Larvotto Resources (ASX:LRV) has ticked 1.6% higher in intra-day trade after hitting “go” on its Hillgrove Antimony-Gold Project near Armidale in northern New South Wales. The board approved a Final Investment Decision (FID) following a fresh injection of capital to fully fund construction.
After a US$105 million secured bond issue and a $60M equity raise, the $140 million development budget is now locked in, with first production slated for Q2 2026.
Managing Director Ron Heeks called it a “landmark moment” for the company. “In just 18 months since acquiring Hillgrove, we’ve gone from exploration to full development approval. That’s a huge effort by the team, and it’s allowed us to move fast and decisively. Construction’s already underway, and we’re not wasting any time,” he said.
With China currently controlling the vast majority of global supply, the project is shaping up as a rare Western source of antimony, a critical mineral used in everything from semiconductors and batteries to defence applications.
“This is set to be the only new antimony mine coming online outside China in the next four years. That’s significant not just for Larvotto, but for broader Western supply chains.” Mr. Heeks said.
The project will also produce gold as a by-product, supported by a JORC-compliant reserve and resource base. It leverages existing infrastructure at site including a 66kV power line, permitted underground mine, processing plant and water access through to 2027.
The capital expenditure will go towards a suite of upgrades and refurbishments, including process plant works, site access, and re-establishment of underground operations at the Metz deposit.
An offtake agreement for Hillgrove’s antimony concentrate has already been signed with Wogen Resources, and Larvotto is now working through key construction milestones. Underground works and plant upgrades are set to kick-off soon.
The company is expected to deliver first antimony into a tightening critical minerals market in 2026.
LRV has been trading at 78cps in early afternoon trade.
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