Freehill Mining's $500,000 Funding Update

Freehill Mining Limited (ASX: $FHS) has successfully secured binding commitments to raise $500,000 through a placement of 83,333,335 fully paid ordinary shares at $0.006 per Share. The funds will primarily be used for working capital to further scale up the waste materials business and to finance the necessary equipment for recommencing magnetite mining at the 100% Yerbas Buenas project.

Executive Commentary on Funding and Business Operations

We are grateful for the commitment to this placement from new and existing investors. Revenue from our waste material business continues to increase at a pleasing rate and this operation has lots of upside. As we have communicated, recommencing magnetite mining at YB has been a priority for the Company and these funds raised will also be used for the necessary capex to achieve this. A fuller update will be provided following release of the June quarterly report.

Summary of Freehill Mining's Funding Announcement

Freehill Mining (ASX: $FHS) has successfully secured $500,000 funding through a share placement, with $28,000 committed from directors. The funds will primarily support the working capital needed to scale up the waste materials business and finance the equipment required to recommence magnetite mining at the 100% Yerbas Buenas project. The Placement Shares are expected to be issued on 26 July 2024, and the directors' subscription is subject to obtaining shareholder approval. The Company plans to seek approval at a future general meeting. The successful funding reflects the Company's commitment to its strategic priorities and growth plans.