Hillgrove

Projects

Location:	New South Wales
Local Custodian:
Development Stage:	Pre-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.

LOCATION

Located 23km east of Armidale, NSW, the Hillgrove Gold Antimony Project is strategically situated in the New England NSW Orogenic Belt, which is host to numerous gold, copper and antimony deposits.

The Hillgrove Project is ideally situated close to major infrastructure including major highways, rail links and regional airports.

Armidale is a centre of an extensive agriculture industry as well as high quality schools and home to New England University.

The Hillgrove area has seen mining for both gold and antimony since 1857, with continuous antimony production for more than 30 years until 2002 when the price fell to an all-time low.

Pre-Feasibility Study (PFS) released in August 2024 deliver compelling results:

Targeting >80koz AuEq annual production
Maiden Ore Reserve – 606,000oz AuEq @ 6.0g/t AuEq
Development largely de-risked due to extensive existing surface and underground infrastructure, and established permitting
PFS robust financials (conservative commodity prices of US$2,000oz gold and US$15,000/t antimony) include:
- Over 600,000 AuEq oz projected production in current mine plan
- Significantly reduced time to first production
- Life of Mine (LOM) gold AISC of <$900/oz for gold ounces
- Project payback <2 years
Significant potential to increase mine life and grade through near-mine exploration
Definitive Feasibility Study commences, targeting first ore by early 2026
Australia’s largest antimony deposit and world top 10 antimony deposit
Critical mineral antimony market rising demand due to use in solar panels
100% price increase in past 12 months to record highs

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 254km2 Hillgrove 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 undertaken by previous owner in 2022
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