Focus Minerals Limited (ASX: FML) says it has no idea why its shares are up more than 20% today on heavy trade volume.
The company was issued a speeding ticket by the ASX and asked whether there was any information not yet disclosed to the market which should be.
The company's shares have been heavily traded over the past couple of days, with 773,000 shares changing hands on Thursday and more than 1.2 million by mid-afternoon on Friday, compared with the usual volume of about 350,000.
The shares traded as high as $1.06 on Friday, up from the previous close of 79.5 cents. By mid-afternoon, they were changing hands for 98 cents, up 23.3%. At the start of September, the shares were just 37 cents.
The ASX wrote to the company asking, "Is Focus Minerals aware of any information concerning it that has not been announced to the market which, if known by some in the market, could explain the recent trading in its securities?''
Focus said it was not, and that as far as it was aware, it was compliant with the ASX listing rules.
Focus owns the Coolgardie Gold Project in Western Australia, where it has a significant tenement package and assets, including a 1.2 million tonne per annum processing plant at Three Mile Hill.
Production solid for the first half
In its most recent half-year report, released in mid-September, the company said it had processed 712,711 tonnes of ore through that plant, of which 544,920 tonnes were its own ore and the remainder toll treatment ore.
Gold sales for the period were 11,326 ounces with an average price of $4803 per ounce. The company has also sold 1037 ounces of silver credits. Mill production remained stable and efficient throughout the period.
During the first half, Focus also entered into a deal with Genesis Minerals Limited (ASX: GMD) for the sale of its Laverton Gold Project for $250 million in cash.
The sale was completed on 4 June 2025. As part of its capital management initiative, Focus has repaid its major shareholder, Shandong Gold, of all outstanding loans plus interest of approximately $174.8 million using proceeds from the sale.
Focus said an area for future work would be more drilling at its Greater Undaunted target area, where it would focus on grade control drilling and resource definition to progress the deposits in the area towards being production-ready.
Focus was valued at $227.8 million at the close of trade on Thursday.
