Hillgrove Resources (HGO) Investor presentation summary

Corporate overview and financials

• Flagship Kanmantoo mine is fully permitted, operating underground, and located 60km from Adelaide, South Australia.

• Market capitalisation is $178M with no debt and $21M cash as of 31 December 2025.

• 95% of employees are local, and the site benefits from established infrastructure and a power grid that is over 70% renewable.

• 2025 operating mine cashflow was $35.8M, with a 3.6Mtpa processing plant running at 1.5Mtpa.

• Enterprise value stands at $157M, with significant income tax losses and franking credits available.

Operational performance and guidance

• Produced 11,315 tonnes of copper in 2025 at an AISC of A$6.19/lb; 2026 guidance is 12,750–14,000 tonnes at A$5.75–6.25/lb.

• Major capital expenditure of A$8–10M planned for 2026, with a mining rate target of 1.7–1.8Mtpa by June 2026.

• Second annual Mineral Resources and Reserves delivered in October 2025.

• Emily Star and North Kavanagh exploration inclines under development, with a Stage 2 decision for Emily Star expected in H2 2026.

• Exploration and development focus on Nugent, Kavanagh, Emily Star, Saddle Zone, Paringa, Valentine, and Critchley.

Resource and reserve position

• 2025 Mineral Resource: 22Mt containing 160kt Cu and 120koz Au; Ore Reserve: 4.0Mt containing 34kt Cu and 29koz Au.

• Only 29,377m of 2025 drilling included in current resource; further updates expected in late 2026.

• Stable geotechnical conditions and low-grade halo help maximise recovery and minimise dilution.

• Conventional processing plant achieves 94–95% recovery at a coarse 210μm grind.

• Ore Reserves are based on a 1.0% CuEq cut-off, with economic extraction planned through April 2028.