Larvotto Greenlights $140M Hillgrove Project, Targets Q2 2026 Production
Larvotto Resources has given the final nod to develop its Hillgrove Antimony-Gold Project in NSW, fully funded and moving into construction with production set for mid-2026.
- Final Investment Decision approved for Hillgrove Project
- Project fully funded with US$105M bond and A$60M equity raise
- Construction underway with contracts imminent
- Capital expenditure budgeted at approximately $140 million
- First antimony and gold production expected in Q2 2026
A Definitive Step Forward
Larvotto Resources Limited (ASX – LRV) has reached a pivotal milestone by approving the Final Investment Decision (FID) to develop the Hillgrove Antimony-Gold Project in New South Wales. This decision follows the successful completion of a US$105 million senior secured bond issue alongside a A$60 million equity raising, fully funding the project’s estimated $140 million capital expenditure.
The Hillgrove Project, which boasts an initial mine life of eight years, is poised to become a significant new source of antimony outside China, alongside concurrent gold production. The project’s strategic importance is underscored by rising global demand for critical minerals, particularly antimony, which is essential for solar panels, batteries, and defence technologies.
Construction and Commissioning on Track
Construction activities are already underway at Hillgrove, with the final build contract expected to be signed imminently. Larvotto has made substantial progress, including upgrading the processing plant and refurbishing underground mining infrastructure. The site benefits from existing infrastructure such as a 66kV grid connection, water supply, and granted mining leases, positioning the project well for a smooth ramp-up.
Managing Director Ron Heeks highlighted the rapid advancement since Larvotto’s acquisition of Hillgrove just 18 months ago, praising the team’s dedication and the strong support from NSW regulatory bodies. The company targets first production of antimony and gold by the second quarter of 2026, aligning with market needs for secure critical mineral supplies.
Funding and Operational Details
The approved capital expenditure covers site refurbishment, process plant upgrades, underground mining preparation, and essential equipment purchases. Notably, mining equipment fleets will be contracted or hired, keeping capital costs focused on infrastructure and plant development. This approach reflects a disciplined capital management strategy as Larvotto transitions from development to production.
Looking ahead, Larvotto plans to finalize key contracts for the process plant upgrade and underground mining, while continuing drilling programs to support ongoing resource definition and operational planning.
Strategic Positioning in Critical Minerals
Hillgrove’s emergence as a Western supplier of antimony is particularly timely given geopolitical supply chain concerns and the growing emphasis on critical minerals for clean energy and defence sectors. Larvotto’s broader portfolio, including projects in Queensland, Western Australia, and New Zealand, further positions the company as a diversified player in the minerals space.
As the Hillgrove Project moves into its construction and commissioning phase, market watchers will be keen to monitor progress against timelines and cost controls, as well as the evolving demand dynamics for antimony and gold.
Bottom Line?
With Hillgrove fully funded and construction underway, Larvotto is set to reshape Australia’s critical minerals landscape by mid-2026.
Questions in the middle?
- How will Larvotto manage construction risks to meet the Q2 2026 production target?
- What are the long-term pricing and demand forecasts for antimony and gold impacting Hillgrove’s economics?
- Could Larvotto expand Hillgrove’s mine life or production capacity beyond the initial eight years?
