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Hillgrove Resources Limited (ASX: HGO) has secured AU$28 million via a two-stage share placement, attracting support from both domestic and global investors. The funds will drive development at the Nugent and Emily Star projects, while also supporting working capital. Nugent’s accelerated timeline places first stope production in the December quarter, with expected additional feed of 0.3–0.4 Mtpa. This increase should lift Kanmantoo’s total output to 1.7–1.8 Mtpa and lower unit costs due to economies of scale.
Emily Star continues to deliver strong exploration results, with drilling intersecting copper grades above 1.7%. Placement proceeds will fund further drilling, pre-development works, and infrastructure. The estimated AU$20–25 million required for full Emily Star development will be partly covered by operating cashflows. CEO Bob Fulker highlighted strong investor demand and confidence in Hillgrove’s growth strategy, noting the company’s ambition to transition from a junior to a mid-tier copper producer amid constrained global supply
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