FHS - Freehill Mining

Freehill Mining Limited ( ASX: FHS) is an Australian mining and exploration company headquartered in Melbourne with a focus on iron ore (magnetite), copper and gold resources in Chile. Listed on the Australian Securities Exchange in January 2017 the company has a growth strategy focused on creating value for all stakeholders.

The founding team was involved in a number of smaller Chilean mining and processing projects which gave them the necessary land acquisition skills and understanding of government processes necessary to then set out to acquire strategically located and important assets in the Region IV area.

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Anyone still following FHS? Market cap now under $6 million as a result of production delays at their Yerbas Buenas magnetite project in Chile. They are strugging to get ore processed and delivered to customers amid a truck driver's strike in Chile and other unforeseen issues.

Cash at hand is now well under a million and a CR looks almost inevitable. If management can extricate the company from their current problems then this could go on a nice little run, but that's a big IF.

Share price is up a couple of ticks today on low volume.

greggles said:

Anyone still following FHS? Market cap now under $6 million as a result of production delays at their Yerbas Buenas magnetite project in Chile. They are strugging to get ore processed and delivered to customers amid a truck driver's strike in Chile and other unforeseen issues.

Cash at hand is now well under a million and a CR looks almost inevitable. If management can extricate the company from their current problems then this could go on a nice little run, but that's a big IF.

Share price is up a couple of ticks today on low volume.

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I periodically check in to see what's happening with Freehill, but I found it difficult to get a grasp what they are actually doing right now other than a little small-scale mining in Chile. The last investor presentation is nearly 4 years old (and it was junk) and neither the CEO nor Chairman seems experienced in operational mining based on the bios on their website. The quarterly reports, the AGM slides (lack of), the annual reports, all just lack any kind of decent information. However, I will say these directors take bugger all in terms of salary - so that's fair enough to me. I want to be interested in Freehill, but there's just not enough info out there.

The $400k in convertible notes was concerning especially considering they can be converted at the lesser of 1 cent or "90% of the lowest daily VWAP during the 5 Actual Trading Days prior to the Conversion Notice Date". Surely if they had confidence in production, they could have tapped one of the major shareholders for a little extra cash or debt instead?