Fokus Mining Corporation announced that it has entered into an agreement with Vantex Resources Ltd. (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 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. Pursuant to the Agreement, the Company will pay the Vendor a consideration of $250,000, comprised of $100,000 in cash, and $150,000 through the issuance of common shares in the capital of the company at a deemed price equal to the greater of $0.08 and the five-day volume-weighted average trading price of the Company's shares on the TSX Venture Exchange on the day preceding the closing date of the Transaction, which is expected to be on or about August 26, 2022.