AUSTRALIA’S NEWEST COPPER PRODUCERDREW SIMONSEN IIIII MANAGING DIRECTORCOMPANY PRESENATION IIIII 3 MAY 2012

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This presentation contains information that is based on projected and/or estimated figures that reflect expectations, assumptions and outcomes that may or may not eventuate.

Any forward-looking statements are subject to a range of risk factors, which include:• interest and currency exchange rate assumptions• product pricing assumptions• mine plans and/or resources• equipment life or capability• current or new technical challenges• market conditions• management decisions

Hillgrove has prepared this information in good faith, based on its current knowledge and understanding. There are nevertheless risks and uncertainties involved in any forward looking scenarios and statements which could cause results to differ from expectations and projections. Hillgrove shall not be liable for the correctness and/or accuracy of the information nor any differences between the information provided and actual outcomes, and furthermore reserves the right to change its projections from time to time.

All currency referred to is Australian Dollars (AUD) unless otherwise indicated.

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DISCLAIMEREXPECTATIONS & FORWARD LOOKING STATEMENTS

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AUSTRALIAN MINING COMPANYAUSTRALIAN CASH FLOW WITH RIM OF FIRE UPSIDE

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Sumba project

Bird’s Head project

Kanmantoo

CASH FLOW, WITH EXPLORATION UPSIDE:

Cash flow - Kanmantoo Copper Mine project (100% owned), in South Australia

Rim-of-Fire exploration upside in Indonesia

Sumba gold project (80% owned)

Bird’s Head copper/gold project (80% beneficial interest via JVA)

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STRATEGIC OBJECTIVES

Kanmantoo – copper producer:

Kanmantoo ramp-up – on track

Extend Kanmantoo mine life – on track

Expand plant – subject to increased resources/reserves

Identify additional near mine resources – future targets identified

Indonesia – potential giants:

Targeting Tier 1 copper deposits and significant gold resources

Company growth – second source of cash flow within 5 years

AUSTRALIAN MINING COMPANYWITH AUSTRALIAN-INDONESIAN GROWTH PIPELINE

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KANMANTOO COPPER MINEF

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ALL MAJOR SERVICES CLOSE BYKANMANTOO COPPER MINES CLOSE TO ADELAIDE

100%-owned by Hillgrove

Just 55km from Adelaide, South Australia

Mining Lease is within 500km2 Exploration License, both relatively unexplored

Exploration potential considered high

The project enjoys commensurate capital cost advantages Close to power (National Grid connection) Recycled water pipeline 3km from main highway 50km to export port

Attractive employment costs compared to remote fly-in/fly-out mine operations

Quality of life attracts mature, experienced workforce

Wheal Ellen

Exploration Area EL4401Exploration Area EL4401

Kanmantoo Copper Mine

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HISTORICAL MINERAL PROVINCEKANMANTOO COPPER MINE

Mining in the area since the 1850’s

Small, high grade operations – Bremer Mine 3km away produced 35k tonnesat circa 8-10% copper

Operations in area closed in 1920’s

Kanmantoo open pit was developed and operated by North Broken Hill, South Broken Hill & Electrolytic Zinc from 1971-1976

Approximately 4.1Mt @ 0.9% Cu, at a strip ratio of about 5:1 – pit to 120m

Current mine plan will have similar parameters

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NEW KANMANTOO MINE IN PRODUCTIONKANMANTOO COPPER MINE

Second-hand plant (Lennard Shelf -Teck & Xstrata) – 3.0Mtpa capacity

2.4 – 2.7 Mtpa commissioned now

Expansion to 3.0 - 3.5 Mtpa possible

Standard flotation process: historical metallurgical data

coarse grind (P80 - 212μm)

low power requirement

clean concentrate

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STATUS AND KEY TARGETSKANMANTOO COPPER MINE

Commissioned December 2011

Ramp-up Now, to April/May

Approximately 10,000t concentrate produced to date

First revenue Received January 2012

Second Shipment April

Mine life of 6.5/10 years based on current reserves/resources

Mine life extension through current exploration program

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CRUSHING PROCESS FLOWSHEETKANMANTOO COPPER MINE

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ROM Feed

Rock Stockpile

Coarse Ore Stockpile

Kobe Single Toggle 48/36 Jaw CrusherCSS 125mm

Metso HP 500 Cone Crusher CSS 25mm

Grizzly & ROM Bin850x750mm

Vibratory Feeder150mm

Screens

Track Mounted Mobile Crusher

Ore Stockpile

Track Mounted Stacker/Conveyor

60x30mm

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ROM AND CRUSHING CIRCUITKANMANTOO COPPER MINE

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CRUSHING CIRCUITKANMANTOO COPPER MINE

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PROCESSING PLANT FLOWSHEETKANMANTOO COPPER MINE

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Primary Cyclones

Tails Thickener

SAG Mill

Concentrate ThickenerRougher 1 Scavengers 1-2

Rougher/Scavenger 4-7 Rougher/Scavenger 8-12

LAROX filters

Regrind Cyclones

Cleaners 1-6 Cleaner Scav

Regrind Mill

Ball Mill

Concentrate Thickener

Tails Thickener

Rougher/Scavenger 4-7Rougher 1 Scavengers 1-2 Rougher/Scavenger 8-12

Cleaners 1-5 Cleaner Scav

Regrind Mill

Regrind Cyclones

LAROX Filters

Primary Cyclones

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KANMANTOO COPPER MINEPROCESSING PLANT

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KANMANTOO COPPER MINETHICKENER TANKS AND TSF

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PROJECT RAMP-UP PARAMETERSKANMANTOO COPPER MINE

Ramp up to full production planned over 4-6 months now May-June 2012

Production during ramp up 100% covered via Put Options @ AUD7,500/t (expire June 2012 –March 2013)

Bank Completion Test June 2012

50-55% production hedged at AUD8,320/t for 40 months from July 2012

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PROCESSING PERFORMANCE – TO MARCH 2012KANMANTOO COPPER MINE

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Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12

Total Tonnes Mined Tonnes (kT) 1,053 991 1,112 1,221 1,165 1,095

Ore to long term stockpiles Tonnes (kT) 160 147 75 137 70 99

Ore to ROM Tonnes (kT) 49 95 144 149 103 273

ROM grade Copper (%) 0.68 0.58 0.72 0.83 0.8 0.74

Ore Milled Tonnes (kT) 36.3 154.3 140.4 174.4 161.0 152.7

Milled Grade (%) 0.46 0.63 0.60 0.65 0.62 0.62

Gold (G/T) 0.09 0.12 0.12 0.13 0.16 0.13

Silver (G/T) 2.16 2.16 2.35 2.58 2.41 3.75

Recovery Copper (%) 55.5 69.1 84.2 81.7 87.9 91.3

Gold (%) 74.7 62.7 65.0 60.7 51.5 54.6

Silver (%) 37.4 52.1 50.3 53.2 59.7 40.2

Cu Concentrate Produced Tonnes 329 2,143 2,302 3,039 3,681 3,596

Concentrate Grade Copper (%) 28.2 31.4 31.1 30.4 24.1 24.1

Gold (G/T) 7.7 5.5 4.8 4.6 4.0 3.06

Silver (G/T) 80.9 84.2 74.8 78.5 62.8 64.01

Contained Metal In Con Copper (Tonnes) 93 673 715 925 888 868

Gold (Oz) 81 378 357 449 473 353

Silver (Oz) 856 5,802 5,536 7,686 7,419 7,402

Total Concentrate Sold (Dm Tonnes) 4,263 1,265 3,648 2,850

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SHIPPINGKANMANTOO COPPER MINE

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KANMANTOO RESOURCES & EXPLORATIONKANMANTOO RESOURCES & EXPLORATIONF

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Category TonnesMt

Cu%

Au g/t

Ag g/t

Proven 2.3 0.87 0.13 3.2

Probable 12.5 0.84 0.18 3.1

Ore reserve 14.8 0.85 0.17 3.1

8.5

18.4

28.031.8 32.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Dec-03 Dec-04upgrade

Oct-06upgrade

Dec-07upgrade

Nov-08upgrade

Inferred Indicated MeasuredMt

11.1

14.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

DFS Dec-07 Apr-10 upgrade

Probable ProvedMt

Source: HGO’s ASX release dated May 4th 2010

CURRENT RESOURCES CURRENT RESERVES

KANMANTOO COPPER MINERESOURCES & RESERVES

Class

Total (0.25% Cu cut off grade model)

Tonnes Kt

Cu %

Aug/t

Agg/t

Cu MetalTonnes

AuOunces

AgOunces

Measured 2,290 0.9 0.2 3.5 21,700 12,100 255,300Indicated 22,525 0.9 0.2 3.3 204,400 139,900 2,381,200Inferred 7,376 0.9 0.2 2.9 66,100 39,100 677,100Total 32,192 0.9 0.2 3.2 292,200 191,100 3,313,600

Source: HGO’s ASX release dated 8 December 2008

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SITE PLAN AND PIT DESIGNSKANMANTOO COPPER MINE

WASTE DUMP AND

STOCKPILES

TAILINGS STORAGE FACILITY

PROCESSING PLANT AND

ADMINISTRATION

ROMCRUSHER

ML6345

ML6345 EML6340

EL4401

MINING AREA

KANMANTOO COPPER MINE

EL4401

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EXPLORATION STRATEGY 2011KANMANTOO COPPER MINE

PRIORITY 1: EXTEND KANMANTOO MINE LIFE

Objective is conversion of inferred resources to indicated resources by closer spaced drilling

Immediately adjacent to current optimised pit

Target open-pit reserves only – RC drilling to less than 150m vertical depth

30 November data cut-off

Annual resource/reserve update underway, expected Q1-Q2 2012

IP Chargeability Image

NE Zone/Slot Extension

Nugent/O’Neil

Emily Star

Green Zone South/Critchley

IP Chargeability Image

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RESOURCE EXTENSION DRILLING KANMANTOO COPPER MINE

Emily Star:

KTRC861 - 36m @ 0.81% Cu from 75m (29m%) incl. 21m @ 1.22% Cu from 79m (26m%)

Highly significant result from previously untested area

Further wide-spaced drilling is planned, to explore potential to expand Emily Star pit south, and north-east to join main pit

Untested zone between Critchley and Paringa will also be tested this yearF

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SUMMARY

Production underway at 2.4 Mtpa rate

Near-term cash flows supported by hedging

Near-mine drilling indicates Life of Mine extension probable

Mill throughput of 2.7 Mtpa or more looks achievable

KANMANTOO COPPER MINEF

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INDONESIA: RIM OF FIREF

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EXPLORATION ASSETS: INDONESIA

Focussed approach: only targeting large porphyry copper-gold deposits and associated epithermal gold deposits

Partnership established first with professional in-country partners

New laws allow for direct foreign ownership, and encourage mining

Only two assets selected by HGO from a myriad of opportunities

SPECIFIC ASSET SELECTION BY HILLGROVEF

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EXPLORATION ASSETS: INDONESIATENEMENTS – SECURITY OF TENURE

JAKARTA

Hillgrove is an 100% shareholder in PT Hillgrove Indonesia Pte. Ltd

PT Hillgrove Indonesia provides management (not technical) services to our interests in Indonesia

SUMBA

Hillgrove is an 80% shareholder in PT Fathi Resources Pte. Ltd

Corporatised ownership via intermediate Singapore holding companies

BIRD’S HEAD

Hillgrove has an 80% beneficial interest in PT Akram Resources Pte. Ltd through an executed JV Agreement (JVA)

Agreements executed for transition to corporatised ownership, as with PT Fathi/Sumba

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PT HILLGROVE INDONESIA PTE LTD – MANAGEMENT SERVICES COMPANY

HILLGROVE INDONESIA

PTY LIMITED(Australia)

HILLGROVE EXPLORATION PTY LIMITED

(Australia)

PT HILLGROVE INDONESIA

PTE LIMITED(Indonesia)

99% 1%

HILLGROVE RESOURCES LIMITED

(ASX:HGO)

100% 100%

EXPLORATION ASSETS: INDONESIA

Jakarta based management services company

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SUMBA – PT FATHI RESOURCES CORPORATE STRUCTURE

HILLGROVE INDONESIA PTY LTD(Australia)

HILLGROVE SINGAPORE HOLDINGS PTE LIMITED

(Singapore)

HILLGROVE SINGAPORE NO. 2 PTE LIMITED

(Singapore)

PT FATHI RESOURCES PTE LIMITED

(Indonesia)

99% 1%

HILLGROVE RESOURCES LIMITED

(ASX:HGO)

80% 80%

100%

EXPLORATION ASSETS: INDONESIA

Sumba exploration license holder

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EXPLORATION ASSETS: INDONESIABIRD’S HEAD – SECURITY OF TENURE

Hillgrove has an 80% beneficial interest in PT Akram Resources Pte. Ltd through JV Agreement (JVA)

JVA has been executed

Conversion of PT Akram to “PMA” status, allowing direct foreign ownership, is underway

In the mean time:

Sale & Purchase Agreement of shares in PT Akram has been executed

Share pledge agreement for 80% of shares in PT Akram has been executed

Hillgrove holds POA over pledged PT Akram shares

Process is now mechanical, awaiting conversion of PT Akram to “PMA” status

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INDONESIA BIRD’S HEAD PROJECTREGIONAL SETTING

Bird’s Head covers part of the interpreted westward continuation of the New Guinea Magmatic Arc

WEST PAPUA P.N.G.

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IUP rights cover almost 1,000km2, granted to March 2017

Hillgrove responsible for sole funding and management of exploration and development activities up to Decision to Mine

Ex-Normandy project: HGO acquired drilling, geophysics and other key data

BIRD’S HEAD IN WEST PAPUA

West Delta

INDONESIA BIRD’S HEAD PROJECTF

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PROJECT ATTRIBUTES

West Delta

Close to the coast – significant advantage for future development

Known porphyry-related copper mineralisation

Significant previous exploration database ex Normandy

INDONESIA BIRD’S HEAD PROJECTF

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MAGNETIC SIGNATURES AND COPPER GEOCHEMISTRY POINT TO OUR TARGETS

West Delta

1st VD TMI MagneticsAnalytical Signal Magnetics

Arc –normal transfer structure

Stream Sediment - CuRock Chip Cu ppm

INDONESIA BIRD’S HEAD PROJECTF

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WEST DELTA PROSPECT

Geological interpretation is of:

A young (Tertiary) intrusive complex

Overlapping hydrothermal alteration systems in a 6.5 x 1.5 km corridor

Porphyry does not outcrop

Trenching highlights:

32m @ 0.73% Cu including 20m @ 0.95%

52m @ 0.35% Cu including 12m @ 0.75%

132m @ 0.29% Cu including 18m @ 0.65%

54m @ 0.48%Cu including 22m @ 0.97%

Rock chip sampling has encountered strongly anomalous copper values

mostly >1% Cu with anomalous gold and molybdenum association

MULTIPLE PORPHYRY COPPER TARGETS

Copper mineralisation in quartz vein/breccia float

Bald Hill, Southern Porphyry prospect35Project Manager at Green Cliffs breccia outcrop

INDONESIA BIRD’S HEAD PROJECTF

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DRILL PLAN

Bald Hill, Southern Porphyry prospect36Project Manager at Green Cliffs breccia outcrop

BIRD’S HEAD PROJECT WEST DELTA

Drilling has commenced

Three 500m+ holes from Site A, and reassess

5,000m program planned

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HILLGROVE 80%

IUP rights cover almost 1,000km2, granted to March 2017

Hillgrove responsible for exploration and development activities and sole funding up to Decision to Mine under JV Agreement

Ex BHP project; HGO acquired key data package

Targeting High and Low Sulphidation Gold Deposits

Tanah Daro

Masu

Lewitu

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MASU

Initial mapping, soil sampling, trenching and scout drilling completed to date

17 high grade gold anomalies identified

Aeromagnetic/radiometric survey just completed

Trenching at Karipi has intersected significant gold mineralisation

Lewitu prospect – potential porphyry complex

Concentrating on Karipi gold prospect in near term

Karipi

Lewitu

Laironja

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KARIPI PROSPECT

Thin sediment masks prospective lithology but gold observed in exposed basement rock over large areas

Highly prospective gold targets

Karipi

Magnetic signatures indicate strike continuation of prospective structures beneath sediments

U-K ratio radiometrics

TMI Magnetics

Soil gold geochemistry:Red >0.5 g/t AuPurple >1 g/t Au

Shallow sediment cover boundary

Targets!

INDONESIA SUMBA ISLANDF

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KARIPI PROSPECT

Karipi-Kanjilu trenching continues to indicate broad gold anomaly over 800m

20m @ 1.58g/t Au

4m @ 10.57g/t Au

(refer recent quarterly)

Rock Chips reporting bonanza grades to

1,270g/t Au, 450g/t Au

2012 drilling program underway

1120 g/t Au

Sedimentary Cover

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Much groundwork on community liaison in last 6 months

Additional staff hired

Landowner and community agreements signed

Very significant anomalous surface gold mineralisation

Drilling has re-commenced

Numerous parallel and intersecting vein structures

Hunting for bonanza grades in vein intersections

Current drill program 4,000m over 4-6 months, relatively shallow holes

Aerial view of Karipi, looking SE

MASU EXPLORATION KARIPI NEXT STEPSINDONESIA SUMBA ISLAND

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CORPORATE OVERVIEW

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CORPORATE SNAPSHOT

ASX listed: HGO

Shares on issue: 793.7 million

Share price: AUD 0.265 (2 May 2012)

Market capitalisation: AUD 210.33 million (2 May 2012)

Cash and cash equivalents: AUD 22.5 million (31 Jan 2012)

AUD 40 million debt at 31 Jan 2012

EV AUD 250.33 million (31 Jan 2012)

45% Institutional shareholders

Top 20 shareholders own ~45%

DETAILS AND SHAREHOLDER DISTRIBUTION

Source: Orient Capital

Institutions38.0%

JP Morgan Metals &

Concentrates 7.0%

Retail55.0%

SHAREHOLDER DISTRIBUTION

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CORPORATE SNAPSHOTEXECUTIVE ALIGNMENT THROUGH CONDITIONS ON EQUITY INCENTIVES

Criteria 2010 2011

Type Performance Rights (ZEPO) Performance Rights (ZEPO)

Number 4,720,000 4,595,000

Fully diluted ownership by management ~0.6% ~ 1.1%

Service Condition 3 years from award 3 years from award

TSR‐ Peer group of 15 companies‐ Measured over 3yrs‐ Must be greater than median‐ Sliding scale to 75th percentile

Yes50% of award

Yes50% of award

Release of Bank Completion Guarantee Yes50% of award

Increased Reserves at Kanmantoo‐ Must be greater than 19.5 Mt‐ Sliding scale to 24 Mt

Yes30% of award

Definition of another JORC resource‐ Outside Kanmantoo ML‐ Including but not limited to Indonesia

Yes20% of award

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COMPELLING INVESTMENT OPPORTUNITYHILLGROVE RESOURCES LIMITED

Kanmantoo processing plant production ramp-up well underway

Robust economics supported by hedging

Producing asset Now

High optionality through:

Kanmantoo mine life extension(target 10 year reserve life)

Kanmantoo capacity expansion

from 2.4 to 2.7 Mtpa (free)

3.0 to 3.5 Mtpa (cheap)

Indonesian exploration successFor

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DISCLAIMERCOMPETENT PERSONS

The information in this report that relates to Exploration Results is based on information compiled by MrJim Kerr, who is a Member of The Australasian Institute of Geoscientists. Mr Kerr is General Manager –Exploration for Hillgrove Resources and has sufficient relevant experience to qualify as a CompetentPerson as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves’.

The information in this report that relates to Mineral Resource estimates is based on information compiledby Mr Aaron Green, who is a Member of The Australian Institute of Geoscientists. Mr Green is a full-timeemployee of Runge Limited and has sufficient relevant experience to qualify as a Competent Person asdefined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves’.

The information in this report that relates to Ore Reserve estimates is based on information compiled byMr Geoff Davidson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Davidsonis a Principal Consultant and Director of Mining and Cost Engineering Pty Ltd and has sufficient relevantexperience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves’.

The Competent Persons have consented to the inclusion in the report the matters based on their information in the form and context in which it appears.

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