A six-year, 63,000 ounce per annum operation has been estimated to have an net present value of A$183 million (using a gold price of $2200), and an internal rate of return of 71%.
The maximum capital outlay on the development is $48 million, with $24 million of that accounted for by a mill refurbishment.
The project would be a combination of open cut and underground mining, with most of the ounces coming from the former.
Focus said it was reviewing additional potentially minable resources to further improve the proposed PFS schedule and that resource updates are scheduled for release by the end of 2020.
Focus started the current quarter with $6.9 million cash.
Shares in Focus closed down 7% to 41c Monday, capitalising the company at $75 million.