Emily Star Development Approved, Capital Guidance Updated

Key points

• Emily Star development approved with no geotechnical risks identified
• Capital requirement of $20 - $22 million
• Stoping scheduled to commence in H2 2027
• 2026 Major Capital Guidance increased to $15 - $17 million

Full summary

Hillgrove Resources Limited has announced the Board's approval for the commencement of Emily Star development as the third underground mining front at the Kanmantoo Copper Mine. Drilling confirmed geological continuity and no material geotechnical risks. The capital requirement for the development is estimated to be $20 - $22 million, with $6.5 - $7.5 million to be spent in H2 2026. Stoping is scheduled to commence in H2 2027, following completion of decline development and establishment of the required level accesses. The development will be funded from operating cashflows. The approval of Emily Star marks another important step in unlocking the full value of the Kanmantoo system. The drilling completed to date has validated the geological model and given the company confidence to proceed with development. Emily Star provides an additional mining front, strengthens operational flexibility, and supports sustained copper production over the life of mine. Importantly, this investment can be funded from operating cashflows, reflecting the robustness of the Kanmantoo operation.

Guidance

2026 Major Capital Guidance increased to $15 - $17 million

Outlook

Hillgrove Resources expects Emily Star to provide an additional mining front, strengthen operational flexibility, and support sustained copper production over the life of mine.