Larvotto Resources has successfully raised US$105 million to advance the redevelopment of its Hillgrove gold and antimony project located in New South Wales. This funding comes from a fully subscribed senior secured bond issue, which attracted significant interest from major investors in Australia and abroad. The company has highlighted the strong development potential of Hillgrove, particularly its role in supplying critical antimony to international markets.
The bond issue, which includes participation from leading natural resource and renewable energy firms, is expected to support essential upgrades to the Hillgrove project. These enhancements will focus on the processing plant, tailings storage, infrastructure, and access to underground mining operations. Larvotto plans to combine the proceeds from the bond issue with existing cash and equity to facilitate the project’s restart.
The settlement of the bond issue is scheduled for August 1, with the company anticipating the commencement of fund utilization in October. In June, Larvotto received approval from the NSW Department of Planning, Housing and Infrastructure for its Modification 6 application, which allows for substantial upgrades to the processing infrastructure and underground mining access at the historic site.
Ron Heeks, managing director of Larvotto Resources, expressed confidence in the project, stating, “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.”
The regulatory approval has not only enabled the restart of mining and processing activities but also strengthened the company’s position regarding final-stage financing. This paves the way for the anticipated first production in 2026. A portion of the funds will be allocated towards the transition to dry-stacked tailings, pending departmental approval. The decision to implement dry-stacked tailings is based on its environmental benefits, engineering advantages, and suitability for the site’s steep terrain and existing infrastructure.
Larvotto’s commitment to responsible mining practices is evident in its focus on sustainable development, positioning Hillgrove as a key player in the global supply of antimony. As the company moves toward revitalizing this historic mine, it aims to deliver not only financial returns but also contribute positively to environmental standards in the industry.
