Larvotto Completes $60 Million Equity Raising

Larvotto Resources (ASX: LRV) has received firm commitments for a two-tranche placement of new shares to investors to raise $60 million before costs.

The proceeds from the equity raising will be used to fund the capital expenditure and working capital requirements to continue development of the Hillgrove Project towards first ore in Q2 2026, while allowing the Company to continue its exploration programme.

The Equity Raising follows the completion of Larvotto’s Senior Secured Bond Issue that raised a total of US$105 million and satisfies the equity requirement to draw down the Bond.

“What a tremendous outcome for Larvotto Resources that further secures the ongoing development of the Hillgrove Antimony-Gold Project as we target production in Q2 2026,” 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. We are delighted that investors have responded to this position and our progress at Hillgrove to date with such high demand for this placement.

“To receive this backing just days after we announced the completion of our US$105 million Senior Secured Bond Issue, provides the foundation we require to commence operations at Hillgrove.

“The past few months have been a period of intense activity for all of the Larvotto team. Announcement of the DFS in May has been rapidly followed by the successful bond financing and this equity raising initiative, maintaining the company’s momentum from the timely acquisition of Hillgrove in December 2023, only a very short 18 months ago.

“In line with previous announcements, the Capital for the Hillgrove restart is now fully funded 70% debt and 30% equity, which surpasses our initial expectations and highlights the fast payback and debt carrying capacity of the high-grade Hillgrove project - a great outcome for Larvotto shareholders.

“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. The company looks forward to keeping the market appraised of our developments across another busy financial year ahead.”

On behalf of the Board, I would like to welcome all new investors to the register and thank our existing shareholders for their ongoing support.”