Copper to the World Presentation
Released
Released
Announcement PDF
26 August 2025
COPPER TO THE WORLD PRESENTATION
Hillgrove Resources Ltd (the “Company” or “Hillgrove”) is pleased to enclose a copy of the Investor Presentation to
be delivered by Bob Fulker (CEO and Managing Director) at the Copper to the World Conference in Adelaide on
Tuesday, 26 August 2025.
Authorised for release by the Board of Hillgrove Resources Limited.
For more information contact:
Mr Bob Fulker
CEO & Managing Director
Tel: +61 (0)8 7070 1698
Mr Luke Anderson
Chief Financial Officer
Tel: +61 (0)8 7070 1698
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Presentation
Copper To The World Conference Presentation
26 August 2025
Bob Fulker
Managing Director
Important Notice and Disclaimer
Disclaimer
To the maximum extent permitted by law, neither Hillgrove nor its related corporations, directors, officers, employees or agents, nor any other person, accepts any liability, including, without limitation, any
liability arising from fault or negligence, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. Hillgrove is under no obligation to release any updates or
revisions to this presentation to reflect any change in expectation or assumptions and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for fraud or negligence).
Nothing contained in this Document constitutes investment, legal, tax or other advice. The information in this Document does not take into account the investment objectives, financial situation or particular needs of any recipient. Before
making an investment decision, each recipient of this Document should make its own assessment and take independent professional advice in relation to this Document and any action taken on the basis of this Document. All currency
referred to is Australian dollars ($) unless otherwise indicated (e.g. US$).
Forward Looking Statement
This release contains or may contain certain forward-looking statements and comments about future events, that are based on Hillgrove's beliefs, assumptions and expectations and on information currently available to management as at the
date of this presentation. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as "may", "will", "expect", "plan", "believes", "estimate", "anticipate", "outlook", and "guidance", or
similar expressions, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and production potential, financial forecasts, product quality estimates of future Mineral
Resources and Ore Reserves. Such statements are only expectations or beliefs and are subject to inherent risks and uncertainties which could cause actual values, results or performance achievements to differ materially from those
expressed or implied in this announcement. Where Hillgrove expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. No representation or
warranty, express or implied, is made by Hillgrove that the matters stated in this presentation will in fact be achieved or prove to be correct. Except as required by law, Hillgrove undertakes no obligation to provide any additional or updated
information or update any forward-looking statements whether on a result of new information, future events, results or otherwise. Readers are cautioned against placing undue reliance on forward-looking statements. These forward-looking
statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of Hillgrove, the directors, and management of
Hillgrove. These factors include, but are not limited to difficulties in forecasting expected production quantities, the potential that any of Hillgrove's projects may experience technical, geological, metallurgical and mechanical problems, changes
in market prices and other risks not anticipated by Hillgrove, changes in exchange rate assumptions, changes in product pricing assumptions, major changes in mine plans and/or resources, changes in equipment life or capability, emergence
of previously underestimated technical challenges, increased costs, and demand for production inputs.
Competent Persons Statement
As an Australian company with securities listed on the Australian Securities Exchange (ASX), Hillgrove is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors
should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves (the JORC Code).
The information in this report that relates to the 2024 Kanmantoo Mineral Resource Estimate and the 2024 Ore Reserve is extracted from ASX release titled ‘Maiden Kanmantoo Underground Ore Reserve and 96% Increase in Copper Mineral
Resource Endowment’ dated 18 October 2024 and is available to view at www.hillgroveresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original
market announcement and that all material assumptions and technical parameters underpinning the Mineral Resource Estimate and Ore Reserve in the relevant market announcement continue to apply and have not materially changed. The
Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.
The information in this report that relates to the 2022 Mineral Resource Estimate for Nugent and Kavanagh was extracted from the ASX release titled Updated Nugent Underground Mineral Resource Estimate on the 26 July 2022 and is
available to view at www.hillgroveresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material
assumptions and technical parameters underpinning the Mineral Resource Estimate in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the
Competent Person's findings are presented have not been materially modified from the original market announcements.
The information in this report that relates to planned drilling opportunities was extracted from the ASX release titled ‘2025 Kanmantoo Exploration Target Update’ dated 13 Feb 2025 and is available to view at www.hillgroveresources.com.au.
The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the
information in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified
from the original market announcement.
2
Corporate Snapshot
Proud South Australian copper producer
Market Statistics
Share price1
Major Shareholders
Shares on issue
Market capitalisation
Debt
Cash2
Enterprise value
$0.036
2,611M
$94M
Nil
$11M
$83M
Income Tax Losses3
Franking Credits
$282M
$18M
Freepoint Metals & Concentrates 18.9%
Ariadne Australia
10.3%
Board & Management
Derek Carter
Bob Fulker
Murray Boyte
Roger Higgins
Luke Anderson
Chairman
CEO & MD
Non-Exec. Director
Non-Exec. Director
CFO & Co. Sec.
Hillgrove owns the Kanmantoo Copper Gold Mine
Tier 1 jurisdiction of South Australia
Located 55km from Adelaide
Historical production (2010 – 2020): 137kt copper and 55k gold
Commenced production from underground in 2024
Multiple opportunities to increase resource base, production rates
and mine life
Note: Currency is in Australian dollars unless otherwise stated
1. Closing share price on 19 August 2025
2. Cash balance at 30 June 2025
3. Carried forward as of 31 December 2024
3
Shaping the future of
Australian copper in a
tier 1 jurisdiction
Building Australia’s
Copper Future
Generating cash flow
today, not just future
potential
Cash-Generating
Copper Producer
Multiple rerating
catalysts driving the
next growth phase
Metrics Support
Market Re-Rate
Building to scale, a
platform for multiple
operations
Growth, Organic
and Beyond
4
4
Building The Future of Copper
Hillgrove poised to ride the copper trend
LME Copper Price & Inventory2
Price (US$/t)
$12,000/t
Inventory (t)
600kt
$10,000/t
500kt
$8,000/t
400kt
$6,000/t
300kt
$4,000/t
200kt
$2,000/t
100kt
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Age of Operating Copper Mines1
0-20 yrs
21-30 yrs
49%
12%
31-40 yrs
41-50 yrs
14%
Jul-22
Jul-23
Jul-24
Jul-25
Mined Head Grade (% Copper)1
1.20
19%
6%
Jul-21
50+ yrs
1.00
0.80
Increasing Global Copper Demand
Electrification;
Decarbonistion; and
Urbanisation.
Supply Gap
Continued reductions in global grades;
Underinvestment in new copper mines; and
Global geopolitical tensions.
Forecast
0.60
0.40
“Soaring demand for copper will require $250 billion of investment over the next decade, helping to drive further mergers in the industry”
“Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050”
Mike Henry Bloomberg TV interview, November 2024
1. As at 2023, mines > 15ktpa copper. Source: BHP.
2. LME for pricing and https://www.westmetall.com/en/markdaten.php?action=diagram&field=LME_Cu_cash for inventory
5
Delivering & Growing the Business
Building blocks to consistent positive cash flow
Current Status
Foundations Built
Maintain 1.4Mtpa run rate
Optimise mine grade to achieve a
consistent mill feed grade
Balance mine development rates with
stope extraction to minimise disruption
and interactions
Further reduction in real costs resulting
in further reduction of mining and
processing unit rates
CY25 Guidance:
- 12-14kt Cu
- US$3.40-3.90/lb All-In Cost
2H 2025
Nugent Development
Accelerating development of Nugent to
achieve 1.7-1.8Mtpa run rate in 2026
Early break through of the Nugent
Decline
Continue the Resource extensional
drilling for an updated MROR in Q4 2025
Utilising installed capacity and
equipment reducing unit rates
Nugent development aiming to:
- Step-up Cu production
- Reduce mining + processing unit costs
by ~15-20%
Growth
Beyond Nugent
Initial Diamond Drilling focus on Nugent
and Kavanagh Central resource
extensions
Drilling to target depth extensions of the
Valentine, Emily Star and Critchley
mineralisation
North Kavanagh depth extension to be
further tested
Significant scope to expand mining
inventory to:
- Further utilise 3.6Mtpa plant capacity;
and/or
- Increase mine life
6
Organic Growth - Exploration
Multiple opportunities to increase our Resource and Reserve
Kanmantoo 2024 Mineral Resources2,3:
19.3Mt grading 0.77% Cu and 0.14g/t Au containing 150kt Cu and 82koz Au.
Compared to 2022 MRE3 this represents a:
96% increase in contained copper
138% increase in contained gold
Kanmantoo 2024 Maiden Ore Reserve2:
2.8Mt grading 0.91% Cu and 0.15g/t Au containing 26kt Cu and 14koz Au
~20 Km of drilling planned in 2025 targeting resource expansion1
• Early focus on:
• Valentines
• Kavanagh
• Nugent
Additional on lease targets to be evaluated as underground
development expands
1. Refer to ASX announcement on 13 Feb 2025 titled ‘2025 Kanmantoo Exploration Target Update
2. Refer to ASX release on 18 October 2024 titled “Maiden Kanmantoo underground Ore Reserve and 96% increase in copper Mineral Resource endowment”
3. Refer to ASX release on 26 July 2022 titled “Updated Nugent Underground Mineral Resource Estimate ”
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The Hillgrove Opportunity
Existing copper producer with an EV less than $100 million
Hillgrove Highlights
Established copper producer with multiple organic growth pathways
Generating cash flow from a proven asset
Growth ready platform - organic and inorganic opportunities in play
Experienced team delivering on a high-quality copper project
Well positioned to capitalise - strengthening global copper thematic
Key Catalysts For Life Extensions
On track to deliver 2025 guidance
Breakthrough at Nugent, unlocking potential
Throughput Expansion delivering scale and efficiency
Resource & Reserve release in Q4, enhancing project life & value
Long term copper producer contributing to the SA economic prosperity
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Thank You
Kanmantoo Mineral Resource
Mine Area
Kavanagh (including
Spitfire)
North Kavanagh
Nugent
Emily Star
TOTAL
Tonnage
(kt)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Bi
(ppm)
Cu Metal
(kt)
Au Metal
Measured
3,200
0.94
0.04
2.9
190
30
4
Indicated
3,400
0.77
0.10
2.4
97
26
11
Inferred
6,300
0.70
0.11
2.4
110
44
22
Sub-Total
13,000
0.78
0.09
2.5
130
100
37
Measured
-
-
-
-
-
-
-
Indicated
230
0.78
0.17
3.0
140
2
1
Inferred
110
0.77
0.21
3.3
130
1
1
Sub-Total
340
0.78
0.18
3.1
140
3
2
Measured
-
-
-
-
-
-
-
Indicated
2,300
0.74
0.36
1.7
66
17
26
Inferred
1,100
0.71
0.35
1.6
40
8
13
Sub-Total
3,400
0.73
0.36
1.6
57
25
39
Measured
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
Inferred
2,600
0.77
0.08
1.6
110
20
7
Sub-Total
2,600
0.77
0.08
1.6
110
20
7
19,300
0.77
0.14
2.2
110
150
82
JORC Classification
(koz)
Notes:
1.
Due to effects of rounding, total numbers may not
sum.
2.
Tonnage and metal are rounded to the nearest
1,000 tonnes, grades are rounded to 2 significant
figures.
3.
Mineral Resource is Reported at a 0.4% Cu Cut Off
Grade for all Mine Areas.
4.
Mineral Resource is depleted for mining as at 30
June 2024.
5.
Mine depletion refers to current Kavanagh UG
operation, and historical Giant Pit, Nugent and
Emily Star open pits
The information is extracted from the report entitled ‘Maiden
Kanmantoo Underground Ore Reserve and 96% Increase in
Copper Mineral Resource Endowment’ released on 18
October 2024 and is available to view on the Hillgrove Website
https://www.hillgroveresources.com.au/announcements. The
Company confirms that it is not aware of any new information
or data that materially affects the information included in the
original market announcement and that all material
assumptions and technical parameters underpinning the
estimates in the relevant market announcement continue to
apply and have not materially changed. The Company
confirms that the form and context in which the Competent
Person’s findings are presented have not been materially
modified from the original market announcement.
10
Kanmantoo Ore Reserve
Mine Area
Kavanagh
Nugent
Total Ore Reserve
(Kavanagh + Nugent)
Tonnes
(kt)
Cu
(%)
Au (ppm)
Ag (ppm)
Bi (ppm)
Cu Metal
(kt)
Au Metal
(koz)
Proved
1,100
1.01
0.04
2.82
220
12
1
Probable
1,000
0.88
0.15
2.7
140
9
5
Proved + Probable Kavanagh Total
2,100
0.95
0.09
2.76
180
21
6
Proved
-
-
-
-
-
-
-
Probable
670
0.76
0.33
1.44
79
5
7
Proved + Probable Nugent Total
670
0.76
0.33
1.44
79
5
7
Proved
1,200
1.01
0.04
2.82
220
12
1
Probable
1,700
0.83
0.22
2.21
110
14
12
Proved + Probable
2,800
0.91
0.15
2.45
160
26
14
JORC Classification
Notes:
1. Dry metric tonnes.
2. 0.6% Copper (Cu) design cut-off grade.
3. No Probable Ore Reserve was derived from Measured Mineral Resource.
4. Minimum stope mining width 5.0m apparent.
5. Grades are rounded to two decimal places. Tonnages are rounded to two significant figures.
6. Any minor apparent discrepancies for sums in the table are related to rounding.
7. The period for economic extraction is from Sept 2024 until April 2027.
8. Ore Reserve converted from Mineral Resource is based on the October 2024 Mineral Resource report by
Caitlin Rowett (Hillgrove Resources Limited) and Sonia Konopa (ERM) titled “Kavanagh, Nugent & North
Kavanagh Underground Mineral Resource Estimate", as at 30th September 2024.
9. Competent Person: Tom Bailey MAusIMM (#206304).
10. Mining has commenced and observed ground conditions have been very good. Further geotechnical
investigation is required to increase confidence in the stable mining spans.
The information is extracted from the report entitled ‘Maiden Kanmantoo Underground Ore Reserve and 96% Increase in Copper Mineral Resource Endowment’ released on 18 October 2024 and is available to view on the Hillgrove Website
https://www.hillgroveresources.com.au/announcements. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions
and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented
have not been materially modified from the original market announcement. .
11
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