Larvotto Resources (LRV) Q4 2024 TU earnings summary

Executive summary

• Advanced Hillgrove Antimony-Gold Project with high-grade drilling results at Clarks Gully, Bakers Creek, and Garibaldi, supporting resource expansion and updated estimates in early 2025.

• Appointed MACA Interquip Mintrex as DFS manager, targeting completion in Q1 2025, with first production expected late 2025/early 2026.

• Secured $30 million equity raising, $4 million prepayment facility, and ended the quarter with $28 million cash, enabling accelerated project development.

• Signed a binding offtake agreement for antimony concentrate and joined the US Defense Industrial Base Consortium.

Financial highlights

• Cash balance at 31 December 2024 was $28.0 million, up from $4.4 million in the previous quarter.

• Net cash used in operating activities was $4.4 million; net cash from financing activities was $28.6 million.

• $9.6 million received from exercise of options during the quarter.

• Estimated 6.3 quarters of funding available at current expenditure rates.

Outlook and guidance

• DFS for Hillgrove Project expected in Q1 2025, with production targeted for late 2025/early 2026.

• Project aims to supply ~7% of global antimony production amid tightening supply and record prices.

• Ongoing drilling and resource expansion planned, with focus on Clarks Gully, Bakers Creek, and Garibaldi.