Hillgrove Resources (HGO) investor relations material

Conference and Strategic Overview

• Event features presentations from copper-focused companies, including early-stage explorers and established producers, with some gold exposure.

• Organized by MST Access and NWI Communications, with MST Financial providing research-driven services and broad stock coverage.

• Kanmantoo mine is fully permitted, scalable, and community supported, with a 3.6Mtpa plant and 6Mt tailings facility.

• Market capitalisation is $124M, debt-free, with $11M cash as of June 2025 and a recent $28M placement for growth.

• Board and management have significant industry experience from major mining companies.

Copper Market Outlook

• Copper supply is constrained by a lack of new discoveries and declining grades, increasing reliance on existing operations.

• Demand is driven by decarbonization, electrification, and demographic shifts, with significant growth expected from data centers and AI by decade's end.

• Short-term market dynamics are favorable, with low inventories, negative treatment charges, and ongoing supply disruptions.

• Medium- to long-term outlook is for continued tightness as supply constraints meet strengthening demand.

Operational Performance and Guidance

• Achieved 1.5Mtpa run rate, targeting 1.7-1.8Mtpa in H1 2026, with costs under control and margins improving.

• CY25 guidance: 11-11.5kt copper in concentrate, with all-in costs of US$4.20-4.45/lb; AISC for YTD June 2025 was US$3.87/lb.

• Net mine operating cash flow was $16M for H1 2025, with stable mining conditions and low-cost power ($0.14/kWh until June 2027).