Announcement PDF Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 1 / 6 Update Summary Entity name HILLGROVE RESOURCES LIMITED Announcement Type Update to previous announcement Date of this announcement 25/5/2026 Reason for update to a previous announcement Update to Conditions and Issue Date. Refer to next page for full details of the announcement Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 2 / 6 Part 1 - Entity and announcement details 1.1 Name of +Entity HILLGROVE RESOURCES LIMITED We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules. If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation). 1.2 Registered Number Type ABN Registration Number 73004297116 1.3 ASX issuer code HGO 1.4 The announcement is 1.4a Reason for update to a previous announcement Update to Conditions and Issue Date. 1.4b Date of previous announcement to this update 21/5/2026 1.5 Date of this announcement 25/5/2026 1.6 The Proposed issue is: A placement or other type of issue Update/amendment to previous announcement Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 3 / 6 Part 7 - Details of proposed placement or other issue Part 7A - Conditions 7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? 7A.1a Conditions Approval/Condition Other (please specify in comment section) Date for determination 22/5/2026 Is the date estimated or actual? ** Approval received/condition met? Yes Comments Conditional on the renewal of EL 6592 on terms reasonably acceptable to Hillgrove, please refer to ASX announcement titled 'Hillgrove and Havilah enter Mutooroo Partnership' dated 21 May 2026 for further details. EL 6592 was renewed on terms acceptable to Hillgrove on 22 May 2026 Part 7B - Issue details Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Will the proposed issue of this +security include an offer of attaching +securities? Details of +securities proposed to be issued ASX +security code and description HGO : ORDINARY FULLY PAID Number of +securities proposed to be issued 116,279,070 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Yes Existing class Actual Yes Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 4 / 6 Please describe the consideration being provided for the +securities Please refer to ASX announcement titled 'Hillgrove and Havilah enter Mutooroo Partnership' dated 21 May 2026 for further details. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 5,000,000.000000 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Attaching +Security Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX) Details of attaching +securities proposed to be issued ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them) Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description OPTION EXPIRING 30-JUL-2028 EX $0.052 +Security type Options Number of +securities proposed to be issued 116,279,070 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? Please describe the consideration being provided for the +securities Please refer to ASX announcement titled 'Hillgrove and Havilah enter Mutooroo Partnership' dated 21 May 2026 for further details Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities Will all the +securities issued in this class rank equally in all respects from their issue date? Yes No No No New class Yes Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 5 / 6 Options details +Security currency AUD - Australian Dollar Exercise price AUD 0.0520 Expiry date 30/7/2028 Details of the type of +security that will be issued if the option is exercised HGO : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised One Fully Paid Ordinary Share (ASX:HGO) Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement. Part 7C - Timetable 7C.1 Proposed +issue date 5/6/2026 Part 7D - Listing Rule requirements 7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? 7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1? 232,558,140 7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? 7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow 50% of securities (58,139,535 fully paid ordinary shares and 58,139,535 options) issued pursuant to the up-front consideration will be subject to voluntary escrow for a period of 6 months, with the remaining 50% (58,139,535 fully paid ordinary shares and 58,139,535 options) subject to voluntary escrow for a period of 12 months. Yes No No No Yes No Appendix 3B - Proposed issue of securities Appendix 3B - Proposed issue of securities 6 / 6 Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? 7E.2 Is the proposed issue to be underwritten? 7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue Part 7F - Further Information 7F.01 The purpose(s) for which the entity is issuing the securities Please refer to ASX announcement titled 'Hillgrove and Havilah enter Mutooroo Partnership' dated 21 May 2026 for further details 7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? 7F.2 Any other information the entity wishes to provide about the proposed issue Please refer to ASX announcement titled 'Hillgrove and Havilah enter Mutooroo Partnership' dated 21 May 2026 for further details, including potential FID consideration. 7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f) No No No