Larvotto Raises $10M at $0.68 per Share for Hillgrove Development
Larvotto Resources has raised $10 million through a Share Purchase Plan, bolstering its financial position as it advances the Hillgrove Project toward production slated for Q2 2026.
- Raised $10 million via Share Purchase Plan at $0.68 per share
- Funds to support pre-production capital works and mill expansion
- Strong shareholder support following recent $60 million institutional placement
- Hillgrove mine development on track for Q2 2026 production start
- Exploration and recruitment programs to continue alongside development
Capital Raise Strengthens Hillgrove Development
Larvotto Resources Limited has successfully completed a $10 million Share Purchase Plan (SPP), issuing over 14.7 million new shares at $0.68 each. This follows a substantial $60 million institutional placement, collectively reinforcing the company’s financial foundation as it pushes forward with the Hillgrove Gold-Antimony Project in New South Wales.
The funds raised are earmarked for critical pre-production activities, including capital expenditure, preparation for mill expansion, and recruitment of operational teams. These steps are essential as Larvotto aims to commence mining and first production by the second quarter of 2026, a timeline that remains firmly on track.
Exploration and Expansion in Focus
Beyond development, Larvotto is maintaining an active exploration program at Hillgrove, targeting both infill and expansion drilling from underground and surface locations. This dual approach not only supports immediate production goals but also seeks to extend the mine’s life and resource base, potentially enhancing long-term value.
Managing Director Ron Heeks highlighted the strong shareholder backing for the SPP, emphasizing that the combined capital raise places Larvotto in a robust position to advance its projects. He also noted ongoing efforts to build out the operational readiness teams, underscoring the company’s commitment to a smooth transition from development to production.
Strategic Positioning and Future Outlook
Larvotto’s portfolio extends beyond Hillgrove, with projects in Mt Isa, Queensland; Norseman, Western Australia; and Ohakuri, New Zealand. However, the current capital injection clearly prioritizes Hillgrove’s imminent production phase, reflecting its strategic importance to the company’s near-term growth trajectory.
While the SPP included a modest 20% pro-rata scale-back, the overall response indicates solid investor confidence. As Larvotto progresses, market watchers will be keen to see how exploration results and development milestones unfold, potentially influencing the company’s valuation and operational outlook.
Bottom Line?
With funding secured, Larvotto is poised to transform Hillgrove from development to production, but execution risks remain ahead.
Questions in the middle?
- How will exploration results impact the planned mill expansion and production timeline?
- What are the potential risks or delays that could affect the Q2 2026 production target?
- How might Larvotto balance capital allocation between Hillgrove and its other projects moving forward?
