Hillgrove Resources (HGO) investor relations material

Strategic location and operational advantages

• Mine is located 55 km from Adelaide, providing easy access to power, water, highways, and port facilities.

• All workforce is local, contributing to cost efficiency and strong community support.

• Site is 95% rehabilitated, with all infrastructure paid off, and benefits from a nearby railway for ore transport.

• Power costs are low at AUD 0.14 per kWh due to proximity to major power lines.

• Institutional investor base has grown over the past six months.

Production growth and expansion plans

• Production increased from 900,000 tonnes in 2024 to 1.6 million tonnes last year, with a 1.8 million tonne rate achieved in June.

• Board approved the Emily Star mining front, targeting over 2 million tonnes annual production, with stope production to begin in H2 2027 and capital requirement of $20–22 million.

• Plant has a 3.6 million tonne capacity, with plans to fill it through new mining fronts and a farm-in with Havilah.

• Spare capacity of about 1 million tonnes presents future growth opportunities.

• Mutooroo JV with Havilah aims to further increase throughput and reduce costs, with up to 80% interest over 24 months and a phased PFS and 5,000m drilling planned.

Exploration and resource development

• 59,000 m of underground drilling planned this year, following 69,000 m last year.

• Emily Star mining front to begin decline development within weeks, with production expected in the second half of 2027.

• North Kavanagh incline being prepared for drilling in 2027, targeting production in 2028.

• Near-mine exploration at Kanmantoo includes 13 targets within 1km of the processing facility, supporting multi-year growth.

• Regional exploration at Kanappa and Firehawk is underway, with drilling commenced in June 2026.