A definitive feasibility study (DFS) for Larvotto Resources’ Hillgrove antimony-gold project in New South Wales has been released, highlighting robust economics and extension opportunities.
Located 23km east of Armidale, Hillgrove has increased its mineral resource to 8.7 million tonnes at 4.0 grams per tonne (g/t) of gold and 1.1 per cent antimony and 7.2g/t of gold equivalent.
The DFS builds off the Hillgrove pre-feasibility study Larvotto released in August 2024, which demonstrated the project’s economics at spot and base gold and antimony prices, with the spot estimation highlighting Hillgrove’s profitability at the record gold and antimony prices held at the time.
The DFS found that Hillgrove can have an initial eight-year mine life by utilising underground and open-pit mining.
Larvotto plans to expand the existing plant capacity from 250,000 tonnes per annum (tpa) to 525,000tpa to produce gold concentrate, antimony concentrate and gold doré.
Other findings from the DFS include:
- a net present value of $280 million, post-tax at an eight per cent discount rate on a base price scenario
- an internal rate of return of 48 per cent, on a base price scenario
- an estimated payback period – on a base price scenario – of 26 months after first production
- open pit mining to deliver 350,000t over a three-year period
- an average annual production rate of 85,000 ounces (oz) of gold equivalent
- a peak of 102,000oz equivalent in the second year of operations.
“The DFS confirms Hillgrove as a technically sound, high-margin critical minerals project with a rapid pathway to production,” Larvotto managing director Ron Heeks said.
“The DFS delivers outstanding economics at the base case and even better at what the company firmly believes is the minimum economics that would be achieved at the mid-price commodity price scenario, which is still very conservative relative to very high spot pricing.”
With Hillgrove expected to reach first production in the second quarter of 2026, the project is well positioned to become a large Australian antimony producer.
“(Hillgrove is) expected to produce seven per cent of global antimony requirements when global supply is tightening, and Western Governments are prioritising strategic supply chains,” Heeks said.
“There are significant resources yet to be converted into reserves and this will be a near term focus moving forward. Resource extension and new discovery targets, including the high-grade gold intercepts at Bakers Creek and the large untested corridor of gold and antimony mineralisation between Garibaldi and Brackins Spur, represent clear upside to the initially defined mine life.
“Larvotto is focused on unlocking this additional value while progressing permitting and project financing, and we look forward to bringing a critical minerals project into production at a time of exceptional market opportunity.”
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