Hillgrove Resources Stock Earnings Reports

Hillgrove Resources delivered disciplined operational progress in 2025 and set growth-oriented guidance for 2026. Key operational outcomes for 2025 included copper production of 11,315 tonnes (within guidance), all-in costs of USD 4.29/lb (at the lower end of guidance), highest quarterly copper production of 2,962 tonnes, and operating cash flow of AUD 35.8 million for the year with AUD 20.6 million cash at year-end. Major development milestones were the start of Nugent stope production (15 Oct) and the Nugent decline breakthrough (19 Dec), positioning the operation to reach ~1.7–1.8 Mtpa mining rates in H1 2026. The 2025 resource and reserve update increased ore reserves by 43% to 4 Mt (34 kt Cu, 29 koz Au) and resources by 14% to 22 Mt (160 kt Cu, 120 koz Au). Hillgrove expects 2026 copper production of 12,750–14,000 tonnes, with AISC forecast A$5.75–6.25/lb (noting AISC quoted in AUD) and modest major capital of A$8–10 million focused on Emily Star and Kavanagh inclines. Management highlighted that Nugent will materially supplement copper-equivalent production via additional gold, that the second half of 2026 will be stronger (back-end weighted) as mining rate ramps to target, and that exploration (Emily Star, Kavanagh depth) will continue to be a priority. The company maintains a prudent hedging program (~3,560 t at A$14,459/t) and ended the quarter with liquidity (cash, receivables, unsold concentrate) of A$30.8 million.