Name of the Project
Hillgrove gold/antimony project.

Location
News South Wales, Australia.

Project Owner/s
Australian exploration and development company Larvotto Resources.

Project Description
The Hillgrove mine operated for 30 years as an antimony-focused operation and 100 years prior as a successful high-grade gold mine. The project comprises surface infrastructure, which includes the process plant, power, roads, a decline and substantial underground development.

A prefeasibility study has proposed production of 41 100 oz of gold and 5 400 t of antimony over a seven-year mine life.

This is the first time that gold and antimony will be targeted with equal priority at Hillgrove.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Using conservative gold and antimony prices of $2 000 and $15 000 respectively, the project has an estimated after-tax net present value, at an 8% discount rate, of $157-million and an internal rate of return of 49.6%, with a payback of two years.

Capital Expenditure
The project will cost less than $73.4-million to develop.

Planned Start/End Date
The project is targeting first ore by early 2026.

Latest Developments
Larvotto Resources has announced a A$30-million capital raise to continue advancing the project.

The capital raise, which resulted in the placement of 57.7-million new shares at A$0.52 each, received strong support from existing, and new sophisticated and institutional investors, domestically and offshore.

Managing director Ron Heeks has described the fundraising as the culmination of a year marked by significant progress and achievements at Hillgrove.

Along with the capital raised through the placement, Larvotto has secured additional funding through the exercise of its initial public offer options and a recently announced offtake agreement involving antimony prepayments. These combined efforts place the company in a strong financial position to continue advancing development.

The funding will also enable Larvotto to accelerate its exploration activities, including an underground drilling programme designed to target deeper inferred mineralisation to move this mineralisation into a higher resource category.

Heeks has said the company remains encouraged by the successful drilling results since taking ownership of the Hillgrove project.

Larvotto has signed a binding offtake agreement with trading house Wogen Resources for the sale of its first seven years of antimony output from the project.

The signing of the agreement now makes the $4-million prepayment payable. The funding will support the completion of metallurgical testwork; the finalisation of the definitive feasibility study, due in the first quarter of 2025; and the expansion of ongoing exploration efforts as Larvotto considers increasing Hillgrove's resource inventory, Heeks has said.

Key Contracts, Suppliers and Consultants
None stated.

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