Larvotto Resources raises capital for strategic project

Larvotto Resources (ASX:LRV) has successfully raised $30 million through an equity placement. This funding, along with additional financial resources, will support the advancement of the Hillgrove gold-antimony project. The initiative positions the company strategically in the global antimony market.

Overview of Larvotto Resources' strategic advancements

Larvotto Resources has raised $30 million via a two-tranche equity placement to fund its Hillgrove gold-antimony project. This capital, complemented by a $6.2 million antimony prepayment facility and $8 million from options conversion, will drive exploration efforts and feasibility studies. The project aims to enhance resource estimates and extend mine life, leveraging China's antimony export ban to the U.S. This positions Larvotto as a key western-world supplier. With an established processing plant and mine plan, the project is well-positioned for development. The company expects Tranche One share settlement by December 2024, and Tranche Two by January 2025. Larvotto also explores other mineral projects, supported by experienced board members, to progress its diverse portfolio.

Executive commentary on the funding success

The successful completion of the equity placement highlights the strong support from our existing and new investors and their belief in the potential of the Hillgrove project. The funds raised will allow us to advance this significant project, which is strategically important given current global antimony supply dynamics.