Hillgrove and Havilah Enter Mutooroo Partnership

• Hillgrove to earn 80% interest in Mutooroo copper project
• $5 million upfront consideration and up to $10 million for PFS
• Potential to lift Hillgrove's copper production beyond 20kt per annum
• Minimal capital outlay for Havilah

Hillgrove Resources Limited and Havilah Resources Limited have entered into a binding agreement that allows Hillgrove to earn an 80% interest in the Mutooroo Copper Project in South Australia. Hillgrove will pay $5 million upfront and invest up to $10 million for a Pre-feasibility Study (PFS). The partnership aims to develop Mutooroo's copper resources using Hillgrove's existing Kanmantoo processing facility, potentially reducing capital intensity and execution risk. Hillgrove may acquire the 80% interest for $35 million upon successful completion of Phase 2 of the PFS. Havilah retains a 20% interest and benefits from Hillgrove's expertise and infrastructure.

Hillgrove may acquire 80% interest in Mutooroo for $35 million upon PFS completion

Hillgrove believes Mutooroo has potential to lift its copper production beyond 20kt per annum, subject to PFS outcomes.