The drop in copper price in mid-2022 caused delays to the...

The drop in copper price in mid-2022 caused delays to the funding process. However, the recent
resurgence in the copper price, particularly late in 2022 (and which has continued into early 2023),
and the outlook for surging demand and supply concerns, has seen significant interest in Kanmantoo
again, and the funding process is back on track. We are in discussions with multiple parties in order
to secure sufficient funding to restart operations at Kanmantoo, which is budgeted to cost only $26m1
as well as additional proceeds to cover any cost inflation, enable mine life expansion drilling to
continue, and a prudent and appropriate contingency during the ramp up period.
SUMMARY
 Drilling continued in South and North Hub during the quarter with a view to expanding the
existing Mineral Resource Estimate. Results from the initial program will be released in Q1
2023 once the program has been completed and all assays returned. These areas are not
currently in the mine plan and, pending successful drilling, have the potential to increase mine
life and annual throughput.
 Hillgrove is one of the few copper companies that has the ability to take advantage of improving
copper sentiment and pricing. With all permitting and infrastructure in place, including a 3.6Mtpa
processing facility, an operational tailings storage facility and two underground portals already
established, the Company is well positioned for a low cost restart of operations.
 Financing discussions to commence the Kanmantoo Underground ramped up during the
quarter as the copper price strengthened, and the outlook continues to look strong with
increasing demand and supply concerns for the metal.
 Work continues on the update of the mine plan following the 2022 drilling programs.
Over the next quarter, we will continue to grow the mine plan through drilling as we concurrently
strive to conclude funding for the underground commencement.”

Game on I say, Great report! Copper price heating up, plenty of news out on Copper demand dwarfing Lithium in coming years! Love the COPPER!