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Hillgrove Resources Limited (HLGVF) Q3 2025 Earnings Call Transcript

Operator

[Audio Gap] I’d now like to hand the conference over to Mr. Bob Fulker, CEO and Managing Director at Hillgrove Resources. Please go ahead.

Robert Fulker
MD, CEO & Director

Thank you, Harmony. Good morning, everyone, and thanks for joining the Hillgrove Resources September Quarter 2025 Results Webinar. I’m joined on the call today by Luke Anderson in his first full quarter with Hillgrove.

September quarter was a pivotal time for Hillgrove. The mine’s output is showing improved stability with higher output, which are demonstrating the potential of the operation has from a productivity perspective. This has started to flow through to our all-in sustaining cost, which has reduced from the high of last quarter. The Nugent ramp-up has commenced, and we filed the first stope at the start of October. There are 3 takeaways for me from today.

Firstly, record stope production since underground operations started, has seen the biggest quarter since we started mining and is at our annualized rate of 1.5 million tonnes per annum. In September, the mine delivered 1,075 tonnes of copper produced and the quarter’s gross all-in sustaining costs have reduced to be the lowest quarter this year. The all-in sustaining cost unit costs were affected by the low copper sold versus production.

Secondly, the Nugent project has been delivered ahead of schedule with stoping underway in October. This is the second mine production center online as promised. And finally, our on-site exploration success has given us the potential of a third mining front to further increase our total tonnes from the Emily Star region. The Emily Star exploration incline design has been released and we’ll

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