Larvotto Resources (LRV) Q2 2024 TU earnings summary

Executive summary

• Advanced the Hillgrove Gold-Antimony Project with a new exploration target of 670,000–1.08Moz AuEq at 7.4–9.46g/t AuEq, in addition to the existing 1.4Moz resource at 6.1g/t AuEq.

• Reported exceptionally high-grade diamond drilling results at Bakers Creek, including 31m @ 65.8g/t Au and multiple intercepts over 100g/t Au.

• Raised $8M through placements and a share purchase plan to fund ongoing exploration and development.

• Progressed towards a Preliminary Feasibility Study (PFS) for Hillgrove, expected in the September 2024 quarter.

Financial highlights

• Cash balance at 30 June 2024 was A$460k, down from A$689k at the end of the previous quarter.

• Net cash used in operating activities for the quarter was A$2,089k; net cash from financing activities was A$1,859k.

• No significant investing activities during the quarter.

• Estimated quarters of funding available at quarter end was 0.22, but subsequent $6M equity raised post-quarter ensures sufficient working capital.

Outlook and guidance

• PFS for Hillgrove Project to be released in September 2024 quarter.

• Ongoing and planned drilling at Clarks Gully and Bakers Creek to expand resources and support future mining studies.

• Well-funded for continued exploration and development following recent capital raises.