Hillgrove

Projects

Location:	New South Wales
Development Stage:	Development
Project Area:	254 km²

With a Mineral Resource Estimate of 1.7Moz gold equivalent (AuEq) @ 7.4 g/t AuEq, the strategic acquisition of Hillgrove has transformed Larvotto Resources from explorer to developer.

Hillgrove stands as a globally significant project offering exposure to both gold and antimony markets, underpinned by strong margins, near-term development and a long-term strategic value.

Subject to Final Investment Decision (FID), Larvotto anticipates returning Hillgrove to antimony and gold production in 2026. Hillgrove is poised to become Australia’s largest producer of antimony, expected to produce 7% of global antimony requirements when global supply is tightening and Western governments are prioritising strategic supply chains.

LOCATION

Hillgrove is strategically situated 23km east of Armidale in northern New South Wales (NSW), close to major infrastructure including major highways, rail links and regional airports.

With nearly 30,000 people, Armidale is a major regional city famous for being the centre of an extensive agriculture industry, offering high-quality schools and the University of New England.

Hillgrove has been mined for antimony and gold since 1857. With a rich history within the region, Hillgrove continues to provide residential employment opportunities and support for local business and communities.

Definitive Feasibility Study (DFS) released in May 2025 delivered compelling results:

Underground mining inventory of 3.5 million tonnes (Mt) at 320,000 – 535,000 tpa by long hole stoping over an eight (8) year mine life
Open pit mining of 350,000 tonnes over three years (including pre-production)
LOM average: 85,000 oz AuEq per year
Peak year: 102,000 oz AuEq (Gold component peaks at 48,000 oz)
Financial Metrics of base case using Gold US$2,400/oz, Antimony US$25,000/t, AUD:USD: 0.65
- AISC $477/oz AuEq
- NPV (post-tax, 8% discount rate): $280M and IRR 48%
- Payback: 26 months post first production
Financial Metrics at Mid Price Case using Gold US$2,850/oz, Antimony US$41,000/t, AUD:USD: 0.645
- AISC $-1,367/oz AuEq
- NPV (post-tax, 8% discount rate): $694M and IRR 102%
- Payback: 11 months

Exploration Target

Significant exploration upside has been demonstrated at the Hillgrove Project with an Exploration Target of between ~670,000 and 1.08M oz AuEq, ranging between ~7.4 and 9.46 g/t AuEq.

The Exploration Target for the Hillgrove project is confined to potential mineralisation located directly below areas of the current resources which are themselves below historic workings that have a known production history. The Exploration Target will be used as a guide to target ongoing exploration, while beginning to demonstrate the upside of the project area.

Walk up, high-grade drill targets identified
Lodes are proven to be consistent over strike and depth
Massive understanding of geology and metallurgy from 19,000 drill holes and underground workings
Recent geophysics has revealed highly prospective untested zones

Hillgrove Gold-Antimony Project Key Highlights

The 254km²Hillgrove Project contains six key mining areas within 48 granted Mining Licenses
Hillgrove is the largest Antimony Mineral Resource in Australia and is ranked #8 in the world, making it a strategically significant deposit
Antimony is a critical mineral for multiple countries including the US, EU and Australia
Substantial high-grade exploration upside demonstrated by recent drilling
Significant capex (~$200M) invested in developing Hillgrove prior to Larvotto’s acquisition in 2023
Operational processing plant & infrastructure (currently on care & maintenance)
Geological parallels to Fosterville and Costerfield mines – Australia’s highest-grade gold mines