Why Larvotto Resources (ASX:LRV) has shipped its first antimony concentrate from the Hillgrove mine in New South Wales

Sonal Goyal

15 October 2026 10:45 PM AEDT

Why Larvotto Resources (ASX:LRV) has shipped its first antimony concentrate from the Hillgrove mine in New South Wales

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Larvotto's first antimony concentrate shipment of 68 tonnes has left the Hillgrove Mine for offtake partner Wogen Resources.
Delivery satisfies a condition of the offtake agreement and triggers an initial payment, the amount of which is not stated.
The company restates a Hillgrove forecast of approximately 4,900 tonnes of antimony and 40,500 ounces of gold per annum, and expects tungsten processing in 2027.

Larvotto Resources Limited (ASX:LRV) announced on 14 October 2026 that its first antimony concentrate shipment has left the 100 per cent owned Hillgrove Mine in New South Wales. The shipment is 68 tonnes of concentrate, and the first truck departed on the day of the announcement. It is heading to offtake partner Wogen Resources, which collected it at the mine gate.

The shipment and the payment

The company says delivery of the concentrate satisfies a condition of the offtake agreement, and that it will therefore receive an initial payment. The announcement does not state the amount of that payment, the price basis, or the total Volume covered by the offtake agreement. The 68-tonne parcel is therefore best read as an operational milestone rather than a measure of revenue, and the announcement does not provide Revenue figures.

Plant ramp-up

Larvotto reports that plant availability is above schedule, that daily processing tonnages are rising in line with schedule, and that concentrate grades continue to improve. These are the company's own statements, and the release gives no tonnage-per-day, grade or recovery figures to test them against.

The plant produces three products. Antimony came first, and the company says the antimony circuit is now running at a steady rate. The focus will now turn to optimising gold concentrate and gold doré production. Larvotto says preparations for the first gold concentrate shipment are nearing completion, and that the first gold bars are expected in the near term. No dates have been given for either event.

Production forecast and tungsten

The announcement restates an annual production forecast for Hillgrove of approximately 4,900 tonnes of antimony and 40,500 ounces of gold per annum. This is a forecast from the company rather than a result, and the shipment described does not show that the plant is operating at that rate. The release does not say when the forecast rate is expected to be reached.

Larvotto also gave an update on tungsten. It reports that metallurgical testwork in Australia and Canada has produced positive results so far, and that equipment and flowsheet selection is ongoing. The company expects tungsten processing in 2027, describing it as another high-value by-product. That remains a plan, subject to completion of the testwork and selection process, and the announcement does not discuss Capital cost or funding for any tungsten circuit.

Management comment and projects

Managing Director Ron Heeks described the milestone as significant for Australia's critical minerals sector and for the New England region, citing local jobs, businesses and economic activity. The announcement was authorised for release by the Board.

Hillgrove, which hosts gold and antimony, is one of three projects listed by the company. The others are Mt Isa in Queensland, prospective for gold, copper and cobalt, and Eyre in Western Australia, prospective for nickel, gold, platinum group elements and lithium, 30 kilometres east of Norseman. The Board consists of Non-Executive Chair Mark Tomlinson, Managing Director Ron Heeks and Non-Executive Director Rachelle Domansky.

Risks and what to watch

The announcement carries the usual forward-looking statement disclaimer, noting that actual results may differ materially from those described and that readers should not place undue reliance on forward-looking information. Ramp-up of a new processing plant can be affected by operating performance, product quality, logistics and Commodity prices, and the company has not provided a timetable for reaching full production.

The confirmed next steps are the first gold concentrate shipment, for which preparations are described as nearing completion, the first gold bars, expected in the near term, and tungsten processing, anticipated in 2027. The company will need to report further to confirm each of these, and the initial payment amount will become clearer in future disclosures.

FAQs

Q: What has Larvotto shipped?

A: Larvotto announced on 14 October 2026 that its first antimony concentrate shipment, 68 tonnes, has left the 100 per cent owned Hillgrove Mine. It was collected at the mine gate by offtake partner Wogen Resources.

Q: Does the announcement state the payment amount?

A: No. The company says delivery satisfies a condition of the offtake agreement and that it will receive an initial payment, but it does not state the amount, the price basis or the total volume covered.

Q: What are the next steps at Hillgrove?

A: The company says preparations for the first gold concentrate shipment are nearing completion and the first gold bars are expected in the near term, with no dates given. It expects tungsten processing in 2027, subject to testwork and flowsheet selection.

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