The attached is from the Annual Report 6 weeks ago on...

The attached is from the Annual Report 6 weeks ago on 28/02/2020

Kanmantoo Underground

The Kavanagh Underground project is the most attractive investment opportunity for Hillgrove given its likely short development timeframe and low capital cost. The recent termination of the PHES agreement with AGL removes all restrictions to the Kavanagh Underground project.

In 2017, the Company demonstrated the extension of several high grade copper-gold zones beyond the final open pit design.

In 2019 the Company drill tested a portion of the down-dip extension of the Kavanagh mineralisation beneath the Giant Pit to estimate an Indicated and Inferred Mineral Resource (Figure 3) for the Central and East Kavanagh lodes.

Results of the 2019 Kavanagh drilling(1) include:

■■KTDD187-Parent 6.0m @ 0.80% Cu, 0.04 g/t Au, 2.0 g/t Ag from 429m downhole

■■KTDD187_W1 14.55m @ 1.9% Cu, 0.08 g/t Au, 4.4 g/t Ag from 442.45m downhole

■■KTDD187_W2 16.37m @ 3.0% Cu, 0.21 g/t Au, 7.8 g/t Ag from 434.73m downhole

■■KTDD187_W3 20.0m @ 2.1% Cu, 0.26 g/t Au, 6.8g/t Ag from 421m downhole

■■KTDD187_W4 no significant intersection at these criteria

■■KTDD187_W5 20.15m @ 1.5% Cu, 0.1 g/t Au, 4.1 g/t Ag from 393.25m downhole

■■KTDD187_W5 14.0m @ 2.4% Cu, 0.3 g/t Au, 6.7 g/t Ag from 420m downholeOpen Pit & Stockpiles Kavanagh Underground South Hub North West Stella Mt Rhine Mullewa South East IOCG / Porphyry Province Kanappa Regional Near Mine Under MineKANMANTOO Operational Near Term Value Realisation Longer Term

(1) Intersections at a 0.6% Cu cut-off grade over a minimum of 5m horizontal width.