Ann: High Grade Copper Gold Assays Extend Nugent Mineralisation, page-17

Is HGO really a relatively high cost producer.

I like to elliminate the smoke and mirrors that are involved in by product credits,C1,C2,C3, AISC and AIC and compare company's revenues and EBITDA.

The EBITDA margin on revenues is IMO the best measure of relative cost.

In 2024 BHP's SA copper had an EBITDA margin of 38.4%.

HGO while ramping up in 2024 had an EBITDA margin of 20%

Blue ocean securities who were very well briefed by the company came up with the reported 20% in 2024 and are forecasting 41% in 2025 and 36% in 2026.

The EBITDA margin on Market Cap is interesting also.

BHP's EBITDA forecast for 2025 is $ au 38.6 B which is 19.8% of its current market cap.

.HGO's forecast 2025 EBITDA is $au 84.9m which is 82% of it's current market cap. keep in mind that shareholders own a plant that is fully funded and capable of producing 2x those revenues when operating at full capacity. The ramp up has plenty of head room.








Hillgrove Resources.