Hillgrove Resources
Hillgrove Resources is an ASX-listed Australian copper producer operating the Kanmantoo underground copper-gold mine in South Australia, selling concentrate to global commodity markets and pursuing growth via the Mutooroo joint venture.
- Company typePublic
- Founded2005
- HeadquartersUnley, Australia
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Hillgrove Resources does
Hillgrove Resources Limited is an ASX-listed (ASX:HGO) Australian copper producer headquartered in Unley, South Australia, operating the Kanmantoo Copper Mine located approximately 55km from Adelaide in the Adelaide Hills. The company transitioned the Kanmantoo operation from open-pit mining (which produced approximately 137kt of copper and over 55koz of gold between 2010-2020) to underground production, declaring commercial underground production in July 2024 after portal development commenced in May 2023. The company is led by CEO and Managing Director Robert Fulker (appointed July 2024) and CFO Luke Anderson (appointed June 2025), with a board chaired by Derek Carter.
The core asset is the Kanmantoo underground mine, which uses sub-level open stoping with drill and blast methods feeding a 3.6 million tonnes per annum processing plant employing conventional grinding and flotation. The 360m deep former open pit provides two-portal underground access, reducing development cost and time. The Mineral Resource is 22Mt grading 0.74% Cu and 0.17g/t Au with an Ore Reserve of 4.0Mt at 0.85% Cu and 0.22g/t Au. 2025 production totalled 11,315 tonnes of copper and 2,249 ounces of gold, with 2026 guidance of 12,750-14,000 tonnes of copper. The company holds 4,187 km² of exploration licences in the Kanmantoo Province plus newly granted EL7130 (Gawler Craton, 373.57 km²) and EL7131 (Olary Region, 44 km²), and completed 69,215 metres of drilling in 2025.
Hillgrove generates revenue by selling copper concentrate and gold by-product to global commodity markets — copper smelters, refiners, and trading houses — with title transfer and 95% of sales proceeds received at Port Adelaide (75km by road from the processing plant), keeping working capital requirements low. 2025 All-in Costs were US$4.29/lb, with 2026 guidance of US$5.75-6.25/lb payable Cu sold. In 2026 the company entered a binding Farm-In Agreement with Havilah Resources to earn 80% of the Mutooroo Copper-Cobalt Project (12.5Mt at 1.53% Cu, 0.16% Co, 0.20g/t Au), planned to be processed through the existing Kanmantoo facility — a capital-efficient pathway to potentially lift copper output beyond 20kt per annum without building a new processing plant or tailings storage facility.
Hillgrove Resources firmographics
Firmographics- Name
- Hillgrove Resources
- Legal name
- Hillgrove Resources Limited
- Website
- https://hillgroveresources.com.au
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Hillgrove Resources is an ASX-listed Australian copper producer operating the Kanmantoo underground copper-gold mine in South Australia, selling concentrate to global commodity markets and pursuing growth via the Mutooroo joint venture.
- Ownership category
- akta.pro rank
Hillgrove Resources industry classification
Industry- Product category
- Copper Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223)
- SIC
- Metal Mining (1000), Gold And Silver Ores (1040)
- akta.pro primary industry
- Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)
- akta.pro secondary industries
- Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Exploration & Resource Development (IMAKADAA)
Keywords
Where Hillgrove Resources is headquartered
LocationHeadquarters
- HQ city
- Unley
- HQ country
- Australia
- HQ region
- Oceania
Offices3 records
Markets served
Hillgrove Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Copper Concentrate Sales: Primary revenue stream from the sale of copper concentrate produced at the Kanmantoo Copper Mine. At Port Adelaide, ownership transfers and Hillgrove receives 95% of sales proceeds, keeping working capital requirements low. Copper prices referenced at US$4.29/lb All-in Costs in 2025.
- Gold By-product Credits: Gold production of 2,249 ounces in 2025 as a by-product of copper mining, contributing additional revenue alongside copper concentrate sales. Gold is sold as a co-product through the same commodity market channels.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Copper concentrate commodity pricing tied to LME market rates |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
Hillgrove Resources product offering
Product offeringCore offering
Hillgrove Resources produces and sells copper concentrate (approximately 12,000 tonnes of copper per annum) and gold by-product (2,249 ounces in 2025) from its underground Kanmantoo Copper Mine in South Australia. The product is sold directly to copper smelters, refiners, and commodity trading houses via commodity markets at Port Adelaide. The company also holds a 4,187 km² exploration tenement portfolio and a farm-in agreement on the Mutooroo Copper-Cobalt Project.
Product overview
Hillgrove Resources is a growing ASX-listed Australian copper producer operating the Kanmantoo Copper Mine as its flagship operation, having transitioned from open-pit to underground production in 2024. The company's portfolio consists of the Kanmantoo underground mine (producing copper and gold with a 3.6Mtpa processing plant), the Mutooroo Copper-Cobalt Project (JV with Havilah Resources, targeting future production via processing at Kanmantoo), and the South Eastern Copper Project (extensive exploration tenure). The company aims to become a mid-tier, multi-asset Australian copper producer.
Differentiator
Problem solved
Functional benefit
Products and services
- Kanmantoo Copper Mine Underground copper mine in South Australia that has transitioned from open-pit operations, producing approximately 12,000 tonnes of copper annually along with gold by-product (2,249 ounces in 2025). Features a 3.6Mtpa processing plant connected to Port Adelaide via road (75km). Mineral Resource of 22Mt grading 0.74% Cu and 0.17g/t Au, Ore Reserve of 4.0Mt grading 0.85% Cu and 0.22g/t Au. Record quarterly underground copper production of 3,120 tonnes in Q1 2026.
- Mutooroo Copper Project High-grade massive sulphide copper-cobalt deposit located in northeastern South Australia approximately 60km southwest of Broken Hill. Hillgrove has rights to earn an 80% interest through a farm-in agreement with Havilah Resources, with ore planned for processing at the Kanmantoo facility via proximal rail transport. JORC Sulphide Mineral Resource Estimate of 12.5Mt at 1.53% Cu representing potential to lift copper production beyond 20kt per annum.
- South Eastern Copper Project Exploration portfolio consisting of 100% owned Exploration Licences covering 4,187 square kilometres in south-east South Australia within the Cambrian-Ordovician Kanmantoo Province, highly prospective for copper deposit discovery. Plus newly granted EL7130 (Gawler Craton, 373.57 km²) and EL7131 (Olary Region, 44 km²). Over 95% of the Kanmantoo Province is covered by the Tertiary Murray Basin with limited past exploration, representing greenfield discovery potential.
Quantifiable outcome
- Record quarterly underground copper production of 3,120 tonnes in Q1 2026
- +6 more outcomes
Companies that use Hillgrove Resources
Customer profileSegments1 record
Ideal customer profiles1 record
Hillgrove Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Hillgrove Resources partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Havilah Resources Limited (ASX:HAV)coreHillgrove and Havilah Resources executed a binding Farm-In Agreement (FIA) with an unincorporated Joint Venture Agreement (JVA) for the Mutooroo Copper Project. Hillgrove has the right to earn an 80% interest in the Mutooroo Copper Project by completing a Pre-feasibility Study (PFS) to process Mutooroo ore through Hillgrove's existing Kanmantoo processing facility. The Mutooroo deposit is a high-grade massive sulphide deposit (12.5Mt at 1.53% Cu, 0.16% Co, 0.20g/t Au) located in northeastern South Australia, approximately 60km southwest of Broken Hill, within Exploration Licence EL 6592. The concept plan involves open-pit followed by underground mining, with ore crushed and transported to Kanmantoo via proximal rail. This represents a capital-efficient copper development option leveraging existing infrastructure with no requirement for a new processing plant or TSF.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
Hillgrove Resources competitors and assessment
Company assessmentDirect peers
- Coda Minerals: ASX-listed copper-cobalt explorer-developer focused on the Emu Downs project in Western Australia. Direct peer in copper-cobalt exposure and Australian copper exploration/development stage.
- Havilah Resources: ASX-listed South Australian copper-cobalt-gold explorer and Hillgrove's Farm-In partner at the Mutooroo Copper Project. Direct peer in South Australian copper-cobalt resource development.
- Capstone Copper: TSX-listed mid-tier copper producer with operations across the Americas (Pinto Valley, Mantos Blancos, Mantoverde, Santo Domingo). Comparable mid-tier copper producer with a multi-asset growth pipeline and copper-concentrate and cathode output.
- Aeris Resources: ASX-listed mid-tier copper-gold producer operating the Tritton copper mine in New South Wales. Closest Australian mid-tier copper peer with comparable mine-scale, single-jurisdiction focus, and copper concentrate offtake model.
- Copper Mountain Mining (Hudbay Minerals): Canadian copper producer acquired by Hudbay Minerals, operating the Copper Mountain mine in BC. Comparable mid-tier copper concentrate producer with similar production scale profile.
Broad incumbents
- OZ Minerals (BHP): Australian copper-gold producer (Prominent Hill, Carrapateena) acquired by BHP in 2023. Broader incumbent whose Prominent Hill discovery sits in the same South Australian geology; senior leadership at Hillgrove includes former OZ Minerals executives.
- KGHM Polska Miedź: Major integrated copper and silver producer combining underground mining, concentrator, smelter, and refinery. Provides broader-incumbent benchmarking on integrated copper value chain economics versus Hillgrove's concentrate-only model.
- Antofagasta plc: Major copper miner with four wholly-owned Chilean operations producing copper concentrate and cathodes. Set the benchmark for mid-tier-to-major copper producer economics relevant to size-and-stage benchmarking for Hillgrove.
- Sandfire Resources: ASX-listed copper producer (DeGrussa historically; now Motheo in Botswana and MATSA in Spain). Broader incumbent in mid-tier copper with a larger geographic footprint and diversified asset base.
Emerging players
- Carnaby Resources: ASX-listed copper-gold explorer-developer operating in the broader Mount Isa region and Western Australia. Emerging copper peer with a development-stage asset relevant for comparison on copper-gold growth trajectories.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Hillgrove Resources social profiles
Digital presenceHillgrove Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hillgrove Resources leadership team
Management profileNumber of profiles
Profiles11 records
Hillgrove Resources subsidiaries and ownership
Company hierarchySubsidiaries1 record
Hillgrove Resources funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hillgrove Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hillgrove Resources
What does Hillgrove Resources do?
Hillgrove Resources produces and sells copper concentrate (approximately 12,000 tonnes of copper per annum) and gold by-product (2,249 ounces in 2025) from its underground Kanmantoo Copper Mine in South Australia. The product is sold directly to copper smelters, refiners, and commodity trading houses via commodity markets at Port Adelaide. The company also holds a 4,187 km² exploration tenement portfolio and a farm-in agreement on the Mutooroo Copper-Cobalt Project.
Is Hillgrove Resources a public or private company?
Hillgrove Resources is a public company. It is classified as public and is currently operating.
When was Hillgrove Resources founded?
Hillgrove Resources was founded in 2005. It employs 51 to 100 people.
Where is Hillgrove Resources based?
Hillgrove Resources is headquartered in Unley, Australia, in the Oceania region.
How does Hillgrove Resources make money?
Two revenue lines are on record. Copper Concentrate Sales are the primary driver. The others are gold By-product Credits.
Who are Hillgrove Resources's main competitors?
Direct peers on record are Coda Minerals, Havilah Resources, Capstone Copper, Aeris Resources and Copper Mountain Mining (Hudbay Minerals). Broad incumbents are OZ Minerals (BHP), KGHM Polska Miedź, Antofagasta plc and Sandfire Resources. Carnaby Resources is listed as an emerging player.
Does Hillgrove Resources have an API?
No public API is recorded for Hillgrove Resources.
What industry is Hillgrove Resources in?
Hillgrove Resources's product category is Copper Mining. Its primary akta.pro industry code is IMAKADAB, Copper Ore Mining (Open-Pit & Underground), with a secondary code of IMAKADAC, Copper Concentration (Crushing, Grinding, Flotation). Its NAICS code is 212230 and its SIC code is 1000.