Freehill Mining Limited (ASX: FHS), a company focused on advancing its 100%-owned Yerbas Buenas magnetite project and expanding its aggregates business, has released its quarterly activities report for the period ended 30 June 2025. The report highlights a period of transition, with a focus on securing new project sites and undertaking corporate initiatives to strengthen the company’s balance sheet.
Gross sales for the quarter were $419,000, down from $636,000 in the previous quarter, while quarterly cash receipts were $498,000, compared to $663,000 in Q3 FY2025. Despite the dip, cash receipts for the 12 months to 30 June totalled $2.4 million, a threefold increase from the prior year’s $735,000. The company attributed the lower sales to the consumption cycle of a major project it is supplying. Net cash used in the quarter was -$575,000, impacted by administrative and corporate costs from the previous quarter and one-off costs associated with setting up new sites.
Freehill Mining secured two aggregate processing and supply sites near La Serena/Coquimbo under long-term leases, expected to increase sales volumes and reduce transport costs. Processing operations at the second site are anticipated to commence in early August. A successful placement and entitlement offer raised approximately $1.2 million. Bulk sample from the Yerbas Buenas magnetite mine achieved a grade of +65% Fe, with mining planning and permitting underway to recommence magnetite mining.
According to Managing Director Paul Davies, the company expects processing volumes and sales to recover this quarter as the new sites become operational. Chairman Ben Jarvis noted that while sales dipped, customer demand remains strong and will become more evident as the new sites come online. Cash at quarter end was $560,000, with the company adequately funded to meet its current commitments.
