Larvotto Starts Production at Hillgrove Securing 7% of Global Antimony Supply
Key Takeaways
- Larvotto Resources commenced gold and antimony production at Hillgrove Mine on 31 August 2026, completing the transition from developer to producer in under three years from acquisition.
- Hillgrove is forecast to produce 4,900 tonnes of antimony and 40,500 ounces of gold annually over an eight-year mine life, representing approximately 7% of global antimony demand.
- Hillgrove will supply over 50% of antimony sourced outside China-controlled channels, entering a market where China imposed export restrictions in 2024 and no new Western supply is expected in the near term.
- Australia has identified antimony as one of three prioritised critical minerals under its $1.2 billion Critical Minerals Strategic Reserve, alongside rare earths and gallium, underpinning strong government tailwinds for Hillgrove.
- Near-term catalysts include tungsten concentrate production, ongoing exploration to extend mine life, and earlier-stage portfolio assets at Mt Isa (copper, gold, cobalt) and Eyre (multi-metals and lithium).
Larvotto Resources commenced gold and antimony production at its 100%-owned Hillgrove Mine in New South Wales on 31 August 2026, establishing itself as Australia’s second — and by far largest — antimony producer. The milestone positions Hillgrove as a globally significant antimony operation, expected to supply approximately 7% of global antimony demand and over 50% of supply outside China-controlled sources. The production start marks the transition from developer to producer, a fundamental re-rating moment for the ASX-listed company.
A globally significant new source of critical antimony supply
Hillgrove is forecast to produce 4,900 tonnes of antimony and 40,500 ounces of gold per annum over an initial eight-year mine life. The production start follows an extensive redevelopment and plant upgrade programme to World Best Practice standard, completed in under three years from acquisition.
The speed of delivery — acquisition to resource and reserve assessment, Pre-Feasibility Study (PFS), Definitive Feasibility Study (DFS), funding, construction, and production — places Larvotto ahead of the global antimony supply curve. No new ethically mined Western antimony supply is expected in the near term, making Hillgrove’s production start strategically significant.
Tungsten concentrate production is planned for the near term, which will broaden the project’s critical minerals production profile. The company has not disclosed a specific start date for tungsten production.
| Metric | Figure | Detail |
|---|---|---|
| Annual antimony production | 4,900 tonnes | ~7% of global demand |
| Annual gold production | 40,500 ounces | Co-product revenue stream |
| Initial mine life | 8 years | Based on current reserves |
| Share of global antimony demand | ~7% | Globally significant operation |
| Share of non-China supply | Over 50% | Strategic Western source |
Production forecasts derived from the DFS (ASX: LRV 6 May 2025).
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Why antimony matters — and why supply security is now a global priority
Antimony is a metalloid used across multiple applications where fire resistance, electrical conductivity, or hardening properties are required. Its use cases span:
- Renewable energy (solar panels)
- Flame retardants
- Electronics
- AI infrastructure
- Defence applications
China dominates global antimony supply, controlling the majority of mining and refining capacity. In 2024, China imposed export restrictions on antimony, tightening global supply and elevating the mineral’s strategic importance. That policy shift accelerated demand for secure, Western-sourced antimony, particularly from governments and industries exposed to supply chain vulnerabilities.
Antimony is now recognised as a critical mineral in multiple jurisdictions:
- Australia
- United States
- European Union
- United Kingdom
- Japan
- New Zealand
Australia has identified antimony as one of three prioritised critical minerals under its $1.2 billion Critical Minerals Strategic Reserve, alongside rare earths and gallium. That prioritisation reflects the mineral’s strategic weight and the urgency of securing domestic production capacity.
Hillgrove enters production into a supply-constrained market with strong government and geopolitical tailwinds. What this tells you is that the company is not competing for market share — it is filling a structural supply gap that governments are actively working to close.
Management commentary and strategic positioning
Managing Director Ron Heeks described the production start as a milestone for Australia’s critical minerals industry, noting the speed of delivery from acquisition to first production.
Ron Heeks, Managing Director
“In less than three years, we have taken Hillgrove from acquisition, resource and reserve assessment, PFS, DFS, funding and construction to production, establishing Larvotto as Australia’s largest antimony producer and a globally significant new source of this essential critical mineral.”
Heeks noted the company’s ambitions extend beyond production start, with plans to grow Hillgrove into a multi-decade mining centre through ongoing exploration across the wider Hillgrove Project. The company is also focused on expanding its critical mineral production profile, including the addition of tungsten.
The strategic importance of Hillgrove has led to strengthening relationships with governments and industry stakeholders across Australia, the US, Taiwan and Japan. Heeks referenced high-level discussions held last week in Taiwan, highlighting the global demand for reliable antimony supply.
A proven team and long-term regional commitment
Larvotto has assembled an operational and technical team of over 180 people to deliver the redevelopment and operate the Hillgrove asset. Approximately 95% of the Hillgrove operations team is based in the New England region, making the mine a major long-term employer in the area.
The company has committed to building a locally based workforce, with the Hillgrove Mine creating long-lasting economic benefits for the region. The local workforce and social licence support the company’s multi-decade operating ambition.
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What’s next for Larvotto
The production start at Hillgrove establishes the foundation for a multi-commodity critical minerals growth story. The company’s near-term priorities include:
- Ramping up Hillgrove gold-antimony production to forecast levels
- Advancing tungsten concentrate production to broaden the critical minerals profile
- Continuing exploration across the wider Hillgrove Project to extend mine life
- Progressing broader portfolio assets, including the Mt Isa copper, gold and cobalt project in Queensland and the Eyre multi-metals and lithium project in Western Australia
The broader portfolio provides diversified growth optionality across in-demand commodities. The Mt Isa project sits adjacent to Mt Isa townsite, while the Eyre project is located 30km east of Norseman in Western Australia.
What this means for your portfolio is that Larvotto is now a producing critical minerals company with near-term tungsten production planned, an active exploration programme at Hillgrove, and earlier-stage assets including the Mt Isa copper, gold and cobalt project and the Eyre multi-metals and lithium project in development. The production start is the beginning of the growth phase, not the endpoint.
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