Hillgrove Resources Limited (Hillgrove, the Company) (ASX:HGO) is pleased to provide the following updated Mineral Resource Estimate for the Nugent Cu-Au deposit located on ML6345 at Kanmantoo 55kms southeast of Adelaide in South Australia. The resource has been estimated only for the Nugent mineralised zone and is reported in accordance with The JORC Code 2012 Edition. This resource estimate update includes the results of the 2021- 2022 diamond drilling programme at Nugent to 31 March 2022, the results of which were reported on 6 May 2022. Overall, as with all HGO's previous drill programs at Nugent and Kavanagh, the 2021-22 Nugent drilling program has resulted in an increase in total resources and a conversion of Inferred Resources to lower risk classification categories.

Commenting on the mineral resource update for the Nugent deposit, Hillgrove CEO and Managing Director, Lachlan Wallace said: 'The latest drilling has increased the Nugent Mineral Resource Estimate in both size and geological confidence. I expect the mining inventory to grow as these results are incorporated into the mine plan. Importantly, the resource is constrained only by the extent of the drilling and remains open alongstrike and down-dip, providing an excellent opportunity to further increase the resource with further drilling.'

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

Competent Person's Statement

The information in this release that relates to the Exploration Results and Mineral Resource Estimates is based upon information compiled by Mr Peter Rolley, who is a Member of The Australian Institute of Geoscientists. Mr Rolley is a full-time employee of Hillgrove Resources Limited and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code)'. Mr Rolley has consented to the inclusion in the release of the matters based on their information in the form and context in which they appear.

ABOUT HILLGROVE

Hillgrove is an Australian mining company listed on the Australian Securities Exchange (ASX: HGO) focused on the operation of the Kanmantoo Copper Mine in South Australia. The Kanmantoo and Nugent Copper deposits are located less than 55 kilometres from Adelaide in South Australia

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