Latest news with #LarvottoResources
Sydney Morning Herald
2 hours ago
- Business
- Sydney Morning Herald
Larvotto greenlights $140M NSW Hillgrove gold-antimony mine
A big day has dawned for Larvotto Resources after the company fired the starter's gun on the development of its $140 million flagship Hillgrove antimony-gold project in New South Wales through to first production. The final investment decision (FID) followed the completion of a US$105 million (A$161 million) senior secured bond issue and a fresh $60 million equity raising. Locking in FID 18 months after picking up Hillgrove from administrators for a bargain $8 million - including a $5 million environmental bond - is nothing short of remarkable. The textbook turnaround has arguably highlighted one of the savviest deals struck on the ASX in the past two years. Larvotto says it has now opened the door to one of Australia's most strategically important critical minerals projects, putting the company in the rare position of becoming the only new source of antimony outside China for the next four years. 'Approving this FID represents a landmark moment in the development of Hillgrove.' Larvotto Resources managing director Ron Heeks Antimony is listed as a critical mineral around the globe and was thrust into the headlines a year ago after China - the world's biggest producer - announced it would no longer allow exports. The news sent the metal price through the roof, quadrupling to more than $75,000 a tonne. Antimony is an essential element used in batteries, solar panels and military-grade applications. And the company's entry into the antimony market comes at a critical time, when western nations are scrambling to reduce their reliance on Chinese supply. Larvotto Resources managing director Ron Heeks said: 'Approving this FID represents a landmark moment in the development of Hillgrove. The project is also set to provide the mining industry in New South Wales with a new producing operation. We are grateful for the incredible support the project has continually received in the state from the respective NSW Resources and Planning Departments.' A definitive feasibility study released in May painted a blockbuster picture for Hillgrove, confirming it as a technically robust, high-margin powerhouse.
The Age
2 hours ago
- Business
- The Age
Larvotto greenlights $140M NSW Hillgrove gold-antimony mine
A big day has dawned for Larvotto Resources after the company fired the starter's gun on the development of its $140 million flagship Hillgrove antimony-gold project in New South Wales through to first production. The final investment decision (FID) followed the completion of a US$105 million (A$161 million) senior secured bond issue and a fresh $60 million equity raising. Locking in FID 18 months after picking up Hillgrove from administrators for a bargain $8 million - including a $5 million environmental bond - is nothing short of remarkable. The textbook turnaround has arguably highlighted one of the savviest deals struck on the ASX in the past two years. Larvotto says it has now opened the door to one of Australia's most strategically important critical minerals projects, putting the company in the rare position of becoming the only new source of antimony outside China for the next four years. 'Approving this FID represents a landmark moment in the development of Hillgrove.' Larvotto Resources managing director Ron Heeks Antimony is listed as a critical mineral around the globe and was thrust into the headlines a year ago after China - the world's biggest producer - announced it would no longer allow exports. The news sent the metal price through the roof, quadrupling to more than $75,000 a tonne. Antimony is an essential element used in batteries, solar panels and military-grade applications. And the company's entry into the antimony market comes at a critical time, when western nations are scrambling to reduce their reliance on Chinese supply. Larvotto Resources managing director Ron Heeks said: 'Approving this FID represents a landmark moment in the development of Hillgrove. The project is also set to provide the mining industry in New South Wales with a new producing operation. We are grateful for the incredible support the project has continually received in the state from the respective NSW Resources and Planning Departments.' A definitive feasibility study released in May painted a blockbuster picture for Hillgrove, confirming it as a technically robust, high-margin powerhouse.
The Age
6 days ago
- Business
- The Age
Larvotto locks in $60 million to fire up Hillgrove gold play
Larvotto Resources has nailed down a pivotal $60 million equity raise to restart its Hillgrove antimony-gold mine in New South Wales, positioning the company to tap into soaring demand for critical minerals by mid-2026. The cash injection was secured via a two-tranche placement to Australian and international investors priced at 68 cents a share - a modest 6.2 per cent discount to Larvotto's last traded price. The offer was swamped with demand, with the board now launching a $5 million share purchase plan at the same price for existing shareholders. The placement comes hot on the heels of Larvotto's US$105 million (A$159.6 million) senior secured bond issue, completed just days earlier, meaning the Hillgrove project is now fully funded through to production with a 70:30 debt-to-equity split. According to the company, that structure comfortably surpasses its expectations and reflects the project's high-margin, fast-payback nature. 'With the financing stage for Hillgrove addressed, our sole attention turns to construction and commissioning of this unique brownfield opportunity.' Larvotto Resources managing director Ron Heeks The $60 million will be used to fund pre-production capital expenditure, early site works and operational readiness teams at Hillgrove, alongside ongoing exploration to expand the resource base. With all boxes ticked on the financing front, Larvotto's full attention now turns to construction and commissioning. Larvotto Resources managing director Ron Heeks said: 'The Hillgrove project is the only new source of western antimony supply expected to come online in the next four years. Now, with the financing stage for Hillgrove addressed, our sole attention turns to construction and commissioning of this unique brownfield opportunity. To be operating such a high IRR project within Australia and to be within 12 months of first production at a time of particularly strong interest in new critical mineral sources is very exciting.'
Sydney Morning Herald
6 days ago
- Business
- Sydney Morning Herald
Larvotto locks in $60 million to fire up Hillgrove gold play
Larvotto Resources has nailed down a pivotal $60 million equity raise to restart its Hillgrove antimony-gold mine in New South Wales, positioning the company to tap into soaring demand for critical minerals by mid-2026. The cash injection was secured via a two-tranche placement to Australian and international investors priced at 68 cents a share - a modest 6.2 per cent discount to Larvotto's last traded price. The offer was swamped with demand, with the board now launching a $5 million share purchase plan at the same price for existing shareholders. The placement comes hot on the heels of Larvotto's US$105 million (A$159.6 million) senior secured bond issue, completed just days earlier, meaning the Hillgrove project is now fully funded through to production with a 70:30 debt-to-equity split. According to the company, that structure comfortably surpasses its expectations and reflects the project's high-margin, fast-payback nature. 'With the financing stage for Hillgrove addressed, our sole attention turns to construction and commissioning of this unique brownfield opportunity.' Larvotto Resources managing director Ron Heeks The $60 million will be used to fund pre-production capital expenditure, early site works and operational readiness teams at Hillgrove, alongside ongoing exploration to expand the resource base. With all boxes ticked on the financing front, Larvotto's full attention now turns to construction and commissioning. Larvotto Resources managing director Ron Heeks said: 'The Hillgrove project is the only new source of western antimony supply expected to come online in the next four years. Now, with the financing stage for Hillgrove addressed, our sole attention turns to construction and commissioning of this unique brownfield opportunity. To be operating such a high IRR project within Australia and to be within 12 months of first production at a time of particularly strong interest in new critical mineral sources is very exciting.'
Sydney Morning Herald
21-07-2025
- Business
- Sydney Morning Herald
Larvotto plumps finances with US$105M for NSW gold/antimony mine
Larvotto Resources has raised US$105 million to help restart its Hillgrove gold and antimony project in New South Wales, thanks to a fully subscribed senior secured bond issue backed by major Australian and overseas investors. Larvotto says the issue highlights the compelling development case for Hillgrove and its potentially pivotal role in supplying critical antimony to global markets. Investors in the bond issue include leading natural resources and renewable energy companies. The company will invest the new proceeds, its existing cash and other equity to restart its Hillgrove project. Larvotto expects to settle the issue on August 1 and to start drawing on the funds in October. In June, Larvotto received NSW Department of Planning, Housing and Infrastructure approval for its Modification 6 application to upgrade processing infrastructure and underground mining access at the historic mine. 'For the company to be in a position to undertake a bond issue is a strong endorsement of the project and its projected returns.' Larvotto Resources managing director Ron Heeks The critical regulatory milestone enables the company to restart mining and processing activities, has bolstered the company's confidence in final-stage financing and paves the way for first production in 2026. Funds will be allocated to critical development activities, including the transition to dry-stacked tailings, subject to departmental approval. Larvotto has opted for dry-stacked tailings at Hillgrove due to its environmental, engineering and cost advantages and because it is particularly suited to the site's steep terrain and existing infrastructure. Larvotto Resources managing director Ron Heeks said: 'The bond completion marks another milestone for Larvotto Resources and its Hillgrove project. Completed well within the expected project finance timeline, for the company to be in a position to undertake a bond issue is a strong endorsement of the project and its projected returns.'
