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Hillgrove Resources Limited
(Sydney:HGO)
Hillgrove Resources Limited (HGO) vs. iShares MSCI Australia ETF (EWA)
Hillgrove Resources Limited Business Overview & Revenue Model
Hillgrove Resources Limited Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 153.49M | 112.39M | 0.00 | 0.00 | 0.00 | 20.25M |
| Gross Profit | 48.59M | 1.46M | -5.98M | -165.00K | -2.00K | -1.36M |
| EBITDA | 33.52M | 21.24M | -12.68M | -4.46M | -5.43M | -5.41M |
| Net Income | -17.79M | -24.03M | -16.33M | -5.97M | -5.86M | -5.95M |
Balance Sheet | ||||||
| Total Assets | 132.04M | 107.39M | 101.06M | 52.90M | 51.29M | 35.89M |
| Cash, Cash Equivalents and Short-Term Investments | 10.62M | 3.26M | 10.24M | 5.30M | 10.74M | 5.60M |
| Total Debt | 6.55M | 8.69M | 19.30M | 7.20M | 0.00 | 0.00 |
| Total Liabilities | 71.30M | 65.81M | 46.18M | 20.33M | 13.35M | 12.67M |
| Stockholders Equity | 60.74M | 41.57M | 54.88M | 32.57M | 37.94M | 23.22M |
Cash Flow | ||||||
| Free Cash Flow | -6.88M | -11.22M | -31.29M | -13.58M | -14.29M | -6.03M |
| Operating Cash Flow | 31.99M | 21.00M | -8.78M | -5.71M | -4.89M | -3.00M |
| Investing Cash Flow | -39.06M | -32.02M | -22.46M | -5.57M | -9.39M | -2.78M |
| Financing Cash Flow | 10.26M | 4.04M | 36.17M | 5.89M | 19.42M | 2.04M |
Hillgrove Resources Limited Technical Analysis
Hillgrove Resources Limited Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | AU$184.36M | -6.28 | -29.41% | ― | 281.37% | 2.27% | |
52 Neutral | AU$344.47M | -26.50 | -4.91% | ― | ― | -20.00% | |
50 Neutral | AU$278.07M | -3.63 | ― | ― | ― | ― | |
49 Neutral | AU$251.44M | -32.61 | -73.21% | ― | ― | -11.29% | |
49 Neutral | AU$203.86M | -1.38 | ― | ― | -57.00% | -1789.13% | |
48 Neutral | AU$9.37M | -2.46 | -157.73% | ― | ― | 6.15% |
Hillgrove Resources Limited Corporate Events
Hillgrove Resources has released an updated investor presentation, providing the market with refreshed information on its operations and strategic positioning as an Australian copper producer. The updated materials are intended to enhance engagement with current and prospective investors via the company’s investor hub, underscoring an ongoing effort to maintain transparency and support informed investment decisions.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources has signed a binding tailings processing agreement with Heavy Minerals Limited to extract and sell garnet from process tailings and the tailings storage facility at its Kanmantoo Copper Mine in South Australia. Under the deal, Heavy Minerals will build and operate a garnet processing plant on site, with Hillgrove to receive a 15% gross revenue payment from in-specification garnet sales during mine operations (reducing to 5% after closure), fixed payments for out-of-specification garnet, and initial milestone payments, alongside a guaranteed minimum revenue stream once production begins. The agreement is expected to extend the operational life of the Kanmantoo tailings storage facility, with anticipated garnet output rising from up to 50,000 tonnes per year in the first three years to 100,000 tonnes in year four, and may ultimately transfer certain rehabilitation obligations for the site to Heavy Minerals, enhancing Hillgrove’s income diversification and reducing long-term closure liabilities in the industrial minerals market.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Heavy Minerals Limited has signed a binding Tailings Processing Agreement with Hillgrove Copper to develop a hardrock almandine garnet project using tailings from Hillgrove’s Kanmantoo copper mine in South Australia. The deal provides Heavy with access to tailings feedstock, sets production limits prior to obtaining mining tenure, and outlines a series of revenue-based payments and royalties to Hillgrove, alongside Heavy’s assumption of environmental and rehabilitation responsibilities over its operations and ultimately the wider site once Hillgrove ceases copper and gold production. Heavy plans to commence garnet production in late 2026, targeting high-quality, low-cost waterjet cutting products, and is pursuing $25–$30 million in financing through a mix of debt, pre-sales and royalties while advancing distribution discussions in the US, European and Australian markets, positioning the Kanmantoo project as a potential new supply source in the industrial garnet sector.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources delivered 2025 copper production of 11,315 tonnes, in line with guidance, and achieved all-in costs at the lower end of its forecast range, generating $35.8 million in operating mine cash flow and ending the year with $20.6 million in cash. Operational performance strengthened through record quarterly copper output, increased underground development, and mining and processing rates above a 1.5Mtpa run-rate, while the start of Nugent stope production ahead of schedule provided a second ore source and an underground link to Kavanagh. The company reported a 43% increase in Ore Reserves and a 14% rise in Mineral Resources at Kanmantoo, underpinned by extensive drilling that both exceeded annual meterage targets and returned strong intercepts at Kavanagh, supporting expectations of a longer mine life and future growth. For 2026, Hillgrove has issued copper production guidance of 12,750–14,000 tonnes at a targeted all-in sustaining cost of A$5.75–A$6.25 per pound, and plans A$8–10 million of capital investment to ramp up production, advance Emily Star as a potential third ore source, and pursue further resource growth through surface and underground drilling, positioning the operation for scale and cost improvements that are significant for shareholders and broader project stakeholders.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited has notified the market of the cessation of 1,154,140 HGOAA performance rights, which lapsed on 20 January 2026 after the conditions attached to those rights were not met or became incapable of being satisfied. The lapse reduces the pool of potential new shares that could be created from these rights, modestly tightening the company’s prospective capital base and clarifying the dilution outlook for existing shareholders.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources will release its December 2025 quarterly report to the ASX before market open on 22 January 2026 and will host a results webinar the same day, led by CEO Bob Fulker and CFO Luke Anderson, to brief investors on the company’s performance. The company has also launched a new Investor Hub platform designed to give existing and prospective shareholders real-time access to announcements, reports and presentations, signalling a move to enhance investor engagement and transparency through more accessible, centralised communications.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources has reported further strong underground drilling results from the Emily Star lode system at its Kanmantoo Copper Mine, with the final two holes of the current program intersecting multiple zones of high-grade copper-gold mineralisation, including intervals above 1.3% copper. The company says the results confirm the continuity and depth extension of the Emily Star system beneath the existing mineral resource, underpinning its decision to develop a dedicated drill drive that will improve underground access, shorten future drill holes and potentially open multiple new mining fronts, bolstering confidence in expanding production from Kanmantoo.
The most recent analyst rating on (AU:HGO) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources has completed the Nugent Decline on schedule at its Kanmantoo Copper Mine, successfully linking the Nugent and Kavanagh underground mining areas. The new connection provides efficient access to approximately 1.3 million tonnes of mineral resources and is expected to relieve congestion in the Kavanagh orebody by adding new mining fronts and production levels, while also improving trucking efficiencies via a decline loop. With 2.2 kilometres of development at Nugent finished this year and stoping now underway, the company says it remains on track to lift mining rates to 1.7–1.8 million tonnes per annum in the first half of 2026, reinforcing its push to scale up production and strengthen operational performance at Kanmantoo.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited announced a change in the director’s interest, with Derek Carter acquiring 1,428,572 ordinary shares through participation in a placement approved at a recent general meeting. This acquisition reflects ongoing strategic positioning within the company, potentially impacting its market operations and signaling confidence in its future prospects.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited has issued 146,476,966 fully paid ordinary shares at a price of A$0.035 per share as part of a placement initially announced in September 2025. This move, conducted without disclosure under Part 6D.2 of the Corporations Act, aligns with the company’s compliance with regular reporting obligations and indicates a strategic effort to raise capital, potentially impacting its operational capacity and market positioning.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited announced the cessation of 25,286,158 performance rights, as the conditions for these securities were not met or became incapable of being satisfied. This development may impact the company’s capital structure and could influence investor perceptions regarding the company’s future performance and strategic direction.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited, an Australian company listed on the ASX, held a General Meeting where all proposed resolutions were passed. The meeting results indicate strong shareholder support for the company’s strategic decisions, including director participation in share placements and the ratification of share issues, which could enhance the company’s financial position and operational capabilities.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited announced a presentation by CEO Bob Fulker at their General Meeting, highlighting the company’s ongoing operations and strategic direction. This announcement may impact stakeholders by providing insights into Hillgrove’s future plans and reinforcing its position in the copper industry.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited has announced updates to its proposed issue of securities, specifically regarding the Tranche 2 Placement. The updates include changes to the General Meeting date for approval and the issue date for the Tranche 2 Placement. These adjustments are part of the company’s efforts to manage its capital raising activities effectively, which could impact its operational funding and strategic initiatives.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.
Hillgrove Resources Limited has announced a significant increase in its Mineral Resource Estimate (MRE) and Ore Reserve Estimate (ORE) at the Kanmantoo Copper mine. The 2025 Ore Reserve shows a 43% increase in reserve tonnes and a 33% increase in contained copper compared to 2024, while the Mineral Resource Estimate reflects a 14% increase in total tonnes and a 46% increase in contained gold. These updates highlight the strength of the Kanmantoo copper system and suggest an extended life for the mine, bolstering confidence in the long-term viability of Hillgrove’s operations.
The most recent analyst rating on (AU:HGO) stock is a Buy with a A$0.05 price target. To see the full list of analyst forecasts on Hillgrove Resources Limited stock, see the AU:HGO Stock Forecast page.