Highlights

• Freehill Mining Freehill said September was its best month for gross sales and that a placement and an.

• Freehill Mining Limited , which sells construction aggregates in Chile and is advancing the Blanco y Negro copper-gold.

• Sales were split between the Islón operation at A$916,132, about 71 per cent, and Yerbas Buenas at A$376,573.

• Plant upgrades at Islón include a second vertical shaft impact crusher, a three-deck screen, new conveyors and a.

Freehill Mining (ASX:FHS) — Freehill said September was its best month for gross sales and that a placement and an entitlement offer at A$0.001 per share are supporting working capital and plant upgrades.

Freehill Mining Limited , which sells construction aggregates in Chile and is advancing the Blanco y Negro copper-gold project, released its quarterly activities report and Appendix 5B for the quarter ended 30 September 2026 on 29 October 2026. Gross sales for the quarter were A$1,292,705, slightly below A$1,356,145 in the June quarter, but September was a record month at A$506,121. The company said it expects October gross sales to exceed September.

Sales and cash flow

Sales were split between the Islón operation at A$916,132, about 71 per cent, and Yerbas Buenas at A$376,573, about 29 per cent. Cash receipts were A$1,107,000 against A$1,058,000 in the previous quarter. Production costs were A$896k against A$944k, and net operating cash outflow narrowed to A$189k from A$372k.

Cash at 30 September was A$459,000. Total available funding was A$954,000, which the company puts at about 4.7 quarters compared with 1.7 quarters at 30 June. That figure includes A$495,000 available under a Chilean invoice factoring facility. The company said July's extreme rainfall disrupted operations and that Chilean peso weakness in September reduced the Australian dollar figures. It will begin reporting sales in constant currency. Islón stockpiles support about three months of supply.

Funding

The company completed a A$600,000 placement of 600,000,000 shares at A$0.001 to one sophisticated investor, of which A$540,000 was received in the quarter. It is also running a non-underwritten, non-renounceable entitlement offer of up to 606,943,323 shares, on a 1-for-6.7 basis, at A$0.001, raising up to about A$606,943. The offer closes on 13 November 2026, and the chairman and an executive director intend to take up their full entitlements. Funds are earmarked for truck purchases, a land purchase to bring grid electricity to Islón, permitting at Blanco y Negro and working capital. Because the offer is not underwritten, the amount actually raised will depend on take-up.

Islón upgrades

Plant upgrades at Islón include a second vertical shaft impact crusher, a three-deck screen, new conveyors and a larger feed hopper. Works are due to be completed by the end of October, with commissioning in November.

Blanco y Negro and Austral Gold

Blanco y Negro has a JORC 2012 resource of about 1.5 million tonnes at 1.4 per cent copper and 0.5 grams per tonne gold, containing about 20,000 tonnes of copper and 24,000 ounces of gold, on 128 hectares of granted mining leases. A mine plan is due to be submitted to SERNAGEOMIN in early November, and the company is considering toll treatment at ENAMI's SX-EW plant about 30km away. The Chilean government has signalled raising the small-scale mining processing limit from 5,000 to 10,000 tonnes a month, with legislation expected in November.

On 9 July 2026 the company signed a non-binding memorandum of understanding with Austral Gold to pursue copper and copper-gold projects in Chile. It excludes the aggregates business. Freehill's chairman, Ben Jarvis, is also a non-executive director of Austral.

Reading the numbers

The improvement in the funding estimate from 1.7 to about 4.7 quarters comes from the narrower operating outflow, the placement proceeds and the factoring facility, not from any change in the size of the business. The October sales view is management's expectation rather than a result, and the report gives no profit figure. The shares issued under the placement and the offer are priced at a tenth of a cent, so the number of shares on issue is increasing substantially.

Risks and milestones

The company's risks include weather disruption, exposure to the Chilean peso, reliance on invoice factoring and short-term funding, and permitting progress at Blanco y Negro. Confirmed upcoming dates are the mine plan lodgement in early November 2026, expected Chilean legislation and Islón commissioning in November, the close of the entitlement offer on 13 November 2026 and the annual general meeting on 26 November 2026. The report carries standard forward-looking statement caveats.