Announcement PDF 1 of 14 HILLGROVE RESOURCES LIMITED REPORT FOR QUARTER ENDED 31 DECEMBER 2025 HILLGROVE DELIVERS ON 2025 GUIDANCE AND SETS PATH FOR 2026 Key achievements: • 2025 Overall Performance: o 11,315 tonnes (t) Cu production, within the guidance range of 11,000-11,500t. o All-in-costs (AIC) at US$4.29/lb, lower end of the guidance range of $US$4.20-4.45/lb. o 2025 total operating mine cash flow of $35.8 million and a cash balance of $20.6 million. • Operational Performance o Highest quarterly Cu production in 2025 at 2,962 tonnes. o 5% quarter-on-quarter (QoQ) Cu production increase. o Highest quarterly underground development achieved in 2025 of 2,116 meters (m). o Mined and processed tonnes exceeding a 1.5 million tonnes per annum (Mtpa) run rate. • Second Ore Source at Nugent Commences to Expand Production o Nugent Stope production commenced on 15 October 20251 , ahead of schedule. o Nugent Decline connection to Kavanagh completed on 19 December 20252 , establishing an underground link between the Nugent and Kavanagh mining areas. • 2026 Annual Mineral Resources and Ore Reserves Estimate Delivered3 o 43% increase in Ore Reserve Estimate (ORE) total tonnes: 4.0Mt at 0.85% Cu and 0.22g/t Au, containing 34kt Cu and 29koz Au. o 14% increase in Mineral Resource Estimate (MRE) total tonnes: 22Mt at 0.74% Cu and 0.17g/t Au, containing 160kt Cu and 120koz Au. • Drilling Success: o 19,075 drilling meters completed during the December Quarter (Dec Qtr), bringing the 2025 full year drilling to 69,215m, exceeding the 60,000m target. o Kavanagh drilling returned a number of significant intercepts4 , including 25m @ 1.82% Cu5 , 14m @ 2.44% Cu5 , 4.2m @ 3.79% Cu5 , and 10m @ 2.4% Cu5 , demonstrating a material expansion of the East Kavanagh zone and greater understanding of the lode geometry. o The 2026 Exploration Update6 was released, outlining a planned surface and underground drill program at Kavanagh, Nugent and Emily Star. The program comprises of 58,000m of underground and 5,000m of surface drilling aimed at accelerating resource growth. Notably up to 12,000m of underground drilling is dedicated to Emily Star, highlighting its strong potential to deliver near‑mine extensions. CY2026 GUIDANCE • 12,750–14,000t Cu production at an All-in Sustaining Cost (AISC) of A$5.75-A$6.25/lb payable Cu sold. • Major capital investment of A$8-10 million includes development of Emily Star and North Kavanagh exploration inclines, underground drilling for Emily Star and surface drilling for Kavanagh extensions. 1 Refer to ASX release on 15 October 2025, titled “Hillgrove Resources Commences Production from Nugent”. 2 Refer to ASX release on 19 December 2025, titled “Nugent Decline Completed on Schedule”. 3 Refer to ASX release on 30 October 2025, titled “Hillgrove Resources Delivers Reserve Extension at 1.0%CuEq*”. 4 Refer to ASX release on 22 October 2025, titled “Hillgrove Resources High-Grade Copper-Gold Results in Kavanagh”. 5 Intercepts reported without gold results were analysed using XRF and consequently do not include a gold assay. 6 Refer to ASX release on 11 December 2025, titled “Kanmantoo 2026 Exploration Update” 2 of 14 CEO AND MANAGING DIRECTOR’S STATEMENT Commenting on the 2025 Dec Qtr results, Hillgrove Chief Executive Officer and Managing Director, Bob Fulker said: “The December quarter capped off a year of strong progress at Kanmantoo, with production expanded to utilise available processing capacity and position the operation for long‑term growth. Development is on track, ore mining rates have increased and will continue to lift through 2026, and we continue to work through the Kavanagh pinch zone. With Nugent stope production now underway and providing a second ore source, we are well placed to lift mining rates in the first half of 2026, supporting further reductions in unit costs in the second half of 2026. Our 2026 focus is clear: strengthen safety performance, maintain cost discipline, invest capital prudently, ramp up production, and advance Emily Star as a potential third ore source following encouraging early drilling. Exploration programs will also continue to target resource growth. Hillgrove finished the year within guidance, supported by consistent operational performance. The increase in Resources and Reserves underscores the strength of the Kanmantoo system and reinforces the potential for an extended mine life. Today we have released our CY2026 copper production and All-in-Sustaining-Cost guidance. This guidance production range reflects copper only and does not include gold. Over the coming quarter, gold output is expected to increase as Nugent stope tonnages rise, providing additional revenue beyond the copper guidance.” 3 of 14 Figure 1: 2026 Planned development and stoping areas based on the 2025 Kanmantoo Mineral Resource Estimate 4 of 14 SUSTAINABILITY Hillgrove continued to advance its sustainability commitments, with the Kanmantoo Grassy Woodland Revegetation Project and Habitat Corridor Initiative receiving an honourable mention at the Premier’s Awards in Energy and Mining. This recognition reflects both the quality of the work undertaken to date and the long‑term potential of the program. Representatives from the Kanmantoo Site team and the Kanmantoo Callington Community Consultative Committee (K4C) attended the event, underscoring the strong partnership that underpins this initiative. The Grassy Woodland Revegetation Project remains a central component of Hillgrove’s environmental stewardship approach. The program is focused on restoring and re‑establishing critically endangered peppermint box communities, enhancing riparian red gum remnants, and supporting habitat for endangered bird species in areas where vegetation has been previously cleared. Ongoing work to strengthen habitat connectivity continues to demonstrate the positive outcomes achievable through collaboration between mining operations and the local community. Hillgrove remains committed to responsible land management, transparent community engagement, and the integration of sustainability considerations into operational planning and long‑term site development. OPERATIONS The Kanmantoo Copper Mine (Kanmantoo) is situated in the Adelaide Hills region of South Australia, 60 kilometres from Adelaide. The strategic location of the mine offers significant advantages from an operating and capital cost perspective, as well as making the mine an employer of choice for the local skilled workforce. Safety The quarter saw a strong uplift in safety performance, with zero Recordable Injuries resulting in the first Recordable Injury free quarter since commencing the underground mine. As a result, the Dec Qtr 3 month moving average (MMA) Total Recordable Injury Frequency (TRIF) reduced to 0, bringing 12MMA TRIF to 20.7. The TRIF reduction reflects the momentum generated through targeted health, wellbeing, and injury prevention programs. An increased emphasis on time in the field, combined with deliberate reinforcement of complacency risks during the festive season, further supported this improvement. Manual handling, hydration monitoring, and fatigue management were key focus areas, each building on the proactive approach to a safer workplace. More than 250 employees and contractors completed accredited Crystalline Silica Substances (CSS) training, reinforcing Hillgrove’s commitment to a safe and compliant operating environment. The Kanmantoo Emergency Response Team was refreshed, with an updated training program established for 2026. The Company remains committed to strong safety leadership, regulatory compliance and proactive risk management, with continued focus on workforce wellbeing and continuous improvement initiatives. 5 of 14 Production and Costs Production and Cost Metrics (Unaudited) Units 2025 Total Dec Qtr 2025 Sep Qtr 2025 Jun Qtr 2025 Mar Qtr 2025 Mining Physicals Total Development m 7,822 2,116 1,879 2,011 1,817 Inventory Mined kt 1,450 402 375 336 338 Grade Mined % 0.82 0.75 0.82 0.78 0.96 Processing Physicals Tonnes Processed kt 1,445 410 366 353 316 Grade Processed % 0.82 0.76 0.81 0.77 0.99 Recoveries % 94.9 95.5 94.5 95.2 94.2 Production Copper Produced t 11,315 2,962 2,808 2,593 2,952 Gold Produced oz 2,249 753 711 555 730 Silver Produced oz 85,721 20,899 20,321 19,604 24,897 Copper Sales Payable Copper Sold t 11,024 3,121 2,422 2,572 2,909 Average Realised Price A$/t 14,321 14,754 14,447 14,340 14,137 Cost Summary Mining A$/lb 3.60 3.55 4.03 3.87 3.04 Processing A$/lb 0.99 1.07 1.12 1.00 0.79 Site G&A A$/lb 0.30 0.31 0.36 0.33 0.23 Transport and Offtake Charges A$/lb 0.48 0.42 0.46 0.44 0.59 Inventory Movements A$/lb 0.04 0.29 (0.49) 0.21 0.07 By-Product Credits A$/lb (0.69) (0.87) (0.79) (0.61) (0.53) C1 Costs A$/lb 4.72 4.77 4.69 5.24 4.19 Government Royalties A$/lb 0.34 0.37 0.34 0.33 0.32 Sustaining Capital A$/lb 0.84 0.90 0.90 0.83 0.74 Corporate G&A A$/lb 0.29 0.26 0.43 0.29 0.22 All-in Sustaining Cost A$/lb 6.19 6.30 6.36 6.69 5.47 All-in Sustaining Cost US$/lb 3.96 4.03 4.07 4.28 3.50 Major Capital exc. Nugent A$/lb 0.52 0.63 0.74 0.25 0.45 All-in Cost exc. Nugent A$/lb 6.71 6.93 7.10 6.94 5.92 All-in Cost exc. Nugent US$/lb 4.29 4.44 4.54 4.44 3.79 Depreciation and Amortisation A$M 20.9 6.5 4.7 4.9 4.8 Nugent Development Not in AIC A$M 8.6 0.0 3.5 5.1 0.0 Other Costs Not in AIC A$M 2.2 0.4 0.3 0.4 1.1 Note: USD based on an exchange rate of 0.64. All cost metrics are based on payable copper sold. 6 of 14 Total copper production increased 5% to 2,962t (Sep Qtr: 2,808t), reflecting improved mining and development efficiency. Ore mined increased to 402kt (+7% QoQ), underpinned by steady underground development and stope availability. Processed tonnes rose to 410kt, with 0.76% Cu grade and recoveries at 95.5%. Quarterly processed grade was lower, reflecting ongoing mining through the ‘Pinch Zone’. By-product output also increased, with gold production up 6% QoQ and silver up 3% QoQ, strengthening by-product credits. Realised copper prices rose to A$14,754/t, and higher payable copper sales supported a solid revenue performance for the quarter. Concentrate inventories declined from 1,729t at the end of the Sep Qtr to 536t at the end of the Dec Qtr, contributing to an improved revenue outcome. AISC decreased to A$6.30/lb (US$4.03/lb), down from A$6.36/lb (US$4.07/lb) in the Sep Qtr, benefiting from higher payable copper sold. AIC also reduced on a unit basis to US$4.44/lb for the quarter. On an absolute cost basis, AISC costs increased QoQ, driven by the increase in mining activity and a number of one- off costs including stock write-offs and unplanned plant maintenance. These impacts were partially offset by improved by-product credits, along with increased payable Cu sold, supported a lower unit cost profile. Year‑to‑date AIC of US$4.29/lb for 2025, positioning the Company at the lower end of the FY25 guidance range of US$4.20–4.45/lb. Nugent Ore Production Begins and Decline Completed on Schedule Ore Production at the Nugent deposit commenced on 15 October 2025, ahead of schedule, representing a second ore source for the mine. The Nugent Decline successfully broke through on 19 December 2025, establishing an underground link between the Nugent and Kavanagh mining areas. The opening of Nugent and the connection of the two mining areas will assist in alleviating the Kavanagh ore body congestion by adding mining fronts and production levels, as well as offering future trucking efficiencies with a decline loop. A total of $21 million was spent on the Nugent development project, which was in line with the project budget. Nugent plays a critical role in the growth trajectory of Kanmantoo, and along with the Kavanagh mineralisation, is expected to deliver an increase in mining rates to 1.7-1.8Mtpa in H1 2026. The increased mining rate will in turn lower the AISC rate and increase margin in the second half of 2026. Figure 2: Nugent decline completed to Kavanagh connection drive Emily Star Exploration Incline 7 of 14 Resource Drilling Active resource drilling focused on extension and infill opportunities. This dual approach delivered near-term value through increased geological confidence, leading to more accurate mine planning while also unlocking longer-term growth potential by testing the boundaries of known mineralisation zones. These efforts form a core part of the strategy to extend mine life, optimise stoping sequences, and position Kanmantoo for sustained copper production. The resource expansion drilling completed during the quarter targeted along strike and down-dip extensions of the Kavanagh Mineral Resources. A total of 19,075m drilling metres was completed from both Grade Control and Resource Expansion drilling with 100 holes drilled, bringing the Year-to-Date (YTD) total to 69,215m, exceeding the 2025 target of 60,000m. These Kavanagh intercepts demonstrate a material expansion of the East Kavanagh zone and greater understanding of the lode geometry, with ongoing drilling targeting the northern and vertical extents of the resource. Significant intersections at Kavanagh included7 : • 9.3m @ 1.46% Cu + 0.39g/t Au from 208.6m downhole (566m RL) in 25KVUG0620 in Kavanagh Central – the deepest Kavanagh Central intersection to date • 7m @ 1.76% Cu + 0.02g/t Au from 88m downhole in 25KVUG0643 (721m RL) in Kavanagh East • 9m @ 1.92% Cu + 0.48g/t Au from 129m downhole in 25KVUG0643 (729m RL) in Kavanagh Central • 25m @ 1.82% Cu8 from 89m downhole in 25KVUG0672 (715m RL) in Kavanagh East • 14m @ 2.44% Cu8 from 126m downhole in 25KVUG0648 (700mRL) in Kavanagh Central • 4.2m @ 3.79% Cu8 from 56.5m downhole in 25KVUG0648 (740m RL) in Kavanagh East • 10m @ 2.4% Cu8 from 58m downhole in 25KVUG0645 (745m RL) in Kavanagh East 2025 Mineral Resources and Ore Reserves Update On 30 October 2025, Kanmantoo reported a substantial increase, post depletion, in its 2025 Mineral Resources and Ore Reserves (MROR) update9 . 2025 Ore Reserve Estimate (ORE)9 : • 4.0Mt at 0.85% Cu and 0.22g/t Au, containing 34kt Cu and 29koz Au. • 43% increase in Reserve tonnes and 33% increase in contained Cu when compared to the 2024 ORE. • The increase reflects the impact of ongoing grade control drilling and greater knowledge from the underground operation, which depleted 690kt of Ore. 2025 Mineral Resource Estimate (MRE)9 : • 22Mt at 0.74% Cu and 0.17g/t Au, containing 160kt Cu and 120koz Au. • 14% increase in Resource tonnes and 46% increase in contained Au when compared to the 2024 MRE. • Maiden underground MRE declared at Valentines. • The increase reflects the impact of ongoing grade control, resource definition, and exploration drilling, partially offset by mining depletion of 1,060kt from the current underground operation. Only 29,377m of the 2025 drilling were incorporated into the 2025 MROR update, due to the August data cut-off. The remaining will be reflected in the 2026 MROR update. 7 Refer to ASX release on 22 October 2025, titled “Hillgrove Resources High-Grade Copper-Gold Results in Kavanagh”. 8 Intercepts reported without gold results were analysed using XRF and consequently do not include a gold assay 9 Refer to ASX release on 30 October 2025, titled “Hillgrove Resources Delivers Reserve Extension at 1.0%CuEq*”. 8 of 14 Figure 3: Plan view showing the location of the Kanmantoo Mineral Resources EXPLORATION 2026 Exploration Target Update10 The 2026 Exploration Target for the Kanmantoo area was released on 11 December 2025, identifying upcoming exploration work programs and proposed drilling targets. Figure 4: Longitudinal section of Exploration Target zone locations 10 Refer to ASX release on 11 December 2025, titled “Kanmantoo 2026 Exploration Update”. 9 of 14 Figure 5:Hillgrove exploration licences and identified potential targets GROUP FINANCIALS Cash at the end of the quarter was $20.6 million plus total receivables of $8.1million and unsold concentrate of $2.1 million. The increase in trade receivables reflects the sale of concentrate on 31 December 2025 worth $4.1 million which was received in the first week of January. Unaudited (A$ Million) Q4 Dec 25 Q3 Sep 25 Q2 Jun 25 Q1 Mar 25 Cash excl. restricted 20.6 6.4 10.6 15.2 Trade Receivables 6.6 2.7 10.4 2.2 Other Receivables (GST and FTC) 1.5 1.3 1.5 1.2 Unsold Concentrate 2.1 5.2 1.5 2.3 TOTAL 30.8 15.6 24.0 20.9 10 of 14 The Company completed an equity capital raise for $28 million at $0.035 per share on 30 September 202511 , with the funds received during the December quarter. Operating mine cash flow for the quarter was $12.7 million, bringing 2025 total operating mine cash flow to $35.8 million. The Company invested $10.5 million in capital expenditure during the quarter with $4.3 million in major capital, which included $4.0 million on Nugent development and $0.2 million on Emily Star development. At 31 December 2025, the Company had 3,560 copper tonnes of hedges outstanding at a weighted average price of $14,459 per tonne scheduled for delivery from January 2026 to September 2026. During the quarter, the Company made payments to related parties and their associates of $394,424. These payments comprise of non-executive directors’ fees and executive director salaries, including superannuation and any applicable bonuses. Placement11 The Placement was completed in two tranches with the Tranche 1 Placement raising $22.9 million (before costs) with the remaining Tranche 2 Placement raising $5.1 million (before costs). Tranche 2 of the placement was completed, following shareholder approval at the Extraordinary General Meeting (EGM), held on 25 November 2025. The EGM resolutions provided the necessary authority for the issue of new shares under Tranche 2, including participation by Directors, ensuring compliance with ASX Listing Rules and the Corporations Act. The placement strengthens Hillgrove’s balance sheet, supports ongoing development activities, and provides additional funding flexibility. With Tranche 2 now finalised, the Company has completed the full placement program as outlined in a prior announcement on 30 September 202511 , positioning Hillgrove to advance its strategic objectives and deliver on near‑term growth initiatives. 2026 GUIDANCE The successful completion of the Nugent Acceleration Project, together with the recently finished Nugent Decline at Kanmantoo, provides a robust platform for growth in calendar year 2026. The underground operation remains firmly on track to achieve a mining rate of 1.7–1.8Mtpa in H1 2026, with copper production forecast to increase from 2025 copper production of 11,315t to the 2026 guidance range of 12,750–14,000t, underscoring Kanmantoo’s disciplined growth strategy. Costs are forecast to ease in H2 2026 when increased mining rates drive lower unit operating costs. AISC guidance for 2026 of A$5.75–6.25/lb payable Cu sold (US$3.80–4.19/lb). Major capital for the period, encompassing the Emily Star and North Kavanagh exploration inclines along with associated underground and surface drilling, is estimated at A$8–10 million. A decision on Stage Two development of Emily Star will follow receipt of drilling results and completion of an economic assessment, anticipated in the H2 2026. Metric Guidance Range Cu Produced (t) 12,750 – 14,000 AISC (A$/lb Payable Cu Sold) 5.75 – 6.25 Major Capital (A$ Million) 8 - 10 11 Refer to ASX release on 30 September 2025 titled ‘Hillgrove Secures $28 Million Placement to Drive Copper Growth’. 11 of 14 Competent Persons Statement The information in this report that relates to previously reported results were extracted from the ASX releases titled “Hillgrove Resources High-Grade Copper-Gold Results in Kavanagh” released on 22 October 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 announcements 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. The information in this report that relates to planned drilling opportunities was extracted from the ASX release titled ‘Kanmantoo 2026 Exploration Update’ previously released on the 11 December 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. The information in this report that relates to the 2025 Kanmantoo Mineral Resource Estimate and the 2025 Ore Reserve is extracted from ASX release titled “Hillgrove Delivers Ore Reserve Extension at 1.0% CuEq” released on 30 October 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 announcements 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. 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 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 14 CORPORATE INFORMATION Issued Share Capital at 31 December 2025 Ordinary shares Unlisted Options Employee Performance Rights Share Price Activity for the Quarter High Low Last (31 December 2025) 3,414,092,137 72,571,428 99,539,958 0.049 0.030 0.046 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 Engage with this report at the Hillgrove Resources Investor Hub. For more information contact: Mr Bob Fulker Mr Luke Anderson CEO & Managing Director CFO & Company Secretary Tel: +61 8 7070 1698 Tel: +61 8 7070 1698 13 of 14 APPENDIX A – 2025 KANMANTOO MINERAL RESOURCE ESTIMATE 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. The information is extracted from the report entitled ‘Hillgrove Delivers Ore Reserve Extension at 1.0% CuEq’. released on 30 October 2025 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. 14 of 14 APPENDIX B – 2025 KANMANTOO ORE RESERVE ESTIMATE 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 min