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Mining concessions granted for Muga project

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World Fertilizer,

Highfield Resources has announced that on 1 July 2021 the mining concessions for the Muga potash project, namely Fronterizo, Muga and Goyo, were approved and signed by the three administrations in Madrid, Aragón and Navarra respectively.

Upon receipt of the initial notification of these approvals, Highfield immediately applied for and was granted a trading halt by the ASX to assist in managing its continuous disclosure obligations.

Following the award of the mining concessions, the company’s priorities will focus on the preparation of construction at Muga. While this preparation has been advanced in the last few months, the company will expedite key pre-construction activities including: completion of the construction agreement with our preferred contractor, request to initiate the construction of the bolter miner, finalising pending procurement of equipment 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 equity.

Highfield Resources CEO, Ignacio Salazar, said: “We are delighted to receive the grant of the mining concession. This is a massive step for the project which allows us to prepare construction. On behalf of the Highfield Board, I would like to thank our shareholders for their continued support during this challenging period. I would also like to thank our staff and the administrations for their tireless work in reaching this significant milestone. Muga is a unique project and has the potential to deliver great benefits to all our stakeholders. We look forward to progressing the Muga project into construction.”

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