Freehill Mining Limited provided this update to shareholders with respect to its operations at the 100%-owned Yerbas Buenas Project in Chile, new funding being secured and steps being taken so trading can resume on the Australian Securities Exchange. As communicated in the Half Year Accounts released to ASX on 12 May 2023, due to changes in Chilean environmental laws, Chilean cement companies can no longer source gravels from river beds, which historically provided 95% of supply. The waste or reject material from Freehill's Yerbas Buenas magnetite project has been established as an acceptable alternative material having gone through testing by multiple cement companies.

Freehill has initiated a program to take advantage of this significant opportunity and has completed the following steps: commenced outsourcing the role of operator to an experienced contractor; developed a business plan to commence waste material processing operations on a sensible and profitable scale; executed the initial steps of this plan with the purchase of appropriate plant and equipment; set up all screening and waste material processing plant and equipment which has been thoroughly tested; and waste material is now being stockpiled for first deliveries and first sales are anticipated next week. A further update will be provided once sufficient volumes of material have been sold and steady state production and sales achieved. Freehill's immediate focus is to establish stable and predictable sales of waste material, with acceptable margins, over a number of months.

The company is also proposing to pursue a low-cost, small scale magnetite operation at Yerbas Buenas, and is focused on securing an experienced iron ore operator that can deliver product at acceptable grade and margin. This is progressing. Other projects and investments complementary to Freehill's asset base are also being assessed that can deliver upside value to shareholders, however, the immediate focus is to deliver stable cash generation through the waste material processing operation.