Larvotto Resources (LRV) Q2 2026 TU earnings summary

Executive summary

• Staged commissioning of the Hillgrove Minerals Processing Facility commenced post-quarter, with ore from Metz underground mine delivered to surface stockpiles and crushing circuit successfully commissioned.

• Initial Midas Lode Exploration Target defined at 3.95Mt @ 5.16g/t AuEq for 656,000oz AuEq, with drilling confirming high-grade gold-antimony-tungsten mineralisation and supporting resource growth.

• Due diligence drilling completed at Blockade, with option exercised to proceed with exclusive rights to explore, develop, and mine the Blockade Copper Mine in Mt Isa.

• Binding agreement to acquire Hammer Metals, expanding copper holdings and creating a district-scale Queensland copper portfolio with ~530kt CuEq resources.

• Appointment of a Strategic Advisor to enhance engagement with government and critical minerals supply chains.

Financial highlights

• Cash balance at 30 June 2026 was $88M, up from $82M at the end of the previous quarter.

• Net cash used in operating activities was $6.2M for the quarter.

• Net cash used in investing activities totaled $48.5M, primarily for property, plant, equipment, and exploration.

• Net cash from financing activities was $60.2M, including the final drawdown of US$42.5M from Nordic Bond financing.

Outlook and guidance

• Hillgrove Mine targeting first production in August 2026, with an initial eight-year mine life and annual output of 4,900t antimony and 40,500oz gold.

• Ongoing drilling at Hillgrove and Mt Isa to support resource growth and mine life extension.

• Strategic investment and placement to Glencore of $15M at a 15% premium to fund accelerated copper strategy in Queensland.