Looking Good..........couldn't ask for anymore Plant...

Looking Good..........couldn't ask for anymore


Plant commissioning and production of copper achieved within targeted timeframe of Q1 2024.

• Hillgrove is now positioned as one of the few pure play copper producers on the ASX with first revenues

  from sales of the copper concentrate to be received this week.

• A significant opportunity exists to grow the Resource and therefore mine life, as evidenced by:

o the substantial JORC Exploration Target at the Project of 60 – 100Mt @ 0.9% to 1.2% Cu and 0.1

g/t to 0.2 g/t Au1, ando recent drilling results including2:

▪ 36.6m @ 3.35% Cu from 43m downhole in East Kavanagh (23KVUG064)▪ 45.4m @ 1.19% Cu and 0.12g/t Au from Spitfire from 428.5m downhole (KTD243_W1) ▪ 40m @ 1.27% Cu from 43m downhole in Central Kavanagh (23KVUG072)▪ 33.23m @ 1.46% Cu from 42m downhole in East Kavanagh (23KVUG083)

• Mains power has now been established to the underground operation resulting in a substantial circa 65% cost reduction to power use from circa $0.40 per kilowatt hour to circa $0.13 per kilowatt hour. Further, connection to the South Australian power grid, which is supplied by over 70% renewable energy generation, substantially reduces Kanmantoo’s carbon footprint.

Commenting on the commencement of copper production, Hillgrove CEO and Managing Director, Lachlan Wallace said:

“First copper production from the Kanmantoo underground operation, and the transition to cashflow generation, is a watershed moment for the Company. Over the next few months, the mine output and copper production are expected to ramp up as the planned additional work areas are established underground.

Looking Good.......