Announcement PDF 5 March 2025 INVESTOR PRESENTATION - REVISED Hillgrove Resources Limited (ASX: HGO) (Hillgrove or Company) encloses a revised Investor Presentation dated 5 March 2025. Hillgrove advises that figures and footnotes have been included in slides 18 and 19 referencing the Company’s announcement ‘Maiden Kanmantoo UG Reserve and 96% Increase in Resource’ dated 18 October 2024. This announcement is authorised for release to the ASX by the Board of Hillgrove Resources Limited. For more information contact: Mr Bob Fulker CEO & Managing Director Tel: +61 (0)8 7070 1698 Mr Joe Sutanto CFO & Company Secretary Tel: +61 (0)8 7070 1698 Hillgrove Resources Limited ACN 004 297 116 Ground Floor, 5-7 King William Road, Unley SA 5061, Australia | T + 61 8 7070 1698 | E info@hillgroveresources.com.au An Australian Copper Producer Investor Presentation Accelerating Nugent Production March 2025 Bob Fulker Managing Director 1 Hillgrove Overview ASX:HGO | Investor Presentation | March 2025 2 An Australian copper producer Well positioned to benefit from a robust copper outlook Tier 1 Jurisdiction Operating the Kanmantoo Mine and 3.6Mtpa plant in the mining friendly State of SA, 1 hour drive from Adelaide Generating cash flow Operational stability ASX:HGO | Investor Presentation | March 2025 2025 Guidance: • 12,000 – 14,000 tonnes of copper • All-in Cost1 of US$3.40 – US$3.90/lb 1.4Mtpa Production Mining achieved, driving toward 25% increase in ore processed 1. All-in Costs includes C1 costs plus sustaining and major capital 3 Corporate snapshot An Australian copper producer Market Statistics Major Shareholders Share price1 Shares on issue Market capitalisation Debt Cash2 Enterprise value $0.040 2,095M $84M Nil $3M $81M Income tax losses3 Franking credits $285M $18M ▪ ▪ ▪ ▪ ▪ ▪ Freepoint Metals & Concentrates 20.0% Ariadne Australia 10.3% Board & Management Derek Carter Bob Fulker Murray Boyte Roger Higgins Joe Sutanto Chairman CEO & MD Non-Exec. Director Non-Exec. Director CFO & Co. Sec. Hillgrove owns the Kanmantoo Copper Gold Mine Robust Resource of 19.3Mt at 0.77% Cu and 0.14g/t Au Historical production (2010 – 2020): 135kt copper and 55koz gold Generating cash: ramp up commenced in Jan-24, Commercial Production declared in Jul-24, $21 million of Operating Cash Flow generated in 2024 Opportunity to fast-track Nugent development to grow copper production and reduce unit costs in 2026 Appointment of highly regarded executive, Bob Fulker (ex-Evolution Mining and OZ Minerals) Key Recently relinquished tenements Note: Currency is in Australian dollars unless otherwise stated 1. Closing share price on 28 February 2025 2. Cash balance as at 31 December 2024 3. Carried forward as of 31 December 2024 (estimated, prepared but unsubmitted tax return) ASX:HGO | Investor Presentation | March 2025 4 Kanmantoo A well-established copper asset ▪ Long legacy of positive stakeholder engagement ▪ Residential workforce ▪ Underground bulk mining (stoping) method ▪ Well capitalised infrastructure ▪ Plant capacity: 3.6Mtpa ▪ Tailings Storage Facility permitted for 6.0Mt ▪ Power and water supply secured ▪ Concentrate trucked 75km to Port Adelaide ▪ Life of mine offtake with Freepoint Commodities ▪ Maiden Copper Ore Reserve 2.8Mt at 0.91% for 26kt Copper1 Copper Mineral Resource ▪ 19.3Mt at 0.77% for 150kt Copper1 Near mine exploration including recent results from Nugent2: ▪ 18.55m @ 5.69% Cu + 1.02g/t Au ▪ 16.00m @ 2.96% Cu + 0.42g/t Au ▪ ▪ ▪ ASX:HGO | Investor Presentation | March 2025 1. 2. Refer to ASX announcement 18 October 2024 titled ‘Maiden Kanmantoo underground Ore Reserve and 96% increase in copper Mineral Resource endowment’ Refer to ASX announcement 21 January 2025 5 Sustainability Critical minerals for a sustainable future ▪ Total Recordable Injury Frequency (TRIF) trending lower from 15.5 to 13.1 in CY2024 ▪ Long track record of environmental stewardship with significant progressive rehabilitation completed ▪ Award winning stakeholder engagement model through establishment of the Callington Community Consultative Committee (K4C) ▪ Supporting the local community with a predominantly residential workforce Rehabilitated Tailings Dam at Kanmantoo ASX:HGO | Investor Presentation | March 2025 6 Underground mining LOM Increasing optionality to achieve reliable production Nugent ▪ 1.4 Mtpa ore mining rates achieved with record ore movement in January 2025 ▪ Kavanagh and Spitfire are current ore sources providing positive operating cash flow ▪ Nugent orebody access under development through both decline and incline ▪ Both development and production rates increasing as new mining fronts open up Spitfire Kavanagh Current Life of Mine design ASX:HGO | Investor Presentation | March 2025 7 Mining Simple mining techniques ▪ Very stable ground and favourable orebody geometry (75o dip) leading to minimal dilution and recovery loss ▪ Orebody has low grade halo reducing impact of any dilution ▪ Top down uphole longhole open stoping – low technical risk ▪ No backfill of stopes required for geotechnical purposes ▪ All waste able to be backfilled into old stopes ▪ Ground support simple – split sets and mesh for drives, cable bolts for intersections – no shotcrete ▪ Relatively dry mine – approximately 5l/s inflow, suitable for use within mine and processing Competent Ground Conditions ASX:HGO | Investor Presentation | March 2025 8 Processing Easily recovered ore, existing infrastructure ▪ Excess capacity in 3.6Mtpa plant – currently only operating for 50% of time. Additional capacity available at $9/t variable cost ▪ Coarse grind size – target P80 of 212µm ▪ Significant institutional knowledge in processing team from Open Pit – Surface Operations Manager has worked at Kanmantoo since day 1, all processing leadership worked during Open Pit Mining ▪ Cheap power supply – average of $0.13/kwh until June 2027 ▪ Permitted TSF capacity for another 6Mt; 1.5m wall raised regularly constructed from adjacent open pit waste stockpiles at a cost of at $0.80/t tailings Processing Plant (Centre), Crusher (Right) and TSF (Background) ASX:HGO | Investor Presentation | March 2025 9 Continuing the operationally successful production restart Physical metrics continuing to ramp up Monthly Ore Mined (kt) Monthly Development Rates (m) Commercial Production Commercial Production 576 540 468 116 104 467 93 413 70 41 Q1-24 Q2-24 Q3-24 Q4-24 Jan-25 Q1-24 Monthly Recoverable Copper Mined1 (t) & Grade Mined (%) 1.26% 1,400 0.86% 1,200 1,043 1,000 0.93% 1.00% 1,007 834 827 0.93% Jan-25 1.10% 1.18% 0.86% 0.97% 879 903 Q4-24 Jan-25 0.50% 0.00% 861 -0.50% 800 974 -1.00% 600 400 Q4-24 Commercial Production 1.50% 1.20% 0.83% Q3-24 Monthly Copper Produced (t) & Grade Processed (%) Commercial Production 1,600 Q2-24 -1.50% 314 -2.00% 200 276 -2.50% 0 -3.00% Q1-24 Q2-24 Q3-24 ASX:HGO | Investor Presentation | March 2025 Q4-24 Jan-25 Q1-24 Q2-24 Q3-24 1. Based on 93.5% Cu Recovery 2024 figures based on average monthly for the quarter 10 Large Mineral Resource endowment Improving visibility on mine life Long section of Kavanagh deposit showing 0.2% domain shells ▪ Kanmantoo 2024 Mineral Resources1: 19.3Mt grading 0.77% Cu and 0.14g/t Au containing 150kt Cu and 82koz of Au Compared to 2022 MRE2 this represents a: ▪ 96% increase in contained copper ▪ 138% increase in contained gold ▪ Opportunities to grow Resources through: ▪ Extensional drilling at Kavanagh and Nugent ▪ Exploration at Emily Star and North Kavanagh ▪ Kanmantoo 2024 Maiden Ore Reserve1: 2.8Mt grading 0.91% Cu and 0.15g/t Au containing 26kt Cu and 14koz Au 1. Refer ASX release on 18 October 2024 entitled “Maiden Kanmantoo underground Ore Reserve and 96% increase in copper Mineral Resource endowment” 2022 Mineral Resources Estimate 6.9Mt at 1.08% Cu containing 75,900t Cu Refer ASX release 26 July 2022 Updated Nugent Underground Mineral Resource Estimate 2. ASX:HGO | Investor Presentation | March 2025 11 Organic growth Significant near mine Mineral Resource growth opportunities ▪ Investment in resource definition and extensional drilling delivering strong results ▪ Over 19,000 metres of diamond drilling planned from Kanmantoo Underground testing Exploration Targets1 ▪ All targets within 500m of Kanmantoo Processing Plant1 ▪ Outstanding results from Nugent drilling outside of Ore Reserve2: ▪ 18.55m @ 5.69% Cu + 1.02g/t Au ▪ 16.00m @ 2.96% Cu + 0.42g/t Au 1. Refer to ASX announcement on 13 Feb 2025 titled ‘2025 Kanmantoo Exploration Target Update’ Refer to ASX announcement on 21 January 2025 titled ‘Quarterly Report and Appendix 5B for 31 December 2024’ Long Section highlighting resource growth opportunities at depth 2. ASX:HGO | Investor Presentation | March 2025 12 Organic growth Significant near mine Mineral Resource growth opportunities ▪ ~60,000 metres of drilling planned for 2025 budgeted to focus on1: ▪ Resource to Reserve conversion in Kavanagh and Nugent ▪ Resource definition in Nugent, including defining high grade target currently outside of Reserve ▪ Targets untested at depth including Valentine, Emily Star and Critchley to grow Resource and increase LOM Long section of exploration drilling in 2025 1. ASX:HGO | Investor Presentation | March 2025 Refer to ASX announcement on 13 Feb 2025 titled ‘2025 Kanmantoo Exploration Target Update’ 13 CY24 Financials Strong EBITDA delivery Profit and Loss and Cash Flow CY24 ($M) CY23 ($M) Change ($M) Revenues 112.4 - 112.4 Operating Cash Flow 21.0 (9.5) 30.5 EBITDA 22.5 (14.1) 36.6 EBIT (9.4) (14.8) 5.4 Net Loss After Tax (24.0) (16.3) (7.7) Profit and Loss and Cash Flow ▪ Operating cash flow of $21.0 million for 2024 ▪ Strong EBITDA delivered of $22.5 million for 2024 ▪ Net loss after tax impacted by: ▪ ▪ Scheduled D&A of $31.7m due to production commencing (2023: $0.7m) ; and Accounting treatment for the revaluation of the Freepoint royalty increased to $16.2m (2023: $7.5m). ▪ Cash flow generation skewed to the second half with commercial production commencing in July 2024. Operating cash flow for second half of $12.1m. ▪ Undrawn stand-by facility of $10m with Freepoint expires April 2025. Broader process underway to replace this facility beyond April 2025. ASX:HGO | Investor Presentation | March 2025 14 Consistent Free Cash Flow Generation ASX:HGO | Investor Presentation | March 2025 15 Accelerating Nugent Development Building blocks to consistent positive free cash flows To Date Current Focus 2025 Growth Foundations Built Cost & Grades Nugent Development Beyond Nugent Maintain the 1.4Mtpa 1.4Mtpa run rate achieved Continued improvement in development metres Improved ore body understanding Record copper recoveries Stabilisation of site costs 1 July 2024 – 31 Dec 2024: - Average Cu production ~11ktpa run-rate - ~US$3.85/lb All-In Cost run-rate ASX:HGO | Investor Presentation | March 2025 Optimising mined grade to achieve a consistent mill feed grade Balance mine development rates with stope extraction sequence 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 Accelerating development of Nugent to achieve 1.7-1.8Mtpa run rate in 2026 Early break through 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% 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 16 Operating Cash Flows Positive operating cash flows 2024 Operating and Investing Cash Flows (Split By Half) A$20m Operating cash flow activities are expected to increase through CY25 onwards due to: ▪ Increasing Cu production A$15m ▪ CY25 guidance of 12-14kt (up 33% to 55% on CY24 production) ▪ CY26+ further increase with Nugent A$10m A$5m Operating Cashflow: $8.9m Operating Cashflow: $12.1m ▪ Reducing mining + processing unit rates (efficiencies as mine develops & access to Nugent) ▪ Unwind of historic hedges (at A$12,500) - (A$5m) (A$10m) Investing Cashflow: ($11.9m) Investing Cashflow: ($18.1m) Investing cash flow activities are expected to decrease over time as: (A$15m) ▪ Funds raised allow access to Nugent, after which major capex on mine development decreases ▪ Mine benefits from significant non-recurring investments in electricity, ventilation, haul road, and general infrastructure already made during ramp-up (A$20m) 1H 2024 2H 2024 CY24: 9kt Cu production; ~US$4.10/lb All-In Cost ASX:HGO | Investor Presentation | March 2025 17 Accelerating Nugent Development Growing to fill the available mill capacity ▪ 1.4Mtpa annualised mining rates achieved in January 2025. Plant has capacity for 3.6Mtpa ▪ 1.7 to 1.8Mtpa of available plant capacity with current resourcing onsite ▪ Existing Nugent Resource is expected to support delivery of 400ktpa to the plant over at least 4 years ▪ Opportunity to increase development rates using existing equipment onsite to expedite Nugent capital infrastructure ▪ Nugent Incline and Decline to join by end of 2025 allowing access to multiple stoping fronts for circa 4 years ▪ Optionality to target high grade stopes if defined by further diamond drilling in coming months ▪ Increased development enables mining rates to increase to planned 1.7-1.8Mtpa through 2026, with minimal change to fixed operating costs ▪ Economies of scale deliver strong cash flow generation Scheduled Nugent face position as of Dec 31st 20251 1. ASX:HGO | Investor Presentation | March 2025 1. Conceptual design based on Mineral Resource Estimate and Ore Reserve as released in the ASX announcement of 18 October 2024 titled ‘Maiden See the Mineral Resource and Ore Reserve tables provided as an Kanmantoo underground Ore Reserve and 96% increase in copper Mineral Appendix to this presentation for further information on Mineral Resource Resources and Oreendowment’ Reserves 18 Accelerating Nugent Development Debottlenecking Kavanagh Mine ▪ Increased development resourcing in Kavanagh while additional crew operating in Nugent ▪ Development sprint will break the cycle of interactions between production and development which has been limiting mining rates ▪ De-risks the current mining schedule which is bottlenecked by available ore sources ▪ Opportunity to introduce ore passes between levels which will increase both utilisation and productivity of production fleet ▪ Installation of LOM ventilation systems to reduce reentry delays after stope firings Scheduled Kavanagh face position as of Dec 31st 20251 1. ASX:HGO | Investor Presentation | March 2025 1. Conceptual design based on Mineral Resource Estimate and Ore Reserve as released in the ASX announcement of 18 October 2024 titled ‘Maiden See the Mineral Resource and Ore Reserve tables provided as an Kanmantoo underground Ore Reserve and 96% increase in copper Mineral Appendix to this presentation for further information on Mineral Resource Resources and Oreendowment’ Reserves 19 Accelerating Nugent Development Compelling reasons to accelerate development of Nugent Significant financial benefits in the form of: ▪ ▪ Circa 20% lower mining unit costs ▪ Circa 15% lower processing unit costs ▪ Increased efficiency – separate levels for bogging, development, production drilling, and decline advance ▪ Derisking – greater availability of production drill sites will allow for an increase in ore sources ▪ Improved production – as development sufficient to achieve 1.7-1.8Mtpa ▪ Reduced decline congestion – development can prioritise decline and other capital works ▪ Optionality – if a high grade reserve is defined at the 930-960mRL in Nugent, it can be mined earlier Plan view of All Nugent Drilling Completed to the end of Dec 20241 1. ASX:HGO | Investor Presentation | March 2025 Information extracted from ASX announcements on 21 January 2025 titled ‘Quarterly Report and Appendix 5B for 31 December 2024, 6 May 2022 ‘Nugent Copper Gold Zone Delivers Excellent Drill Results’ and 3 September 2020 ‘Drilling Expands Cu-au Footprint At Kanmantoo Underground’ 20 Equity Raising Summary ASX:HGO | Investor Presentation | March 2025 21 Equity Raising Summary $13 million in a Two Tranche Institutional Placement Offer structure and size Offer price ▪ Two-tranche Placement to raise approximately $13 million via the issue of approximately 371.4 million new fully paid ordinary shares in Hillgrove (“New Shares”) (representing ~17.7% of shares currently on issue) to professional and sophisticated investors. ▪ Hillgrove expects to undertake a Share Purchase Plan to eligible shareholders in Australia and New Zealand. The SPP is expected to be capped at $3 million, which means eligible applicants may be subject to scale back. ▪ Offer price of $0.035 per New Share (“Offer Price”), which represents a: ▪ 12.5% discount to the last close price of $0.040 on 28 February 2025; ▪ 15.8% discount to the 5-day volume-weighted average price (“VWAP”) of $0.042; ▪ 17.7% discount to the 10-day VWAP of $0.043 ▪ 19.0% discount to the 20-day VWAP of $0.043 ▪ Two-tranche Placement to raise approximately $13 million via the issue of approximately 371.4 million New Shares (representing ~17.7% of shares currently on issue) to professional and sophisticated investors, comprising: Placement ▪ A “Tranche 1 Placement” to raise approximately $10.4 million via the issue of approximately 297.3 million New Shares within Hillgrove’s existing placement capacity under Listing Rule 7.1; and ▪ A “Conditional Placement” (“Placement”) of $2.6 million via the issue of approximately 74.1 million New Shares, subject to FIRB approval and shareholder approval at the AGM to be held in in early May 2025. Lead Manager ▪ Canaccord Genuity and Blue Ocean Equities have been appointed as Joint Lead Managers to the Offer ASX:HGO | Investor Presentation | March 2025 22 Sources and Uses of Funds Proceeds will be used to expand underground development and to grow mine life Accelerate Nugent Development ▪ Additional development meters underground to open up new mining areas ▪ Bring forward ore from Nugent to earlier than previously planned Sources & uses of funds Sources of funds $m Placement 13.0 SPP 0.0 - 3.0 Total Sources 13.0 – 16.0 Uses of funds $m Mine Access Acceleration of Nugent Deposit 8.0 General Working Capital and Raising Costs 5.0 – 8.0 Total Uses 13.0 – 16.0 Future ▪ ▪ Multiple on-lease targets to further increase the Resource size and confidence Infill drilling to convert a portion of the 19.3Mt Resource into Reserves ASX:HGO | Investor Presentation | March 2025 23 Equity Raising Timetable Summary of Key Dates Time / Date (2025) Trading Halt Monday, 3 March Placement bookbuild conducted Monday, 3 March Record date for SPP Trading halt lifted, announce completion of Placement SPP Offer opens and booklet made available Settlement of New Shares under Tranche 1 of the Placement Allotment and trading of New Shares under Tranche 1 of the Placement SPP Offer closes SPP completion announcement and allotment of New Shares under the SPP Quotation of New Shares under the SPP 7:00pm (AEDT), Tuesday, 4 March Wednesday, 5 March Monday, 10 March Wednesday, 12 March Thursday, 13 March Friday, 28 March Friday, 4 April Monday, 7 April AGM to approve issue of New Shares under Conditional Placement Early May Settlement of New Shares under Conditional Placement Early May Allotment and trading of New Shares under Conditional Placement Early May The timetable is indicative only and may change. Hillgrove and the Lead Managers reserve the right to amend any or all these dates and times without notice, subject to the Corporations Act, the ASX Listing Rules and other applicable laws. ASX:HGO | Investor Presentation | March 2025 24 Disclaimer and Risks ASX:HGO | Investor Presentation | March 2025 25 Important Notice and Disclaimer Summary information This presentation contains summary information about Hillgrove Resources Limited (Hillgrove or the Company) and its activities as at 3 March 2025. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. The historical information in this presentation is, or is based on, information that has been released to the ASX. This Presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au Any market and industry data that may be used in connection with this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. None of the Company, its representatives or advisers have independently verified that market or industry data provided by third parties or industry or general publications. Statements made in this presentation are made only as at the date of this presentation. The information in this presentation remains subject to change without notice. The Company reserves the right to withdraw the offer or vary the timetable for the offer without notice. Not an offer This presentation is not an offer or invitation to acquire new shares in the Company or any other financial products and is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with ASIC) or any other law. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any restrictions. Not financial product advice This presentation does not constitute financial product or investment advice or any recommendation to acquire new shares or accounting, legal or tax advice. It has been prepared without taking into account the objectives, financial or tax situation or needs of individuals. An investment in Hillgrove’s securities is subject to investment and other known and unknown risks, some of which are beyond the control of Hillgrove. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and obtain legal and taxation advice appropriate to their jurisdiction. Hillgrove is not licensed to provide financial product advice. Cooling off rights do not apply to the acquisition of new shares under the Offer. Future performance This presentation includes both information that is historical in character and information that consists of forward-looking statements. Forward-looking statements are not based on historical facts, but are based on current expectations of future results or events. This presentation contains or may contain certain “forward-looking statements” and comments about future events, that are based on Hillgrove management'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, estimates of future Mineral Resources and Ore Reserves. ASX:HGO | Investor Presentation | March 2025 26 Important Notice and Disclaimer Future performance (continued) 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 presentation. The forward looking statements are subject to risks, stakeholder engagement, uncertainties and assumptions which could cause actual results, timing, or events to differ materially from the expectations described in such forward-looking statements. Those risks and uncertainties include factors and risks specific to the industry in which Hillgrove operates, any applicable legal requirements, as well as matters such as general economic conditions. These factors include, but are not limited to 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. Further information regarding the key risks associated with investment are located on slides 29 to 31 of this presentation and you should be consider these risks carefully. Where Hillgrove expresses or implies an expectation or belief as to future events or results, such expectation 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 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 as a result of new information, future events, results or otherwise. Any forward looking statement contained in this document is qualified by this cautionary statement. Mineral Resources and Ore Reserves Estimates The Economic Assessment discussed in this Presentation, has been undertaken to explore the technical and economic feasibility of developing an underground mine to economically and sustainably exploit the Kanmantoo Copper Gold Deposit, located in South Australia. The Kanmantoo Copper Gold Project (Kanmantoo or Project) is 100% owned by Hillgrove Resources Limited. Competent Person’s 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. ASX:HGO | Investor Presentation | March 2025 27 Important Notice and Disclaimer Competent person’s statement (continued) The information in this report that relates to planned drilling opportunities was extracted from the ASX release titled ‘2025 Kanmantoo Exploration Target Update’ previously released on the 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