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QUARTERLY ACTIVITIES REPORT ASX : HFR 21 October 2021 30 SEPTEMBER 2021 QUARTERLY ACTIVITIES REPORT 0 HIGHLIGHTS • • • Pivotal milestone achieved with Mining Concessions granted for all three areas that comprise the Muga Project , ( Fronterizo , Muga and Goyo ) in July . At an event at the Muga mine site the President of Navarra highlights that the Muga Mine is important for the economic recovery of the region . Successful completion of an A $ 18.1 million raise in September ( A $ 15 million through an oversubscribed placement and a further A $ 3.1 million via a Share Purchase Plan ) . • Capital raise proceeds will advance the Project and finalise purchase contracts of outstanding long - lead items . • • Additional purchase contract signed by the Company , reaching 85 % of the equipment needed for the process plant . Another important step in progressing the development of the Muga Mine . Secured Muga's pre - production logistics strategy with the signing of agreements with two local Spanish ports - Port of Bilbao and the Port of Pasajes . • In parallel with these activities , and together with Endeavour Financial , the Company progressed its review of financing options , for both debt and other sources of capital , including strategic investors . • Cash at bank as at 30 September 2021 was : A $ 26.5m . Highfield Resources CEO , Mr Salazar , said : " This quarter has been key for Highfield ensuring the Muga Mine progresses to construction as quickly as possible with two major events , the Mine received its Mining Concession and the Company successfully raised A $ 18.1 million . Both are testament to the support the Company has locally and from our shareholders . " Highfields Resources ACN 153 918 257 ASX : HFR www.highfieldresources.com.au Head Office Avenida Carlos III , 13 - 1ºB 31002 Pamplona , Spain | +34 948 050 577 Registered Office 169 Fullarton Road , Dulwich , SA Australia | +61 8 8133 5000 Highfield Resources