Hillgrove Resources (HGO) H2 2025 earnings summary

Executive summary

• Achieved first full year of underground mining at Kanmantoo, increasing throughput to 1.45Mtpa and setting a quarterly copper production record in Q4 2025.

• Net profit after tax was $0.1 million, a turnaround from a $14.8 million loss in 2024, driven by higher revenues and reduced depreciation.

• Raised $46 million in equity to fund mine development and exploration, strengthening liquidity and supporting growth initiatives.

Financial highlights

• Revenue rose to $167.6 million, up $55.4 million year-over-year, reflecting higher copper, gold, and silver sales.

• EBITDA increased to $26.0 million from $22.3 million in 2024.

• Net cash from operating activities was $20.4 million, in line with the prior year.

• Cash and cash equivalents at year-end were $21.0 million, up from $3.3 million.

• Total assets grew to $150.2 million, with net assets at $96.0 million.

Outlook and guidance

• Targeting mine throughput ramp-up to 1.7–1.8Mtpa by H1 2026, with Nugent and Emily Star developments to drive future growth.

• Emily Star exploration and economic assessment expected to support further expansion decisions in H2 2026.

• Focus remains on increasing copper and gold production, lowering unit costs, and extending mine life.