Larvotto Resources is on track and on budget for a mid-2026 production startup at its Hillgrove antimony-gold project in New South Wales. The mine is shaping up to become a major supplier of antimony just as the commodity’s strategic stock rises in Canberra.
The Federal Government has recently legislated a Critical Minerals Stockpile (CMS), with antimony among the first four fundamental metals to be included.
Larvotto says it is one of only two companies in Australia – including the $2.5 billion ASX-listed Alkane Resources - that will be able to supply the stockpile, putting it in a prime position as secure supply chains tighten.
The company says development at the project is nearing several final milestones, with all major workstreams on schedule and on budget.
Hillgrove is set to kick off a 250,000-tonne-per-year processing facility, before quickly progressing a “Modification 5” permit that would see that capacity more than double to 525,000 tonnes annually.
Larvotto says it is also investigating a potential retreatment of its historic tailings dam. The dam holds material mined before 1980 and averages a very respectable 1.6g/t gold in addition to containing antimony and tungsten.
Metallurgical studies are now underway to test its reprocessing potential in an upgraded circuit. For a resource that is already mined and sitting at surface, it looks like a classic case of low-hanging fruit.
Operationally, the processing plant is undergoing a A$70 million refurbishment and is on track for wet commissioning in August. The build has been underpinned by a hefty funding package, with the company receiving a second drawdown of US$31.5 million (A$47.5 million) in March from its well-priced US$105 million (A$160 million) Nordic Bond.
Larvotto Resources managing director Ron Heeks said: “Larvotto will be the next major Western producer of antimony, a critical mineral of increasing strategic importance given tightening global supply dynamics. In addition to antimony, we will be producing gold and tungsten, both at near-record prices.”
While the mine build may be the main event right now, Larvotto is also actively growing its high-grade resource base, which currently stands at 8.76 million tonnes grading 4.0 grams per tonne (g/t) gold and 1.1 per cent antimony.
Near-mine exploration has continued at a steady pace, with one underground and up to three surface rigs operating 24/7 to boost its inventory at prospects such as Freehold, the Metz Area and Clarks Gully.
With tungsten prices recently surging to all-time highs of US$3185 (A$4470) per metric tonne unit (MTU) – where one MTU equates to 10 kilograms - the company is also eyeing up the potential to extract the heavy metal from across its project area.
A review has identified the Curry’s Block and Damned if I Know, or “DIIK”, prospects as priority areas, both of which host historic tungsten workings that could prove to be a valuable bonus credit to the mine’s economics.
The company has also installed what it believes is an Australian first for a mining company — an ECORE Laser-Induced Breakdown Spectroscopy (LIBS) core scanner.
The system is fully operational and delivers detailed mineralogical data within 24 hours of core delivery, resulting in significant savings compared to a process that traditionally takes weeks. It’s another handy piece of tech that could accelerate discovery and technical decision-making.
It’s one thing to be fully funded; it is another to be on schedule for first production, with the bonus of an existing grid power just as diesel fuel costs surge. With antimony now flagged as strategically vital, Hillgrove is shaping up as a standout project for Australia’s future.
With first production at Hillgrove now firmly on the horizon, Larvotto appears to be rounding the corner from developer to producer at precisely the right moment.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Andrew Todd
