How Has Larvotto Resources (ASX:LRV) Moved Into Revenue With the First Hillgrove Antimony Shipment?

Sonal Goyal

14 October 2026 06:27 PM AEDT

How Has Larvotto Resources (ASX:LRV) Moved Into Revenue With the First Hillgrove Antimony Shipment?

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Key highlights

The first shipment of 68 tonnes of antimony concentrate left the Hillgrove mine for offtake partner Wogen Resources.
Delivery satisfied a condition for part-payment under the offtake agreement.
A first gold concentrate shipment is being prepared, and tungsten processing is anticipated in 2027.

Larvotto Resources Limited (ASX:LRV) announced on 14 October 2026 that the first antimony concentrate shipment has departed its 100%-owned Hillgrove Mine in New South Wales. The first shipment of 68 tonnes was collected at the mine gate by offtake partner Wogen Resources.

Offtake payment condition

The company says collection satisfied a delivery condition of the offtake agreement, so it will receive an initial payment for the delivery. The announcement states Hillgrove becomes a revenue-generating mine with this first shipment.

Production ramp-up

Larvotto reports that plant availability is in excess of schedule, daily processing tonnages are increasing in line with schedule, and concentrate grades continue to improve. The antimony circuit is operating at a steady rate, and the company says its focus will broaden to optimising gold concentrate and gold doré production. Preparations for the first gold concentrate shipment are nearing completion.

Tungsten and production profile

Tungsten metallurgy testwork is continuing in Australia and Canada, with positive results to date according to the company, and equipment and flowsheet selection is under way. Larvotto anticipates processing tungsten in 2027 as an additional by-product. The announcement states Hillgrove is expected to produce about 4,900 tonnes of antimony and 40,500 ounces of gold per annum.

Hillgrove plant products

The Hillgrove plant produces three products: antimony concentrate, gold concentrate and gold doré. Antimony was the first circuit to reach steady operation. The first shipment was loaded and trucked from site, and delivery at the mine gate to Wogen Resources was the condition that triggered the initial payment under the offtake agreement.

Risks shareholders may weigh

The plant is in ramp-up, and production at the stated annual rates has not yet been demonstrated. Only the antimony circuit has reached a steady rate, with gold concentrate and doré production still to start. The part-payment under the offtake agreement relates to initial delivery, not total revenue.

Antimony and gold prices, offtake performance, concentrate quality, tungsten testwork outcomes and funding for the ramp-up are further considerations.

What's next

The next milestones are the first gold concentrate shipment and production of the first gold bars, which the company describes as near term. Tungsten testwork and flowsheet selection continue, with processing anticipated in 2027.

FAQs

Q: What did Larvotto Resources (ASX:LRV) announce on 14 October 2026?

A:The first shipment of antimony concentrate, 68 tonnes, from the Hillgrove Mine to offtake partner Wogen Resources.

Q: What is the stated annual production profile?

A:The announcement says Hillgrove is to produce about 4,900 tonnes of antimony and 40,500 ounces of gold per annum.

Q: What comes next?

A:The first gold concentrate shipment, followed by gold doré production, with tungsten processing anticipated in 2027.

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