Freehill Mining's Sales Surge and Magnetite Mining Restart

Freehill Mining Limited (ASX: $FHS) has announced a remarkable 84% increase in gross sales for the quarter ended 30 June 2024, reaching approximately $470,000 compared to the March 2024 quarter of around $255,000. The surge in sales is attributed to the enhanced material processing and supply from a newly commissioned plant, catering to major infrastructure projects in the region. Despite facing 7 days of lost deliveries due to unseasonal rain, the company achieved a record gross sales figure of approximately $188,000 for the month of June. Additionally, Freehill has initiated efforts to recommence magnetite mining operations at Yerbas Buenas, with a focus on ensuring the material meets the required grade for consistent long-term sales.

Executive Commentary

The company is pleased to confirm the substantial increase in sales for the June quarter, primarily driven by the heightened material processing and supply from our newly commissioned plant. This has enabled us to cater to the escalating demand from major infrastructure projects in the region, despite facing challenges such as unseasonal rain affecting deliveries. We are optimistic about the anticipated further sales growth as we ramp up deliveries to these large-scale projects. Furthermore, we have commenced work to restart magnetite mining operations at Yerbas Buenas, with a focus on ensuring the material meets the necessary grade for consistent and longer-term sales. Our commitment to the health and safety of our personnel remains paramount, and we continue to adhere to stringent safety procedures for all individuals working at or entering the site, following a recent unfortunate event. We are dedicated to ensuring the well-being of our people and their families as we progress with our operations.

Summary

Freehill Mining Limited (ASX: $FHS) has reported a substantial 84% increase in gross sales for the quarter ended 30 June 2024, reaching approximately $470,000, attributed to enhanced material processing and supply from a newly commissioned plant. Despite facing 7 days of lost deliveries due to unseasonal rain, the company achieved a record gross sales figure of approximately $188,000 for the month of June. The company anticipates further sales growth as deliveries to local large-scale infrastructure projects are expected to increase. Additionally, Freehill has initiated efforts to recommence magnetite mining operations at Yerbas Buenas, with a focus on ensuring the material meets the necessary grade for consistent and longer-term sales. The company reaffirms its commitment to prioritizing the health and safety of its personnel and their families, following a recent unfortunate event. With limited capital expenditure required to restart operations, Freehill is optimistic about the outlook and the potential for continued growth in sales and operations.