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- Last 2026-11-06
- A$0.74
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
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- 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
- Application for quotation of securities - LRVPost Cash Checkpoint Security Event
- Notification of cessation of securities - LRVPost Cash Checkpoint Security Event
- Notification regarding unquoted securities - LRVPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 19All sources ▸- September 2026 Quarterly Report and Appendix 5BOperations
- Appendix 3G: 425,026 performance rights issued (29 Oct 2026)Corporate Action
- Investor Presentation - IMARC (October 2026)Presentation
- Appendix 2A: 262,500 ordinary shares quoted (13 Oct 2026)Corporate Action
- Half-year Report to 30 June 2026 (reviewed)Results
- Hammer Metals Acquisition UpdateTransaction
- June 2026 Quarterly Report and Appendix 5BOperations
- Investor Presentation - Diggers & Dealers (3 Aug 2026)Presentation
- Binding Agreement to Acquire Hammer MetalsTransaction
- March 2026 Quarterly Report and Appendix 5BOperations
- Annual Report for the year ended 31 December 2025Results
- December 2025 Quarterly Report and Appendix 5BOperations
Event calendar · next 12 months
8 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | First gold concentrate and gold dore deliveries | Production | Company Guided | High | First gold revenue; together with the antimony payment it starts the cash conversion that must cover the 12% coupon. |
| Before the December 2026 consent expiry | Modification 5 determination (500,000 tpa, dry-stack tailings) | Permitting | Company Guided | High | Approval lifts permitted throughput from 250,000 to 500,000 tpa; the DFS economics need roughly 485ktpa, so delay or conditions change output by about half. |
| Early November 2026 | Modification 8 (mine life to December 2027) public exhibition | Permitting | Company Guided | High | Existing consent runs to December 2026; Mod 8 is the fall-back if Mod 5 is not determined by then, so exhibition timing gates continued operation after year end. |
| First half of 2027 (analyst inference) | Equity or working-capital funding for the ramp-up | Financing | Inferred | High | Modelled trough of about A$26M below zero before any raise in the first half of 2027 under base ramp assumptions; size and price drive dilution. |
| 2027 | Updated Hillgrove Mineral Resource and maiden Clarks Gully reserve | Resource Or Reserve | Company Guided | Medium | Extends mine life beyond the eight-year DFS plan; the extension value in the base case depends on conversion. |
| 2027 (company target, subject to testwork) | Tungsten concentrate production decision | Production | Company Guided | Medium | At US$320,000/t WO3 quoted in October 2026 a few hundred tonnes a year would be material; metallurgy, grade and approvals are unproven. |
| Late January 2027 (Listing Rule deadline) | December 2026 quarterly report and Appendix 5B | Results | Inferred | High | First quarter with sales; shows throughput, recoveries, unit costs and whether the 3.3-quarter funding runway needs a raise. |
| By 31 March 2027 (prior reports lodged 30-31 March) | FY2026 annual report | Results | Inferred | Medium | First audited year with production and the going-concern assessment. |
Executive roster
As of 2026-10-31Background checks ▸Roster from the September 2026 half-year directors report, the October 2026 investor presentation and the repository management review; operating managers below the executive team (for example the Hillgrove operations manager) are not individually profiled.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Ronald Heeks | Managing Director and Chief Executive Officer | Executive Director · Chief Executive | 2021-12-01 | Half-year Report to 30 June 2026 (reviewed) · Investor Presentation - IMARC (October 2026) · Management assessment and background check for LRV (repository product) |
| Sonja Neame | Chief Operating Officer | Operations | — | Annual Report for the year ended 31 December 2025 · Investor Presentation - IMARC (October 2026) · Management assessment and background check for LRV (repository product) |
| Nick Longmire | Chief Financial Officer | Finance | — | Annual Report for the year ended 31 December 2025 · Investor Presentation - IMARC (October 2026) · Management assessment and background check for LRV (repository product) |
| James Kerr | Chief Technical Officer | Technical | — | Investor Presentation - IMARC (October 2026) · September 2026 Quarterly Report and Appendix 5B |
| Cecilia Tyndall | Company Secretary | Company Secretary | — | Half-year Report to 30 June 2026 (reviewed) · Management assessment and background check for LRV (repository product) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Hillgrove Antimony-Gold Project
Australia
Ramping Producer100% ownedGoldOthersTungsten
Production commenced 31 August 2026; first concentrate September 2026; first antimony concentrate shipment October 2026; ramp-up to the 525ktpa design while approvals cover 250ktpa.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$280M8% discount
IRR48%Published return
Initial capexA$139MPublished capital estimate
Operating cost195AUD/t milled
DFS base case: Au US$2,400/oz, Sb US$25,000/t, AUD:USD 0.65, 8% real post-tax, 100% project, 30% tax with no use of tax losses; operating cost A$755M over 3.88Mt including royalties.
Resources & reserves6
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 672K t | 3.2 g/t Au, 2.8% Sb (11.3 g/t AuEq); 70koz Au, 19kt Sb | Gold · Others | 2025-05-06 |
| Mineral Resource | Indicated | 4.2M t | 4.5 g/t Au, 1.1% Sb (7.7 g/t AuEq); 608koz Au, 47kt Sb | Gold · Others | 2025-05-06 |
| Mineral Resource | Inferred | 3.9M t | 3.7 g/t Au, 0.8% Sb (6.0 g/t AuEq); 457koz Au, 31kt Sb | Gold · Others | 2025-05-06 |
| Mineral Resource | Total | 8.8M t | 4.0 g/t Au, 1.1% Sb (7.2 g/t AuEq); 1,135koz Au, 96kt Sb | Gold · Others | 2025-05-06 |
| Exploration Target | Midas Lode exploration target | 4M t | 5.16 g/t AuEq preferred; 656koz AuEq | Gold · Others · Tungsten | 2026-06-23 |
| Ore Reserve | Total | 3M t | 3.1 g/t Au, 1.2% Sb (6.6 g/t AuEq); 304koz Au, 35.8kt Sb | Gold · Others | 2025-05-06 |
Tenements6
Milestones5
- Production commenced at Hillgrove
Achieved · High materiality
- First antimony and gold concentrate produced
Achieved · High materiality
- Modification 5 approval (500,000 tpa and dry-stack tailings)
Pending · High materiality
- Plant at design throughput and steady-state concentrate grades
Pending · High materiality
- Maiden Clarks Gully Mineral Reserve and underground mining application
Pending · Medium materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Modification 5 to development consent (250,000 to 500,000 tpa, dry-stack tailings) | NSW Department of Planning, Housing and Infrastructure | Pending | — | Yes |
| Modification 8 (mine life extension to December 2027) | NSW Department of Planning, Housing and Infrastructure | Pending | 2026-12-31 | Yes |
| Modifications 6 and 7 to development consent | NSW Department of Planning, Housing and Infrastructure | Granted | — | No |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Hillgrove Definitive Feasibility Study | DFS | Current | 2025-05-06 | 525ktpa plant, eight-year life, base post-tax NPV A$280M, IRR 48%, pre-production capital A$139M net. |
| Hillgrove Pre-Feasibility Study | PFS | Superseded | 2024-08-05 | August 2024 PFS superseded by the DFS (dry-stack tailings moved capital forward). |
Other
Hillgrove tungsten by-product potential
Australia
Discovery Drill Stage100% ownedTungsten
Scheelite intersected with gold-antimony at Clarks Gully and Metz; metallurgical testwork under way; no resource, study or approval.
- Ownership
- 10,000.0%
- Commodity
- WO3r
- Country
- AUr
- Best recent intercept (grade x width)
- 7.27 %.md
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Milestones1
- Tungsten concentrate metallurgical testwork and offtake discussions
Pending · Medium materiality
Other
Mt Isa copper project (Blockade)
Australia
Early Explorer100% ownedCopperGoldCobalt
Blockade mining lease option exercised July 2026; maiden resource, scoping and permitting are next; Hammer Metals scheme terminated.
- Ownership
- 10,000.0%d
- Commodity
- Cur
- Country
- AUr
- Best recent intercept (grade x width)
- 35.96 %.md
- Metres drilled (12M)
- 1,330 m
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements2
Milestones1
- Maiden Blockade Mineral Resource estimate
Pending · Medium materiality
Other
Eyre multi-metals project
Australia
Early Explorer100% ownedNickelGoldPlatinum Group MetalsLithium
Aircore and rare-earth metallurgical work; second-round results pending.
- Ownership
- 10,000.0%d
- Commodity
- Nir
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares quoted on ASX | Ordinary Share | 520.3M | — | — |
| Unquoted performance rights (nil exercise price; time, milestone and market-hurdle vesting including A$1.75 20-day VWAP and TSR conditions) | Performance Right | 24.5M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2024AA | FY2025AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Site operating costs and royalties | AUDm | 0.0 | 0.0 | |
| Corporate, exploration and share-based costs net of other income | AUDm | 13.5 | 18.8 | |
| EBITDA | AUDm | (13.5) | (18.8) | |
| Depreciation and amortisation | AUDm | 0.2 | 0.5 | |
| EBIT | AUDm | (13.7) | (19.4) | |
| Net interest expense (income) | AUDm | (0.1) | (0.3) | |
| Income tax (unlevered project tax from the DCF) | AUDm | 0.0 | 0.0 | |
| Net profit after tax | AUDm | (13.6) | (19.1) | |
| Cash flow | ||||
| Operating cash flow (after interest paid) | AUDm | (10.8) | (13.9) | |
| Sustaining capex | AUDm | 0.0 | 0.0 | |
| Development and exploration capex | AUDm | 0.1 | 50.9 | |
| Total capex | AUDm | 0.1 | 50.9 | |
| Free cash flow (after interest) | AUDm | (10.9) | (64.8) | |
| Equity raised net of costs | AUDm | 30.5 | 83.2 | |
| Bond repaid | AUDm | 0.0 | 0.0 | |
| Balance sheet | ||||
| Cash | AUDm | 28.0 | 70.3 | |
| Borrowings | AUDm | 6.5 | 146.8 | |
| Net debt | AUDm | (21.5) | 76.6 | |
| Total equity | AUDm | 31.3 | 100.9 | |
| Per share | ||||
| Ordinary shares at year end | million | 376.2 | 517.5 | |
| Earnings per share | AUDm | (0.0) | (0.0) | |
| Dividends per share | AUDm | 0.0 | 0.0 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (38.8) | (27.9) | |
| P / E (x, current market cap) | x | (29.8) | (21.2) | |
| FCF yield (current market cap) | % | -2.7% | -16.0% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 1.6 | (4.1) | |
KPI history
Operating metrics
Operating metric source table10
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash at Sep 2025 quarter end | Company | Sep 2025 quarter | Point In Time | 62,108,000 AUD | Reported |
| Cash at Dec 2025 quarter end | Company | Dec 2025 quarter | Point In Time | 70,293,000 AUD | Reported |
| Cash at Mar 2026 quarter end | Company | Mar 2026 quarter | Point In Time | 81,711,000 AUD | Reported |
| Cash at Jun 2026 quarter end | Company | Jun 2026 quarter | Point In Time | 87,925,000 AUD | Reported |
| Cash at Sep 2026 quarter end | Company | Sep 2026 quarter | Point In Time | 31,111,000 AUD | Reported |
| Operating plus investing cash flow, Sep 2025 quarter | Company | Sep 2025 quarter | Quarter | -19,570,000 AUD | Source Derived |
| Operating plus investing cash flow, Dec 2025 quarter | Company | Dec 2025 quarter | Quarter | -34,416,000 AUD | Source Derived |
| Operating plus investing cash flow, Mar 2026 quarter | Company | Mar 2026 quarter | Quarter | -29,243,000 AUD | Source Derived |
| Operating plus investing cash flow, Jun 2026 quarter | Company | Jun 2026 quarter | Quarter | -54,810,000 AUD | Source Derived |
| Operating plus investing cash flow, Sep 2026 quarter | Company | Sep 2026 quarter | Quarter | -55,652,000 AUD | Source Derived |
Company guidance4
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Gold Production At Steady State | hillgrove | DFS life-of-mine average, from steady state | 40,500 | 40,500 oz/yr | Current |
| Antimony Production At Steady State | hillgrove | DFS life-of-mine average, from steady state | 4,900 | 4,900 t/yr | Current |
| Initial Mine Life | hillgrove | From first production | 8 | 8 years | Current |
| Potential Tungsten (Wo3) Production | hillgrove_tungsten | 2027 target, subject to metallurgical testwork | 600 | 600 t/yr | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-09 | Raising | A$400K | — | — | Announced | — |
| 2026-06-11 | Raising | A$15M | — | — | Cancelled | — |
| 2025-08-01Ann. 2025-07-25 | Raising | A$70M | 102.9M | — | Completed | — |
| 2025-08-01Ann. 2025-07-21 | DebtUs$105 Million Senior Secured Bond | A$163M | — | A$94 | Completed | 12% 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. 2024-12-05 | Raising | A$16.3M | 31.4M | — | 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.
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.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The five-person roster has relevant leadership, operations, finance, governance and technical experience. The public record now documents a post-quarter first antimony shipment and a technical exploration contribution by the CTO, but most operating outcomes remain issuer-level and do not establish individual causation. Historical employer/site events are separated from personal responsibility where timing or direct evidence does not support attribution.
Decision-relevant facts
Material summary
Ronald Heeks
Managing Director and Chief Executive Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Managing Director / Chief Executive Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts · Current executive roster
Board and Management · pp. 11–12
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Larvotto reported first production at Hillgrove in August 2026 after mine restart and plant refurbishment. Its 30 October Q3 report records the first 68-tonne antimony concentrate shipment to Wogen after quarter-end and says mine-gate delivery satisfied a condition for an initial payment under the offtake prepayment facility. These are company-level outcomes during the executives’ tenures; no individual causal contribution is inferred. The 2025 AEMR’s historical consent matters are tracked separately.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts · FY2026 operating update and first production
Quarterly Activities/Appendix 5B Cash Flow Report · pp. 1 and 4; post-quarter shipment and mine-gate delivery
Annual Environmental Management Report 2025 · pp. 5–9; historical consent compliance
EnvironmentIssuer Reported · Medium materiality
Legacy Hillgrove consent audit recorded outstanding non-compliances
The 2024–25 AEMR previously recorded five Development Consent non-compliances still outstanding at the start of the 2025 reporting year. In the July 2026 updated AEMR, four remained at year end: three were being held open pending Department of Planning, Housing and Infrastructure approval of environmental control standards (noise and air/dust), and one remained open; the report states no other breaches were found. The AEMR also says quarterly noise results were compliant, while the legacy conditions remained formally open. A separate NSW Resources Regulator mining-lease audit recorded a warning letter over the rehabilitation plan format, rectified 12 December 2024, and a late 2024 forward-program submission; the regulator took no further action on lateness. The AEMR’s open items arise from historical consent conditions; they are company/site compliance issues, not findings of personal misconduct. CEO Heeks and COO Neame are relevant current operational oversight, but the records do not attribute the legacy breaches to either individual.
Employer context; no individual link established · Company/site compliance context; no personal causal link to Heeks or Neame established.
Annual Environmental Management Report 2025 · pp. 5–9, section 1 and Table 2; pp. 81–84, section 10.3: count/status and compliance updates
Hillgrove Mines – Mining Act audit report · pp. 16–20, sections 3.2.7–3.2.14: format warning rectified, late filing and no further regulator action
Evidence gaps · 1
- The 2025 AEMR still records four historical consent items as open at its reporting cutoff; the 2026 Q3 report describes Mod 5 as under assessment but does not establish closure of those historical items by 2026-11-02.
Sonja Neame
Chief Operating Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Operating Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts · Current executive roster
Board and Management · Management section
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Larvotto reported first production at Hillgrove in August 2026 after mine restart and plant refurbishment. Its 30 October Q3 report records the first 68-tonne antimony concentrate shipment to Wogen after quarter-end and says mine-gate delivery satisfied a condition for an initial payment under the offtake prepayment facility. These are company-level outcomes during the executives’ tenures; no individual causal contribution is inferred. The 2025 AEMR’s historical consent matters are tracked separately.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts · FY2026 operating update and first production
Quarterly Activities/Appendix 5B Cash Flow Report · pp. 1 and 4; post-quarter shipment and mine-gate delivery
Annual Environmental Management Report 2025 · pp. 5–9; historical consent compliance
EnvironmentIssuer Reported · Medium materiality
Legacy Hillgrove consent audit recorded outstanding non-compliances
The 2024–25 AEMR previously recorded five Development Consent non-compliances still outstanding at the start of the 2025 reporting year. In the July 2026 updated AEMR, four remained at year end: three were being held open pending Department of Planning, Housing and Infrastructure approval of environmental control standards (noise and air/dust), and one remained open; the report states no other breaches were found. The AEMR also says quarterly noise results were compliant, while the legacy conditions remained formally open. A separate NSW Resources Regulator mining-lease audit recorded a warning letter over the rehabilitation plan format, rectified 12 December 2024, and a late 2024 forward-program submission; the regulator took no further action on lateness. The AEMR’s open items arise from historical consent conditions; they are company/site compliance issues, not findings of personal misconduct. CEO Heeks and COO Neame are relevant current operational oversight, but the records do not attribute the legacy breaches to either individual.
Employer context; no individual link established · Company/site compliance context; no personal causal link to Heeks or Neame established.
Annual Environmental Management Report 2025 · pp. 5–9, section 1 and Table 2; pp. 81–84, section 10.3: count/status and compliance updates
Hillgrove Mines – Mining Act audit report · pp. 16–20, sections 3.2.7–3.2.14: format warning rectified, late filing and no further regulator action
Evidence gaps · 1
- The 2025 AEMR still records four historical consent items as open at its reporting cutoff; the 2026 Q3 report describes Mod 5 as under assessment but does not establish closure of those historical items by 2026-11-02.
Nick Longmire
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Financial Officer
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts · Current executive roster
Board and Management · Management section
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Larvotto completed the transition of Hillgrove toward production and reported first production in August 2026. Its 30 October Q3 report records the first 68-tonne antimony concentrate shipment to Wogen after quarter-end and says mine-gate delivery satisfied a condition for an initial payment under the offtake prepayment facility. This is an issuer-level outcome during the executive’s tenure; company delivery cannot by itself establish individual causation.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts · FY2026 operating update and first production
Quarterly Activities/Appendix 5B Cash Flow Report · pp. 1 and 4; post-quarter shipment and mine-gate delivery
James Kerr
Chief Technical Officer
Role FitAnalyst Inference · Medium materiality
Professional fit for Chief Technical Officer
The current CTO role and the documented geology/exploration leadership record are relevant to Larvotto’s technical needs. This is an analyst inference from role history and issuer disclosures; it does not establish current performance or project causation. The Larvotto appointment date and parts of the earlier chronology remain unknown.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Investor Presentation – IMARC · slide 14, management roster
Management team · Chief Technical Officer biography
Annual Report 2016 · p. 15; General Manager Geology role
EducationIssuer Reported · Medium materiality
Issuer-reported geology and mineral economics qualifications
Larvotto’s management biography lists a BSc in Geology, MMinEcon and Member AusIMM; a 2011 Hillgrove presentation lists BSc (Geology) and MSc (Mineral Economics). These issuer statements are consistent but were not independently verified against university or professional-body records.
Responsibility not applicable · Qualifications are reported by issuers; independent credential and membership verification was not located.
Management team · Chief Technical Officer biography
Wilson HTM Investor Presentation · management team slide, qualifications
Personal SuccessDocumented · Medium materiality
Documented technical supervision of Geopacific exploration results
A June 2017 Woodlark release reported 51m at 2.82g/t gold and 18m at 8.89g/t gold. Its Competent Person statement says the exploration results were compiled by and under the supervision of Jim Kerr, then General Manager Geology. This documents a defined technical reporting contribution; it does not establish that he was the sole discoverer or that the results produced economic success.
Individual involvement documented · The issuer’s Competent Person statement directly identifies Kerr as compiler/supervisor of reported exploration results.
WOODLARK – Success continues 18m @ 8.89g/t Au · p. 1, reported intercepts; p. 6, Competent Person statement
Evidence gaps · 5
- Larvotto’s exact CTO appointment date is not disclosed in the reviewed issuer sources.
- The current issuer biography references Barrick Gold, but the reviewed material does not establish Kerr’s title or dates there; dates for older Oropa, Mincor and Hillgrove roles are also incomplete.
- Qualifications and AusIMM membership are issuer-reported and were not independently verified.
- The 2006 RNS reports other directorships as current at that date only; no current status was established for those roles, and no exhaustive current board-role search was possible.
- No exhaustive criminal-record, sanctions, litigation, reference or background check was conducted.
Cecilia Tyndall
Company Secretary
Role FitAnalyst Inference · Medium materiality
Professional fit for Company Secretary
Role fit is an analytical inference from the documented position and the listed experience. The current role aligns with the function stated in the title; demonstrated personal outcomes are not inferred from employer results.
Responsibility not applicable · Analyst assessment based on the cited role and career record; it does not establish performance causation.
Half Yearly Report and Accounts · Current executive roster
Board and Management · Management section
Company SuccessIssuer Reported · Medium materiality
Company-level project and delivery record
Larvotto completed the transition of Hillgrove toward production and reported first production in August 2026. Its 30 October Q3 report records the first 68-tonne antimony concentrate shipment to Wogen after quarter-end and says mine-gate delivery satisfied a condition for an initial payment under the offtake prepayment facility. This is an issuer-level outcome during the executive’s tenure; company delivery cannot by itself establish individual causation.
Role overlaps event; causation unproven · The individual held the stated role during some or all of the reported period; available evidence does not isolate personal contribution.
Half Yearly Report and Accounts · FY2026 operating update and first production
Quarterly Activities/Appendix 5B Cash Flow Report · pp. 1 and 4; post-quarter shipment and mine-gate delivery
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-03-16 · 518,201,720 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 13.51% | 70,000,253 | |
| 2 | 9.98% | 51,685,160 | |
| 3 | 7.43% | 38,500,000 | |
| 4 | 6.14% | 31,780,718 | |
| 5 | 2.76% | 14,275,418 | |
| 6 | 1.93% | 10,000,000 | |
| 7 | 1.62% | 8,415,918 | |
| 8 | 1.29% | 6,692,027 | |
| 9 | 1.06% | 5,500,000 | |
| 10 | 1.04% | 5,400,000 | |
| 11 | 1.04% | 5,398,350 | |
| 12 | 0.95% | 4,932,659 | |
| 13 | 0.91% | 4,691,441 | |
| 14 | 0.81% | 4,170,231 | |
| 15 | 0.73% | 3,800,000 | |
| 16 | 0.73% | 3,772,142 | |
| 17 | 0.70% | 3,608,635 | |
| 18 | 0.68% | 3,530,557 | |
| 19 | 0.67% | 3,487,731 | |
| 20 | — | 5,015,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 9.98%Voting power | 2026-03-16 | |
| 9.36%Voting power | 2026-03-16 | |
| 7.09%Voting power | 2026-03-16 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Gage Capital LP appears twice in the register and multiple HSBC/BNP accounts appear separately. Rank suffixes retain the issuer’s separate listed lines where account identifiers are not given. The group substantial total is separate and overlaps the register.
- Annual report discrepancy: the 5,015,000-share Mrs Sheruza Dilshani Uduman row is labeled 0.99%, which does not reconcile to 518,201,720 issued shares; the percentage is withheld.
Sources
- Annual Report to shareholders
Larvotto Resources Limited / ASX · Published 2026-03-30 · Accessed 2026-10-09
Reports the top 20 register dated 16 March 2026, total issued shares and three disclosed substantial holders.
PDF page 74 (printed page 72), ASX Additional Information as at 16 March 2026; page 75 substantial shareholders
Disclosed activity
Insider transactions
Trading activity31 buys · 108 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2023-12-14 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-14As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 644 | AUD 48.30 | — | — |
| 2023-12-14 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-14As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 37,356 | AUD 2,801.70 | — | — |
| 2023-12-14 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-14As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 3,170 | AUD 250.43 | — | — |
| 2023-12-14 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-14As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 144 | AUD 11.38 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 120 | AUD 9.36 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 2,340 | AUD 182.52 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 2,368 | AUD 179.97 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 353 | AUD 27.53 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 1,984 | AUD 150.78 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 224 | AUD 17.25 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 114 | AUD 8.78 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 734 | AUD 56.52 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 71 | AUD 5.47 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 69 | AUD 5.31 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 1,755 | AUD 133.38 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 3,764 | AUD 286.06 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 3 | AUD 0.23 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 381 | AUD 28.96 | — | — |
| 2023-12-12 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-12As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 824 | AUD 62.62 | — | — |
| 2023-12-11 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-11As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 902 | AUD 67.65 | — | — |
| 2023-12-11 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-11As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 222 | AUD 16.65 | — | — |
| 2023-12-11 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-11As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 1,516 | AUD 113.70 | — | — |
| 2023-12-11 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-11As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 330 | AUD 24.75 | — | — |
| 2023-12-11 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-11As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Ceasing to be a Substantial Holder ↗ | SaleOrdinary Shares | 2,250 | AUD 168.75 | — | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 25,000 | AUD 2,237.50 | AUD 0.0895Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 50,000 | AUD 4,475.00 | AUD 0.0895Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 100,000 | AUD 8,950.00 | AUD 0.0895Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 100 | AUD 8.70 | AUD 0.087Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 700,000 | AUD 57,750.00 | AUD 0.0825Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 60,250 | AUD 4,970.63 | AUD 0.0825Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 10,000 | AUD 885.00 | AUD 0.0885Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 339,000 | AUD 30,001.50 | AUD 0.0885Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 50,000 | AUD 4,475.00 | AUD 0.0895Calculated average | — |
| 2023-12-05 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-12-05As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 10,000 | AUD 895.00 | AUD 0.0895Calculated average | — |
| 2023-11-29 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-11-29As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 4,790 | AUD 490.98 | AUD 0.102501Calculated average | — |
| 2023-11-29 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-11-29As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 30,000 | AUD 3,075.00 | AUD 0.1025Calculated average | — |
| 2023-11-29 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-11-29As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 50,000 | AUD 5,125.00 | AUD 0.1025Calculated average | — |
| 2023-11-29 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-11-29As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 5,000 | AUD 512.50 | AUD 0.1025Calculated average | — |
| 2023-11-29 | Electrification and Decarbonization AIE LPElectrification and Decarbonization AIE LP
Details & evidence for Electrification and Decarbonization AIE LP on 2023-11-29As disclosed: Disposed of shares.
LRV substantial-holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported as investment manager of E&D and Li Equities Change in substantial holding ↗ | SaleOrdinary Shares | 5,000 | AUD 512.50 | AUD 0.1025Calculated average | — |
| 2023-03-12 | Lithium Royalty CorporationLithium Royalty Corporation
Details & evidence for Lithium Royalty Corporation on 2023-03-12Paired off-market transfer to Li Equities; reporting-group total unchanged. As disclosed: Transfer of shares to Li Equities Investments LP.
Change in substantial holding ↗ | Transfer OutOrdinary Shares | 1,111,111 | AUD 178,763.00 | AUD 0.160886Calculated average | — |
| 2023-03-12 | Li Equities Investments LPLi Equities Investments LP
Details & evidence for Li Equities Investments LP on 2023-03-12Paired off-market transfer from Lithium Royalty; reporting-group total unchanged. As disclosed: Transfer of shares from Lithium Royalty Corporation.
LRV substantial holder group member · Start not disclosed Waratah Capital Advisors Ltd · reported within investment-manager substantial-holder group Change in substantial holding ↗ | Transfer InOrdinary Shares | 1,111,111 | AUD 178,763.00 | AUD 0.160886Calculated average | — |
Disclosed holding observations14 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-03-16 | 1832 Asset Management L.P.
Details & evidence for 1832 Asset Management L.P. on 2026-03-16Position as stated in 2025 Annual Report; not a transaction.
LRV substantial holder · Start not disclosed State Street Trust Company, Canada · registered holder/custodian of shares for investment funds managed by 1832 Asset Management L.P. Annual Report to shareholders ↗ | PositionOrdinary Shares | 36,713,525 | 7.09%Issued Shares |
| 2026-03-16 | Denali Minerals, LLC
Details & evidence for Denali Minerals, LLC on 2026-03-16Position as stated in 2025 Annual Report; not a transaction.
Annual Report to shareholders ↗ | PositionOrdinary Shares | 51,685,160 | 9.98%Issued Shares |
| 2026-03-16 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2026-03-16Position as stated in 2025 Annual Report; not a transaction.
LRV substantial holder · Start not disclosed Annual Report to shareholders ↗ | PositionOrdinary Shares | 48,500,000 | 9.36%Issued Shares |
| 2025-09-25 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2025-09-25Controlled interest through registered holder Gage Capital LP; snapshot only.
LRV substantial holder · Start not disclosed Change in substantial holding ↗ Change in substantial holding ↗ | FinalOrdinary Shares | 48,500,000 | 9.39%Voting Power |
| 2025-09-04 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2025-09-04Controlled interest through registered holder Gage Capital LP; snapshot only.
LRV substantial holder · Start not disclosed Change in substantial holding ↗ Change in substantial holding ↗ | FinalOrdinary Shares | 56,500,000 | 11.54%Voting Power |
| 2025-08-04 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2025-08-04Controlled interest through registered holder Gage Capital LP; snapshot only.
LRV substantial holder · Start not disclosed Change in substantial holding ↗ | InitialOrdinary Shares | 61,111,664 | 12.89%Voting Power |
| 2024-09-23 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2024-09-23Position unchanged; percentage diluted by new issuance.
LRV substantial holder · Start not disclosed Change in substantial holding ↗ Change in substantial holding ↗ | PositionOrdinary Shares | 66,855,107 | 21.57%Issued Shares |
| 2024-09-10 | 1832 Asset Management L.P.
Details & evidence for 1832 Asset Management L.P. on 2024-09-10Position after disclosed purchases.
LRV substantial holder · Start not disclosed State Street Trust Company, Canada · registered holder/custodian of shares for investment funds managed by 1832 Asset Management L.P. Change in substantial holding ↗ | PositionOrdinary Shares | 20,800,000 | 6.71%Issued Shares |
| 2024-09-10 | Union Holdings (Malta) Ltd
Details & evidence for Union Holdings (Malta) Ltd on 2024-09-10Cessation below the 5% threshold; not a zero holding.
LRV substantial holder · Start not disclosed Trafigura Group Pte Ltd and listed related group entities · member of the Trafigura group disclosed as associated entities Ceasing to be a substantial holder ↗ | ThresholdOrdinary Shares | 14,984,494 | 4.83%Issued Shares |
| 2024-09-05 | 1832 Asset Management L.P.
Details & evidence for 1832 Asset Management L.P. on 2024-09-05Initial substantial-holder position following reported on-market purchases.
LRV substantial holder · Start not disclosed State Street Trust Company, Canada · registered holder/custodian of shares for investment funds managed by 1832 Asset Management L.P. Becoming a substantial holder ↗ | InitialOrdinary Shares | 16,455,000 | 5.31%Issued Shares |
| 2024-09-03 | Union Holdings (Malta) Ltd
Details & evidence for Union Holdings (Malta) Ltd on 2024-09-03Position after reported sales.
LRV substantial holder · Start not disclosed Trafigura Group Pte Ltd and listed related group entities · member of the Trafigura group disclosed as associated entities Change in substantial holding ↗ | PositionOrdinary Shares | 16,915,549 | 5.46%Issued Shares |
| 2024-08-16 | Union Holdings (Malta) Ltd
Details & evidence for Union Holdings (Malta) Ltd on 2024-08-16Position after the reported on-market sales.
LRV substantial holder · Start not disclosed Trafigura Group Pte Ltd and listed related group entities · member of the Trafigura group disclosed as associated entities Change in substantial holding ↗ | PositionOrdinary Shares | 22,571,429 | 7.33%Issued Shares |
| 2023-12-15 | Gage Capital Management Ltd
Details & evidence for Gage Capital Management Ltd on 2023-12-15Initial position controlled by Gage Capital Management through Gage Capital LP.
LRV substantial holder · Start not disclosed Becoming a Substantial Holder ↗ | InitialOrdinary Shares | 66,855,107 | 29.90%Issued Shares |
| 2023-12-15 | Union Holdings (Malta) Ltd
Details & evidence for Union Holdings (Malta) Ltd on 2023-12-15Initial substantial-holder position after DOCA issue.
LRV substantial holder · Start not disclosed Trafigura Group Pte Ltd and listed related group entities · member of the Trafigura group disclosed as associated entities Becoming a substantial holder ↗ | InitialOrdinary Shares | 33,571,429 | 15.01%Issued Shares |
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Sign in or enter a guest codeChronological evidenceSource-document inventory34 documents
September 2026 Quarterly Report and Appendix 5BOperations · HighExtracted
First quarter of production at Hillgrove: production commenced 31 August 2026, first concentrate in September, first 68t antimony concentrate shipment to Wogen after quarter end. Appendix 5B: cash A$31.1M at 30 September 2026 (A$87.9M at 30 June), net operating outflow A$7.0M, investing outflow A$48.7M, A$150.5M bond facility fully drawn (12% fixed, US$105M, 4 years), 3.3 quarters of funding. Modification 5 (250ktpa to 500ktpa) still under NSW assessment; Modification 8 lodged to extend mine life to December 2027. Hammer scheme terminated; A$0.55M break fee and A$1.0M loan repaid in August.
- Document ID
- q3_2026_quarterly
- Published UTC
- 2026-10-30T05:02:51Z
- Projects
- hillgrove · mt_isa · eyre
- Commodities
- others · gold · copper · tungsten
Insider dealings database extract for LRVGovernance · LowExtracted
Command: python -m miners.insider_transactions show LRV. Director dealings in the database: two 700,000-option exercises on 19 December 2024 (director holdings after exercise 5,473,334 and 1,666,667 shares as recorded) and share purchase plan subscriptions of 35,350 shares at A$0.68 on 22 August 2025 by Ronald Heeks (holding 3,487,731 after) and Mark Tomlinson (holding 1,203,802 after). No director sales are recorded; the database status is partial.
- Document ID
- local_insider_db
- Published UTC
- 2026-10-30T05:00:00Z
- Projects
- hillgrove
- Commodities
- —
Appendix 3G: 425,026 performance rights issued (29 Oct 2026)Corporate Action · LowExtracted
Issue of 425,026 unquoted performance rights under the employee incentive plan on 29 October 2026.
- Document ID
- appendix_3g_20261029
- Published UTC
- 2026-10-29T07:36:47Z
- Projects
- hillgrove
- Commodities
- —
Latest eligible ASX close for LRV (30 Oct 2026)Market Data · HighExtracted
Command: python -m miners.reference_price LRV --valuation-date 2026-10-31. Close A$0.78 on 2026-10-30, volume 947,670, one ASX LRV ordinary share, market data provider via miners.collect_stock_prices, 1 day old (fresh).
- Document ID
- lrv_reference_price_20261030
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- hillgrove
- Commodities
- —
Market snapshot for LRV (local databases, cutoff 2026-10-31)Market Data · MediumExtracted
Command: python -m miners.v8db.market_snapshot LRV --cutoff 2026-10-31 --shares 520000000 --commodities Au,Sb,W. 52-week range A$0.73-1.595; returns 1m -28.4%, 3m -30.4%, 12m -24.3%, 3y +454.7%; relative to the mining index 12m -33.1%; 20-day average traded value A$1.61M, 60-day A$2.16M; gold futures US$4,031/oz on 2026-10-29 against a one-year average US$4,454 and three-year average US$3,306; AUD per USD 1.4236. No antimony or tungsten series in the local database and no published peers in the stock database.
- Document ID
- market_snapshot_20261031
- Published UTC
- 2026-10-30T05:10:00Z
- Projects
- hillgrove
- Commodities
- gold
Investor Presentation - IMARC (October 2026)Presentation · MediumExtracted
Corporate overview at 21 October 2026: 520,288,899 shares, 24,059,870 performance rights, price A$0.80, cash A$87.9M and debt A$152.9M at 30 June. Production target 40,500 oz Au and 4,900 t Sb a year with 600 t WO3 potential; October 2026 prices Sb US$26,000/t, Au US$4,010/oz, WO3 US$320,000/t. Reproduces the May 2025 Ore Reserve (3.01Mt) and Mineral Resource (8,766kt) tables; Metz and Midas exploration targets; resource upgrade expected in 2027.
- Document ID
- imarc_presentation_20261027
- Published UTC
- 2026-10-26T23:21:56Z
- Projects
- hillgrove · mt_isa
- Commodities
- others · gold · tungsten · copper
SMM: September 2026 China antimony oxide export data analysisCommodity Data · MediumExtracted
China exported 307 mt of antimony oxide in September 2026 (170 mt in August, 111 mt in September 2025); average FOB price for 99.5% trioxide US$22,450/t, down 8.7% from US$24,593/t in August; domestic average 87,310 yuan/t; ingot exports were 20 mt, the first non-zero month of 2026 after eight months at zero; exports described as normalised licensed flows.
- Document ID
- smm_antimony_exports_20260921
- Published UTC
- 2026-10-21T03:39:00Z
- Projects
- hillgrove
- Commodities
- others
Appendix 2A: 262,500 ordinary shares quoted (13 Oct 2026)Corporate Action · LowExtracted
Issue of 262,500 fully paid ordinary shares on 13 October 2026 on conversion of performance rights.
- Document ID
- appendix_2a_20261013
- Published UTC
- 2026-10-13T06:33:14Z
- Projects
- hillgrove
- Commodities
- —
Management assessment and background check for LRV (repository product)Governance · MediumExtracted
Files management/LRV/summary.md and management/LRV/background-check.json (researched 2026-10-09). Roster: Ronald Heeks (MD/CEO), Sonja Neame (COO), Nick Longmire (CFO), Cecilia Tyndall (company secretary); notes four open legacy Hillgrove development-consent non-compliances at the 2025 AEMR year end (three pending DPHI approval of noise and air/dust standards); team score 66/100 with medium evidence confidence. Treated as an input; claims checked against the annual report and half-year report.
- Document ID
- local_management_review
- Published UTC
- 2026-10-09T08:00:00Z
- Projects
- hillgrove
- Commodities
- —
Investor register for LRV (repository product, 16 March 2026 register)Governance · MediumExtracted
File ownership/LRV/investors.json (cutoff 2026-10-09): top-20 register at 16 March 2026 (518,201,720 shares): HSBC Custody Nominees 13.51%, Denali Minerals LLC 9.98%, Gage Capital LP 7.43% (plus 1.93% second line), Citicorp Nominees 6.14%; substantial holders Denali 9.98%, Gage Capital Management 9.36%, 1832 Asset Management 7.09%. Source is the annual report page 74-75.
- Document ID
- local_investor_register
- Published UTC
- 2026-10-09T08:00:00Z
- Projects
- hillgrove
- Commodities
- —
First Concentrate Produced at HillgroveOperations · HighExtracted
Flotation cells and concentrate filter presses commissioned and first antimony and gold concentrate produced; binding offtakes in place with Wogen (antimony) and Glencore (gold concentrate). Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- first_concentrate_20260921
- Published UTC
- 2026-09-20T22:30:00Z
- Projects
- hillgrove
- Commodities
- others · gold
Blue Ocean Equities: 1st Production Achieved, Expect Smooth Ramp-up (14 Sep 2026)Market Data · MediumExtracted
Sell-side view used only to test the thesis, not as a fair-value anchor: BUY, target A$2.10, risked NAV A$2.08 per share at Au US$4,500, Sb US$25,000 and AUD:USD 0.71, 5% risk factor, tungsten circuit valued at A$105M. The firm acted as joint lead manager on the 2024 and 2025 placements and as adviser on the Hammer proposal (disclosed conflict). Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- blue_ocean_20260914
- Published UTC
- 2026-09-13T22:30:00Z
- Projects
- hillgrove
- Commodities
- others · gold · tungsten
Half-year Report to 30 June 2026 (reviewed)Results · HighExtracted
Reviewed interim accounts: loss A$6.93M, cash A$87.9M, mine properties under development A$155.3M, borrowings A$145.2M carrying, net assets A$96.7M, 519,340,876 shares and 20,952,060 performance rights at 30 June 2026. Bond interest of A$10.6M capitalised. Capex commitments A$7.45M within a year; restated 31 December 2025 comparatives (restricted cash reclassified to other financial assets).
- Document ID
- half_year_2026
- Published UTC
- 2026-09-10T06:39:19Z
- Projects
- hillgrove
- Commodities
- others · gold
Excellent drill results continue from Clarks GullyResults · MediumExtracted
Clarks Gully diamond drilling extended gold-antimony-tungsten mineralisation below and south of the 2025 resource, including CLG128 9.5m at 8.07 g/t AuEq and tungsten intercepts up to 7.27% WO3 over 1m. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- clarks_gully_drilling_20260907
- Published UTC
- 2026-09-06T22:30:00Z
- Projects
- hillgrove
- Commodities
- gold · others · tungsten
Production Commenced at Hillgrove Gold-Antimony MineOperations · HighExtracted
Gold and antimony production commenced at Hillgrove on 31 August 2026. Company says the mine is forecast to supply about 7% of global antimony demand and over 50% of supply outside China-controlled sources; workforce above 180, about 95% regional. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- production_commenced_20260831
- Published UTC
- 2026-08-30T22:30:00Z
- Projects
- hillgrove
- Commodities
- others · gold
Hammer Metals Acquisition UpdateTransaction · MediumExtracted
Larvotto declined to match the Austral Resources superior proposal for Hammer; the scheme implementation deed was terminated; A$0.55M break fee and repayment of the A$1.0M loan were received in August; the Glencore placement lapses.
- Document ID
- hmx_termination_20260810
- Published UTC
- 2026-08-09T23:08:25Z
- Projects
- mt_isa
- Commodities
- copper
June 2026 Quarterly Report and Appendix 5BOperations · HighExtracted
June quarter: third and final US$42.5M Nordic bond drawdown, cash A$88M (A$82M at March), Midas Exploration Target 3.95Mt at 5.16 g/t AuEq (656koz), staged commissioning beginning after quarter end, Hammer Metals scheme with proposed A$15M Glencore placement.
- Document ID
- q2_2026_quarterly
- Published UTC
- 2026-07-31T08:58:21Z
- Projects
- hillgrove · mt_isa
- Commodities
- others · gold · copper
Investor Presentation - Diggers & Dealers (3 Aug 2026)Presentation · LowExtracted
Pre-production investor presentation restating the DFS production target, offtakes, tungsten potential and Mt Isa copper strategy.
- Document ID
- diggers_presentation_20260803
- Published UTC
- 2026-08-03T04:16:04Z
- Projects
- hillgrove
- Commodities
- others · gold · tungsten
Staged Process Plant Commissioning Commences at HillgrovePermitting · HighExtracted
Crushing circuit commissioned on Metz ore. Modification 5 (processing capacity from 250,000 to 500,000 tpa and dry-stack tailings) is in NSW assessment with responses to DPHI queries due end July; Modifications 6 and 7 were previously approved. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- commissioning_20260721
- Published UTC
- 2026-07-20T22:30:00Z
- Projects
- hillgrove
- Commodities
- others · gold
Blockade Copper Mine Option ExercisedTransaction · MediumExtracted
Option exercised over exclusive rights at Blockade (ML90027, Mt Isa): A$400,000 of shares, separate option to buy the lease for A$1M, deferred consideration capped at A$10M if ore is produced; RC drilling 31m at 1.16% Cu. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- blockade_option_20260709
- Published UTC
- 2026-07-08T22:30:00Z
- Projects
- mt_isa
- Commodities
- copper
Binding Agreement to Acquire Hammer MetalsTransaction · MediumExtracted
All-scrip scheme to acquire Hammer Metals at 1 new LRV share per 22 HMX shares (about A$54M fully diluted equity at A$1.33), with a proposed A$15M placement to Glencore at a 15% premium and a A$4M liquidity loan to Hammer.
- Document ID
- hmx_binding_20260611
- Published UTC
- 2026-06-11T00:47:16Z
- Projects
- mt_isa
- Commodities
- copper
Larvotto Secures Gold Concentrate Offtake with GlencoreEconomic Arrangement · HighExtracted
Binding mine-gate offtake of gold concentrate to Glencore for the first seven years, about 15,000 dmt a year, LBMA-based payment adjusted for contained gold; subject to final agreements; price and treatment terms not disclosed. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- glencore_offtake_20260609
- Published UTC
- 2026-06-08T22:30:00Z
- Projects
- hillgrove
- Commodities
- gold
March 2026 Quarterly Report and Appendix 5BOperations · MediumExtracted
March 2026 quarter: second Nordic bond drawdown of US$31.5M, underground mining restart, construction and procurement progress and cash balance of about A$82M.
- Document ID
- q1_2026_quarterly
- Published UTC
- 2026-04-30T08:31:39Z
- Projects
- hillgrove
- Commodities
- others · gold
Annual Report for the year ended 31 December 2025Results · HighExtracted
Audited FY2025 accounts: no revenue, loss A$19.1M (FY2024 A$13.6M), cash A$70.3M, restricted escrow A$109.2M, borrowings A$146.8M, net assets A$100.9M; 517,524,674 shares at 31 December 2025 and 376,188,980 at 31 December 2024; US$105M 12% four-year bond issued 1 August 2025 at 94; top-20 register and substantial holders at 16 March 2026 (Denali Minerals 9.98%, Gage 9.36%, 1832 Asset Management 7.09%); KMP remuneration.
- Document ID
- annual_report_2025
- Published UTC
- 2026-03-30T09:26:44Z
- Projects
- hillgrove
- Commodities
- others · gold
USGS Mineral Commodity Summaries 2026: AntimonyCommodity Data · MediumExtracted
February 2026 edition (publication day not stated; month-stamped, so used for structural facts): world antimony mine production 110,000 t in 2025 (119,000 t in 2024): China 40,000 t, Russia 32,000 t, Tajikistan 22,000 t, Australia 1,300 t; reserves above 2 Mt; US price averaged US$25 per lb in 2025 (US$10.24 in 2024), peaking at US$27.50 in June 2025 and falling to US$20.30 in November; US net import reliance 91%; China banned exports to the US in December 2024.
- Document ID
- usgs_antimony_2026
- Published UTC
- 2026-02-02T14:00:00Z
- Projects
- hillgrove
- Commodities
- others
December 2025 Quarterly Report and Appendix 5BOperations · MediumExtracted
December 2025 quarter: construction and underground development progressing, cash A$70.3M plus A$109.2M escrowed bond proceeds at year end.
- Document ID
- q4_2025_quarterly
- Published UTC
- 2026-01-29T23:43:59Z
- Projects
- hillgrove
- Commodities
- others · gold
Larvotto Acquires ECORE TechnologyCorporate Action · LowExtracted
Purchase of an ECORE automated core scanning system (Elemission) for exploration and metallurgical work at Hillgrove.
- Document ID
- ecore_20251204
- Published UTC
- 2025-12-03T22:07:51Z
- Projects
- hillgrove
- Commodities
- —
September 2025 Quarterly Report and Appendix 5BOperations · MediumExtracted
September 2025 quarter: bond issued (US$105M), A$70M placement and share purchase plan completed, final investment decision and start of construction.
- Document ID
- q3_2025_quarterly
- Published UTC
- 2025-10-30T22:21:32Z
- Projects
- hillgrove
- Commodities
- others · gold
Rejection of Non-Binding Indicative Offer from USACTransaction · HighExtracted
Board unanimously rejected the USAC proposal as materially undervaluing Larvotto; implied offer value had fallen to about A$1.11-1.13 per share by 24 October 2025.
- Document ID
- usac_rejection_20251027
- Published UTC
- 2025-10-26T21:50:38Z
- Projects
- hillgrove
- Commodities
- others · gold
Receipt of Non-Binding Indicative Offer (USAC)Transaction · HighExtracted
United States Antimony Corporation (10.0% holder) made a non-binding scheme proposal of 6 USAC shares per 100 LRV shares, then worth A$1.40 per LRV share on 16 October 2025.
- Document ID
- usac_offer_20251020
- Published UTC
- 2025-10-19T23:26:01Z
- Projects
- hillgrove
- Commodities
- others · gold
Hillgrove Definitive Feasibility Study (6 May 2025)Study · HighExtracted
DFS for a 525ktpa plant and eight-year mine life: LOM 324,445 oz Au and 39,026 t Sb recovered; base case (Au US$2,400, Sb US$25,000, AUD:USD 0.65, 8% real) post-tax NPV A$280M, IRR 48%, pre-production capital A$139M net, sustaining capital A$371M, LOM opex A$755M, closure A$9M, tax 30% with no losses; mid case NPV A$694M; Ore Reserve 3.01Mt at 3.1 g/t Au and 1.2% Sb; Mineral Resource 8,766kt at 4.0 g/t Au and 1.1% Sb (1,135koz Au, 96kt Sb); recoveries 87% Sb, 84% Au.
- Document ID
- dfs_20250506
- Published UTC
- 2025-05-06T00:39:57Z
- Projects
- hillgrove
- Commodities
- others · gold
Purchase of Echidna Gully accommodationTransaction · LowExtracted
Acquisition of the Echidna Gully accommodation facility near Hillgrove from an arm's-length vendor, settled in part by 771,109 shares at A$0.778 (A$600,000).
- Document ID
- echidna_gully_20250318
- Published UTC
- 2025-03-17T22:49:01Z
- Projects
- hillgrove
- Commodities
- —
Antimony Offtake with Wogen Resources and US$4M Prepayment FacilityEconomic Arrangement · HighExtracted
Binding exclusive global offtake of Hillgrove antimony concentrate to Wogen Resources for the first seven years of mining, with a US$4.0M prepayment facility from Xcelsior (XCLR Commodities). Pricing, payability and prepayment repayment terms are not disclosed in the release. Release time not captured in the retrieved manifest; 08:30 local is a placeholder.
- Document ID
- wogen_offtake_20241202
- Published UTC
- 2024-12-01T22:30:00Z
- Projects
- hillgrove
- Commodities
- others
Larvotto Announces Acquisition of Hillgrove Gold and Antimony ProjectTransaction · HighExtracted
Binding term sheet with the administrators of Red River Resources to acquire 100% of Hillgrove Mines for A$8.0M (a A$3M purchase price plus about A$5M to replace NSW environmental bonds; A$2.5M settled in shares issued to creditor Trafigura), under A$6 per ounce of a 1.4Moz AuEq resource; funded by a A$4.9M placement (Gage Capital 19.9%) and a A$2.7M entitlement offer at A$0.07.
- Document ID
- hillgrove_acquisition_20231020
- Published UTC
- 2023-10-19T22:39:07Z
- Projects
- hillgrove
- Commodities
- gold · others
Evidence facts41
31111000 AUD
2026-09-30-6985000 AUD
2026-09-30-47663000 AUD
2026-09-30150494000 AUD
2026-09-303.3 quarters
2026-09-30250000 t/yr
2026-10-30520288899 shares
2026-10-2124059870 rights
2026-10-2126000 USD/t
2026-10-21320000 USD/t
2026-10-2187924449 AUD
2026-06-30519340876 shares
2026-06-3020952060 rights
2026-06-30145152963 AUD
2026-06-307450729 AUD
2026-06-30517524674 shares
2025-12-31376188980 shares
2024-12-31-19112068 AUD
2025-12-31-13886117 AUD
2025-12-31280000000 AUD
2025-05-06139000000 AUD
2025-05-06324445 oz
2025-05-0639026 t
2025-05-061952000000 AUD
2025-05-063.01 Mt
2025-05-068766 kt
2025-05-0687925000 AUD
2026-06-30250000 t/yr
2026-07-2115000 dmt/yr
2026-06-094000000 USD
2024-12-026 ratio
2025-10-17400000 AUD
2026-07-09262500 shares
2026-10-13425026 rights
2026-10-298000000 AUD
2023-10-200.78 AUD/share
2026-10-304031.4 USD/oz
2026-10-291.4236 AUD/USD
2026-10-3022450 USD/t
2026-09-30110000 t
2025-12-3125 USD/lb
2025-12-31Conflicts requiring judgment1
- Hillgrove Mineral Resource contained gold equivalent
The September 2026 quarterly cites a 1.7Moz AuEq resource at 7.4 g/t AuEq and footnotes the August 2024 PFS, while the 6 May 2025 DFS table (re-presented in the October 2026 investor presentation) gives 8,766kt at 4.0 g/t Au and 1.1% Sb (7.2 g/t AuEq, 1,135koz Au, 96kt Sb). The DFS table is the current JORC estimate and is used; the quarterly headline appears to carry the older PFS-era figure.