Announcement PDF 1 of 68 30 October 2025 HILLGROVE RESOURCES DELIVERS ORE RESERVE EXTENSION AT 1.0% CuEq* • Kanmantoo 2025 Ore Reserve Estimate (ORE): o 4.0Mt @ 0.85% Cu and 0.22g/t Au, containing 34kt of copper and 29koz of gold o Year-on-year (YoY) growth (from 2024): ▪ 43% increase in Reserve tonnes and 33% increase contained copper metal • Kanmantoo 2025 Mineral Resources Estimate (MRE): o 22Mt @ 0.74% Cu and 0.17g/t Au, containing 160kt of copper and 120koz of gold o YoY growth (from 2024): ▪ 14% increase in total tonnes ▪ 46% increase in total contained gold ▪ Nugent Deposit: 67% increase in tonnage and 76% increase in contained copper ▪ Valentines: Maiden Underground MRE Hillgrove Resources Limited (“Hillgrove” or the “Company”) (ASX: HGO) is pleased to report a substantial increase, post depletion, in its MRE and ORE at the Company’s 100% owned Kanmantoo Copper mine in South Australia. Commenting on the Mineral Resource Estimate and Ore Reserve Estimate (MROR) update, Hillgrove CEO and Managing Director, Bob Fulker said: “This year’s Mineral Resource and Ore Reserves update again highlights the strength and scale of the Kanmantoo copper system with the ORE increasing from the 2024 Maiden Ore Reserve by an extraordinary 43% and increasing the mines reserve life significantly. We have not only replaced mining depletion but delivered growth in both tonnes and contained copper, this is even more significant considering the recent exploration release1 , which results were received after the cut-off date for inclusion in this year’s update. This is a strong endorsement of our technical team on site and only increases my confidence in the long- term viability and extended life of our Kanmantoo operation.” 1 Refer to ASX release on 22 October 2025 titled ‘Hillgrove Resources High-Grade Copper-Gold Results in Kavanagh’. * Detailed breakdown of Copper Equivalent (CuEq) Calculation on page 6 2 of 68 Mineral Resource Estimate The increase in the 2025 Kanmantoo MRE when compared to 2024 reflects the impact of ongoing grade control, resource definition and exploration drilling, partially offset by mining depletion from the Kanmantoo underground operation. Geological domains were refined following the incorporation of new drilling data, including assays from infill holes and observations of mineralised structures underground. Structural models were also updated to reflect the latest drilling and mapping information. Key changes from the 2024 MRE to the 2025 MRE are as follows: • Nugent: tonnage increased by 67%, with a 76% uplift in contained copper, supported by the addition of 550kt of Measured Resource. • Kavanagh: Measured Resource increased by 1000kt. Due to restricted drilling access, most of the growth occurred in lower-grade areas, resulting in a modest reduction in average grade. As noted in the ASX Release 22 October 20252 , drilling of higher-grade Central and East Kavanagh Zones commenced after the 2025 MRE cut-off and will be incorporated in the 2026 MRE Update. • Grade control and resource definition drilling delivered an overall 3,200kt increase in total resources. • The inclusion of a maiden Mineral Resource Estimate at Valentines added 540kt. • Mining depletion to 30 June 2025 reduced total resource tonnage by 1,060kt. 2 Refer to ASX release on 22 October 2025 titled ‘Hillgrove Resources High-Grade Copper-Gold Results In Kavanagh’. 3 of 68 Table 1: Kanmantoo Mineral Resources as at 30 September 2025 Mine Area JORC Classification Tonnage Cu Au Ag Cu Metal Au Metal (kt) (%) (g/t) (g/t) (kt) (koz) Kavanagh (including Spitfire) Measured 4,200 0.80 0.11 2.7 33 15 Indicated 2,700 0.72 0.13 2.5 19 11 Inferred 1 5,800 0.65 0.14 2.5 38 26 Sub-Total 12,700 0.72 0.13 2.6 91 53 North Kavanagh Measured - - - - - - Indicated 180 0.78 0.12 3.4 1.4 0.7 Inferred 2 200 0.74 0.29 2.8 1.5 1.9 Sub-Total 380 0.76 0.21 3.0 2.9 2.6 Nugent Measured 550 0.83 0.38 2.3 4.6 6.7 Indicated 2,300 0.75 0.37 2.0 17 28 Inferred 3 2,800 0.78 0.26 1.9 22 24 Sub-Total 5,700 0.77 0.32 2.0 44 59 Valentines Measured - - - - - - Indicated 200 0.65 0.07 1.3 1.3 0.5 Inferred 4 340 0.55 0.05 1.2 1.9 0.5 Sub-Total 540 0.59 0.06 1.2 3.2 1.0 Emily Star No change to 2024 Measured - - - - - - Indicated - - - - - - Inferred 2,600 0.77 0.08 1.6 20 7 Sub-Total 2,600 0.77 0.08 1.6 20 7 TOTAL 22,000 0.74 0.17 2.3 160 120 Notes: 1. Due to effects of rounding, total numbers may not sum. 2. Inferred 1 – includes Kavanagh high grade Inferred; Central Kavanagh, North Kavanagh and Valentines Categorical Indicator Kriging (CIK) Inferred. 3. Inferred 2 – includes North Kavanagh high grade Inferred only. 4. Inferred 3 – includes Nugent high grade and CIK Inferred. 5. Inferred 4 – includes Valentines high grade Inferred only. 6. Reporting criteria are: Measured, Indicated and Inferred material (RESCAT = 1 or RESCAT = 2 or RESCAT = 3), Cu >= 0.40% (CU_PCT >= 0.4), in-situ (VOIZONE = 0) with reasonable prospects of eventual economic extraction envelope (MREZONE = 1), Reasonable Prospects for Eventual Economic Extraction (RPEEE=1). 7. Tonnage and metal are rounded to the nearest 1,000 tonnes, grades are rounded to two significant figures. 8. Mineral Resource is reported at a 0.40% Cu cut-off grade for all mine areas. 9. Mineral Resource is depleted for mining to 30 June 2025. 10. Mine depletion refers to the current Kanmantoo underground operation, and historical Giant, Nugent and Emily Star open pits. 4 of 68 Figure 1: Kanmantoo Mineral Resource tonnage changes (2024 to 2025) Figure 2: Kanmantoo Mineral Resource contained copper metal changes (2024 to 2025) 19.3 3.2 (1.1) 0.5 22.0 2024 MRE Tonnes Drilling Depletion Tonnes New Mine Areas 2025 MRE Tonnes Mineral Resource 2024 to 2025 - Tonnage Change (Mt) 20.4 (11.4) 3.0 161.0 149.0 2024 MRE Tonnes Drilling Depletion Tonnes New Mine Areas 2025 MRE Tonnes Mineral Resource 2024 to 2025 - Contained Cu Metal Change (kt) 5 of 68 Ore Reserve Estimate The increase in the 2025 Kanmantoo ORE compared to the 2024 estimation reflects the impact of ongoing grade control drilling and greater knowledge from another year of underground operations. The increase has been partially offset by mining depletion. Mining parameters have been refined based on current operational achievements. Key changes from the 2024 ORE to the 2025 ORE are summarised below: • Inclusion of the Updated 2025 Resource model. • Depletion of 690kt of Ore from the 2024 Ore Reserves Estimate. This is below the actual tonnage mined during the period due to the conservative approach taken with the 2024 estimate and subsequent extraction of larger stope shapes in practice • The 2024 estimate applied a 0.6% Cu cut-off. The 2025 Ore Reserve applies a 0.8% Copper Equivalent (CuEq) cut-off for mine design extents and 0.6% CuEq for stopes along development drives. The shift to a CuEq basis reflects increased gold grades at Nugent, supporting a value-based design approach. In Kavanagh, where gold grades remain lower, the CuEq methodology results in no material design change. • Minor mine design changes from the 2024 ORE include additional levels added or altered based on updated Resource model and delineated stope shapes. • Stope modifying factors have been refined using updated reconciliation data comparing mined and predicted grades, and concentrator performance. Mining factors remain consistent with 2024 assumptions, while model factors have been adjusted upward to reflect demonstrated positive grade reconciliation through the processing plant. 6 of 68 Table 2: Kanmantoo Ore Reserves as at 1st July 2025 Mine Area Classification Tonnes (kt) Cu (%) Au (ppm) Cu Eq (%) Ag (ppm) Cu Metal (kt) Au Metal (koz) Kavanagh Proved 1,500 0.96 0.11 1.0 2.8 14 5 Probable 900 0.89 0.19 1.0 2.9 8 5 Sub-Total 2,300 0.93 0.14 1.0 2.8 22 10 Nugent Proved 360 0.73 0.37 1.0 1.9 3 4 Probable 1,300 0.73 0.34 0.9 1.9 9 14 Sub-Total 1,600 0.73 0.35 0.9 1.9 12 19 Total Ore Reserves Proved 1,800 0.92 0.16 1.0 2.6 17 9 Probable 2,200 0.79 0.28 1.0 2.3 17 19 Total 4,000 0.85 0.22 1.0 2.4 34 29 Notes: 1. Dry metric tonnes. 2. Stope cut-off grade 0.8% CuEq (Copper Equivalent) to define development limits, 0.6% CuEq for stopes along defined development. Development cut-off grade 0.4% Copper. 3. Approximately 40,000 tonnes of Measured Mineral Resource has been converted to Probable Ore Reserves. The tonnes are in Nugent Mine Area and are contained in a region with high water inflows from intercepting diamond drill holes. Further work is required to determine a strategy to profitably mine these tonnes. 4. Reported Ore Reserves do not include any diluting Inferred or Unclassified material. The mine schedule includes 277kt at 0.2% Cu of non-Reserving material that is mined as unavoidable dilution. 5. Reported grades are rounded to two decimal places, copper equivalent to one decimal place. Tonnes are rounded to two significant figures. Minimum stoping widths of 5m true width. 6. Reported grades are rounded to two decimal places. Tonnes are rounded to two significant figures. 7. Any minor apparent discrepancies for sums in the table are due to rounding. 8. The period of economic extraction is from July 2025 to April 2028. 9. Ore Reserves are converted from Mineral Resources based on October 2025 Mineral Resources, reported herewith. 10. Competent Person: Mark Hamilton MAusIMM (#221080). 11. Over 18 months of mining actual demonstrates very good ground conditions. It is expected that this will continue, with Geotech modelling demonstrating stability over modelled life of mine. CuEq calculation takes into account all material cost drivers that differentiate value derived from copper and gold, expressed as copper grade in-situ. Drivers applied are concentrator recoveries, metal payability and metal prices. Silver (Ag) is not included in CuEq calculation due to immaterial value contribution. The following formula is used to calculate CuEq: CuEq = Cu% + (Au g/t / 31.1034 x Au Rec x Au Pay x Au Price) / Cu Pay / Cu Price / Cu Rec. Driving values used for 2025 ORE: Metal prices: Cu Price = US$3.85/lb, Au Price = US$3,000/Oz. Metallurgical recoveries: Cu Rec= 94.5%, Au Rec = 55% Payability: Cu Pay = 95%, Au Pay = 90%. It is Hillgrove’s view that all metals within this formula will be recovered and sold. Metallurgical recoveries are based on current plant performance. Metal payability is based on current concentrate quality and contracted marketing terms. 7 of 68 Figure 3: 2025 Ore Reserve Mine Plan 8 of 68 Figure 4 Kanmantoo Ore Reserve Estimate contained Tonnage change (2024 to 2025) Figure 5 Kanmantoo Ore Reserve Estimate contained copper metal change (2024 to 2025) 2,800 (690) 1,890 - 4,000 2024 Ore Reserves Depletion Updated MRE+Mine Plan Modifying Factors 2025 Ore Reserves Ore Reserves 2024 to 2025 - Tonnage Change (kt) 26.0 (7.2) 13.8 1.4 34.0 2024 Ore Reserves Depletion Updated MRE+Mine Plan Modifying Factors 2025 Ore Reserves Ore Reserves 2024 to 2025 - Contained Cu Metal Change (kt) 9 of 68 About Kanmantoo Copper Mine The Kanmantoo Copper Mine is located approximately 55km from Adelaide, South Australia. The mine operated as a series of open pits from 2010 to 2020, producing around 137kt of copper and over 55koz of gold. The operation is fully permitted and has significant infrastructure including a 3.6Mtpa processing plant and a fully permitted tailings storage facility. Operations restarted in 2023 with underground mining commencing in May 2023 and first copper production in February 2024. Authorised for release by the Board of Hillgrove Resources Limited. For more information contact: Mr Bob Fulker Mr Luke Anderson CEO & Managing Director Chief Financial Officer Tel: +61 (0)8 7070 1698 Tel: +61 (0)8 7070 1698 10 of 68 Competent Person's Statement The information in this report that relates to the 2024 Kanmantoo Mineral Resource Estimate 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 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 Exploration Targets, Exploration Results, Historic Mineral Resources and all data inputs including domain models for the 2025 Mineral Resource Estimation 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 and holds equity in Hillgrove Resources Limited. 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 2025 Mineral Resource Estimation for Kavanagh, North Kavanagh, Nugent and Valentines is based on information compiled by Sonia Konopa, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Sonia Konopa is a full-time employee of ERM (and part of the ERM Technical Mining Services team) who were engaged to produce the Mineral Resource Estimate. Sonia Konopa 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. Sonia Konopa 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 the report to which this statement is attached that relates to Ore Reserves is based on information compiled by Mark Hamilton a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mark Hamilton is a full time employee of Strategic Mine Engineering PTY LTD and has been engaged to produce the Ore Reserve. Mark Hamilton holds equity in Hillgrove Resources Limited. Mark Hamilton 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’. Mark Hamilton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 11 of 68 Forward Looking Statement This Report 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. 12 of 68 APPENDIX A - SUMMARY OF THE MINERAL RESOURCE ESTIMATE Mineral Resource Estimation Methodology Figure 6 shows a plan view of the Cu-Au mine areas at Kanmantoo and their spatial location. Within the Kanmantoo mineralised system, five mine areas now have Mineral Resource Estimates – Kavanagh (including Spitfire), North Kavanagh, Nugent (including Saddle Zone), Valentines and Emily Star. The 2025 MRE includes minor zones of Critchley and Paringa, which are incorporated into the adjacent lodes for the first time due to proximity to planned mine infrastructure. No additional drilling information had been completed for the Emily Star Deposit prior to the resource cut-off date (11 August 2025) hence there is no update to the 2024 Emily Star Mineral Resource. This will be updated in 2026 following the completion of an underground drilling campaign specifically targeting the Emily Star zone. Figure 6: Plan view showing the location of the Kanmantoo Mineral Resources All mine areas reported in the 2025 MRE have been subjected to additional drilling or reinterpretation since the 2024 MRE. These include the down dip and along strike extensions of the Kavanagh Deposit, which includes the West, Central and East Kavanagh zones, the Spitfire and the South-West Kavanagh zones (all mined within the Giant Open Pit), the North Kavanagh deposit (un-mined) and the Valentines Deposit. The 13 of 68 North Kavanagh mineralisation has been updated following a geological reinterpretation following the conclusion of the northern extent drilling completed in late 2024. The 2025 Kanmantoo MRE for Cu, Au, Ag and Bi for Kavanagh, Nugent and North Kavanagh have been estimated using an Ordinary Kriged (OK) method by experts from ERM (and part of the ERM Technical Mining Services team). The estimation process to assign the Cu, Au and Ag grades to a 3D grid of panels through the respective deposits from the data collected by sampling of RC percussion and diamond drill holes. All surface (diamond and reverse circulation) and underground grade control diamond drill holes drilled by HGO up until 11 August 2025 have been used to estimate the block grades in the MRE. No open pit grade control data have been used in the estimation of the spatial continuity or grade estimate es but have been used to assist interpreting the general trends of the mineralised zones. Mapping and Spectral (IR) data collected from underground development has also been used to assist with the interpretation of the mineralised zones. Specifically, for the 2025 MRE update incorporating Kavanagh, Nugent, North Kavanagh and Valentines deposits, the following activities have taken place: • 1,657 drillholes, representing 286,080 drill metres, have been utilised in the estimation • The increase in the number of drill hole intervals included in the Kanmantoo 2025 MRE is a result of: o Inclusion of the underground diamond drilling results received to 11 August 2025 o Inclusion of proximal mineralised zones, including Valentines included in the resource estimate • Underground drilling since the 2024 Kanmantoo MRE was focusedon Kavanagh, Spitfire, Nugent, with some exploration drilling targeting down dip extension of Valentines. • Of the assays used for the 2025 MRE, 29,312 are underground drill hole samples. with the whole sample interval crushed to <2mm, rotary split, screened to <1mm and sub-split for copper assay by bench-mounted Portable XRF (PXRF). There is no gold assay for these samples. Rigorous QA/QC of the PXRF copper assays against whole sample duplicates assayed by an external laboratory was undertaken, with 4-acid digest and ICP-MS analysis verifying the accuracy and precision of the PXRF process for copper values. 103,784 samples have been assayed externally for multi-elemental analysis using 4-acid digestion and including Gold. Unsampled intervals within the estzone (domain) have been assigned the average Au, Ag, Bi, S and Fe values for the domain, and then the drillhole samples composited to one metre downhole across all Mine Areas. Unsampled intervals outside the domains have been assigned half the detection limit for the method. The composite length selection was supported by a review of length data. Residual retention was used so that no sampled intervals were omitted from the final composite datasets. Geological domains were interpreted in 3D at each deposit by Hillgrove geologists based on the drill hole mineralisation and alteration boundaries and observations, including mapping from the underground mine/open pits. Analysis of grade distributions for Cu, Au, Ag, Bi, S and Fe was undertaken, with reference to the various combinations of geological domains coded onto the sample files. Statistical analysis via cumulative distribution frequency plots, together with spatial assessment through contact plots and visual inspection of desurveyed drillholes coloured with grade values, were utilised to determine which variables and geological domains could reasonably be grouped together to create estimation domains for grade interpolation. A similar process was undertaken for the variable density. 14 of 68 Variogram models were completed for the grade variables Cu, Au, Ag, Bi, S, Fe and density within their appropriate estimation domains. Estimation domains were combined for variogram evaluation in cases where either an insufficient number of samples were available for a reliable analysis, or the domains were volumetrically minor. Analysis and modelling were undertaken using Snowden Supervisor software. No weightings were applied to the variables before generation of the variogram models. ERM adopted the following approach for variogram modelling of Kavanagh, Nugent, North Kavanagh and Valentines: • A Normal Scores Transform was applied to the original data distribution for each grade variable. • Directions of continuity were established using variogram maps. Where clear directions of continuity were not able to be determined, the general orientation of the estimation domain in question was used for the variogram orientation. • Downhole variograms were created to establish the nugget values. • Directional variograms were then created and modelled using the principal directions established from the variogram maps and the nugget value obtained from the downhole variogram. • The variogram models were subsequently back transformed into real data space. To capture the significant Cu grade intersections in the un-domained volume surrounding the Kavanagh, Nugent, North Kavanagh and Valentines Mine Areas which have been identified in drilling, ERM has adopted a block modelling approach applied through Categorical Indicator Kriging (CIK). Indicator coding of assayed intervals falling outside of the wireframed mineralised zones have been used to construct a probability-based block model to define the ‘un-wireframed’ Cu mineralised zones outside of the interpreted and domained mineralisation zones. While ERM considers that the volume of additional Cu mineralisation defined through this process appears geologically reasonable, a certain degree of uncertainty is present surrounding the orientation of the additional volumes defined in the block model. The volumes defined should therefore be considered as low geological confidence, with areas of the model having larger volumes of additional mineralisation defined outside of the wireframed mineralised zones having a higher level of geological uncertainty. These areas are classified in accordance with guidelines contained in the JORC Code. For all mine areas, a Quantitative Kriging Neighbourhood Analysis (QKNA) was undertaken toassess the effect of changing key kriging neighbourhood parameters on block grade estimates. The Kriging Efficiency and Slope of Regression were determined for a range of block sizes, minimum/maximum samples and search size. The QKNA results were used in conjunction with the common drill grid spacings and the morphology of the mineralised zones to determine final estimation parameters. This allowed some generalisation of sample selection parameters to be used in estimation. For simplicity, grade variables other than the primary economic variable, Cu, utilised the Cu estimation parameters. All the mineralisation is in fresh rock, and bulk densities from drill samples were merged with the flagged drillhole file and composited downhole for analysis. Outlier values were evaluated on an estimation domain basis with upper and lower capping values applied as deemed appropriate. Density was subsequently assigned to the block model using a combination of assignment of average density by estimation domain (average of 3.09 t/m3 in mineralised domains in Kavanagh, Nugent, North Kavanagh and Valentines) and spatial estimation from density determinations from de-surveyed drillholes when the data density allowed. 15 of 68 For the Kavanagh, Nugent, North Kavanagh and Valentines Mine Areas, grade interpolation was completed after determining dynamic anisotropy (DA) angles. Block grades were interpolated via Ordinary Kriging (OK), Inverse Distance (ID) and Nearest Neighbour (NN) for each variable, using the capped composite files within each estimation domain. For waste domains, the ‘coarse’ block model prototype was used as the block model scheme for all OK and ID interpolated variables. For mineralised domains, the ‘fine’ block model prototype was used as the block model scheme for all OK and ID interpolated variables. For the NN estimates, the ‘very high’ resolution block model was used as the block model scheme, allowing the NN model to act as a proxy for a de-clustered reference grade distribution. All domain boundaries were treated as hard boundaries, as determined from analysis of contact plots, for grade estimation purposes, and no soft or semi- soft boundaries are used. The model grades generated using OK were used as the final grades for all interpolated variables. Following estimation, the Mineral Resource has been classified in accordance with guidelines contained in the JORC Code. The classification applied reflects the uncertainty that should be assigned to the Mineral Resources reported and utilised a combined approach using the distance from drilling and the slope of regression for Cu interpolation. This was then reviewed manually to ensure no inappropriate classifications occurred as a result of the classification rules. The mine areas were then allocated based on a wireframe separating the Nugent, Kavanagh, North Kavanagh and Valentines CIK, the ‘un-wireframed’ Cu mineralised zones. A detailed description of the classification approach (and all estimation parameters) is included in Appendix B. All resource estimations have been depleted for mining by 30 June 2025. To meet the Reasonable Prospects of Eventual Economic Extraction (RPEEE) requirement of the JORC Code, once resource classification was completed, in-situ model volumes considered unviable due to distance from current and planned underground development or infrastructure were subsequently excluded from the Mineral Resource for reporting purposes. The reportable resource volume was defined by a wireframe solid provided by HGO. Below Figure 7 is an example of a cross-section through the Central Kavanagh lode showing the model coloured by estimated Cu grade against the HGO drilling shown as lines. The section indicates that the estimation method has modelled the Cu mineralisation and its spatial geometry appropriately. Figure 8, 9 and 10 show example cross-sections through North Kavanagh, Nugent and Valentines respectively. These sections also show that the estimation methods have modelled the Cu mineralisation grade distribution and geometry appropriately for each mine area with the diamond drilling shown as lines. Grade control reconciliation has not yet been completed against the 2025 Kanmantoo MRE but is planned as underground mining continues. 16 of 68 Figure 7: Cross section through Kavanagh Central deposit Figure 8: Cross-section through North Kavanagh deposit 17 of 68 Figure 9: Cross section through Nugent deposit Figure 10: Cross-section through