Larvotto Shares Valued at A$1.11 Amid USAC Takeover Bid Rejection

Larvotto Turns Down USAC’s Acquisition Proposal

In a decisive move, Larvotto Resources Limited has formally rejected a non-binding, indicative offer from United States Antimony Corporation (USAC) to acquire the remaining shares it does not already own. The offer proposed an exchange ratio of six USAC shares for every 100 Larvotto shares, a valuation the Larvotto board unanimously deemed to materially undervalue the company.

USAC currently holds about 10% of Larvotto’s shares, but the implied value of its offer has weakened recently, falling from an initial A$1.40 per Larvotto share to approximately A$1.11 based on USAC’s closing price as of 24 October 2025. This decline further solidified Larvotto’s stance that the offer did not reflect the company’s intrinsic worth or growth potential.

Focus Remains on Hillgrove Project’s Near-Term Potential

Larvotto’s leadership emphasized their commitment to advancing the Hillgrove Antimony-Gold Project in New South Wales, which is fully financed and progressing towards first production in 2026. The project is poised to become a significant player in the global antimony market, expected to supply around 7% of the world’s demand once operational.

Earlier this year, Larvotto released a Definitive Feasibility Study and secured project financing, including a US$105 million senior secured bond, underscoring the company’s confidence in Hillgrove’s economic viability. The project’s capital payback is anticipated within months of production start, supported by current gold and antimony prices.

Strategic Importance in Critical Minerals Supply Chains

Non-Executive Chair Mark Tomlinson highlighted Hillgrove’s strategic value amid growing global interest in securing diversified supply chains for critical minerals. Antimony, vital for energy storage, advanced technologies, and defense applications, positions Larvotto at the forefront of a sector with increasing geopolitical and industrial significance.

Beyond Hillgrove, Larvotto’s portfolio includes promising projects in Mt Isa, Queensland, and Norseman, Western Australia, targeting copper, gold, cobalt, lithium, and other multi-metals. The company’s experienced board and management team are focused on unlocking value across these assets.

With the USAC offer off the table, Larvotto appears set to continue its independent path, banking on the Hillgrove project’s near-term production and long-term growth prospects to deliver shareholder value.