Larvotto Resources (ASX:LRV) has approved $140 million worth of development costs for the Hillgrove Antimony-Gold Project in New South Wales, after reaching a final investment decision (FID) to produce antimony and gold.
Funds will be used to begin refurbishment and upgrades to the infrastructure, process plant upgrades and construction, underground mining, equipment costs, and other site costs.
Larvotto is sourcing funds from its senior secured bond issue that raised US$105 million and its recent $60 million equity raising, as reported by Mining.com.au.
The company is streamlining production for Q2 2026, after a Definitive Feasibility Study confirmed the project to be robust with an initial eight-year mine life.
Managing Director Ron Heeks says reaching a final investment decision for the project in just 18 months since Larvotto’s acquisition is a “landmark moment”.
“Larvotto is proud to be playing an important role in growing Australia’s critical minerals sector by developing Hillgrove, which is expected to be the only new source of antimony to come online outside of China within the next four years,” Heeks says.
“Hillgrove is also set to provide the mining industry in New South Wales with a new producing operation and we are grateful for the incredible support the project has continually received in the state from the respective New South Wales Resources and planning departments, Hillgrove remains on track to achieve concurrent production of antimony and gold in Q2 2026.”
The project already hosts “significant” infrastructure, including a 66,000 volt grid connection, water supply, process plant, and underground mine development.
Underground mining is granted with leases, permitting Larvotto until early 2027.
Larvotto Resources is an Australian explorer focused on developing its Hillgrove Project to production.
Write to Maddison Elliott at Mining.com.au
Images: Larvotto Resources
