HILLGROVE RESOURCES LIMITED — Capital/Financing Update 2021

Oct 26, 2021

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Wednesday, 27 October 2021

NEXT MAJOR DRILLING PROGRAM UNDERWAY AT KANMANTOO

HIGHLIGHTS

• Drilling commenced at the Kanmantoo Copper Project, kick-starting a 16,000m drill program

Further to the announcement released to the market on 11 October 2021, Hillgrove Resources Limited (Hillgrove, the Company) (ASX:HGO) is pleased to announce that drilling has commenced at the Nugent Pit. The drilling aims to bring this area into the initial Kanmantoo Underground mine plan which provides the opportunity to create an additional work area to increase annual production potential. Higher productivity increases utilisation of the hungry processing plant at Kanmantoo, which is expected to add further value to what is already a very robust project.

Two additional rigs will be added to the program shortly as exploration ramps up significantly at the Kanmantoo Copper Project and expands to include drilling at Spitfire, South West, and North Kavanagh.

Figure 1

Drill rig at Nugent

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IIII HILLGROVE RESOURCES LIMITED 5 – 7 King William Rd, Unley SA 5061, Australia ACN 004 297 116

www.hillgroveresources.com.au T +61 8 7070 1698

HILLGROVE RESOURCES LIMITED

Figure 2 Kanmantoo long section with Nugent drill target highlighted

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----- Start of picture text ----- High grade gold intersectionsbelow the Nugent Pit provideopportunity to increase annualproduction by establishing asecond mining area that canrun in parallel with Kavanagh----- End of picture text -----

Figure 3 Cross sections of Nugent highlighting mineralisation is open at depth

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For more information contact:

Mr Lachlan Wallace CEO & Managing Director Tel: +61 (0)8 7070 1698

Mr Joe Sutanto

Chief Commercial Officer & Company Secretary Tel: +61 (0)8 7070 1698

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