Kanmantoo Underground

Overview

The Kanmantoo underground mine is located just out of Adelaide and operated as a series of open pits from 2010 to 2020, producing around 137kt of copper and over 55k oz of gold. Mining from the underground commenced in May 2023, with commercial production declared in July 2024.

The mine is well capitalised with significant infrastructure in place including a 3.6Mtpa processing plant, and a tailings storage facility with 7.0Mt of permitted capacity.

Drilling delivering consistent resource growth:

• In October 2024 Hillgrove announced a 96% in contained copper compared to the prior 2022 Mineral Resource Estimate
• 2024 Mineral Resource Estimate of 1.3Mt grading 0.77% Cu and 0.14g/t Au containing 150kt copper and 82koz gold
• 2024 Maiden Ore Reserve of 2.8Mt grading 0.91% Cu and 0.15g/t Au containing 26kt copper and 14koz gold

Significant exploration upside:

• Predictable mineralisation system which remains open.
• Ongoing drill programmes planned to further increase the Resource base and convert Mineral Resources into Ore Reserves

Over 2Mtpa of excess plant capacity available which presents opportunities to increase production with an additional capital spend on the mill.

Tier 1 location

The Kanmantoo project is approximately 55km from Adelaide. It is connected to market via Port Adelaide which is only 70km away. At port we transfer ownership and receive 95% of the sales proceeds, helping to keep working capital requirements low.

We have a State Government that understands the value that the resources industry brings to the economy and actively facilitates investment. This was recognised in the 2023 Fraser Institute report that ranked South Australia as the 9^th most attractive mining investment jurisdiction in the world.

Kanmantoo’s position in the majestic Adelaide Hills, makes Hillgrove very attractive employer of choice. Our predominantly residential employees can return home to their families every night and also have access to everything that Adelaide has to offer, including;

• high class education;
• a thriving economy;
• entertainment, including music, arts, sports;
• the best wineries in the World; and
• the cost of living being favourable to cities on the East Coast or Perth.

All of this has resulted in a strong interest in being part of the Kanmantoo underground, where we are building a great culture with a mix of experienced mining professionals and local residents entering the mining industry for the first time. If you are interested in learning more about employment opportunities, take a look at our careers page.

Infrastructure already in place

3.6Mtpa processing plant has been restarted successfully

The tailings storage facility has approved capacity of approximately 7.0Mt

An established four bay workshop which was developed for the open pit is capitalisted well beyond the current needs of the mine

The open pit which was mined to a depth of 360m is a key part of the mine’s infrastructure. The ramp inside the pit wall allows for quick, low cost access to two portals to establish declines to open up multiple working areas in the underground mine.

Mining

Underground mining ramped up on plan since commencing in May 2023. Ground conditions are very competent which assists in achieving high rates of productivity.

Lodes are very close to the pit wall with high grade copper being mined a short distance from the portals in the early years of the mine plan.