Hillgrove

Projects

Location:	New South Wales
Development Stage:	Pre-development
Project Area:	254 km²

With a Mineral Resource Estimate of 1.7Moz gold equivalent (AuEq) @ 7.4 g/t AuEq, the strategic acquisition of Hillgrove has transformed Larvotto Resources from explorer to developer.

LOCATION

Hillgrove is strategically situated 23km east of Armidale in northern New South Wales (NSW), close to major infrastructure including major highways, rail links and regional airports.

With nearly 30,000 people, Armidale is a major regional city famous for being the centre of an extensive agriculture industry, offering high-quality schools and the University of New England.

Hillgrove has been mined for antimony and gold since 1857. With a rich history within the region, Hillgrove continues to provide residential employment opportunities and support for local business and communities.

Pre-Feasibility Study (PFS) released in August 2024 deliver compelling results:

Targeting >80koz AuEq annual production
Maiden Ore Reserve – 606,000oz AuEq @ 6.0g/t AuEq
Development largely de-risked due to extensive existing surface and underground infrastructure, and established permitting
PFS robust financials (conservative commodity prices of US$2,000oz gold and US$15,000/t antimony) include:
- Over 600,000 AuEq oz projected production in current mine plan
- Significantly reduced time to first production
- Life of Mine (LOM) gold AISC of <$900/oz for gold ounces
- Project payback <2 years

Exploration Target

Significant exploration upside has been demonstrated at the Hillgrove Project with an Exploration Target of between ~670,000 and 1.08M oz AuEq, ranging between ~7.4 and 9.46 g/t AuEq.

The Exploration Target for the Hillgrove project is confined to potential mineralisation located directly below areas of the current resources which are themselves below historic workings that have a known production history. The Exploration Target will be used as a guide to target ongoing exploration, while beginning to demonstrate the upside of the project area.

Walk up, high-grade drill targets identified
Lodes are proven to be consistent over strike and depth
Massive understanding of geology and metallurgy from 19,000 drill holes and underground workings
Recent geophysics has revealed highly prospective untested zones

Hillgrove Gold-Antimony Project Key Highlights

The 254km²Hillgrove Project contains six key mining areas within 48 granted Mining Licenses
Hillgrove is the largest Antimony Mineral Resource in Australia and is ranked #8 in the world, making it a strategically significant deposit
Antimony is a critical mineral for multiple countries including the US, EU and Australia
Substantial high-grade exploration upside demonstrated by recent drilling
Significant capex (~$200M) invested in developing Hillgrove prior to Larvotto’s acquisition in 2023
Operational processing plant & infrastructure (currently on care & maintenance)
Geological parallels to Fosterville and Costerfield mines – Australia’s highest-grade gold mines