aggregate salaries of the new directors not exceeding £60,000, which
will be accrued until the Company's finances are on a firmer footing.  In
addition, Patrick Cullen has agreed to waive his accrued fees.  Parick will
receive an ex-gratia payment of €11,695 and £5,500 of shares, which will be
issued at the same time and price as the next issue of shares by the Company.
The Company has also agreed to issue £10,000 of warrants to each of Antony
Legge, David Russell and Neil Slade, on the same terms as those attached to
the CLN announced on 9 March 2026.

 

Board Comment

Antony Legge, Non-Executive Chairman, commented:

"On behalf of the new Board, I would like to thank Patrick Cullen for his
dedication and support during this period of transition. His efforts have
ensured a smooth handover, and we wish him well.

"The new Board is united in its commitment to rebuilding shareholder value.
Our immediate priorities are to complete the review of existing interests and
to progress new opportunities whilst carefully managing the company's limited
financial resources. We look forward to updating shareholders on our progress
in due course."

 

Additional disclosures required under the AIM Rules for Companies

 

Antony Legge

 

Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for
Companies, Antony Fabian Legge, aged 58 is, or has during the last five years,
been a director or partner of the following companies and partnerships:

 

 

 Current                                              Past
 Unicorn Mineral Resources PLC                        West Midlands Investments PLC

 Broadstreet Asset Management Ltd                     Pure Functionals Group Limited

 Broad Street Investment Management Ltd               Nanosynth Group PLC

 LMG Consulting Services Ltd                          Nanovate Limited

 Canna Capital PLC                                    G8 Nano Ltd

 CSDG Holdings Limited

 Ingard Property Bond 3 Designated Activity Company

 Pulteney Bond Designated Activity Company

 Glenfinnian Bond Designated Activity Company

 

·      Antony Legge was appointed as a non-executive director of Canna
Capital plc on 1 September 2022, prior to its attempted IPO. On 5 December
2024, Canna Capital plc received a copy of notice of winding-up order made
against the Company. The Company is currently in Administration and the
potential shortfall to creditors is not known at this time.

 

·      Antony Legge was appointed as a director of Change Agronomy
Limited on 30 May 2022; the Company subsequently changed its name to CSDG
Holdings Limited on 11 May 2023. Following a successful court case against an
investor for breach of an investment agreement for £8.0m and the investor
entering administration, Interpath Ltd were appointed as Administrators to the
Company on the 7 May 2025. CSDG Holdings Limited is still currently in
Administration.  The statement of affairs showed a shortfall to creditors of
approximately £6.0m.

 

·      Antony Legge was appointed as a director of SerVision plc on 1
August 2016. On the 25 July 2018, the Company passed a special resolution to
entered into creditors voluntary liquidation and appoint Leonard Curtis as
voluntary liquidator for the Company. There was a total shortfall with
non-preferential creditors of £1,741,321. SerVision plc was subsequently
dissolved on 18 December 2019.

 

 

Antony Legge does not hold any ordinary shares in the Company.

 

 

David Russell

 

Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for
Companies, David Peter Russell aged 54 is, or has during the last five years,
been a director or partner of the following companies and partnerships:

 

 Current                                          Past
 Charlemont Capital Solutions Ltd                 Harcourt Life Corporation DAC

 Charlemont Capital (Europe) Limited              Charlemont Capital Limited

 Charlemont Capital International Limited         Metropolitan Capital Ventures Limited

 Charlemont Capital Investments Limited           Metropolitan Capital Resolutions Limited

 Charlemont Capital Investments Limited, Jersey   Strategic Energy Ventures Limited

 Charlemont Capital Investments SARL              Mollyware Limited

 Metropolitan Capital Management Limited          Kernesk Ltd

 Metropolitan Capital Services Limited            Zeus Investments 1 SPRL

 Metropolitan Capital Holdings SA                 Zeus Investments 2 SPRL

 NEI GP LLC                                       Metropolitan Capital Investments (UK) Limited

 Castle International Holdings Limited

 Castle International Limited

 

Through his 100% ownership of Cadtle International Holdings Limited, David
Russell is beneficially interested in 487,500,000 Ordinary Shares, £27,500 of
CLNs (as announced on 9(th) March 2026) and 213,750,000 warrants (excluding
the warrants to be issued as announced above and the warrants attached to any
conversion of the CLNs) in Focus Xplore plc.

 

 

Neil Slade

 

Pursuant to Rule 17 and Schedule Two Paragraph (g) of the AIM Rules for
Companies, Neil Winston Methuen Slade aged 59 is, or has during the last five
years, been a director or partner of the following companies and partnerships:

 

 Current                Past
 Beauty Science UK Ltd  -

 

Neil Slade's interest in the Company is held through £10,000 of CLNs as
announced on 9(th) March 2026.

 

 

Enquiries:

 Antony Legge                   info@focusXplore.com  Focus Xplore PLC - Non-Executive Chairman
 James Biddle / Roland Cornish  +44 (0) 207 628 3396  Beaumont Cornish Limited - Nominated Adviser
 Jason Robertson                +44 (0) 207 374 2212  First Equity Limited - Corporate Broker

 

Corporate Website: www.focusXplore.com (http://www.focusXplore.com)
    LinkedIn: Focus Xplore PLC     X: @focusXplore

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

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