Announcement PDF www.hillgroveresources.com.au 2025 Annual & Sustainability Report for the year ended 31 December An Australian Copper Producer hillgrove resources limited | 2025 annual report About This Report This Annual and Sustainability Report is a summary of Hillgrove Resources Limited (ASX: HGO) (Hillgrove or Company) and its subsidiaries’ operations, activities and financial position as at 31 December 2025. Currency is expressed in Australian dollars unless otherwise stated. We have combined our disclosures into a single Annual and Sustainability Report to demonstrate the interconnectivity of Sustainability with Company performance. See the Sustainability Report within this document for information on our Sustainability performance, boundary and scope. Current and previous reports are available on the Company’s website at www.hillgroveresources.com.au. Our 2025 Corporate Governance Statement is available to view at www.hillgroveresources.com.au/corporate-governance. This Report has been approved for release by the Board of Hillgrove Resources Limited. Acknowledgment of Country Hillgrove acknowledges the Peramangk and Kaurna people, the Traditional Owners and Custodians of the lands on which we operate. We pay our respects to Elders past and present and acknowledge their continuing connection to waters, skies, seas and country. We are committed to working together to build a sustainable future for Australia. Contents ANNUAL REPORT 2025 in Review 2 About Hillgrove Resources 3 Chair and CEO & Managing Director’s Statement 4 Board of Directors and Officers 6 2025 Operational Performance 7 Mineral Resources and Ore Reserves 9 Exploration Summary and Outlook for 2026 14 SUSTAINABILITY REPORT About This Report 18 Sustainability Overview 2025 19 Our Approach to Sustainability 20 Governance 24 Environment 27 Social 36 Glossary 43 Annexure A: SASB and ICMM Alignment Crosswalks 44 FINANCIAL REPORT Directors’ Report 51 Auditor’s Independence Declaration 72 Financial Statements 73 Consolidated Entity Disclosure Statement 101 Directors’ Declaration 102 Independent Auditor’s Report to the Members 103 Shareholder Information 108 Corporate Directory 110 All abbreviations used in this report are defined in the glossary at the end of the Sustainability Report. 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 report. 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. Non-IFRS Financial Information Investors should be aware that financial data in this report includes ‘non-IFRS financial information’ under ASIC Regulatory Guide 230 Disclosing non-IFRS financial information published by ASIC and also ‘non-GAAP financial measures’ within the meaning of Regulation G under the U.S. Securities Exchange Act of 1934. Non-IFRS/non-GAAP measures in this presentation include gearing, sustaining capital, major project capital, major mine development, production cost information such as All-in Sustaining Cost and All-in Cost. Hillgrove Resources Limited (Hillgrove) believes this non-IFRS/ non-GAAP financial information provides useful information to users in measuring the financial performance and conditions of Hillgrove. The non-IFRS financial information does not have a standardised meaning prescribed by the Australian Accounting Standards (‘AAS’) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial measures determined in accordance with AAS. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this Report. Non-IFRS financial information in this presentation has not been subject to audit or review by the Company’s external auditor. To receive up‑to‑date company information, scan the QR code to join our Investor Hub hillgrove resources limited | 2025 annual report 1 Hillgrove has successfully transitioned from an open-pit to an underground copper producer through substantial resource expansion while committing to ongoing exploration. Our Kanmantoo Copper Mine has ramped up to an annual copper production rate of approximately 11,500 tonnes. We continue to explore the next suite of high potential targets both within our Kanmantoo mine site and elsewhere in South Australia. It’s all part of our ultimate vision: to become a mid-tier, multi-asset Australian copper producer, unlocking value for a sustainable future. t NAVIGATION Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 2 Organic Growth – Mineral Resources and Ore Reserves Mineral Resources tonnes7,9 Mineral Resources contained gold7,9 Ore Reserves tonnes8,9 Ore Reserves contained copper8,9 Revised Copper Production & Cost Guidance1 Copper Produced Gold Produced 2,749ounces 1. Please refer to the ASX revised guidance announcement ‘Nugent Acceleration Project Completed Enabling Production Ahead of Schedule, Guidance Update’ on 11 September 2025 2. Please refer to the ASX release “Quarterly Report and Appendix 5B” on 22 January 2026. This figure differs to cash flow from operating activities in the Consolidated Statement of Cash Flows within the Annual Financial Report for the year ended 31 December 2025 (page 76) of $20.4 million as it excludes corporate costs, VOX royalties, and movements in working capital, but includes lease costs 3. Earnings Before Interest, Tax, Depreciation, and Amortisation 4. AIC was reported on a per pound payable copper sold basis. The AUD:USD exchange rate applied was 0.64 5. Total Recordable Injury Frequency (per million hours worked) 6. Local is defined as within a 125km radius from Kanmantoo Copper Mine 7. Compared to 2024 Mineral Resources Estimate 19.3Mt at 0.77% Cu and 0.14g/t Au containing 150,000t Cu and 82,000oz Au. See ASX announcement ‘Hillgrove Resources Delivers Ore Reserve Extension at 1.0% CuEq*’ released on 30 October 2025 8. Compared to 2024 Ore Reserves Estimate 2.8Mt at 0.91% Cu and 0.15g/t Au containing 26,000t Cu and 14,000oz Au. See ASX announcement ‘Hillgrove Resources Delivers Ore Reserve Extension at 1.0% CuEq*’ released on 30 October 2025 9. See the Mineral Resources and Ore Reserves section in this Report for further information Operational and Financial Sustainability 2025 in Review Achieved 11,315tonnes EBITDA3 All-In Cost (AIC)4 (US$4.29/lb) $6.71/lb $26.0million Operating Mine Cash Flow2 $35.8million Climate Change Risk Assessment (Dec. 2024: 13.1) Female Participation 16.5% Completed TRIF5 20.7 Total Spending with Local Suppliers6 Progressed the Kanmantoo Grassy Woodland Revegetation, a Community Collaboration Rehabilitation 38.5% Local Workforce6 $32.3 million Paid in Wages 98.4% 14% increase 46% increase 43% increase 33% increase EL 6175 Coonalpyn EL 6207 Tintinara EL 6397 Laffer EL tenements relinquished 3 March 2026 EL 6526 EL 6294 EL 6174 EL 6526 Kanmantoo Regional ADELAIDE Wynarka Coomandook NAVIGATION u Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 3 About Hillgrove Resources Our Vision : Our Values : To be a mid-tier, multi-asset Australian copper producer unlocking value for a sustainable future We operate safely, protect each other, the environment and leave a positive legacy for future generations We are respectful, ethical and trustworthy, we do what is ‘right’ not just what we have to do We hold ourselves accountable for the delivery of sector leading results, what we are known for Our Strategy : To create long-term shareholder value through: Growth Demonstrate growth – organic and inorganic Balanced Profile Multi-asset, Australian copper producer Asset Quality Improving asset quality through each transaction Financial Strength Achieve portfolio and growth objectives while retaining financial strength Reputation Deliver on promises: operating capacity; stakeholder, investor and ESG responsibilities Safety Integrity Delivery Hillgrove Resources Limited (ASX:HGO) is an Australian Copper producer operating the Kanmantoo underground mine in a Tier 1 jurisdiction, with a clear pathway to sustained production growth. The Company owns and operates the fully permitted Kanmantoo Copper Mine, a 100% owned underground copper-gold operation in the Adelaide Hills, approximately 55 kilometres from Adelaide central business district and with direct access to major transport routes to nearby townships and Port Adelaide. The location provides strong access to a skilled and diverse talent pool. Kanmantoo Copper Mine has an established operating history. From 2010 to 2020, the site produced over 137,000 tonnes of copper and 55,000 ounces of gold. The underground operation commenced in May 2023, with first underground copper production delivered in February 2024. The operation is underpinned by established infrastructure, including a 3.6 million tonne per annum processing plant, access to grid power, and well-developed road and port networks. The mine is currently operating at approximately 1.5 million tonnes per annum, with the mine run rate targeted to increase to 1.7–1.8 million tonnes per annum by the end of the first half of 2026. Supported by Mineral Resources and Ore Reserves, and near-mine exploration upside, Kanmantoo Copper Mine is positioned to deliver sustained production growth, lower unit operating costs, and continuing its contribution to the global demand for responsibly produced copper. Figure 1: Hillgrove’s mining and exploration tenements. EL 6175, EL 6207 and EL 6397 were relinquished as at 3 March 20261 1. For further information refer to the ASX announcement ‘Lower Prospectivity Tenements Relinquished’ on 3 March 2026 t NAVIGATION Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 4 Chair and Chief Executive Officer & Managing Director’s Statement Dear Shareholders, We are pleased to present the Annual and Sustainability Report for the year ended 31 December 2025. 2025 was a defining year for the Company. It marked our first full year of consistent underground production at Kanmantoo Copper Mine, the successful establishment of a second mining front at Nugent, and the strengthening of our financial position to support future growth. It was also a year in which we faced challenges, particularly in safety performance, that reinforced the importance of disciplined execution as our operating footprint expands. Together, these outcomes position us as a more resilient and scalable copper producer, with a clear pathway for continued growth in 2026 and beyond. Operational Delivery and Growth Operational performance improved materially through the year. Ore mined increased quarter-on-quarter, enabling more consistent mill throughput. Copper production totalled 11,315 tonnes, supported by strong metallurgical recoveries, contributing to operating mine cash flow of $35.8 million. A key milestone was the development of the Nugent mining area, now providing a second independent ore source. Nugent enhances operational flexibility and underpins the planned ramp-up to 1.7–1.8 million tonnes per annum by the end of the first half of 2026. We also advanced Emily Star, the next stage of growth at Kanmantoo Copper Mine. Development of the exploration incline commenced, enabling resource definition and extensional drilling in 2026. Subject to positive results and favourable economic assessment, an investment decision for Stage 2 is anticipated in the second half of 2026. Investment in underground infrastructure, mine services and operational capability has strengthened the foundation for a multi-source, scalable operation. Financial Performance and Balance Sheet Strength The Company returned to profitability, reporting net profit after tax of $0.1 million compared with a $14.8 million loss in 2024. Revenue increased to $167.6 million, reflecting higher copper and gold production and improved realised prices. Total assets increased by $42.8 million to $150.2 million, reflecting the Company’s $40.3 million investment in capital expenditure during the year. Net current assets strengthened by $24.7 million, with cash increasing to $21.0 million, with no debt outstanding. Safety Culture Safety performance did not meet our expectations in 2025. Recordable incidents increased as underground operations expanded across multiple mining fronts and workforce numbers grew. While none resulted in life-altering injuries, the trend is inconsistent with the standards we set for ourselves. In response, we commenced a structured safety improvement program focused on strengthening critical controls, enhancing frontline leadership, improving contractor management and upgrading underground traffic and hazard systems. These initiatives will remain a central focus in 2026. A safe operation is fundamental to sustainable performance. Sustainability and Social Value As a producer of copper, a critical mineral in the global energy transition, we recognise our responsibility to operate sustainably and contribute positively to our communities. During the year we maintained a low-impact brownfield footprint, supported regional employment, progressed rehabilitation planning, strengthened water stewardship and emissions management including ongoing preparation for mandatory climate-related disclosures, and continued open engagement with stakeholders. Our Sustainability Report outlines our performance across environmental, social and governance areas and our commitment to continuous improvement. Derek Carter Chair Robert (Bob) Fulker Chief Executive Officer & Managing Director NAVIGATION u Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 5 Chair and Chief Executive Officer & Managing Director’s Statement (cont.) Governance and Outlook The Board maintained strong oversight of operational ramp-up, capital allocation, safety performance and risk management. Governance structures were refreshed to align with the Company’s growth phase, and executive capability was strengthened, including the appointment of a new Chief Financial Officer. We enter 2026 with clear priorities: X X Strengthen safety culture and performance X X Complete the ramp-up to 1.7–1.8 Mtpa by the end of first half of 2026 X X Advance drilling and economic assessment at Emily Star X X Progress near-mine exploration targets that leverage existing infrastructure X X Maintain financial discipline while investing in value- accretive growth X X Position Kanmantoo Copper Mine as a multi ore source, scalable operation The outlook for copper remains supportive, underpinned by global electrification and the increasing demand for critical minerals. With improved operational momentum, a stronger balance sheet and a defined growth pathway, we are well positioned to create sustainable long-term value. We thank our people, contractors, community partners and shareholders for their continued support. We remain focused on building a safer, stronger and more resilient business as we unlock the full potential of Kanmantoo. Yours sincerely, Derek Carter Chair Robert (Bob) Fulker Chief Executive Officer & Managing Director t NAVIGATION Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 6 The Directors and Officers of the Company during the whole of the financial year and up to the date of this Report are: Board of Directors and Officers Mr Derek Carter Independent Non-Executive Chair BSc, MSc, FAusIMM Derek has over 50 years’ experience in exploration and mining geology and management. He held senior positions in Burmine Ltd and the Shell Group of Companies where he was responsible for discovering the Los Santos tungsten deposit in Spain, before founding Minotaur Gold NL in 1993. He resigned as Chair of Minotaur Exploration Ltd in November 2016. Derek was awarded AMEC’s Prospector of the Year Award (jointly) in 2003 for the discovery of the Prominent Hill copper- gold deposit, the AusIMM President’s Award and is a Centenary Medallist. Derek is currently the Chair of PTR Minerals Ltd (ASX: PTR). Derek is a member of the Audit and Risk Committee, and the Remuneration and Nomination Committee. Appointed 24 April 2020. Mr Robert (Bob) Fulker Chief Executive Officer and Managing Director BEng (Mining), MSc (Mineral & Energy Economics), FAusIMM, MAICD Bob is a highly experienced Mining Engineer with over 40 years of experience in the minerals industry. He has held Senior Executive positions at Evolution Mining and OZ Minerals, where he was responsible for leading the safe and efficient delivery of significant operations. Bob’s experience spans Australia, Africa, and Canada, where he has consistently achieved outstanding results in various mineral sectors. His strategic leadership in corporate roles and operational excellence through innovative solutions have enhanced safety, operations, and profitability. Throughout his career, Bob has worked with industry leaders such as Rio Tinto, Normandy Mining, BHP, OZ Minerals, and Evolution Mining. Appointed 1 July 2024. Mr Murray Boyte Independent Non-Executive Director / Chair Audit and Risk Committee BCA, CA, MAICD Murray has over 40 years’ experience in merchant banking and finance, undertaking company reconstructions, mergers and acquisitions in Australia, New Zealand, North America and Hong Kong. Murray holds a Bachelor of Commerce and Administration from the Victoria University in Wellington and is a member of the Australian Institute of Company Directors, and Chartered Accountants Australia & New Zealand. In addition, Murray has held executive positions and directorships in the transport, horticulture, financial services, investment, health services and property industries. Murray is currently Chair of National Tyre & Wheel Limited (ASX: NTD). He retired as the Chair of Eureka Group Holdings Limited (ASX: EGH) on 25 February 2025, and as a Non-Executive Director of Eumundi Group (ASX: EBG) on 14 February 2025. Murray is a member of the Audit and Risk Committee, and the Remuneration and Nomination Committee. Appointed 10 May 2019. Dr Roger Higgins Independent Non-Executive Director / Chair Remuneration and Nomination Committee BE (Hons), MSc, PhD, FAusIMM, FIEAust Roger has over 50 years of experience in the resources industries, including being a former Managing Director of Ok Tedi Mining Limited in Papua New Guinea and Senior Vice President Copper at Canadian metals and mining company Teck Resources Limited. He was also Vice President and Chief Operating Officer with BHP Base Metals (Australia) and held senior operations and project positions with BHP in Chile. He is an Adjunct Professor with the Sustainable Minerals Institute, University of Queensland. He was previously the Chair of both Minotaur and Demetallica Limited and a Non- Executive Director of Newcrest Mining Limited and Worley Limited. Roger is a member of the Audit and Risk Committee, and the Remuneration and Nomination Committee. Appointed 6 June 2023. Mr Luke Anderson Chief Financial Officer and Joint Company Secretary BA (Acc), CA, MAICD Luke is a Chartered Accountant with over 25 years’ experience in financial management, corporate development, and executive leadership across the resources and transport sectors in Australia and the United States. He has held senior roles including Chief Executive Officer of One Rail Australia and Andromeda Metals, President and Chief Executive Officer of Unimin Corporation, and Chief Financial Officer of OZ Minerals. Luke brings deep expertise in executive leadership, corporate strategy and financial operations to Hillgrove Resources, supporting the Company’s continued growth. Appointed 2 June 2025. Mr Jake van der Hoek Joint Company Secretary Jake is a Director with HLB Mann Judd, a firm which provides professional corporate secretarial and financial services to a number of ASX listed companies. Jake is an experienced Company Secretary and holds a Graduate Diploma of Applied Corporate Governance and Risk Management from the Governance Institute of Australia. Jake is Company Secretary of Archer Materials Limited (ASX: AXE), Lincoln Minerals Limited (ASX: LML), and joint Company Secretary of FortifAI Limited (ASX: FTI). Appointed 29 November 2024. NAVIGATION u Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 7 2025 Operational Performance X X 11,315 tonnes copper production, within the revised guidance range of 11,000-11,500 tonnes X X All-in cost1 at US$4.29 per pound, lower end of the revised guidance range of US$4.20-4.45 per pound X X Delivered a 38% increase in total development metres and a 51% increase in tonnes processed when compared to 2024 Table 1: Kanmantoo Copper Mine production and cost summary Production and Cost Metrics Units 2025 Total 2024 Total Movement Mining Physicals Total Development m 7,823 5,665 2,158 Inventory Mined kt 1,451 924 527 Grade Mined % 0.83 1.03 (0.20) Processing Physicals Tonnes Processed kt 1,445 955 490 Grade Processed % 0.83 1.02 (0.19) Recoveries % 94.9 90.2 4.7 Production Copper Produced t 11,315 8,971 2,344 Gold Produced oz 2,749 1,813 936 Silver Produced oz 85,721 77,413 8,308 Copper Sales Payable Copper Sold t 11,024 N/A2 Average Realised Price $/t 14,321 N/A2 Cost Summary Mining $/lb 3.60 2.78 0.82 Processing $/lb 0.99 1.28 (0.29) Site G&A $/lb 0.30 0.33 (0.03) Transport and Offtake Charges $/lb 0.48 0.56 (0.08) Inventory Movements $/lb 0.04 (0.29) 0.33 By-Product Credits $/lb (0.69) (0.41) (0.28) C1 Costs $/lb 4.72 4.25 0.47 Government Royalties $/lb 0.34 0.28 0.06 Sustaining Capital $/lb 0.84 0.41 0.43 Corporate G&A $/lb 0.29 N/A2 All-in Sustaining Cost $/lb 6.19 4.94 1.25 All-in Sustaining Cost US$/lb 3.96 3.31 0.65 Major Capital exc. Nugent $/lb 0.52 1.90 (1.38) All-in Cost exc. Nugent $/lb 6.71 6.84 (0.13) All-in Cost exc. Nugent US$/lb 4.29 4.58 (0.29) Depreciation and Amortisation $M 20.9 31.7 (10.8) Nugent Acceleration Development Not in AIC $M 8.6 - 8.6 Other Costs Not in AIC $M 2.2 N/A2 Note: US$ based on an exchange rate of AUD:USD 0.64. All unit cost metrics are based on per pound of payable copper sold 1. Excluding Nugent 2. Those with N/A represent figures from the 2024 financial year that were not disclosed previously Annual Report Sustainability Report Financial Report t NAVIGATION hillgrove resources limited | 2025 annual report 8 Net Revenue Vox Royalties Operating Costs Lease Costs Government Royalties Operating Mine Cashflow Vox Royalties Corporate costs Share Based Payments Stockpile Valuation Movement Exploration Write-off Lease Costs EBITDA 167.6 3.2 (122.9) (3.9) (8.3) 35.8 (3.2) (6.8) (1.5) (1.2) (1.0) 3.9 26.0 CY2026 Guidance The successful completion of the Nugent Acceleration Project, together with the recently finished Nugent Decline at Kanmantoo Copper Mine, provides a robust platform for growth in calendar year 2026. The underground operation remains firmly on track to achieve a mining rate of 1.7–1.8 million tonnes per annum in the first half of 2026, with copper production forecast to increase from 2025 copper production of 11,315 tonnes to the 2026 guidance range of 12,750–14,000 tonnes, underscoring Kanmantoo’s disciplined growth strategy. 2025 Operational Performance (cont.) Unit costs are forecast to ease in the second half of 2026 with increased mining rates. All-in sustaining cost guidance for 2026 of $5.75-6.25 per pound payable copper sold (US$3.80-4.19 per pound). Major capital at Kanmantoo for the period, encompassing the Emily Star and North Kavanagh exploration inclines along with associated underground and surface drilling, is estimated at $8–10 million. A decision on Stage Two development of Emily Star will follow receipt of drilling results and completion of an economic assessment, anticipated in the second half of 2026. Table 2: Kanmantoo Copper Mine guidance for 2026 Metric Guidance Range Cu Produced (t) 12,750 – 14,000 AISC ($/lb payable Cu sold) 5.75 – 6.25 Major Capital ($M) 8 – 10 2025 Cash Waterfall Figure 2 illustrates how Hillgrove’s 2025 net revenue converts to Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA). The chart begins with net revenue of $167.6 million, representing revenue from concentrate sales after treatment and refining charges and the deduction of VOX royalties. For the purposes of determining operating mine cash flow, VOX royalties of $3.2 million are added back to net revenue, after which operating costs of $122.9 million, lease costs of $3.9 million, and government royalties of $8.3 million are deducted. Figure 2: FY25 cash waterfall ($M) This results in Operating Mine Cash Flow of $35.8 million for the year. Operating Mine Cash Flow is subsequently reduced by group and other non-operating items, including VOX royalties of $3.2m, corporate costs of $6.8 million, share-based payments of $1.5 million, stockpile valuation movements of $1.2 million, and exploration expenditure write-offs of $1.0 million. Lease costs of $3.9 million are removed as they are not included in EBITDA. After these adjustments, EBITDA for 2025 was $26.0 million. NAVIGATION u Annual Report Sustainability Report Financial Report hillgrove resources limited | 2025 annual report 9 2024 MRE Drilling / Methodology Depletion New Mine Areas 2025 MRE 19,300 3,218 (1,058) 22,000 540 2024 MRE Drilling / Methodology Depletion New Mine Areas 2025 MRE 149 20 (11) 161 3 Mineral Resources and Ore Reserves Kanmantoo Mineral Resources Kanmantoo 2025 Mineral Resources as at 30 September 2025 (depleted as at 30 June 2025) is estimated at 22 million tonnes grading 0.74% copper and 0.17g/t gold, containing 160,000 tonnes of copper and 120,000 ounces of gold. This compares to the 2024 Mineral Resource Estimate (MRE) of 19.3 million tonnes grading 0.77% copper and 0.14g/t gold, containing 150,000 tonnes of copper and 82,000 ounces of gold. This represents a 14% increase in total tonnes and 46% increase in total contained gold. The 2025 MRE is provided in Table 3 and is based on a long-term copper price of US$4.21 per pound and gold price of US$3,239 per ounce at an AUD:USD exchange rate of 0.65. Mineral Resources are reported inclusive of Ore Reserves. The increase in the 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: X X Nugent: Tonnage increased by 67%, with a 76% uplift in contained copper, supported by the addition of 550kt of Measured Resource X X Kavanagh: Measured Resource increased by 1,000kt. Due to restricted drilling access, most of the growth occurred in lower-grade areas, resulting in a modest reduction in average grade. 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 X X Grade control and resource definition drilling delivered an overall 3,218kt increase in total Mineral Resources X X Inclusion of a maiden MRE at Valentines added 540kt X X Mining depletion to 30 June 2025 reduced total Mineral Resource tonnage by