Freehill Mining (ASX:FHS) Posts Record September Monthly Aggregates Sales and Opens Entitlement Offer for Plant Upgrades

Aditi Sarkar

29 October 2026 02:08 PM AEDT

Freehill Mining (ASX:FHS) Posts Record September Monthly Aggregates Sales and Opens Entitlement Offer for Plant Upgrades

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Highlights

September 2026 gross sales of A$506,121 at Freehill's Chilean Islón and Yerbas Buenas aggregates sites were the highest monthly result in the company's history, after extreme July rainfall disrupted the quarter's start.
A non-underwritten entitlement offer of up to 606.9 million shares at A$0.001 is open, aiming to raise up to A$607,000, with the chairman and an executive director participating for their full entitlements.
Plant upgrades at Islón — including a new crusher, screen, conveyors and feed hopper — commenced after quarter-end and are targeted for commissioning in November 2026.
A mine plan for the Blanco y Negro copper-gold project is due to be submitted to Chilean regulator SERNAGEOMIN in early November 2026 as part of the permitting pathway.

September turned out to be a record month for Freehill Mining (ASX:FHS), reversing the slow start imposed by extreme July rainfall on the company's Chilean aggregates business. The September figure of A$506,121 in gross sales was the single best month the company has achieved, and it came at the end of a quarter in which the Islón and Yerbas Buenas sites together generated A$1.29 million in total sales — close to the prior quarter's A$1.36 million despite losing production in July. With plant upgrades and a capital raise now under way, the company is focused on lifting throughput and taking the next step at its Blanco y Negro copper-gold project.

Aggregates Trading

Freehill's Islón and Yerbas Buenas aggregates sites in Region IV of Chile produce gravel, sand and fine sand for cement and construction. Gross sales for the September quarter were A$1,292,705, compared with A$1,356,145 in the June quarter. Extreme rainfall in July disrupted operations at the start of the period. Sales recovered each subsequent month, reaching A$506,121 in September — the company's best single month on record. Islón contributed A$916,132 and Yerbas Buenas A$376,573 for the full quarter.

Cash receipts were A$1.107 million compared with A$1.058 million in the prior quarter. Production costs were A$896,000. Net operating cash outflow narrowed to A$189,000 from A$372,000 in the June quarter. Islón's stockpile covers approximately three months of supply. The company has committed to reporting sales in constant Chilean peso terms as well as Australian dollars going forward, to reduce the distortion from currency movements that can cause AUD-reported results to diverge from underlying operating performance.

Plant Upgrades and Fundraising

Plant upgrades at Islón commenced after quarter-end, comprising a refurbished crusher and screen, new conveyors and a larger feed hopper. Commissioning is targeted for November 2026. The upgrades are designed to increase throughput and reduce maintenance downtime, with the aim of sustaining the higher monthly sales volumes achieved in September.

Cash at 30 September 2026 was A$459,000, up from A$157,000 at the start of the quarter. Including A$495,000 of invoice factoring facilities, available funding was A$954,000, equivalent to approximately 4.7 quarters at current spending. A placement of 600 million shares at A$0.001 completed on 15 October 2026 raised A$600,000, with A$540,000 received in the September quarter. The non-renounceable entitlement offer of up to 606.9 million shares at A$0.001 (one-for-6.7) is also open, with the chairman and an executive director participating in full. The offer closes 13 November 2026.

Blanco y Negro Copper Project

The Blanco y Negro project holds a JORC 2012 Mineral Resource of approximately 1.5 million tonnes at 1.4% copper and 0.5 grams per tonne gold on 128 hectares of granted mining leases. A mine plan is due to Chilean regulator SERNAGEOMIN in early November 2026. Processing may use toll treatment at a state-owned plant approximately 30 kilometres away, though no formal processing agreement exists at this stage.

On 9 July 2026 Freehill signed a non-binding MOU with Austral Gold Limited (ASX:AGD) to evaluate copper projects in Chile, excluding the aggregates operations. A formal agreement is under negotiation. The company's chairman also serves as a non-executive director of Austral Gold, a related-party relationship that readers should note when assessing the transaction. The annual general meeting is scheduled for 26 November 2026.

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