Freehill Mining Limited provided this update on magnetite concentrate sales from its 100%-owned Yerbas Buenas magnetite mine in Chile. A technical error in the drone survey work used to calculate the quantities of end product available for sale will see less stockpiled ore available for sale to the first customer, Compania Minera Del Pacifico S.A. (CMP). This has impacted the current schedule of deliveries.

CMP have agreed to a revised delivery program, and production has temporarily paused while Freehill's technical team and contractors conduct a detailed geophysical survey of the mining pit to optimise mine processing and production. Production is scheduled to re-commence next week. Whilst this has created a temporary delay in sales, the Company confirms that ~2,800 tonnes of magnetite concentrate have been sold to CMP with first revenue to be referenced in the commentary of 4C Quarterly Report for the period ended 30 September 2022 which will be released next week.

As well as magnetite concentrate sales, Freehill is in discussions for the long-term supply of waste material to Cementos Bicentenario SA ("BSA") (https://www.cementosbsa.com/). BSA has been impacted by recent changes to Chilean legislation regarding recovery of gravels from river beds and is seeking alternative supply.