Highlights

  • Larvotto completed flotation testwork on TSF1 tailings at the Hillgrove Antimony-Gold Project.
  • Initial results delivered antimony recoveries ranging between 80% and 95%.
  • Gold recoveries from rougher flotation ranged from approximately 40% to 75%.
  • Historical records and surveys indicate TSF1 contains around 1.4 million tonnes of legacy tailings.
  • The company believes TSF1 could become a supplementary feed source for the Hillgrove processing plant.
  • Tailings retreatment may also support progressive rehabilitation of a legacy Facility adjacent to a 500-metre gorge.

Larvotto Resources Ltd (ASX:LRV) has reported encouraging metallurgical flotation testwork results from Tailings Storage Facility 1 (TSF1) at its wholly owned Hillgrove Antimony-Gold Project in New South Wales. The initial program confirmed that residual antimony and gold within the historical tailings facility may be recoverable using conventional flotation methods planned for deployment at the Hillgrove processing plant, which is scheduled to commence production in August 2026.

On 14 May 2026, Larvotto shares traded at AUD 1.58, down 0.63% for the session. Despite the modest daily decline, the stock remains up 133.09% over the past year, reflecting continued investor interest in the company’s portfolio of critical minerals and precious metals projects.

The latest update centred on testwork conducted on approximately 1.4 million tonnes of historical tailings stored within TSF1. According to the company, the facility contains material generated during antimony-focused operations conducted between 1982 and 2002. Because the original plant was primarily designed to recover antimony, Larvotto believes significant quantities of gold and tungsten remain within the tailings alongside residual antimony.

The company stated that the objective of the metallurgical program was to determine whether economically recoverable quantities of antimony and gold remained within the facility and whether the material could be processed through the Hillgrove plant using the same flotation methods planned for primary ore production.

Initial Testwork Delivers Antimony and Gold Recoveries

Larvotto disclosed that the flotation program produced antimony recoveries ranging between approximately 80% and 95% during rougher flotation stages. Gold recoveries ranged between around 40% and 75%.

Indicative metallurgical outcomes released by the company showed antimony head grades of around 1.8 wt% Sb and gold head grades of approximately 1.6 grams per tonne gold.

Antimony rougher concentrate grades ranged from around 15% to 45% Sb, while gold rougher concentrate grades varied between roughly 4 grams per tonne and 12 grams per tonne gold.

The company also noted that total sulphide mass pull during the testwork was typically less than 15% of feed material.

Larvotto emphasised that the reported results remain preliminary because the work completed so far only relates to rougher flotation stages. Cleaner flotation and re-cleaner flotation work has not yet been undertaken, meaning there remains scope for additional optimisation and potential concentrate upgrades.

The flotation program evaluated a staged processing flowsheet involving selective antimony rougher flotation followed by gold rougher flotation. Industry-standard sulphide flotation reagents were used throughout the testing process, while multiple tests were completed to assess repeatability, reagent sensitivity and concentrate mass pull characteristics.

Company Sees Potential Supplementary Feed Opportunity

According to Larvotto, the latest outcomes indicate that TSF1 may represent a potential supplementary source of feed material for the Hillgrove processing plant.

The company stated that the same conventional flotation methods being planned for Hillgrove operations appear capable of recovering antimony and gold from the historical tailings material.

Managing Director Ron Heeks described the results as an important development for the Hillgrove project, noting that the pathway toward reprocessing tailings while simultaneously rehabilitating the site was becoming clearer.

Management also pointed to the environmental significance of the program, particularly given the location of TSF1 adjacent to a 500-metre gorge.

Larvotto stated that retreatment of the tailings could reduce the Volume of legacy waste material while supporting progressive rehabilitation of the facility and reducing long-term tailings management requirements.

The company noted that environmental considerations remain a priority for both regulators and the broader community.

Gold and Antimony Association Identified

The metallurgical program also identified a close relationship between gold mineralisation and stibnite-bearing sulphide particles within the TSF1 material.

Larvotto explained that a portion of the gold reported directly into the antimony rougher concentrate, indicating potential additional value opportunities within the concentrate stream.

The company plans to further investigate this association through cleaner flotation work and concentrate upgrading studies aimed at improving selectivity between antimony and gold.

Management stated that future optimisation work will seek to define payable metal streams more clearly and improve understanding of concentrate quality characteristics.

The company also confirmed that tungsten recovery assessment forms part of its broader evaluation strategy for TSF1.

Tungsten Potential Remains Under Assessment

While dedicated tungsten recovery testwork has not yet been completed, Larvotto indicated that tungsten is expected to be present within the tailings material in potentially recoverable quantities.

The company referenced prior metallurgical studies and historical understanding of Hillgrove ore composition as indicators supporting the possibility of tungsten recovery.

Larvotto added that the currently proposed tungsten processing flowsheet designed for gold flotation tailings may also prove suitable for TSF1 retreatment pathways.

Future evaluation work is expected to include additional sampling, mineralogical studies and dedicated metallurgical testing to better define tungsten recovery potential.

Tailings Stratification Important for Future Planning

Larvotto also outlined that historical geochemical and metallurgical studies suggest the TSF1 tailings facility displays vertical stratification due to historical deposition practices.

According to the company, antimony and tungsten grades appear to vary depending on depth within the tailings profile, while gold grades have remained relatively consistent across sampled intervals.

Gold mineralisation has reportedly been concentrated predominantly within finer particle size fractions throughout sampled depths.

Samples used in the metallurgical program were collected through aircore drilling and later composited into layers aligned with deposition characteristics and proposed extraction intervals.

The company believes understanding this stratified structure will be important for future sampling programs, grade interpretation and any eventual retreatment planning.

Environmental Rehabilitation Forms Key Part of Strategy

Beyond the metallurgical outcomes, Larvotto repeatedly emphasised the environmental implications associated with potential retreatment of TSF1.

The company stated that progressive rehabilitation of the legacy tailings facility remains an important objective due to its location adjacent to a steep gorge environment.

Larvotto believes retreatment could assist with reducing long-term environmental management requirements while simultaneously enabling recovery of commercially valuable metals.

Potential benefits identified by the company include rehabilitation of previously disturbed areas, reduction in legacy tailings inventory and utilisation of existing disturbed materials to support closure activities after tailings removal.

However, the company noted that these outcomes remain subject to further technical assessment, environmental studies and regulatory approvals.

Resource Potential Yet to Be Included

Larvotto confirmed that TSF1 material does not currently form part of the Hillgrove Mineral Resource estimate.

Nevertheless, management stated that the latest metallurgical outcomes indicate the tailings may represent a potential supplementary metal inventory source if further technical and economic assessments prove favourable.

Subject to continued positive outcomes from the metallurgical program, Larvotto intends to progress toward an initial Mineral Resource estimate for TSF1.

Future work is expected to include cleaner flotation optimisation, assessment of blending strategies involving TSF1 material and primary ore sources, environmental reviews and broader integration into Hillgrove restart planning.

Company Continues Advancing Multi-Commodity Portfolio

Larvotto Resources continues to advance a broader portfolio of mineral Assets spanning antimony, gold, copper, cobalt, nickel, lithium and platinum group elements.

Its flagship Hillgrove Gold-Antimony Project in New South Wales remains a major focus area, particularly as global interest in critical minerals and strategic metal Supply chains continues to grow.

The company also holds the Mt Isa copper-gold-cobalt project in Queensland and the Eyre multi-metals and lithium project near Norseman in Western Australia.

Larvotto has stated that its board combines technical, corporate finance and ESG experience to support ongoing project advancement across its portfolio.

What This Means for Investors?

Larvotto’s latest metallurgical update suggests the historical TSF1 tailings facility at Hillgrove may hold recoverable quantities of antimony and gold using conventional flotation techniques.

The company reported antimony recoveries of up to 95% and gold recoveries of up to 75% during preliminary rougher flotation testing, while also identifying potential environmental rehabilitation benefits associated with retreatment.

Although the work remains at an early stage, future optimisation studies, potential resource estimation and environmental approvals may shape the role TSF1 could play within the broader Hillgrove development strategy.