Freepoint and Trident holdings diluted in Hillgrove Resources

Freepoint Metals & Concentrates LLC and its associates (Freepoint Group), alongside Trident FP Holdings LLC and its associates (Trident Group), reported a change in their substantial holding in Hillgrove Resources Limited. As of October 8, 2025, their combined voting power decreased from 18.86% to 15.07%, despite their total number of votes remaining at 492,429,452 ordinary shares.

This reduction in voting power is primarily attributed to two dilution events. On July 30, 2025, the issuance of 3,260,904 ordinary shares to employees under an Exempt Employee Share Plan diluted the substantial holders' interest. Subsequently, on October 8, 2025, a larger dilution occurred with the issuance of 653,523,034 ordinary shares via a share placement to institutional and sophisticated investors.