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.

It’s still got some time before we see upside

Though fully funded through equity and debt, the project still requires timely procurement, construction, ramp-up and stable operations. Delays, cost overruns, or technical issues could undermine value. Additionally, some of the mineral resources are inferred, and there is always a risk that actual extraction costs, grades, or recoveries differ from estimates.

On the upside, 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.