Larvotto Resources (LRV) H2 2024 earnings summary

Executive summary

• Achieved transformational acquisition of Hillgrove Mines Pty Ltd, shifting from explorer to near-term producer and driving a 700% share price increase in 2024, with further gains into 2025.

• Released a Preliminary Feasibility Study (PFS) for Hillgrove Project, confirming robust economics and a maiden reserve of 606,000oz AuEq at 6.0g/t AuEq.

• Secured a $30m equity placement, a US$4m prepayment facility, and an antimony offtake agreement with Wogen Resources.

• Exceptional drilling results at Bakers Creek and Clarks Gully, with significant resource expansion potential.

• Strategic value of antimony increased due to Chinese export controls, positioning the project as a key Western supplier.

Financial highlights

• Net loss for 2024 was $13.6m (2023: $5.0m), driven by increased exploration and share-based payments.

• Cash and cash equivalents at year-end: $28.0m (2023: $2.4m); working capital surplus: $27.1m.

• Raised $21.7m via placements and $10.2m from option conversions; completed $16.3m placement in January 2025.

• All-in sustaining costs (AISC) for Hillgrove Project: $772m (LOM, including by-product credits); NPV8% (post-tax): $157m (base), $383m (spot); IRR (post-tax): 50% (base), 113% (spot).

• EBITDA (LOM): $652m (base), $1,082m (spot); rapid payback under 2 years.

Outlook and guidance

• Definitive Feasibility Study (DFS) underway, targeting enhanced economics from higher gold and antimony prices.

• Mining commencement planned for 1H 2025, with production targeted for early 2026.

• Ongoing aggressive drilling and resource growth expected to further increase mine life and grade.

• Focus on project financing, metallurgical studies, and operational readiness.