Hillgrove Resources Achieves 1.8Mtpa Throughput at Kanmantoo, Advances Emily Star Stage 2 FID to Q3 2026

Kanmantoo Copper Mine Hits 1.8Mtpa Run Rate in June 2026, Meeting Ramp-Up Targets

Hillgrove Resources confirmed that the Kanmantoo Copper Mine in South Australia achieved a run rate of 1.8 million tonnes per annum in June 2026, precisely meeting the company’s publicly stated ramp-up schedule. This accomplishment signals effective operational execution through the first half of 2026 and demonstrates management’s ability to deliver on forecasted throughput milestones.

Both mining and milling divisions independently attained the 1.8Mtpa annualised throughput during June, indicating the entire processing chain—from ore extraction to milling—is functioning cohesively at the target level without bottlenecks. Hillgrove reported ongoing improvements in mining and milling performance throughout the ramp-up period.

Utilisation of Latent Plant Capacity Supports Throughput Growth

CEO and Managing Director Bob Fulker highlighted that the 1.8Mtpa milestone "showcases the team's ability to execute consistently against plan and continue to utilise the latent processing plant capacity." This suggests that existing processing infrastructure at Kanmantoo had unused capacity that the ramp-up has unlocked, rather than requiring significant new capital expenditure on additional plant facilities.

Leveraging existing plant capacity to increase throughput is a capital-efficient strategy, enabling production growth without proportionally expanding the asset base. Detailed financial and operational impacts of this throughput increase will be disclosed in Hillgrove’s June 2026 Quarterly Report, scheduled for release during the week commencing 20 July 2026. Investors seeking production volumes and unit cost data will need to await that report.

Emily Star Stage 2 FID Accelerated to September Quarter 2026

Hillgrove also announced that the Final Investment Decision for the Emily Star Stage 2 project has been advanced to the September Quarter 2026, earlier than previously planned. This acceleration is attributed to progress in drilling, geotechnical, and financial assessments, which have provided sufficient information to support an earlier decision.

The FID marks a critical point where the company commits capital to move the project from assessment to development. Advancing the Emily Star Stage 2 FID timeline reflects faster-than-expected technical and economic progress, consistent with Hillgrove’s risk-based decision-making framework.

CEO Bob Fulker on Early Emily Star FID: Disciplined and Adaptive Approach

Bob Fulker explained the rationale behind the accelerated FID: "We are also bringing the Emily Star Final Investment Decision forward to the September Quarter. We now have sufficient information to act, and our disciplined, risk-based approach enables us to move early, incorporate new data as it comes, and maintain momentum." He emphasized the company’s focus on "validating the technical and economic assessment to confidently advance the next phase of growth."

This approach indicates that the FID will be based on the current body of evidence, with flexibility to integrate ongoing data, rather than waiting for all technical studies to be completed. If successful, this dynamic process could enable Hillgrove to commence the next development phase sooner than anticipated.

Emily Star Project as a Key Growth Driver for Kanmantoo

The Emily Star project is part of Hillgrove’s broader Kanmantoo operations and represents the company’s planned next growth phase at the South Australian copper mine. The accelerated FID timeline is supported by ongoing drilling, geotechnical, and financial assessments that underpin a sound technical and economic investment decision.

While specific resource estimates, capital costs, and production targets for Emily Star Stage 2 were not disclosed, advancing the FID to Q3 2026 establishes it as a near-term catalyst for Hillgrove. Further details are expected during the FID process or in subsequent company communications.

June 2026 Quarterly Report to Provide Comprehensive Results

Hillgrove confirmed that detailed financial and operational results for the June 2026 quarter will be released in the company’s Quarterly Report during the week commencing 20 July 2026. This report will include production volumes, financial metrics, cost performance, and operational commentary, providing investors with a complete view of how the 1.8Mtpa run rate translated into actual mining and milling output, copper production, and unit costs.

Investors tracking Hillgrove’s ramp-up progress and production potential at Kanmantoo will regard this report as a key disclosure. The company has not pre-released any production, revenue, or cost figures in the current update.

Kanmantoo’s Strategic Role in South Australia’s Copper Sector

Kanmantoo Copper Mine is Hillgrove’s primary operating asset and a significant copper producer in South Australia, a jurisdiction gaining prominence in the copper market. Reaching the 1.8Mtpa throughput aligns with Hillgrove’s strategy to build a sustainable and expanding copper production base amid strong global demand driven by electrification and energy transition trends.

The company’s focus on efficient use of existing plant capacity, combined with the Emily Star Stage 2 growth pipeline, reflects a measured strategy of establishing operational credibility before committing to further expansion. This staged approach is consistent with management’s disciplined framework. The impact on shareholder value will become clearer following the June Quarterly Report and Emily Star FID developments.

Strong Operational Performance Supports Upcoming Investment Decision

The announcement of the 1.8Mtpa run rate ahead of the Emily Star Stage 2 FID is significant for investors. Demonstrating adherence to throughput commitments strengthens Hillgrove’s position to justify capital investment in expansion projects. This operational success supports confidence in the company’s execution capabilities as it approaches the Emily Star decision.

Hillgrove noted that the Emily Star FID is backed by ongoing drilling, geotechnical, and financial assessments running alongside operations. The intent to "maintain momentum" and make an early decision based on available data indicates genuine progress in the technical program rather than a procedural acceleration. Investors will watch for further updates on drilling and geotechnical results during the quarter.

Investor Focus: Key Upcoming Milestones for Hillgrove Resources

The period through the end of September Quarter 2026 is shaping up as pivotal for Hillgrove Resources. The June 2026 Quarterly Report, due in late July, will reveal the full financial and production impact of the 1.8Mtpa throughput milestone. This will be followed by the Emily Star Stage 2 FID in Q3, potentially marking a significant shift in Hillgrove’s growth trajectory and investment profile.

The immediate market reaction to this update was not evident from public data. However, the combination of on-target operational progress and an accelerated investment decision timeline presents a meaningful update on Hillgrove’s near-term outlook. Investors should watch for the June Quarterly Report release and the Emily Star FID outcome before the end of September 2026.