Shares in Larvotto Resources Limited (ASX:LRV) fell 4.33% to A$0.995 on 5 October 2026. The gold and antimony exploration company was among the underperformers on the ASX for the day. Session price movements reflect a combination of market conditions and investor activity beyond the scope of individual company announcements.

Company Update

An announcement from Larvotto Resources Limited (ASX:LRV), released on 30 September 2026, was a key reference point for investors. The company reported further assay results from diamond drilling at Clarks Gully within its 100%-owned Hillgrove Antimony-Gold Project in New South Wales. Results from holes CLG138 to CLG141 extended the known mineralised envelope beyond the existing resource model.

Business Model and Operational Footprint

Larvotto Resources Limited is an Australian-listed exploration and development company advancing the Hillgrove Antimony-Gold Project in New South Wales. The Hillgrove project is a historic Mining centre with a long history of antimony, gold and tungsten production. Larvotto holds 100% of the project, which includes the Clarks Gully deposit and broader exploration tenure.

The company's current focus is on systematic diamond drilling designed to expand the existing resource at Clarks Gully and better define the geological model for the deposit, which hosts high-grade gold-equivalent mineralisation across multiple lodes.

Sector Context

Antimony is classified as a critical mineral by multiple governments including Australia, the United States and EU member states. It is used in flame retardants, lead-acid batteries and increasingly in antimony-based battery technologies. China dominates global antimony production, and Western government concerns about critical mineral Supply chain security have elevated interest in non-Chinese antimony projects. Gold remains a key component of the value at Hillgrove, with high-grade gold-equivalent intercepts representing a key driver of project economics. Tungsten is similarly a critical mineral with important industrial and defence applications.

The Announcement

The 30 September 2026 announcement reported assay results from holes CLG138 to CLG141. Key highlights included CLG140, which intersected 32.0m at 5.68g/t gold equivalent from 260.0m, with a higher-grade section of 8.0m at 13.77g/t AuEq from 284.0m. CLG141 returned 29.1m at 6.06g/t AuEq from 339.4m, including 8.7m at 14.83g/t AuEq from 349.3m.

Both CLG140 and CLG141 intersected the interpreted ore shoot beyond the existing resource model, reinforcing potential for significant resource growth. Multiple new hanging wall lodes were identified in CLG141, including 4.4m at 12.81g/t AuEq, 6.0m at 11.97g/t AuEq and a further series of high-grade shorter intervals. High-grade tungsten mineralisation was also confirmed in CLG141, with intervals including 0.4m at 11.13% WO3 and 0.8m at 9.47% WO3. Managing Director Ron Heeks noted that gold and tungsten grades appear to be increasing at depth and to the south of the current resource.

Growth Catalysts

Drilling results outside the current resource boundary in both CLG140 and CLG141 suggest potential for resource growth through further systematic drilling. High-grade tungsten mineralisation at depth is persistent and adds to the multi-metal value proposition of Hillgrove. Critical mineral status of both antimony and tungsten may support strategic investor interest. The evolving geological model increases confidence in the continuity and scale of the mineralised system.

Risks

All reported widths are downhole widths; true widths have not been confirmed, and will require further geometric analysis. Extension drilling does not guarantee a corresponding increase in Mineral Resources or Ore Reserves. Conversion of drilling results to an updated resource estimate depends on continuity assumptions. Mining and development of the Hillgrove project would require significant Capital and permitting approvals. Antimony and tungsten prices are subject to market dynamics and concentration in Chinese supply.