Larvotto Resources (LRV) investor relations material

Executive summary

• Hillgrove moved from development into production: first production began 31 August, first concentrate was made in September, and a 68t antimony shipment commenced after quarter-end.

• Exploration extended high-grade gold-antimony-tungsten mineralisation at Clarks Gully and identified new high-grade lodes at the Metz Mining Centre; the Blockade Copper Mine option was exercised.

Financial highlights

• Cash and cash equivalents were $31.1M at 30 September, down $56.8M from $87.9M at the prior quarter-end; net cash outflow was $57.0M.

• Quarterly cash used: $7.0M in operating activities, $48.7M in investing activities and $3k in financing activities.

Outlook and guidance

• Hillgrove is forecast to produce 4,900t of antimony and 40,500oz of gold annually over an initial eight-year mine life, with expected supply equal to ~7% of global antimony demand.

• Priorities include reaching steady-state plant performance, Clarks Gully resource expansion and reserve studies, a Metz maiden resource, and Blockade resource definition and restart studies.

• Modification 5 seeks to double approved processing capacity to 500,000tpa and enable dry-stack tailings; Modification 8 seeks mine-life extension to December 2027 if Mod 5 approval runs beyond December 2026.