I shared this previously this is very positive note
Dear Shareholder,
It is with a sense of considerable pride that I write to you, our shareholders, as we reflect on what has been a hugely successful 2024 for Larvotto Resources and the significant milestones we have achieved at our Hillgrove Antimony-Gold Project. An important highlight of the year was the Hillgrove Pre-Feasibility Study which was released in August, based on conservative gold and antimony pricing, delivered compelling economics further detailing the significant value of our Hillgrove Project. The release of our maiden Ore Reserve of 606,000koz @ 6.0g/t AuEq, Mineral Resources of 1.7m @ 7.1g/t AuEq and an exploration target up to 1.08M oz AuEq, provides a solid foundation for future growth through increases in both resource grade and size.Additionally, the exploration drilling which we have undertaken throughout the year has been enormously successful. The results delivered certainly reaffirm the project’s world-class potential, with standout results including 35m @ 65.8g/t AuEq highlighting the exceptional nature of the Hillgrove deposit. This year the global spotlight has shone on antimony, following China’s export ban announced in September, driving significant interest in this critical mineral. Larvotto is well-positioned to capitalise on this opportunity and with all its developments at Hillgrove, is striving ahead to offer a viable Western alternative supply of antimony from the project.Larvotto is on track to supply 7% of the global antimony market, a strategic position that aligns with growing demand for this critical mineral. As global markets seek reliable supply sources, Hillgrove is set to play a key role in delivering secure, high-quality antimony alongside significant gold production. During the previous 6 months, we have been involved in high-level discussions with industry leaders, solidifying our position within the global antimony market. Notably, we secured an antimony concentrate offtake agreement with commodities trading house Wogen Resources, a key milestone that highlights the quality and demand for Hillgrove’s product.The recent $30m capital raise, US$4m pre-payment for the Wogen Offtake and support with the conversion of options, leaves Larvotto is in a strong financial position to execute an ambitious program of activities that will deliver long-term value to our shareholders. Whilst 2024 has certainly been defined by remarkable progress detailed above, with bigger goals in our sights, we now look ahead to what we believe will be a pivotal 2025. Next year Larvotto will continue our significant exploration program with the aim to deliver an updated MRE as part of the Definitive Feasibility Study (due in early 2025), complete the Financial Investment Decision and most excitingly, recommence mining activities at Hillgrove, paving the way for Larvotto’s initial production to begin by early 2026. On behalf of the Board and management team, I extend my sincere gratitude to our key stakeholders and shareholders for your continued support and commitment throughout 2024. The year ahead holds immense promise, and we are excited to deliver on the strategic opportunity.
Wishing you all a safe, happy, and prosperous New Year.Ron HeeksManaging DirectorLarvotto Resources
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