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• Highfield Resources ASX Release 26 July 2021 QUARTERLY ACTIVITIES REPORT FOR THE THREE MONTHS ENDED 30 JUNE 2021 Muga Project Overview • As announced just after the quarter end ( refer ASX release 5 July 2021 , “ Muga Project Receives Mining Concession " ) , Highfield Resources ( " Highfield or " the Company " ) was granted the Mining Concessions for three areas that comprise the Muga Project ( " Muga " or " the Project " ) , namely Fronterizo , Muga and Goyo . • Following the award of the Mining Concessions , the Company's priorities have focused on the preparation of the construction at Muga . While this preparation had been advanced in the last few months , the Company is already expediting key pre - construction activities including : ○ O О Completion of the construction agreement with our preferred contractor ; Finalising pending procurement of equipment and the request to initiate the construction of the bolter miner ; and Managing the local town hall construction licenses . In parallel with these activities , and together with Endeavour Financial , the Company is reviewing its financing options , for both debt and other sources of capital , including strategic investors . . Cash at the bank as at 30 June 2021 was : A $ 12.6m . Highfield Resources CEO , Mr Salazar , said : " The grant of the Mining Concession has been a major achievement and elevates the Muga project and the Company into a completely different phase . We are already preparing for construction , advancing on all fronts . I had the opportunity to thank our staff for their efforts and the Administrations in an event we ran at the mine site on the 16 July 2021 with the endorsement of the President of Navarra . Muga is a unique project and has the potential to deliver great benefits to all our stakeholders . And we are moving forward to build it . " Highfield Resources Limited ACN 153 918 257 ASX : HFR Issued Capital Registered Office 169 Fullarton Road Dulwich , SA 5065 Australia Head Office Avenida Carlos III , 13 - 1 ° B , 31002 Pamplona , Spain 329.6 million shares 22.82 million options T. +61 8 8133 5000 T. +34 948 050 577 www.highfieldresources.com.au F. +34 948 050 578