Larvotto Advances Hillgrove with $175M Funding and High-Grade Drilling Wins

Hillgrove Project Moves to Development

Larvotto Resources Limited (ASX – LRV) has taken a decisive step forward by approving the Final Investment Decision (FID) for its Hillgrove Antimony-Gold Project in New South Wales. This milestone follows the successful completion of a US$105 million senior secured bond and an A$70 million equity raising, fully funding the estimated A$140 million capital cost required for construction and commissioning of the upgraded processing plant and mining infrastructure.

The Hillgrove Project, covering 254 square kilometres and hosting 1.7 million ounces of gold equivalent at 7.4 g/t AuEq, ranks among the world’s top ten antimony deposits and is Australia’s largest. Larvotto aims to position Hillgrove as a significant antimony producer outside China, with production targeted to commence in 2026.

Processing Plant Upgrade Underway

Larvotto has executed an Engineering, Procurement and Construction Management (EPCM) contract with Interquip Construction Pty Ltd (trading as MIQM) to deliver a ~0.525 million tonnes per annum throughput processing plant upgrade. The upgrade includes installation of an ultra-fine grinding circuit, flotation cells, and a state-of-the-art filtered tailings facility designed to enhance environmental rehabilitation alongside production.

Early works have focused on secondary crushing and tailings filtration, with the MIQM site team expected to ramp up to 60 personnel by early 2026. This upgrade is critical to unlocking the full value of Hillgrove’s mineral resources and supporting a sustainable mining operation.

Robust Drilling Results Strengthen Resource Base

Larvotto’s extensive drilling campaign across multiple prospects; Eleanora-Garibaldi, Golden Gate, Metz, Freehold, and Kiarra; has delivered consistently high-grade intercepts. Highlights include 28.1 metres at 5.68 g/t AuEq from 186 metres at Eleanora, and 15 metres at 5.24 g/t AuEq from 42 metres at the Blacklode prospect within Metz.

These results not only confirm continuity of mineralisation but also identify new zones of high-grade gold and antimony mineralisation, underpinning plans for updated Mineral Resource and Reserve estimates. The ongoing exploration program aims to expand the resource base and extend mine life, reducing development risk.

Strong Financial Position Supports Growth

Larvotto ended the quarter with a robust cash balance of A$62.1 million, bolstered by the recent capital raises and bond issue proceeds, which remain undrawn. The company’s financing facilities total A$159 million, providing ample liquidity to fund ongoing development and exploration activities over the coming quarters.

Additionally, Larvotto received a A$0.4 million R&D tax incentive rebate, reflecting its commitment to metallurgical research and innovation at Hillgrove. The company also implemented a structured equity-based incentive plan to retain key personnel through the critical build-up to production.

Community Engagement and Future Outlook

Larvotto continues to engage with local communities through its Hillgrove Hub in Armidale, fostering regional development and employment opportunities. With plant upgrades progressing and drilling programs ongoing, the company is well-positioned to commence production in 2026, potentially delivering a new source of critical minerals to global markets.

Investors and stakeholders will be watching closely as Larvotto transitions from exploration to production, with upcoming resource updates and construction milestones set to shape the company’s trajectory.