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 completed a two-tranche placement to raise A$60-million to support the restart of its Hillgrove project.

The placement was supported by Australian and international investors, with about 88.2-million new shares to be issued at A$0.68 a share.

The equity raise follows Larvotto’s recent $105-million senior secured bond issue, providing full funding for capital expenditure and working capital requirements as the company targets first ore in the second quarter of 2026.

The capital raise structure – now fully funded with 70% debt and 30% equity – exceeded in-house targets. 

Larvotto has also launched a A$5-million share purchase plan (SPP) at the same price as the placement. Eligible shareholders will be able to apply for up to A$30 000 worth of shares without brokerage. The SPP opens on July 28 and closes on August 15.

Proceeds from the raise will fund mine development, early site works, exploration drilling, operational readiness and general working capital.

Key Contracts, Suppliers and Consultants
Not disclosed.

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