Larvotto Resources is fully funded for its $694M Hillgrove Project

18% Jump for Larvotto Resources as Hillgrove Construction Moves Ahead, Backed by $175M in New Funding

Larvotto Resources (ASX: LRV) jumped 18% today after releasing a series of investor presentations that reignited confidence ahead of its North American roadshow. The company showcased meaningful progress at its Hillgrove Antimony-Gold Project, which is now fully funded and under construction. For investors, this was the clear headline, momentum is building toward production in the first half of next year.

In the latest update, Larvotto Resources outlined an estimated Net Present Value of $694M under its mid-case scenario, reflecting the upside potential if commodity prices hold steady, while the base case sits at around $280M. The funding picture has also strengthened significantly, with a $105M senior bond completed in July and an additional $70M capital raise securing full funding through to commissioning.

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Larvotto Resources targets 7% of global antimony supply

What stood out in the presentation was Larvotto Resources’ clear emphasis on its role in the global antimony supply chain. The company projects that Hillgrove could account for roughly 7% of global supply once in production, positioning LRV as a key Western supplier of a strategically important critical mineral. Antimony’s relevance has grown sharply in recent years. The United States added it to its official critical minerals list in 2022 and remains around 80% import dependent, sourcing most of its supply from China.

While the US has identified potential domestic resources in Alaska, Idaho, Montana, and Nevada that could meet about 35% of its future demand, those projects remain years away from full-scale development.

Managing Director Ron Heeks framed the update as a major inflection point, stating that Larvotto is now shifting “from developer to producer,” with all funding, approvals, and contractors in place. Heeks also underscored the project’s unique timing, noting that “Hillgrove will be the only antimony mine to come online globally in the next four years, and at a time when both gold and antimony prices are at record highs.”

Its still got some time before we see upside

It’s worth keeping in mind that Hillgrove is still about four years away from first production, and commodity prices can move quickly in either direction. That volatility can add significant upside if prices remain elevated but also creates downside risk if markets soften. At this stage, it’s too early to accurately define the mine’s long-term economic value, but the preliminary numbers at least offer a useful reference point for what investors might expect once operations begin.

Global demand for antimony currently sits between 140,000 and 160,000 tonnes per year, and prices have surged dramatically. In recent months, antimony prices have climbed as high as A$50,000 per tonne, with some estimates reaching A$60,000, compared to just A$12,000 per tonne in 2024. This steep rise reflects the growing importance of antimony in battery manufacturing, particularly for energy-dense and heat-resistant technologies. It also remains a critical material in advanced alloys used across defense and military applications, where strength, durability, and resistance to corrosion are essential.