HFR - Highfield Resources

[System]

Highfield Resources Limited (HFR) is an Australian based company with the primary objective of establishing itself as a premium potash exploration and discovery company.

The Company has secured an agreement to explore three Western Australian tenements
for potash, with potash already having been identified in a petroleum well drilled within
the tenement package. Importantly, exploration licenses have been granted for these
tenements and two compelling drill targets have been identified. Drilling is planned to
commence mid 2012.

http://www.highfieldresources.com.au

 

[springhill]

The potash in Spain falls mainly on the plain.
HFR announce (subject to shareholder approval) moving into Espanol.

ACQUISITION OF SIGNIFICANT ASSET IN POTASH PRODUCING BASIN
http://www.asx.com.au/asxpdf/20120627/pdf/42722tydbhtrhr.pdf

HIGHLIGHTS
• Agreement (subject to due diligence, ASX and shareholder approval) to purchase 100% of the Navarra Potash Project located in Northern Spain.
• Granted tenements comprise 430kms2 of highly prospective ground within a potash producing basin and include a former operating mine.
• All necessary infrastructure in place for potentially globally competitive potash extraction.
• Existing experienced in country management team.
• Distinguished industry professional, Derek Carter, to join Highfield’s Board.
• 100% scrip transaction with no cash payment and performance shares linked to value adding milestones.

The tenements in the Navarra Sub-basin cover the Subiza Mine which was a significant potash producer in Spain between 1977 and 1996. In its latter years of operation the mine was producing around 200,000 tonnes of potash per annum. The mine was closed in 1997 when potash prices were US$110 per tonne. Potash prices are presently around US$470 per tonne.

McLarty Potash Project

Key project is the Company’s McLarty Potash Project located in the Kimberley region of Western Australia.
The Company has a farm in agreement to secure up to 80% of the McLarty Potash Project.

Positive Signs from Previous Exploration
*Tenement package is ~70km x 35km and covers 1,900 km².
*Fruitcake 1 intersected low levels of potash (25m at 1.83% K20).
*McLarty 1 intersected values of over 200ppm Br indicating potash precipitation occurred.
*Both Fruitcake 1 and McLarty 1 intersected undeformed thick (>500m) salt layer.



Targets identified ready for drill testing
*Target 1: Near sub-basin margin Top of Salt: ~700m Planned Depth: 1,400m.
*Target 2: Follow up of Fruitcake 1 in more favourable structural setting – less faulted Top of Salt: ~600m Planned depth: 1,100m.

Completing access arrangements and finalising drilling contractors
•Access route to the targets have been identified along existing tracks.
•Initial discussions with the Traditional Owners of the country have been positive.
•Experienced drilling contractor identified and briefed.
•Drilling anticipated to commence in Q3 2012.
•Initial results likely in Q4 2012.

With 44m shares on issue and MC of $11m, this is one worth keeping an eye on IMO.

 

[springhill]

HFR have provided an update for the Navarra Project.
http://www.asx.com.au/asxpdf/20120704/pdf/4277jm7w7gqptq.pdf

HIGHLIGHTS
• Highly regarded global potash consultancy, North Rim, engaged for technical due diligence.
• Initial technical due diligence on track for completion on Friday 6 July 2012 in Spain.
• Formal ASX advice that Listing Rule 11.1.2 is applicable to the acquisition meaning shareholder approval is necessary to acquire the asset.
• EGM of shareholders to approve acquisition targeted for Thursday 30 August 2012.

 

[springhill]

Investor Presentation.
http://www.asx.com.au/asxpdf/20120914/pdf/428q5tksz96y96.pdf

 

[springhill]

HFR have announced they have raised cash on some pretty favourable terms here in a tough market


$10 MILLION PLACEMENT TO INSTITUTIONAL INVESTOR

• Highfield Resources has agreed to issue 40 million new shares to EMR Capital at an equivalent 8.7% premium on total funds raised.
• Tranche 1 of 23.75m ordinary shares to be allotted at an average price of 21.6c to raise $5.13m.
• Tranche 2 of 16.25m ordinary shares to be allotted at 30c to raise $4.87m, a premium of 30% on last traded share price of $0.23 (subject to shareholder approval).
• Strong institutional “partner” EMR Capital to hold 40 million ordinary shares post placement (Tranche 2 subject to shareholder approval).
• Funds to be applied to Feasibility Studies on Sierra del Perdon and Javier Potash Projects

 

[peaksta]

Has anyone ever looked at these guys? I picked them up at 0.68c and they seem to be making some positive progress. Their financial report releaed yesterday showed some good results and possible future gains.

 

[Ann]

Highfield Resources secures key environmental permit to advance Muga

Highfield Resources (ASX: HFR) has received a key environment permit to advance the Muga potash project in Spain, which as the potential to be one of the highest-margin potash mines worldwide.


Spain’s Ministry for Ecological Transition approved the permit, paving the way for Highfield to focus on securing the mining concession and necessary construction approvals.


With the permit now on board, Highfield will also commit to purchasing several long lead time mining and processing equipment items as well as completing the final project design.


“The awarding of the Declaracion de Impacto Ambiental is the most significant step for Highfield in de-risking the Muga project,” Highfield chief executive officer Peter Albert said. More...

 

[Bazzi]

HFR Seems like at an interesting time to buy in for short term upside, but unsure as I haven't seen a gap in ordering depth as pictured attached. Curious to other brains what they think of HFR, time to buy in or wait or leave it? Cheers

 

[Dona Ferentes]

been a long time coming. Maybe they want the jobs. Up 25 per cent.

The remaining licence for the construction of the Muga Potash Mine’s Process Plant has been granted by the local authority – the Townhall of Sangüesa in Navarra.
• This was the pending licence needed to begin full scale construction at Muga.

 

[frugal.rock]

Chart update.
Not too interested in the company itself, more what they are doing being potash related. Not held.

 

[Dona Ferentes]

Not too interested in the company itself,

and a sensible position to adopt

.
now suspended

Resignation of CEO and Managing Director
Highfield Resources Limited (ASX: HFR) advises that Mr Ignacio Salazar has resigned, with immediate effect, from his position as Chief Executive Officer and Managing Director of Highfield Resources Limited.

 

[Dona Ferentes]

now suspended
Resignation of CEO and Managing Director

$0.11 ...reinstatement to ASX tomorrow

Following the Transaction with Yankuang Energy, Highfield Signs Letter of Intent with a subsidiary of China Minmetals for US$300 Million Equity Subscription

Highfield Resources Limited (ASX: HFR) is pleased to announce that it has entered into a non-binding letter of intent for cooperation with Qinghai Salt Lake Industry Co., Ltd. , an entity listed on the Shenzhen Stock Exchange and a subsidiary of China Minmetals Corporation, for a proposed US$300 million equity subscription to be used to advance the Company’s flagship Muga potash project in Spain and other strategic opportunities. This follows the transformative transaction announced on 24 September 2024 with Yankuang Energy Group Co., Ltd and other strategic investors. Yankuang Energy and the EMR Shareholders are also parties to the LOI.

Qinghai Salt Lake is China’s largest potash producer with an annual production capacity of 5 million tonnes of potash fertiliser and 40,000 tonnes of lithium carbonate. China Minmetals is one of China’s largest state-owned enterprises, specialising in metals, minerals, and resource development. Both companies are renowned for their operational expertise, advanced technology, and strategic investments in global resource projects.

Key Highlights of the non-binding LOI.
... it's nonbinding
.... it's an intent
..... farm has been sold.

 

[Dona Ferentes]

Key Highlights of the non-binding LOI.
... it's nonbinding
.... it's an intent
..... farm has been sold.

oh dear !

Update on Proposed Strategic Investment​

Highfield Resources Limited (ASX:HFR) advises that China Minmetals Corporation and its subsidiary Qinghai Salt Lake Industry Co., Ltd. have informed the Company of their decision not to proceed with the proposed strategic transaction contemplated under the non-binding Letter of Intent, details of which were announced to ASX on 13 May 2025, 4 July 2025 and 18 July 2025.

Highfield confirms that QSL’s decision means that the convertible notes issued by the Company to Potash (Muga) Investment Pte. Ltd and EMR Capital GP III Limited in its capacity as general partner of EMR Capital Resources Fund III, LP and others have matured (refer to the ASX announcement dated 31 July 2025 ‘Amendment to Convertible Note Terms” for further details). EMR reserves all of its rights under the convertible notes while it continues to engage constructively with Highfield on future options.

Highfield further confirms that as at the date of this announcement, the Implementation Agreement1 has not been terminated (but continues to remain terminable by either party at any time). Highfield remains committed to the strategic objectives that have underpinned recent transaction discussions, with a focus on delivering long-term value to shareholders.

 

[Dona Ferentes]

slow motion, choo choo.

.
1. On what date did HFR first become aware that Yankuang Energy and Beijing Energy had elected not to proceed with the Proposed US$300m Raising?
As per paragraph A of the Letter, on 24 September 2024, Yankuang Energy and Beijing Energy entered into binding agreements with Highfield in relation to the US$220m Raising. Separately (and as referenced in the quotation from HFR's 13 May 2025 announcement in paragraph G of the Letter), Qinghai Salt Lake Industry Co., Ltd. entered into a non-binding letter of intent for cooperation for a proposed US$300 million equity subscription.
Accordingly (and as clearly described in the Company's announcements and contrary to paragraph J of the Letter), the Proposed US$300m Raising did not involve Yankuang Energy or Beijing Energy and, as such Highfield has not been advised by Yankuang Energy or Beijing Energy that they have elected not to
proceed with the Proposed US$300 million Raising.
For completeness, Highfield has:
(a) not been advised by Yankuang Energy or Beijing Energy that they have elected not to proceed with the US$220m Raising; and
(b) been advised by Qinghai Salt Lake that it would not proceed with the Proposed US$300m Raising. Qinghai Salt Lake informed the Company of this on the afternoon of 15 August 2025 (European time). The next available opportunity to inform the market was prior to market open on 18 August 2025, when the Company released its announcement. As stated in that announcement, the Implementation Agreement with Yankuang Energy and the associated Equity Subscription Agreement with Beijing Energy (each relating to the US$220m Raising) remains binding and in place.

2. Please provide an update as to the current status of the ‘Implementation Agreement’ originally disclosed in the 24 September 2024 announcement and referred to again by HFR in the 18 August 2025 announcement.
The Implementation Agreement with Yankuang Energy, as originally disclosed on 24 September 2024, remains legally binding and in force. As stated in the Company’s 18 August 2025 announcement, the Implementation Agreement has not been terminated by either party, although, given that the expiry date for satisfaction of its conditions precedent (as extended) has passed, it is terminable at any time by either party in accordance with its terms. Highfield is in discussions with Yankuang Energy to determine what, if any, steps can be taken to progress the transaction as soon as possible. Once these discussions are finalised, the Company will make an ASX announcement.

3. Given that the Convertible Notes have matured following the election of Yankuang Energy and Beijing Energy not to proceed with the Proposed US$300m Raising, how does HFR intend to repay/settle or otherwise discharge its obligations in relation to the Convertible
Notes?
As noted above, the Company has not been advised by Yankuang Energy or Beijing Energy that they have elected not to proceed with the US$220m Raising and the Implementation Agreement remains on foot.
The Company is currently in discussions with the Convertible Noteholders and has obtained a formal standstill confirming that the Convertible Noteholders will not enforce the Company's obligation to redeem the Convertible Notes until, subject to certain conditions, 31 October 2025 (or such later date as the parties agree). See the Company's announcement lodged with ASX on 11 September 2025. The Standstill will give the Company time to consider a range of alternatives for dealing with the obligations under the Convertible Notes, including amendments to, equitisation of, or a partial settlement
of the Convertible Notes, to ensure this matter is dealt with in a manner which preserves shareholder value. The Company is currently in discussions with the Convertible Noteholders regarding these alternatives. Once these discussions are finalised, the Company will make an ASX announcement.

4. Has HFR received any correspondence from the Convertible Note holders since the maturity of the Convertible Notes? If so, please provide a summary of the correspondence received to date.
Yes. Upon the maturation of the Convertible Notes, Convertible Noteholders associated with EMR Capital (being the largest and controlling Convertible Notes), informed the Company that they did not intend to take immediate enforcement action in relation to the Convertible Notes and related security and that they reserved all of their rights under and in connection with the Convertible Notes while they continue to engage constructively with Highfield on the Company’s future plans and funding options.
Further, as noted above, the Company and the EMR Noteholders have entered into the Standstill, pursuant to which they (as the controlling Convertible Noteholders) have agreed not enforce the Company's obligation to redeem the Convertible Notes until the conclusion of the Standstill. The Company is also currently in discussions with the Convertible Noteholders regarding the alternativesfor dealing with the obligations under the Convertible Notes. Once these discussions are finalised, the Company will make an ASX announcement.

5. Does HFR consider that its financial condition is sufficient to warrant the continued quotation of its securities and continued listing as required under Listing Rule 12.2?
Yes. While the Company acknowledges the recent maturity of the Convertible Notes, its cash positionand the decision by Qinghai Salt Lake not to proceed, Highfield notes that:
(a) the Implementation Agreement with Yankuang Energy remains binding and in place. While it is terminable at any time by either party in accordance with its terms, Highfield continues to engage with Yankuang Energy regarding next steps to try to bring the transaction to a conclusion;
(b) while those discussions (and discussions on alternative transactions should the Original Transaction not proceed) continue, it is focussed on prudently managing working capital and minimising expenses across the Group to ensure that it is working towards the best outcome possible for creditors, investors and other stakeholders. In particular, the Company notes that all payments are tightly managed, generally requiring Board approval;
(c) it has the support of its critical creditors and stakeholders, including the Noteholders and other secured creditors;
(d) simultaneous with the progression of discussions with Yankuang Energy, it continues to pursue and source alternative options to deal with obligations under the Convertible Notes and ongoing funding needs (including alternative transactions should the Original Transaction not proceed); and
(e) the Company has terminated its Senior Secured Project Finance Facility following the exit of the remaining lenders, thereby ensuring no further commitment fees accrue. See the Company's announcement lodged with ASX on 11 September 2025. While the Company’s financial statements for six months ended 30 June 2025 include an emphasis of matter in regard to a material uncertainty relating to going concern, for the above reasons, the Directors consider that they have reasonable grounds to believe that HFR is presently able to pay its debts as and when they become due and payable.

6. If the answer to question 5 is “yes”, please explain the basis for this conclusion, commenting specifically on the following:
(a) The maturity of the Convertible Notes;
As noted above, the Company has the benefit of the Standstill with the Noteholders and further support from other key creditors. The Company is in discussions with the Convertible Noteholders regarding the alternatives for dealing with the obligations under the Convertible Notes. Consistent with the representations of the EMR Noteholders, the Convertible Noteholders continue to engage constructively with Highfield on the Company’s future plans and funding options.
(b) The decision by Yankuang Energy and Beijing Energy not to proceed with the Proposed US$300 million Raising;
As noted above, this is not correct.
(c) The current status of the Original Transaction disclosed by HFR on 24 September 2024; and
As noted above, the Implementation Agreement (which governs the terms of the Original Transaction) remains legally binding and in force. As stated in the Company’s 18 August 2025 announcement, the Implementation Agreement has not been terminated by either party, although, given that the expiry date for satisfaction of its conditions precedent (as extended) has passed, it is terminable at any time by either party in accordance with its terms. Highfield continues to engage with Yankuang Energy regarding next steps.
(d) The going concern disclosures in HFR’s Annual Report.
The Board remains satisfied that, with the Implementation Agreement in place and financing discussions (including alternative transactions should the Original Transaction not proceed) ongoing, there are reasonable grounds to believe the Company will be able to meet its obligations.

7. If the answer to question 5 is “no”, please explain what steps HFR has taken or proposes to take, to warrant the continued quotation of its securities and its continued listing pursuant to Listing Rule 12.2?
Not applicable.

8. Do HFR’s directors consider there are reasonable grounds to believe that HFR will be able to pay its debts as and when they become due and payable? In answering this question, please explain the basis for the directors’ conclusion.
The Directors consider that they have reasonable grounds to believe that HFR is presently able to pay its debts as and when they become due and payable, given:
(a) that the Implementation Agreement with Yankuang Energy remains binding and in place. While it is terminable at any time by either party in accordance with its terms, Highfield continues to engage with Yankuang Energy regarding next step.
(b) the Company has the benefit of the Standstill and is in discussions with the Convertible Noteholders regarding the alternatives for dealing with the obligations under the Convertible Notes and ongoing funding needs (including alternative transactions should the Original Transaction not proceed). Consistent with the representations of the EMR Noteholders, the Convertible Note holders continue to engage constructively with Highfield on the Company’s future plans and funding options; and
(c) management has taken steps to preserve cash and reduce operating expenditure.

9. Please confirm that HFR is in compliance with the Listing Rules, and in particular Listing Rule 3.1.
The Company confirms it is in compliance with the ASX Listing Rules, including Listing Rule 3.1.

.
,......I'm exhausted. run for your life.