OREMAVEN
XMM 7,722.00 -2.63% YTD +5.6% OM ASX 450.55 -2.56% YTD +0.1% OM PRECIOUS 349.20 -2.24% YTD +2.5% OM EX-PREC 418.91 -2.72% YTD -1.1% XAU 4,115.59 +2.31% YTD -4.9% GLD 375.49 +0.81% YTD -5.2% GDX 85.75 +1.37% YTD -0.0% SIL 77.33 -1.00% YTD -7.3% COPX 70.23 -5.81% YTD -1.8% URNM 40.07 -2.79% YTD -27.0%
2026-11-06
◂ Monitor LRV ASX

Larvotto Resources Limited

Ramping Producer · Gold · Others · Tungsten · Australia Rating locked: sign in to view v8.1 · lrv-20261031t202846-full
Last 2026-11-06
A$0.74
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$385M
EV
A$504.9M
Cash
A$31.1M
Debt
A$150.5M
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$31.1M2025-09-30: 62,108,000 A$2025-12-31: 70,293,000 A$2026-03-31: 81,711,000 A$2026-06-30: 87,925,000 A$2026-09-30: 31,111,000 A$ Finite
Debt A$150.5MFY2024A: 6,459,354FY2025A: 146,843,064 Net cash A$-119.4M
Basic shares 520.3M 2026-10-29
Runway 3.3 quarters Appendix 5B item 8.7: cash A$31.1M divided by quarter operating outflow A$7.0M plus exploration A$2.6M; excludes any receipts from first concentrate sales.

Liquidity

Financial position

Cash fell A$57M in the quarter as the A$150M restart spend was completed and the 12% bond coupon (about A$4.5M a quarter) was paid; the bond is fully drawn with no undrawn facility, so a working-capital or equity raise is likely before ramp-up cash flow covers coupon, corporate and sustaining spend. Capex commitments were A$7.5M at 30 June.

Inventory composition2

Only consumable stores and goods in transit are reported (30 June 2026); ROM ore and concentrate stockpiles built since commissioning are not quantified in the documents read.

Consumable stores on hand
A$1.5M carrying
Goods in transit (plant inputs)
A$264.3K carrying

Capital structure

Ownership and dilution

Ordinary shares
520.3M
Fully diluted
544.8M

520,288,899 ordinary shares at 21 October 2026 (investor presentation) include the 262,500 shares quoted on 13 October; no later ordinary share issue appears in the documents read. Performance rights are 24,059,870 at 21 October plus 425,026 issued on 29 October 2026. Shares were 517,524,674 at 31 December 2025 and 519,340,876 at 30 June 2026. Fully diluted counts every right although several carry market hurdles unlikely at the current price.

Security classes2
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares quoted on ASXOrdinary Share520.3M——
Unquoted performance rights (nil exercise price; time, milestone and market-hurdle vesting including A$1.75 20-day VWAP and TSR conditions)Performance Right24.5M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2024AAFY2025AA
Profit and loss
RevenueAUDm0.00.0
Site operating costs and royaltiesAUDm0.00.0
Corporate, exploration and share-based costs net of other incomeAUDmFY2024A: 13,549,930 AUDFY2025A: 18,830,140 AUD13.518.8
EBITDAAUDmFY2024A: -13,549,930 AUDFY2025A: -18,830,140 AUD(13.5)(18.8)
Depreciation and amortisationAUDmFY2024A: 192,279 AUDFY2025A: 535,900 AUD0.20.5
EBITAUDmFY2024A: -13,742,210 AUDFY2025A: -19,366,040 AUD(13.7)(19.4)
Net interest expense (income)AUDmFY2024A: -125,276 AUDFY2025A: -253,972 AUD(0.1)(0.3)
Income tax (unlevered project tax from the DCF)AUDm0.00.0
Net profit after taxAUDmFY2024A: -13,616,930 AUDFY2025A: -19,112,070 AUD(13.6)(19.1)
Cash flow
Operating cash flow (after interest paid)AUDmFY2024A: -10,792,032 AUDFY2025A: -13,886,117 AUD(10.8)(13.9)
Sustaining capexAUDm0.00.0
Development and exploration capexAUDmFY2024A: 80,499 AUDFY2025A: 50,924,315 AUD0.150.9
Total capexAUDmFY2024A: 80,500 AUDFY2025A: 50,924,310 AUD0.150.9
Free cash flow (after interest)AUDmFY2024A: -10,872,530 AUDFY2025A: -64,810,430 AUD(10.9)(64.8)
Equity raised net of costsAUDmFY2024A: 30,541,000 AUDFY2025A: 83,186,000 AUD30.583.2
Bond repaidAUDm0.00.0
Balance sheet
CashAUDmFY2024A: 27,971,610 AUDFY2025A: 70,292,701 AUD28.070.3
BorrowingsAUDmFY2024A: 6,459,354 AUDFY2025A: 146,843,064 AUD6.5146.8
Net debtAUDmFY2024A: -21,512,260 AUDFY2025A: 76,550,360 AUD(21.5)76.6
Total equityAUDmFY2024A: 31,286,349 AUDFY2025A: 100,897,769 AUD31.3100.9
Per share
Ordinary shares at year endmillionFY2024A: 376 millionFY2025A: 518 million376.2517.5
Earnings per shareAUDmFY2024A: -0.05 AUDFY2025A: -0.04 AUD(0.0)(0.0)
Dividends per shareAUDm0.00.0
Multiples and ratios
EV / EBITDA (x, current EV)xFY2024A: -38.79 xFY2025A: -27.92 x(38.8)(27.9)
P / E (x, current market cap)xFY2024A: -29.80 xFY2025A: -21.23 x(29.8)(21.2)
FCF yield (current market cap)%FY2024A: -0.03 fractionFY2025A: -0.16 fraction-2.7%-16.0%
EBITDA margin%——
Net debt / EBITDA (x)xFY2024A: 1.59 xFY2025A: -4.07 x1.6(4.1)

KPI history

Operating metrics

Source values by period
Operating metric source table10
MetricProjectPeriodPeriod typeValueStatus
Cash at Sep 2025 quarter endCompanySep 2025 quarterPoint In Time62,108,000 AUDReported
Cash at Dec 2025 quarter endCompanyDec 2025 quarterPoint In Time70,293,000 AUDReported
Cash at Mar 2026 quarter endCompanyMar 2026 quarterPoint In Time81,711,000 AUDReported
Cash at Jun 2026 quarter endCompanyJun 2026 quarterPoint In Time87,925,000 AUDReported
Cash at Sep 2026 quarter endCompanySep 2026 quarterPoint In Time31,111,000 AUDReported
Operating plus investing cash flow, Sep 2025 quarterCompanySep 2025 quarterQuarter-19,570,000 AUDSource Derived
Operating plus investing cash flow, Dec 2025 quarterCompanyDec 2025 quarterQuarter-34,416,000 AUDSource Derived
Operating plus investing cash flow, Mar 2026 quarterCompanyMar 2026 quarterQuarter-29,243,000 AUDSource Derived
Operating plus investing cash flow, Jun 2026 quarterCompanyJun 2026 quarterQuarter-54,810,000 AUDSource Derived
Operating plus investing cash flow, Sep 2026 quarterCompanySep 2026 quarterQuarter-55,652,000 AUDSource Derived
Company guidance4
MetricProjectPeriodLowHighStatus
Gold Production At Steady StatehillgroveDFS life-of-mine average, from steady state40,50040,500 oz/yrCurrent
Antimony Production At Steady StatehillgroveDFS life-of-mine average, from steady state4,9004,900 t/yrCurrent
Initial Mine LifehillgroveFrom first production88 yearsCurrent
Potential Tungsten (Wo3) Productionhillgrove_tungsten2027 target, subject to metallurgical testwork600600 t/yrCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-09RaisingA$400K——Announced—
2026-06-11RaisingA$15M——Cancelled—
2025-08-01Ann. 2025-07-25RaisingA$70M102.9M—Completed—
2025-08-01Ann. 2025-07-21DebtUs$105 Million Senior Secured BondA$163M—A$94Completed12% fixed coupon payable quarterly in cash, four-year term, first-ranking security over Hillgrove Mines assets and tenements and a parent guarantee; drawn in three tranches, the last US$42.5M in June 2026.Period 2025-08-01 to 2029-08-01
2025-01-17Ann. 2024-12-05RaisingA$16.3M31.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-31

Terms are taken from the announcements and accounts; the Wogen and Glencore contracts and the bond documents are not public, so pricing, payability, treatment charges, prepayment repayment and covenant terms are not disclosed.

Exclusive seven-year offtake of antimony concentrate; delivery of the first 68t shipment at the mine gate in October 2026 satisfied a condition for an initial payment.

Offtake · Active
Counterparties
Wogen Resources Limited
Applies to
Hillgrove Antimony-Gold Project · Others
Economic direction
Mixed
Period
2024-12-02 to 2033-08-31
Key terms
Term: 7 years
Scope: exclusive global sales
Pricing: not disclosed
How it affects our valuation

No valuation treatment is available for this arrangement.

Binding mine-gate offtake of gold concentrate; the announcement says it is subject to final agreements and pricing and treatment terms are not disclosed.

Offtake · Conditional
Counterparties
Glencore International AG
Applies to
Hillgrove Antimony-Gold Project · Gold
Economic direction
Benefit
Period
2026-06-09 to 2033-08-31
Key terms
Term: 7 years
Volume: 15,000 dmt/yr
Pricing: LBMA gold adjusted for contained gold
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory 4% NSW royalty on the assessable value of metals, included in the DFS operating cost (A$67-70M over the life).

Royalty · Active
Counterparties
NSW Government
Applies to
Hillgrove Antimony-Gold Project · Gold · Others
Economic direction
Burden
Period
Dates not stated
Key terms
Rate: 4 % of assessable value
How it affects our valuation

No valuation treatment is available for this arrangement.

US$105M senior secured bond (A$150.5M at 30 September 2026) with first-ranking security over the Hillgrove assets; principal and 12% interest rank ahead of equity and are the largest claim in the bridge.

Other · Active
Counterparties
Nordic bond holders
Applies to
Hillgrove Antimony-Gold Project · Gold · Others
Economic direction
Burden
Period
2025-08-01 to 2029-08-01
Key terms
Face value: 105 USD million
Coupon: 12 % p.a.
Issue price: 94 % of par
Maturity: 4 years
How it affects our valuation

No valuation treatment is available for this arrangement.

US$4M prepayment facility tied to the Wogen offtake; whether it is outstanding or settled in concentrate is not disclosed in the documents read.

Other · Unknown
Counterparties
XCLR Commodities Limited (advised by Xcelsior Capital)
Applies to
Hillgrove Antimony-Gold Project · Others
Economic direction
Mixed
Period
From 2024-12-02; no end date stated
Key terms
Prepayment facility: 4 USD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Exclusive right to explore, develop and mine the Blockade copper mine lease with a A$1M purchase option and deferred consideration capped at A$10M on production.

Earn In · Active
Counterparties
Kilo Copper Pty Ltd
Applies to
Mt Isa copper project (Blockade) · Copper
Economic direction
Mixed
Period
From 2026-07-09; no end date stated
Key terms
Option exercise consideration: 400,000 AUD
Purchase option for the lease: 1,000,000 AUD
Deferred consideration cap: 10,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.