Focus Graphite, Inc.

(formerly Focus Metals Inc.)

Annual Report:

Income Statement: As of Sep. 30 Thou. CANADIAN DOLLAR	2012	2011
Operating expenses:
Management and consulting fees	1,064	280
Salaries and benefits	1,206	336
Stock-based compensation	5,537	2,518
Depr. & amort.	343	1
Other operating expenses	2,421	928
Interest income	250	79
Flow-through interest & tax expense		11
Net income	(10,321)	(3,995)
Share earns. basic	(0.11)	(0.06)
Share earns. diluted	(0.11)	(0.06)

Balance Sheet: As of Sep. 30 Thou. CANADIAN DOLLAR	2012	2011
Assets:
Cash & equiv.	17,670	17,064
Restricted cash		763
Investments	2,113	1,912
Tax credits and mining duties receivable	513	43
Receivables	767	167
Prepayments	476	209
Tot. curr. assets	21,539	20,158
Exploration advances	179	796
Net property	255	19
Intangibles	2,429
Mineral exploration properties	1,553	1,431
Exploration & evaluation assets	7,678	1.372
Total assets	33,633	23,776
Liabilities:
Accts. pay. & accruals	1,996	109
Amount due to related parties	255	31
Other curr. liabs.	2,732	6
Tot. curr. liabs.	4,983	146
Long-term liabilities	574
Redeemable shares	3,600
Non-controlling interest	768
Com. stk. no par	35,562	27,437
Warrants	3,644	3,510
Paid-in cap.	4,544	2,632
Retained earns.	(20,042)	(9,949)
Total liabs.	33,633	23,776

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