Name of the Project
Hillgrove antimony/gold mine.

Location
About 23 km east of Armidale, in northern New South Wales, Australia. 

Project Owner/s
Australian resources company Larvotto Resources.

Project Description
A definitive feasibility study has provided compelling economics, confirming the project as a robust, near-term development opportunity with compelling midpoint economics. 

Over an eight-year mine life, the upgraded 525 000 t/y processing facility is forecast to deliver average production of 85 000 oz/y gold equivalent, peaking at 102 000 oz equivalent in Year 2. Average antimony production (recovered) over the life-of-mine is estimated at 4 878 t.                                                                                                                                                     
Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Applying an 8% discount rate, the project has a net present value of $454-million and an internal rate of return of 74%, with a payback of 2.2 years.

Capital Expenditure
Preproduction capital is estimated at $139-million.

Planned Start/End Date
Production is planned to start in the second quarter of 2026.

Latest Developments
Larvotto Resources has secured key regulatory support for the proposed extension of mining operations.

The NSW Resources Regulator, the NSW Environment Protection Authority, and the Armidale Regional Council have reviewed modification (Mod) 6 to development application DA98/35, which aims to extend operations at Hillgrove until December 31, 2026. The three authorities did not raise any objections.

The Armidale Regional Council confirmed on June 23 that no objections had been received during the public exhibition period for the modification.

Larvotto has formally committed to meeting all recommendations and standard regulatory conditions, and now awaits final ratification of the modification by the Department of Planning, Housing and Infrastructure.

“Approval of Mod 6 allows the Larvotto team to advance project financing and commence works and production, while the larger Mod 5 that allows production of 500 000 t/y, is processed. This is an excellent validation of the Hillgrove project and we look forward to providing further significant updates as the project progresses towards production,” MD Ron Heeks has said.

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Larvotto Resources, tel +61 8 6373 0112 or email info@larvottoresources.com.