United States Antimony Corporation’s (USAC) non-binding indicative offer to acquire Larvotto Resources (ASX:LRV) has been rejected, after Larvotto’s board of directors unanimously decided the offer “undervalues” the company.
The offer comprised 6 shares in USAC in exchange for 100 Larvotto shares, making up 100% of Larvotto’s share capital.
Based on its five-day volume weighted average price (VWAP) at the time of receipt, USAC’s offer is valued at $1.40 per Larvotto share. USAC has since dropped to $1.11 per share at closing on 24 October 2025.
As reported by Mining.com.au last week (20 October), Larvotto received an unsolicited aftermarket takeover offer from USAC. The company made the offer after the market closed on 17 October, after acquiring a 10% holding.
Larvotto non-executive Chairman Mark Tomlinson says the offer implies the “intrinsic value and long-term growth potential” of the company.
“Hillgrove is a high-grade, near-term production project and is now fully funded following recent debt and equity initiatives undertaken by Larvotto,” Tomlinson says.
In August, Larvotto completed a $10 million share purchase plan alongside a greater $60 million placement to strengthen the company’s involvement with the antimony project, as reported.
“With Hillgrove set to become the next major Western supplier of antimony, the project holds significant strategic value as governments and industries seek to secure diversified supply chains for critical minerals,” Tomlinson adds.
“At current gold and antimony prices, the project’s capital payback is expected to be achieved within months of first production, positioning Larvotto to deliver sustained profitability and long-term value for our shareholders.”
Larvotto Resources is a multi-commodity explorer with a portfolio of assets in New South Wales, Queensland, and Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Larvotto Resources
