Freehill Mining Limited (ASX:FHS) Updates Shareholders at AGM
Operational Highlights
Freehill Mining Limited (ASX:FHS) presented notable achievements during the 2024 Annual General Meeting. The company successfully recapitalised and resumed trading on the ASX, focusing on establishing itself as a reliable supplier of premium waste material products in Chile’s cement and construction sectors.
Freehill executed a multi-phase strategy to boost waste material production and met increasing market demand, translating to significant quarterly sales growth. In the June quarter, the company recorded an 84% uplift in sales and a 176% increase in cash receipts, reaching $434,000. After transitioning to the September quarter, cash receipts further rose to $458,000.
Safety and Regulatory Compliance
The company addressed a tragic incident at the Yerbas Buenas (YB) site that temporarily halted operations following the death of a contracted worker. Freehill collaborated with the national regulatory body, SERNAGEOMIN, to enhance safety measures and soon received approval to resume operations at their larger plant, although the smaller sand plant remains offline temporarily.
Belfi SA, one of Freehill’s key customers, recently awarded a $400,000 purchase order, building on an earlier $1.7 million sale.
Future Outlook and Strategic Focus
Chairman Ben Jarvis highlighted the company’s commitment to restart magnetite mining at YB and meet customer demands from the cement industry. Freehill is also exploring quick startup cash-generating operations that require minimal upfront capital to limit shareholder dilution. Several opportunities in copper projects, leveraging their established presence in Chile, are also being pursued.
Jarvis noted, “We believe that pursuing such opportunities will lead to greater investor support and position Freehill as a unique business.”
The company’s sales momentum is on an upward trajectory, with over $285,000 in sales reported for October, reflecting continued operational growth following recent challenges.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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