Announcement PDF QUARTERLY REPORT Hillgrove Resources Limited (ASX: HGO) report for the quarter ended 30 September 2024 Operational delivery setting up Kanmantoo for future growth September 2024 Operating Highlights: • • • • • Copper production of 2,923 metric tonnes (+13% Q-o-Q) All-in costs of $US3.71 per pound (in-line with June 2024 quarter) Mining rates continue to ramp up with total material mined of 279,723 tonnes (+33% Q-o-Q) Mine development achieved of 1,401 metres (+13% Q-o-Q) Processed tonnes of 266kt (+4% Q-o-Q) Maiden Ore Reserve and 96% Increase in Copper Mineral Resource On 18 October 2024 Hillgrove released an updated Mineral Resources and Ore Reserve Statement1. Highlights: • Kanmantoo 2024 Maiden Ore Reserve of 2.8Mt grading 0.91% Cu and 0.15g/t Au containing 26kt of copper and 14koz of gold. • Kanmantoo 2024 Mineral Resources Estimate (MRE) of 19.3Mt grading 0.77% Cu and 0.14g/t Au containing 150kt of copper and 82koz of gold. • A 96% increase in contained copper and 138% increase in contained gold compared to the 2022 MRE • Maiden Mineral Resource Estimates for Emily Star and North Kavanagh • Significant opportunities to grow Mineral Resources through extensional drilling $10 Million Stand-by Debt Facility Secured • Provides additional financial flexibility as the Company scales up operations CEO and Managing Director’s Statement Commenting on the September 2024 quarter, Hillgrove CEO and Managing Director, Bob Fulker said: “We continued to see significant operational improvements across all metrics post declaring commercial production on 1 July 2024. While there are still many opportunities to improve production rates and reduce costs as we move closer to steady state production, it is pleasing to see the strong progress being made at Kanmantoo. Last week’s announcement of a Maiden Ore Reserve and the nearly doubling of the contained copper in the Mineral Resource at Kanmantoo highlights the scale of the opportunity we have in front of us at this asset.” 1 ASX release on 18 October 2024 entitled “Maiden Kanmantoo Underground Ore Reserve and 96% increase in copper Mineral Resource” Page 1 Copper Production and All-In Costs 6000 6.88 5000 3.73 4000 3.71 3000 2,923 2,584 2000 1000 827 0 Mar Qtr 2024 Jun Qtr 2024 Copper Production (kt) 8 7 6 5 4 3 2 1 0 -1 -2 Sep Qtr 2024 AIC (US$/lb) Figure 1: Kanmantoo quarterly production and costs KANMANTOO UNDERGROUND OPERATIONS The Kanmantoo Copper Mine is situated in the Adelaide Hills region of South Australia, just 55 kilometres from Adelaide and only 3 kilometres from the main dual carriageway to Port Adelaide. This strategic location offers significant advantages in both operating and capital costs, making it easier to attract and retain a skilled workforce that primarily resides in the area. Safety and Environment The Total Recordable Injury Frequency (TRIF) for Hillgrove was 13.3 (June 2024 quarter: 12.0). Hillgrove is pleased to report that the Company recently received the Chairman’s Award at the 2024 South Australian Mines and Emergency Response Competition (SAMERC). We are proud of our team’s performance who have set a benchmark for excellence in mine emergency response. This award is a positive reflection of Hillgrove’s strong safety culture. Production and Costs Kanmantoo produced 2,923 tonnes of copper in 12,656 dmt of concentrate at an All-In Cost of US$3.71 per pound of copper after by-product credits. Key physical metrics continued to improve – leading to a 13% increase in copper production (see Table 1 below). C1 Costs and All-in Costs continued to decrease. All-In Sustaining Costs increased quarter on quarter due to the declaration of commercial production on 1 July 2024 which led to some costs now being allocated to sustaining capital which we previously allocated to major capital. The main mining inventory sources for the quarter were from the Kavanagh 860 and 835 levels and the Spitfire 835 level. Total ore mined for the quarter was 280kt – an increase of 69kt over the previous quarter. Underground development focussed on the Kavanagh Decline 835, 810 and 785 levels along with the Nugent incline. Total mine development for the quarter was 1,401m – an increase of 163m over the previous quarter. The 1040 RL Nugent decline portal was also established during the quarter. Page 2 Opening up new areas in Nugent will improve flexibility in accessing mining stocks and ultimately lift mining rates. The processing plant performed well, with continued operational improvements during the quarter. This led to an increase in all key processing metrics, including milled tonnes, feed grade, and recoveries. Table 1 below highlights the key mining, processing and cost metrics for the operation. Table 1: Kanmantoo quarterly production and cost summary Kanmantoo Production and Cost Metrics Mining Physicals Total Development Inventory Mined Grade Mined Processing Physicals Tonnes Processed Grade Processed Recoveries Production Copper Produced Gold Produced Silver Produced Cost Summary Mining Processing Site G&A Transport and Offtake Charges Inventory Movements By-Product Credits C1 Cash Cost Government Royalties Sustaining Capital All In Sustaining Cost Major Capital1 All In Cost Units Sep 2024 Quarter Jun 2024 Quarter Mar 2024 Quarter m kt % 1,401 280 1.20 1,238 211 1.24 1,405 122 0.82 kt % % 266 1.18 93.3 256 1.10 91.4 104 0.93 82.7 t oz oz 2,923 626 26,372 2,584 535 23,377 827 162 5,810 US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb US$/lb 1.08 0.61 0.19 0.39 0.06 (0.32) 2.01 0.19 1.27 3.46 0.25 3.71 1.18 0.59 0.14 0.36 0.13 (0.24) 2.16 0.17 0.00 2.33 1.40 3.73 2.56 1.62 0.43 0.32 (0.92) (0.24) 3.77 0.19 0.00 3.96 2.92 6.88 1 Major Capital includes a portion of underground mine development capital as well as surface infrastructure capital. AUD/USD conversion rate of 0.67 used. Page 3 HILLGROVE RESOURCES Financials Net revenue from metal sales in the September quarter was $36.9 million. At the end of the quarter, Hillgrove had cash, receivables, and unsold concentrate of $12.2 million. Table 2: Company Liquidity Unaudited (A$M) Cash Receivables Unsold Concentrate TOTAL Sep 2024 Quarter 7.8 2.2 2.2 Jun 2024 Quarter 7.4 3.5 4.4 Mar 2024 Quarter 7.4 2.6 1.7 12.2 15.3 11.7 Cash flow was impacted by the timing of campaign milling with approximately 20,000 tonnes of ore sitting on ROM pads at quarter end. There was also an increase in sustaining capital during the quarter which included: • • • a 53% increase in the underground diamond drilling program focused on ore definition, Tails Storage Facility (TSF) lift 7 construction works, and commencement of the Nugent Portal and decline to allow access to additional mining fronts. With the improved developed and drilled stoping stocks, an increase in tonnes available to be processed on 1 October 2024 and the capital works that were undertaken in the September 2024 quarter, Kanmantoo is set up well for delivery in the December 2024 Quarter and beyond. During the September quarter, the Company invested $0.3 million in exploration and $13.8 million in mine development. The Company paid executive director salaries and non-executive director fees of $253,000 during the quarter. On 30 September 2024, the Company had 7,900 tonnes of hedging outstanding at a weighted average price of A$14,056 per tonne scheduled for delivery between January 2025 and September 2026. Page 4 KANMANTOO EXPLORATION Mine Lease Exploration The copper exploration targets on the Kanmantoo mining lease remain extensive and include: • • • • along strike and down-dip extensions of the main Kavanagh and Nugent Cu-Au Mineral Resources, the Emily Star down dip extension, Valentine and Paringa, and the Coopers and North Kavanagh deposits north of the Kavanagh underground development. These are classified as the North and South copper hubs. The focus during the September quarter has been grade control definition drilling and resource drilling at Kavanagh and Spitfire. The Nugent incline has continued to progress with drilling from the first underground drilling platform to occur early in the December quarter targeting Nugent. Drilling the Nugent lode from underground will provide an improved drill angle and easier depth extension in comparison to surface drilling. Kavanagh Mineral Resource Drilling From 1 July to 30 September 2024, the Company drilled a further 70 holes from underground achieving 11,960m of drilling within the Kavanagh-Spitfire mineral system. A second underground diamond drill rig was mobilised to site at the end of July. Underground diamond drilling has continued to map the grade continuity of the main Kavanagh-Spitfire mineral system and has continued to extend the continuity of the Spitfire and South West (SW) Kavanagh mineral systems within the underground mining footprint. An update to the Mineral Resource Estimate was released on 18 of October 2024 titled “Maiden Kanmantoo Underground Ore Reserve and 96% increase in copper Mineral Resource”. This incorporated all underground drilling through to 14 July 2024. Further information is available on the Hillgrove Resources website at www.hillgroveresources.com.au Drilling since July continues to extend the Spitfire South West (SW) Kavanagh mineral systems which will be incorporated into future Mineral Resource Estimates. Kanmantoo Geophysical Anomaly During the quarter, drilling was completed on the geophysical anomaly approximately 400 metres north and 600 metres beneath the northern extension of the Kanmantoo open pit. Drilling to date has identified that the mineralisation observed is consistent with the down plunge extents of North Kavanagh. Drilling elsewhere within the footprint of the interpreted geophysical structure has intersected alteration consistent with the Magnetotelluric (MT) survey response however there is an absence of mineralised veining. The distribution of alteration and the lithologies observed in drilling is consistent with the wider Kanmantoo Deposit. Assay results from drilling of the MT Geophyiscal anomaly include: • 2m @ 0.83% Cu and 0.06g/t Au downhole from 332m in KTDD246, • 1m @ 1.05% Cu and 0.21g/t Au downhole from 343.5m in KTDD246, Page 5 • • 11.7m @ 0.77% Cu and 0.08g/t Au downhole from 250.8m in KTDD247, and 2.5m @ 0.84% Cu and 0.44g/t Au downhole from 434m in KTDD247. These drilling results have not been included within the MRE released 18 October 2024. Further interperation of these drill results, including the elevated Au results and alteration observed, is ongoing. Figure 2: Longitudinal section viewed to the West of exploration drilling targeting a geophysical anomaly. Inset: collar locations relative to existing drilling information Near Mine Exploration The Cu-Au targets within 10 kilometres of the Kanmantoo processing plant include the South Kanmantoo, Stella, Mullewa and North West Kanmantoo geochemical and geophysical targets. There was no work undertaken on these prospects in the September 2024 quarter. REGIONAL EXPLORATION The regional area comprises 4,187 km2 of exploration licences within the Kanmantoo Province in the south-east of South Australia. During the quarter, 25% (1,465km2) of the south-east tenements were relinquished in areas identified as low value targets. The work plan for the coming two years will assess a further 4 targets areas with the aim of narrowing the focus of the exploration field into high value potential economic areas of interest. Page 6 Figure 3: Updated Hillgrove Tenement Areas (relinquished areas illustrated by diagonal red line fill) The Kanmantoo Province is now being investigated by the Geological Survey of South Australia (GSSA) and MINEX-CRC for its magmatic related copper-gold endowment as a consequence of the discoveries on the Stavely Belt in western Victoria. Geological work by the GSSA has concluded that copper mineralisation within the Kanmantoo Province occurs over four distinct periods from onset of the Delamerian Orogen (early Cambrian) to the close of the Benambran Orogen (mid-Ordovician – the same orogen that resulted in the Macquarie Arc Cu-Au mineralisation of Cadia-Ridgeway renown). This opens up the window of prospectivity of the Kanmantoo Province and in particular the tenement holding of Hillgrove for significant Cu-Au mineralisation. Continued interpretation of new mineral system models operating within the Kanmantoo Province along with a review of existing data has been a focus for Hillgrove’s regional exploration activities. Page 7 Competent Persons Statement The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources is based on information compiled by Caitlin Rowett, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Caitlin Rowett is a full-time employee of the company. Caitlin Rowett has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Caitlin Rowett has consented to the inclusion in the release of the matters based on their information in the form and context in which it appears. The information in this report that relates to the 2024 Kanmantoo Mineral Resource Estimate were initially reported by the Company to the ASX on the 18th of October 2024. Further information is available on the Hillgrove Resources website 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 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. Page 8 CORPORATE INFORMATION Issued Share Capital at 30 September 2024 Ordinary shares Unlisted Options Employee Performance Rights Share price activity for the Quarter High Low Last (30 September 2024) 2,095,555,567 66,000,000 43,525,000 0.075 0.047 0.065 SHARE REGISTRY REGISTERED OFFICE Boardroom Limited GPO Box 3993 Sydney NSW 2001, Australia F: +61 2 9279 0664 T: (within Australia) 1300 737 760 T: (outside Australia) +61 2 9290 9600 Hillgrove Resources Limited Ground Floor 5-7 King William Road Unley, South Australia, Australia E: info@hillgroveresources.com.au T: +61 8 7070 1698 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 SCHEDULE OF TENEMENTS AS AT 30 SEPTEMBER 2024 Tenement Location Percentage ML 6345 Kanmantoo, South Australia 100% ML 6436 Kanmantoo, South Australia 100% EML 6340 Kanmantoo, South Australia 100% EL 6526 Kanmantoo, South Australia 100% EL 6174 Coomandook, South Australia 100% EL 6175 Coonalpyn, South Australia 100% EL 6207 Tintinara, South Australia 100% EL 6294 Wynarka, South Australia 100% EL 6397 Laffer, South Australia 100% Page 9 APPENDIX A: List of all drill intercepts in this report Intercepts in the table below are amalgamated over a minimum down hole length of 1m > 0.4% Cu with a maximum of 5m internal dilution < 0.4% Cu. Or a minimum down hole length of 1m > 0.5g/t Au with a maximum of 1m internal dilution < 0.5g/t Au. No assays were cut before amalgamating the intercept calculation. Hole ID Ore Zone Target KTDD246 MT Target KTDD246 MT Target KTDD246 MT Target KTDD246_W1 MT Target KTDD246_W2 MT Target KTDD246_W3 MT Target KTDD247 MT Target KTDD247 MT Target KTDD247 MT Target KTDD247 MT Target KTDD247 MT Target Assay Method 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS 4-Acid/ICPMS Depth From Depth To Interval Length Cu% Au g/t Ag g/t 332 334 2 0.83 0.06 3.26 343.5 344.5 1 1.05 0.21 1.54 723 724.6 1.6 0.07 0.53 0.54 0 0.37 0.14 NSI 675 677 2 NSI 6.5 10 3.5 0.06 0.55 0.32 250.8 262.5 11.7 0.77 0.08 3.32 429 430 1 0.13 0.52 1.24 434 436.5 2.5 0.84 0.44 2.02 540 541 1 0.09 0.84 0.68 APPENDIX B: List of all Drill Collar details HOLE_ID SITE_TYPE MAX_DEPTH SURVEY_METHOD NAT_GRID_ID EASTING NORTHING HEIGHT KTDD246 DDH 1116.78 DGPS MGA94_54 318651.919 6115446.092 1170.622 KTDD246_W1 DDH 1080.4 DGPS MGA94_54 318651.919 6115446.092 1170.622 KTDD246_W2 DDH 1054.6 DGPS MGA94_54 318651.919 6115446.092 1170.622 KTDD246_W3 DDH 1061.5 DGPS MGA94_54 318651.919 6115446.092 1170.622 KTDD247 DDH 699.7 DGPS MGA94_54 318650.5 6115444 1170.672 Page 10 APPENDIX C: List of all Drill Survey Details HOLE_ID DEPTH AZIMUTH KTDD246 0 247.78 KTDD246 15 247.78 KTDD246 27 249.27 KTDD246 39 251.41 KTDD246 45 250.84 KTDD246 57 249.76 KTDD246 69 252.98 KTDD246 81 255.56 KTDD246 93 256.36 KTDD246 105 257.57 KTDD246 111 256.85 KTDD246 123 259.75 KTDD246 135 259.91 KTDD246 148 261.84 KTDD246 160 261.9 KTDD246 172 262.5 KTDD246 184 263.95 KTDD246 196 263.77 KTDD246 211 264.11 KTDD246 220 265.53 KTDD246 232 263.81 KTDD246 244 265.03 KTDD246 256 265.59 KTDD246 268 265.63 KTDD246 274 266.26 KTDD246 286 265.95 KTDD246 298 266.22 KTDD246 310 265.22 KTDD246 322 265.7 KTDD246 328 266.52 KTDD246 334 267.4 KTDD246 340 266.09 KTDD246 370 267.19 KTDD246 382 268.07 KTDD246 394 267.54 KTDD246 406 268.05 KTDD246 418 269 KTDD246 433 267.42 KTDD246 445 266.82 KTDD246 457 267.69 KTDD246 469 267.5 KTDD246 481 267.13 KTDD246 493 268.74 KTDD246 502 268.64 KTDD246 514 269.12 KTDD246 526 270.22 KTDD246 538 269.53 KTDD246 550 268.92 KTDD246 565 269.51 KTDD246 579 264.9 KTDD246 585 265.35 KTDD246 591 265.17 KTDD246 597 265.18 KTDD246 609 265.1 KTDD246 621 266.14 KTDD246 633 266.48 KTDD246 645 267.82 KTDD246 657 266.84 KTDD246 669 267.14 KTDD246 681 268.12 KTDD246 693 268.19 KTDD246 705 269.21 KTDD246 717 268.73 KTDD246 729 269.41 KTDD246 741 270 KTDD246 753 269.57 KTDD246 765 269.26 KTDD246 777 269.16 KTDD246 789 269.99 KTDD246 801 270.55 KTDD246 813 268.75 KTDD246 825 271.23 KTDD246 837 271.94 KTDD246 849 272.65 KTDD246 861 273.19 KTDD246 873 273.31 KTDD246 885 274.03 KTDD246 897 273.92 KTDD246 909 274.42 KTDD246 921 273.68 KTDD246 933 275.38 KTDD246 945 275.64 KTDD246 957 273.48 KTDD246 975 276.22 KTDD246 995 275.28 KTDD246 1011 275.99 KTDD246 1024 276.51 KTDD246 1042 277.31 KTDD246 1068 277.99 KTDD246 1081 278.4 KTDD246 1099 279.02 KTDD246_W1 0 247.78 KTDD246_W1 15 247.78 KTDD246_W1 27 249.27 KTDD246_W1 39 251.41 KTDD246_W1 45 250.84 KTDD246_W1 57 249.76 KTDD246_W1 69 252.98 KTDD246_W1 81 255.56 KTDD246_W1 93 256.36 KTDD246_W1 105 257.57 KTDD246_W1 111 256.85 KTDD246_W1 123 259.75 KTDD246_W1 135 259.91 KTDD246_W1 148 261.84 KTDD246_W1 160 261.9 KTDD246_W1 172 262.5 DIP -85.72 -85.72 -85.34 -84.73 -84.49 -84.02 -83.44 -82.8 -82.05 -81.58 -81.28 -80.61 -80.05 -79.31 -78.65 -78.05 -77.42 -77.07 -76.61 -76.05 -75.14 -74.04 -73.16 -72.95 -72.79 -72.5 -72.27 -72.08 -71.91 -71.92 -71.91 -71.94 -71.69 -71.68 -71.64 -71.62 -71.49 -71.28 -71.16 -70.96 -70.91 -70.8 -70.58 -70.57 -70.22 -70.04 -69.86 -69.64 -69.38 -67.29 -66.16 -65.82 -65.62 -65.18 -64.62 -64.11 -63.86 -63.75 -63.31 -62.9 -62.42 -62.21 -61.83 -61.41 -61.21 -61.07 -60.8 -60.64 -60.42 -60.3 -60.07 -59.63 -59.31 -59.05 -58.75 -58.52 -58.52 -57.84 -57.58 -57.25 -56.9 -56.5 -56.06 -55.44 -55.06 -54.58 -54.26 -53.86 -53.28 -53.1 -52.727 -85.72 -85.72 -85.34 -84.73 -84.49 -84.02 -83.44 -82.8 -82.05 -81.58 -81.28 -80.61 -80.05 -79.31 -78.65 -78.05 HOLE_ID DEPTH AZIMUTH KTDD246_W1 184 263.95 KTDD246_W1 196 263.77 KTDD246_W1 211 264.11 KTDD246_W1 220 265.53 KTDD246_W1 232 263.81 KTDD246_W1 244 265.03 KTDD246_W1 256 265.59 KTDD246_W1 268 265.63 KTDD246_W1 274 266.26 KTDD246_W1 286 265.95 KTDD246_W1 298 266.22 KTDD246_W1 310 265.22 KTDD246_W1 322 265.7 KTDD246_W1 328 266.52 KTDD246_W1 334 267.4 KTDD246_W1 340 266.09 KTDD246_W1 346 266.44 KTDD246_W1 358 266.39 KTDD246_W1 370 267.19 KTDD246_W1 382 268.07 KTDD246_W1 394 267.54 KTDD246_W1 406 268.05 KTDD246_W1 418 269 KTDD246_W1 433 267.42 KTDD246_W1 445 266.82 KTDD246_W1 457 267.69 KTDD246_W1 469 267.5 KTDD246_W1 481 267.13 KTDD246_W1 493 268.74 KTDD246_W1 502 268.64 KTDD246_W1 526 260.22 KTDD246_W1 537 257.01 KTDD246_W1 546 258.42 KTDD246_W1 558 259.85 KTDD246_W1 570 259.34 KTDD246_W1 582 260.09 KTDD246_W1 594 260.53 KTDD246_W1 606 261.31 KTDD246_W1 618 261.16 KTDD246_W1 630 261.34 KTDD246_W1 648 262.08 KTDD246_W1 672 264.84 KTDD246_W1 682 266.39 KTDD246_W1 693 268.42 KTDD246_W1 704 269.18 KTDD246_W1 716 270.76 KTDD246_W1 728 271.09 KTDD246_W1 742 273.09 KTDD246_W1 760 273.62 KTDD246_W1 772 274.69 KTDD246_W1 784 274.57 KTDD246_W1 796 276.63 KTDD246_W1 808 276.34 KTDD246_W1 817 277.57 KTDD246_W1 829 277.25 KTDD246_W1 841 279.22 KTDD246_W1 853 280 KTDD246_W1 865 280.52 KTDD246_W1 877 280.89 KTDD246_W1 889 281.57 KTDD246_W1 901 281.53 KTDD246_W1 915 282.25 KTDD246_W1 931 282.27 KTDD246_W1 945 284.41 KTDD246_W1 963 285.81 KTDD246_W1 984 286.28 KTDD246_W1 1002 287.04 KTDD246_W1 1014 288.13 KTDD246_W1 1026 288.11 KTDD246_W1 1040 288.28 KTDD246_W1 1052 289.64 KTDD246_W1 1064 289.81 KTDD246_W1 1075 291.1 KTDD246_W2 0 247.78 KTDD246_W2 15 247.78 KTDD246_W2 27 249.27 KTDD246_W2 39 251.41 KTDD246_W2 45 250.84 KTDD246_W2 57 249.76 KTDD246_W2 69 252.98 KTDD246_W2 81 255.56 KTDD246_W2 93 256.36 KTDD246_W2 105 257.57 KTDD246_W2 111 256.85 KTDD246_W2 123 259.75 KTDD246_W2 135 259.91 KTDD246_W2 148 261.84 KTDD246_W2 160 261.9 KTDD246_W2 172 262.5 KTDD246_W2 184 263.95 KTDD246_W2 196 263.77 KTDD246_W2 211 264.11 KTDD246_W2 220 265.53 KTDD246_W2 232 263.81 KTDD246_W2 244 265.03 KTDD246_W2 256 265.59 KTDD246_W2 268 265.63 KTDD246_W2 274 266.26 KTDD246_W2 286 265.95 KTDD246_W2 298 266.22 KTDD246_W2 310 265.22 KTDD246_W2 322 265.7 KTDD246_W2 328 266.52 KTDD246_W2 334 267.4 KTDD246_W2 340 266.09 KTDD246_W2 346 266.44 KTDD246_W2 358 266.39 DIP -77.42 -77.07 -76.61 -76.05 -75.14 -74.04 -73.16 -72.95 -72.79 -72.5 -72.27 -72.08 -71.91 -71.92 -71.91 -71.94 -71.85 -71.85 -71.69 -71.68 -71.64 -71.62 -71.49 -71.28 -71.16 -70.96 -70.91 -70.8 -70.58 -70.57 -74.98 -76.96 -76.91 -76.54 -76.11 -75.94 -75.76 -75.67 -75.43 -75.28 -75.2 -73.29 -72.76 -71.7 -71.27 -70.55 -70.06 -69.55 -69.02 -68.64 -68.3 -68.15 -68.06 -67.96 -67.7 -67.35 -66.97 -66.86 -66.64 -66.36 -66.31 -66.06 -65.76 -65.28 -64.95 -64.48 -64.15 -64.14 -64.04 -63.73 -63.52 -63.32 -63.32 -85.72 -85.72 -85.34 -84.73 -84.49 -84.02 -83.44 -82.8 -82.05 -81.58 -81.28 -80.61 -80.05 -79.31 -78.65 -78.05 -77.42 -77.07 -76.61 -76.05 -75.14 -74.04 -73.16 -72.95 -72.79 -72.5 -72.27 -72.08 -71.91 -71.92 -71.91 -71.94 -71.85 -71.85 HOLE_ID DEPTH AZIMUTH KTDD246_W2 370 267.19 KTDD246_W2 382 268.07 KTDD246_W2 394 267.54 KTDD246_W2 406 268.05 KTDD246_W2 418 269 KTDD246_W2 433 267.42 KTDD246_W2 445 266.82 KTDD246_W2 457 267.69 KTDD246_W2 469 267.5 KTDD246_W2 481 267.13 KTDD246_W2 493 268.74 KTDD246_W2 508 273.1 KTDD246_W2 555 298.81 KTDD246_W2 567 298.23 KTDD246_W2 582 298.13 KTDD246_W2 597 297.44 KTDD246_W2 609 296.71 KTDD246_W2 621 301.41 KTDD246_W2 633 300.4 KTDD246_W2 649 302.97 KTDD246_W2 652 305.99 KTDD246_W2 664 306.67 KTDD246_W2 670 305.27 KTDD246_W2 673 305.12 KTDD246_W2 676 304.05 KTDD246_W2 688 304.73 KTDD246_W2 700 305.52 KTDD246_W2 712 303.84 KTDD246_W2 718 302.92 KTDD246_W2 724 303.81 KTDD246_W2 730 303.45 KTDD246_W2 748 302.98 KTDD246_W2 760 301.47 KTDD246_W2 799 302.85 KTDD246_W2 811 302.72 KTDD246_W2 823 302.27 KTDD246_W2 835 303.02 KTDD246_W2 847 303.37 KTDD246_W2 859 304.62 KTDD246_W2 871 304.89 KTDD246_W2 883 304.88 KTDD246_W2 895 304.88 KTDD246_W2 907 305.67 KTDD246_W2 919 306.47 KTDD246_W2 931 305.57 KTDD246_W2 949 307.31 KTDD246_W2 961 307.39 KTDD246_W2 973 306.67 KTDD246_W2 985 307.08 KTDD246_W2 1003 307.51 KTDD246_W2 1015 307.72 KTDD246_W2 1027 308.78 KTDD246_W2 1039 309.09 KTDD246_W3 0 247.78 KTDD246_W3 15 247.78 KTDD246_W3 27 249.27 KTDD246_W3 39 251.41 KTDD246_W3 45 250.84 KTDD246_W3 57 249.76 KTDD246_W3 69 252.98 KTDD246_W3 81 255.56 KTDD246_W3 93 256.36 KTDD246_W3 105 257.57 KTDD246_W3 111 256.85 KTDD246_W3 123 259.75 KTDD246_W3 135 259.91 KTDD246_W3 148 261.84 KTDD246_W3 160 261.9 KTDD246_W3 172 262.5 KTDD246_W3 184 263.95 KTDD246_W3 196 263.77 KTDD246_W3 211 264.11 KTDD246_W3 220 265.53 KTDD246_W3 232 263.81 KTDD246_W3 244 265.03 KTDD246_W3 256 265.59 KTDD246_W3 268 265.63 KTDD246_W3 274 266.26 KTDD246_W3 286 265.95 KTDD246_W3 298 266.22 KTDD246_W3 310 265.22 KTDD246_W3 322 265.7 KTDD246_W3 328 266.52 KTDD246_W3 334 267.4 KTDD246_W3 340 266.09 KTDD246_W3 346 266.44 KTDD246_W3 358 266.39 KTDD246_W3 370 267.19 KTDD246_W3 382 268.07 KTDD246_W3 394 267.54 KTDD246_W3 406 268.05 KTDD246_W3 428 266.52 KTDD246_W3 469 256.34 KTDD246_W3 474 255.04 KTDD246_W3 484 252.43 KTDD246_W3 487 252.49 KTDD246_W3 498 252.74 KTDD246_W3 510 253.24 KTDD246_W3 522 254.01 KTDD246_W3 534 254.06 KTDD246_W3 546 255.8 KTDD246_W3 558 256.16 KTDD246_W3 570 256.63 KTDD246_W3 582 257.16 KTDD246_W3 594 258.31 KTDD246_W3 606 259.17 KTDD246_W3 634 258.05 DIP -71.69 -71.68 -71.64 -71.62 -71.49 -71.28 -71.16 -70.96 -70.91 -70.8 -70.58 -70.74 -78.89 -78.36 -78.1 -77.79 -77.28 -75.09 -74.73 -74.72 -74.25 -72.32 -70.9 -70.89 -69.95 -69.52 -68.76 -67.91 -67.42 -67.95 -66.64 -65.57 -64.82 -63.25 -62.78 -62.27 -61.97 -61.47 -61 -60.39 -60.14 -59.83 -59.49 -58.92 -58.64 -57.9 -57.6 -57.23 -56.82 -56.12 -55.75 -55.34 -54.51 -85.72 -85.72 -85.34 -84.73 -84.49 -84.02 -83.44 -82.8 -82.05 -81.58 -81.28 -80.61 -80.05 -79.31 -78.65 -78.05 -77.42 -77.07 -76.61 -76.05 -75.14 -74.04 -73.16 -72.95 -72.79 -72.5 -72.27 -72.08 -71.91 -71.92 -71.91 -71.94 -71.85 -71.85 -71.69 -71.68 -71.64 -71.62 -69.7 -66.43 -65.76 -64.5 -64.33 -64.08 -63.69 -63.39 -62.88 -62.33 -61.81 -61.43 -60.73 -60.18 -59.78 -58.73 HOLE_ID DEPTH AZIMUTH KTDD246_W3 640 255.04 KTDD246_W3 647 256.24 KTDD246_W3 654 256.97 KTDD246_W3 666 258.27 KTDD246_W3 678 258.81 KTDD246_W3 690 260.41 KTDD246_W3 702 261.18 KTDD246_W3 714 262.1 KTDD246_W3 726 262.92 KTDD246_W3 738 262.79 KTDD246_W3 750 264.06 KTDD246_W3 762 265.14 KTDD246_W3 774 266.53 KTDD246_W3 780 267.53 KTDD246_W3 792 269.37 KTDD246_W3 804 269.08 KTDD246_W3 816 271.07 KTDD246_W3 828 270.95 KTDD246_W3 840 270.86 KTDD246_W3 852 272.17 KTDD246_W3 864 271.48 KTDD246_W3 876 271.99 KTDD246_W3 888 273.53 KTDD246_W3 900 273.79 KTDD246_W3 918 273.83 KTDD246_W3 930 275.02 KTDD246_W3 942 274.55 KTDD246_W3 954 274.44 KTDD246_W3 966 276.19 KTDD246_W3 978 276.05 KTDD246_W3 990 276.39 KTDD246_W3 1002 276.05 KTDD246_W3 1014 277.44 KTDD246_W3 1026 278.67 KTDD246_W3 1038 278.64 KTDD246_W3 1050 279.07 KTDD247 0 273.83 KTDD247 6 273.83 KTDD247 12 273.51 KTDD247 24 273.41 KTDD247 30 273.25 KTDD247 42 273.56 KTDD247 54 273.27 KTDD247 66 273.03 KTDD247 78 273.76 KTDD247 90 274.66 KTDD247 102 274.67 KTDD247 114 273.78 KTDD247 126 273.06 KTDD247 138 273.49 KTDD247 150 273.08 KTDD247 165 273.84 KTDD247 177 273.2 KTDD247 189 273.14 KTDD247 201 273.54 KTDD247 213 273.55 KTDD247 225 273.9 KTDD247 237 274.97 KTDD247 249 274.2 KTDD247 261 273.39 KTDD247 273 273.25 KTDD247 285 274.6 KTDD247 297 274.42 KTDD247 309 273.35 KTDD247 321 273.02 KTDD247 333 273.33 KTDD247 345 273.85 KTDD247 357 273.5 KTDD247 369 273.31 KTDD247 381 273.23 KTDD247 393 273.47 KTDD247 405 274.72 KTDD247 417 274.44 KTDD247 429 276.7 KTDD247 453 275.3 KTDD247 465 277.82 KTDD247 477 276.68 KTDD247 489 278.17 KTDD247 501 276.88 KTDD247 513 277.3 KTDD247 525 277.67 KTDD247 537 276.79 KTDD247 549 277.64 KTDD247 561 277.53 KTDD247 573 277.66 KTDD247 585 277.53 KTDD247 597 277.42 KTDD247 609 277.86 KTDD247 621 277.65 KTDD247 633 278 KTDD247 645 277.36 KTDD247 657 277.2 KTDD247 669 278.85 KTDD247 681 277.17 KTDD247 693 277.06 Page 11 DIP -58.06 -57.74 -57.12 -56.09 -55.16 -54.55 -53.78 -53.13 -53.05 -52.47 -51.78 -50.25 -48.77 -48.2 -47.03 -45.96 -44.96 -43.77 -42.73 -42.37 -41.72 -41.06 -40.62 -40.05 -39.42 -39.12 -38.61 -38.31 -37.98 -37.58 -37.36 -37.11 -36.8 -36.57 -36.42 -36.28 -65.57 -65.57 -65.19 -64.96 -64.57 -63.87 -63.58 -63.3 -63.04 -62.47 -62.28 -61.71 -61.44 -61.53 -61.14 -60.09 -59.22 -58.46 -57.9 -57.3 -56.6 -55.82 -55.28 -54.77 -54.32 -53.88 -53.44 -52.82 -52.02 -50.99 -50.26 -49.91 -49.54 -49.05 -48.1 -47 -45.72 -44.24 -41.29 -39.8 -38.31 -37.73 -37.46 -37.11 -36.82 -36.5 -36.25 -36.04 -35.8 -35.48 -35.32 -35.17 -34.95 -34.78 -34.59 -34.39 -34.22 -34.03 -33.73 APPENDIX C: JORC (2012) Table 1 Section 1 Sampling Techniques and Data Criteria Commentary Sampling techniques • The Diamond Drill Hole (DDH) sampling was conducted as per the Hillgrove Resources procedures and QAQC protocols. • Sample intervals from 1.0m to 0.30m as determined by geology through visibly mineralised zones were split from the drill core, with the drill core sawn in half with a diamond core saw. • Samples were prepared by ALS Adelaide with each sample being wholly pulverised to >85% passing <75µm. Drilling techniques • All drilling undertaken by external drilling contractor, DRC Drilling. Using HQ for collars to a maximum of 507m downhole and NQ drilling thereafter for all drilling holes. NQ Core size is 47.6mm in diameter. Drill sample recovery • Recovered drill core metres were measured and compared to length of drill hole advance to calculate core recovery for every core run. On average sample recovery is >98%. There is no correlation between sample recovery and copper grades in this DDH drill program. Logging • All drill core was logged for lithology, alteration, weathering and mineralisation by Hillgrove geologists in accordance with Hillgrove’s Core Logging Procedure. Colour and any additional qualitative comments were also recorded. • High