Asia Pacific Copper Miner Asia Pacific Copper Miner

AUSTRALIAN SECURITIES EXCHANGE AUSTRALIAN SECURITIES EXCHANGE -- ASX ASX Small To Mid Cap Roadshow Small To Mid Cap Roadshow –– New York New York

4 March 20104 March 2010

Disclaimer

This presentation should not be relied upon as a representation of any matter that a potential investor or their adviser should consider in evaluating the Company. Potential investors must make their own independent assessment and investigation of the matters contained herein and should not rely on any statement or the adequacy or accuracy of the information provided. The Company and its related bodies corporate or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements or representations contained in the presentation, and they do not accept any liability whatsoever (including in negligence) for any information, representation or statement made in or omitted from this presentation.This presentation may contain forward looking statements that are subject to risk factors associated with copper, gold, other minerals and gas businesses. Based on currently available information, the Company believes that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, drilling and production results, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, interest and foreign exchange rates, availability of capital, political risks, project delay or advancement, approvals and cost estimates. Comments in relation to exploration targets, exploration potential and resource potential referenced in this document have been made based on both historical and company technical data at hand of the time of writing. It is important to note that these targets are conceptual in nature as there has been insufficient exploration to date to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. Interested parties should form theirown view on these exploration targets.Investors should undertake their own analysis and obtain independent advice before investing in HGO shares.All references to dollars, cents or $ in this presentation refer to Australian currency unless otherwise stated.

Key Assets - 2010Australian Miner with Asian Growth Pipeline

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Mining Kanmantoo : oxide

copper heap leach – 100%Development Kanmantoo Copper/Gold Mine:

2.0MTPA -> 3.0MTPA – 100%ExplorationBird’s Head, Indonesia:

copper/gold and gold – 80%Sumba, Indonesia: gold – 80%Kanmantoo, SA: copper/gold,

silver/lead/zinc – 100%Wheal Ellen, SA:

silver/lead/zinc/gold – 100%Cocata and Coulta, SA:

uranium – 100%Watson, SA: uranium – 50%Munderra: base metals – 100%Mt. Lucy, FNQ: magnetite –

100% initially

Macquarie Bank Commodities, 9 June 2009 “Looking further out, in our view, copper has the best fundamentals of any of the base metals, and should go into an economic upturn with low stocks, limited idle capacity and a lack of committed new projects. Over the 2011/12 period, copper could easily be as tight as it was at the height of the recent bull market.”

Fraser Institute 2009 “Commodity shortages could hinder recovery, the world may face a shortage of raw materials and skyrocketing commodity prices as the world economy moves past the recession and into renewed growth.”

Metals OutlookCopper on the Move

“Right Commodities at the Right Time”

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Kanmantoo ProjectKanmantoo Copper/Gold Mine 2009

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Kanmantoo ProjectSnapshot

• Kanmantoo was operated by NBH/ SBH/EZ as their first open cut mine from 1971-1976, mining around 4.1Mt of copper ore

• Hillgrove commenced work at Kanmantoo in 2003, with production planned in 2011

• Low cost access to critical water, power and transport infrastructure

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

•Type

Total (0.25% Cu Cut Off Grade Model)

Tonnes Cu Au Ag Cu Metal Au AgKt % g/t g/t Tonnes Ounces Ounces

Oxide 1,125 0.8 0.2 3.3 8,600 6,900 121,000

Transitional 1,620 0.8 0.2 2.9 12,200 9,600 152,000

Fresh 29,447 0.9 0.2 3.2 271,500 174,600 3,040,700

Total 32,192 0.9 0.2 3.2 292,200 191,100 3,313,6005

Kanmantoo ProjectOre Body

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Resources: 292,700 tonnes copper @ 0.9%194,700 ounces gold @ 0.2g/t 3,326,300 ounces silver @ 3.2g/t

Mining Stage 1: Oxide heap leach operation 450tpa contained copper

Mining Stage 2: 2.0Mtpa sulphide float operation to produce ~20,000tpa copper in concentrate

Mining method: Open cut with underground potential

Mine life: 6.5 year mine life with potential to extend

Capex: AUD$98 million

Production: ~20,000tpa copper in concentrate Q1-Q2 2011

Cash operating cost: USD$1-50/lb @ Cu price USD$2.60 AUD/USD = 0.80

Concentrate: 60-114,000tpa @ 24% copper, 3.5g/t gold, 66g/t silver

Kanmantoo ProjectSummary

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Kanmantoo ProjectLow Risk Features

• Operational history significantly de-risks the project

• Known, simple metallurgy with excellent recoveries

• Large database of exploration, mining and processing information

• Capital cost per tonne of annual copper in concentrate produced <50% of global average

• Head grade > the weighted average global head grade

• Low cost power, water, transport and labour

• Geotechnically sound ground conditions

• Low political risk environment

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Kanmantoo Project‘s oxide ore heap leach processing operation

Kanmantoo ProjectPillara Plant/Heap Leach Operation

Pillara Mine’s process plant and associated equipment and buildings

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Exploration FocusKanmantoo Near Mine Prospects

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• Only Australian mid-cap copper developer with production planned to start in 2011:

$98 million capex

Mining Lease 6345 granted

MARP conditionally approved

All feasibility studies, metalurgical testing completed

Freehold land of 835ha (2,063 acres) acquired

Pillara process plant acquired

Long lead time equipment acquired

Progressing project financing → FID

• Short latency project ideally positioned to come on stream at the start of a global synchronised global economic recovery

Kanmantoo ProjectUniquely Positioned

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Regional Pipeline – IndonesiaHighly Prospective Advanced Gold Exploration

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Bird’s Head ProjectRegional Setting

Bird’s Head covers part of the interpreted westward continuation of the New Guinea ‘Orogenic Belt’ 13

Bird’s Head ProjectIndonesia/New Guinea Gold-Rich Porphyry Cu Deposits

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1. Ranked on contained gold.

Five of Top 20 Know Gold-Rich Porphyry Copper Deposits1

Rank Deposit Province Tonnage(Mt)

Au(g/t)

Au(t)

Cu(Wt %)

Cu(Mt)

1. Grasberg East Papua 2,480 1.05 2,604 1.13 28.02

7. Panguna Bougainville 1,415 0.57 799 0.46 6.51

9. Batu Hijau Sumbawa 1,644 0.35 572 0.44 7.23

11. Ok Tedi PNG 700 0.64 446 0.64 4.48

17. Frieda River PNG 1,103 0.32 354 0.61 6.73

Source: Economic Geology, Volume 100, p. 803

Bird’s Head ProjectHistorical Drainage Anomalies

Stream Sediment Anomalies by Gold

Work by Normandy and past explorers highlighted 16 high order anomalies, with Bird’s Head containing 10 of these

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Delta ProspectWest Delta Area

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Over 5m silica-pyrite-albite altered monzonite with malachite after fine grained chalcocite in hanging wall

Clay altered &

brecciated monzonite

Close up of above hanging wall rock with quartz-sulphide veining/stockwork

Bird’s HeadDelta Prospect

Copper Rock Geochemistry

• High of 17.9% Copper

• Multiple results in 1-20% range

• High grade mineralisation of epithermal style plus broad low grade copper with intrusives suggests porphyry style mineralisation

Bird’s Head Delta Prospect

Gold Rock Geochemistry

• Confirms large corridor of mineralisation

• Peak value of 205g/t gold

• Peak values 205g/t gold, 471g/t silver, 17.9% copper, 6.3% lead, 7.5% zinc (not same sample)

Bird’s HeadDelta Prospect

Significant Trench InterceptsTrenching results confirmed presence of high grade epithermal mineralisation

Follow up drilling intersected:

•14.35m @ 1.71g/t gold and 2.55g/t silver from 13m in KSD1, incl. 7.55m @ 2.97g/t gold and 3.56g/t silver

•6.1m @ 1.25g/t gold and 2.96g/t silver from 19.1m and 6.6m @ 5.96g/t gold and 3.18g/t silver from 54.9m KSD6

•Drilling has been sparse and erratic to date; shoot geometry in an epithermal deposit usually necessitates a high density of drilling 2 Kilometres

Delta ProspectInterpretative Cross Section for West Delta Prospect

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Bird’s Head ProjectAlpha Prospect

Gold (g/t) Soil Geochemistry

Extensive gold mineralisation, which appears to be strongly structurally controlled

1 Kilometre

Batu Hijau

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Bird’s Head ProjectAlpha Prospect

• Bonanza trenching grades, gold associated with epithermal quartz veins

• Very limited drilling completed to date with only 5 drill holes

• Significant scout drilling results including 17.45m @ 2.16g/t gold, 18.36g/t silver, 0.29% copper, 2.08% lead and 5.31% zinc in AD1

• 1.6m @ 108.5g/t gold and 16g/t silver in AD4

Drilling, Trenching Locations on Gold Soil Geochemistry

A18 AnomalyA18 A18 AnomalyAnomaly

B15 AnomalyB15 B15 AnomalyAnomalyA17/19 AnomalyA17/19 A17/19 AnomalyAnomaly

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2009:

Historical data review and compilation

Socialisation

Logistics established

Established coastal base camp and Delta fly camp

Geological mapping, rock chip sampling and trenching

2010:

•Geophysics

•Drilling

Bird’s Head Project2009 / 2010 Program

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IndonesiaSumba Island Prospect (80%)

• IUP Explorasi No 322/kep/HK/2009 granted on 2 November for six years on Sumba covering an area of 1,000km2

• Hillgrove’s Indonesian partner PT Fathi Resources free carried to decision to mine with 20% interest

• Sumba offers a leg up into previously identified gold mineralisation zone (BHP) not followed up due to economic conditions of late 1990’s

Better results from BHP trenching include:•3m @ 49.38g/t gold •4m at 16.73g/t gold •4m at 6.7g/t gold •9m at 5.87g/t gold •9m at 6.1g/t gold •13m at 2.05g/t gold •16m at 1.56g/t gold

Note: Trenching was largely conducted perpendicular to quartz veins and continuous sampling conducted at 1m intervals. Hillgrove still searching for reports that contain specific information on drill hole locations, assays and any other exploration data. 24

Sumba ProjectPahandanjal Region

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Sumba Project Masu Project

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Sumba Project Masu – Current Focus

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Sumba Project Pahandanjal Prospect - Western Vein

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Outcropping vein zone (identified by Hillgrove in rock chip sampling in May-June) was trenched in October-December 2009 revealing multiple high grade lodes which are enveloped by low grade alteration

•Results highlight the Masu Project’s potential to host multiple, high-grade, fracture-controlled vein systems, of comparable grades and dimensions to high grade epithermal low sulphidation systems mined elsewhere in Indonesian archipelago•Results pinpointed high quality drill targets for testing at start of the dry season

Significant trench results include:• Trench FT1: 9m at 6.51g/t gold, 9.4g/t silver, within 18m zone at 3.93g/t gold, 8.02g/t silver• Trench FT2: 5m at 7.5g/t gold, 18g/t silver and 1m at 6.73g/t gold, 72.2g/t silver • Trench FT3: 7m at 8.34g/t gold, 6.17g/t silver • Trench FT4: 4m at 10.04g/t gold, 17.18g/t silver ,2m at 3.34g/t gold, 4.25g/t silver and 1m

at 3.68g/t gold, 1.8g/t silver• Trench FT5: 2m at 6.25g/t gold, 21.35g/t silver, 2m at 12.5g/t gold, 11.6g/t silver, 1m at

10.2g/t gold, 17.5g/t silver and 2m at 1.03g/t gold, 1.2g/t silver• Trench FT100: 15m at 1.51g/t gold, 6.18g/t silver • Trench FT101: 1m at 11.5g/t gold, 20.8g/t silver, and 2m at 1.13g/t gold, 3.7g/t silver, and

1m at 4.71g/t gold, 3.7g/t silver • Trench FT102: 4m at 5.34g/t gold, 10.40g/t silver • Trench FT103: 3m at 2.35g/t gold, 8.57g/t silver.

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Sumba Project Pahandanjal Prospect – Western Lode

Sumba Project Pahandanjal Prospect – Western Lode

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Sumba Project Pahandanjal Prospect – Eastern Vein

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Trenching at southern end confirmed presence of high grade zone at an interpreted structural intersection. Results include: •FT18: 14m at 6.97g/t Gold and 10.74g/t Silver including 4m at 10.18g/t gold and 15.05g/t Silver and 2m at 9.29g/t gold and 10g/t silver.

Eastern Vein system strikes approximately NNW and outcrops over at least 600m, but exhibits multiple intersecting lodes which vary from ENE to ESE. Trench results also indicate a low grade alteration halo to many of the lodes. The ENE and WNW trending lodes generally occur as brecciated and disseminated low grade zones, with higher grades at structural intersections.

Previously reported results from Hillgrove’s 2008 field program included the identification of a 200m x 200m gold in soil anomaly peaking at 0.67g/t gold. Follow-up trenching have proven that a broad zone of low grade gold mineralisation exists in this area. Results include:•FT12: 46m at 1.01g/t Gold,5.21g/t Silver incl. 20m at 1.35g/t Gold, 7.89g/t Silver•FT21A: 46m at 1.02g/t Gold and 2.63g/t Silver (not all results received)•FT13: 74m at 0.5g/t Gold and 3.19g/t Silver.

Sumba Project Pahandanjal Prospect – Eastern Lode

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2009:

Historical data review and compilation

Socialisation

Logistics established

Base camp built

Geological mapping, rock chip sampling and trenching

2010:

•Further mapping, sampling and trenching

•Drilling April 2010

Sumba Project 2009 / 2010 Program

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Dean Brown AOChairman

David ArcherManaging Director

Ron BelzDirector

John QuirkeDirector

John GoodingDirector

Dale FergusonGeneral Manager –

Exploration & Operations

Geoff StewartGeneral Manager –

Business Development

Russell MiddletonChief Financial Officer& Company Secretary

Non-ExecutiveDirector

ExecutiveDirector

ManagementTeam

Legend

Introduction to HillgroveBoard of Directors

Good Governance, Project Development and Extensive Mining Expertise34

Jim KerrNew Project

Evaluation Manager

Cam SchubertGeneral Manager –Kanmantoo Project

NPAT ($m) EPS (cents)FY2007 10.8 4.9FY2008 (4.9) (2.0)FY2009 11.1 3.4Half 2010 54.0 13.1

Profit/earnings driven by ESG shareholding:

Dividends paid:• 6 October 2009 1 cent per share• 30 November 2009 1 cent per share

Hillgrove is in an income tax payable position as at 31 Jan 2010 and potentially may declare fully franked dividends of ~$10 million1

Cash of $128.50 million or 27 cents per share (nil debt)2

Net assets of $146.7 million or 35 cents per share

Hillgrove Resources LimitedHalf Year Financial Highlights – 31 July 2009

35____________________1. Following a profit on the sale of the ESG investment and after settlement of Hillgrove’s existing income tax liability of approximately $23 million. 2. Cash balance as at 24/2/10 .

Hillgrove Resources LimitedASX Code: HGO - Key Investment Metrics

Hillgrove Resources 24/02/10Share Price1 $ 0.37Ordinary shares # 480.7MFully diluted shares2 499.7M Fully diluted market cap. $184.9MCash3 $128.5MCash from options $ 5.1MTax liability4 $ 18.4MEnterprise value $ 69.7M

Asset book value 31 July 2009:Kanmantoo $ 31.6MP, P & E $ 20.0MOther exploration $ 6.4MTotal $ 58.0M

____________________1. As at 24 February 2010. 2. Including ‘in the money options’, noting there are a further 12.39 million options exercisable at between 37.5c and 65c. 3. As at 24 February

2010. 4. Tax on sale of ESG shares. 44

Strong Balance Sheet: $128.5 million cash or 27 cents per share 2009

Targeting discovery of world class gold and copper/gold ore bodies: 2,815 km² – West Papua and Sumba

Kanmantoo Copper/Gold Mine: Oxide heap leach moving to 2.0MTPA mine with production targeted for 2011 plus significant resource extension potential >10 years mine life

Eastern Star Upside: Santos ‘top-up’ on takeover >$1-00 per share

People: Leading team of corporate, exploration and mining professionals

Growth: Linked to expected medium term synchronised global growth

Hillgrove Resources LimitedInvestment Summary

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The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet Resources Limited is based on information compiled by Mr Adam Freeman, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Freeman is the Exploration Manager of Hillgrove Resources and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Freeman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Exploration ResultsCompetent Persons

The information in this report that relates to Exploration Results announced by Hillgrove Resources Limited and InterMet Resources Limited is based on information compiled by Mr Dale Ferguson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Ferguson is the Executive Director – Exploration and Operations of Hillgrove Resources and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Ferguson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserve estimates is based on information compiled by Mr Geoff Davidson, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Davidson is a principal consultant with Snowdens Mining Consultants and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Davidson consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resource estimates is based on information compiled by Mr Paul Payne, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Payne is a full-time employee of Runge Limited and has sufficient relevant experience to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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