Larvotto Resources Hits First Concentrate at Hillgrove With Glencore and Wogen Offtakes Live
Key Takeaways
- Larvotto Resources (ASX: LRV) has produced first gold and antimony concentrate at its 100%-owned Hillgrove Mine in New South Wales, transitioning the project from redevelopment to active production.
- Hillgrove is forecast to produce approximately 4,900 tonnes of antimony and ~40,500 ounces of gold per annum over an initial eight-year mine life.
- Binding offtake agreements with Wogen Resources (antimony, exclusive global, seven years) and Glencore International AG (gold concentrate, ~15,000 dmt per annum, seven years) were secured before first production, substantially reducing commercial risk.
- Representatives from both Wogen Resources and Glencore attended the Hillgrove site at or around first concentrate production, confirming both commercial relationships are active and engaged.
- A tungsten discovery at Hillgrove reported in late August 2026 points to resource upside beyond the current antimony and gold production profile, supporting management's ambition to grow the project into a multi-decade operation.
First concentrate marks Hillgrove’s transition from development to delivery
Larvotto Resources (ASX: LRV) has produced first gold and antimony concentrate at its 100%-owned Hillgrove Mine in New South Wales, marking the operational pivot from redevelopment to active production. The milestone follows the recommencement of production at Hillgrove last month (announced 31 August 2026), which included the completion of an extensive redevelopment and plant upgrade programme described as being to world best practice standards.
Hillgrove is forecast to produce approximately 4,900 tonnes of antimony per annum and ~40,500 ounces of gold per annum over an initial eight-year mine life. For investors, this moment signals the shift from capital deployment to revenue generation, with binding offtake agreements already in place for both concentrate streams.
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How the Hillgrove processing plant turns ore into two revenue streams
The Hillgrove processing plant produces two separate, saleable concentrate products from a single operation. Here is how the process works, step by step:
- Ore is coarsely floated in rougher flotation cells
- Concentrate moves into Jameson cleaner cells to remove further impurities
- Further cleaning occurs in cleaner flotation cells, producing a 60% antimony product
- Concentrate is pumped to thickener storage tanks for several days to build sufficient density
- Filter presses remove excess moisture to produce concentrate to specification
The result is two separate, saleable concentrate streams: antimony concentrate and gold concentrate. Producing two revenue streams from a single processing plant is commercially significant because it diversifies the income base and gives Hillgrove two distinct buyer relationships simultaneously.
Why two concentrates matter for investors
Having binding offtake agreements for both streams before first production substantially de-risks the revenue pathway. Buyers were identified and contracted before a tonne of saleable product was made.
- Antimony concentrate: covered by a binding offtake agreement with Wogen Resources, completed December 2024, under which Wogen provides exclusive global offtake sales for antimony concentrate produced during the first seven years of mining.
- Gold concentrate: covered by a separate binding agreement with Glencore International AG, covering expected annual offtake of approximately 15,000 dmt of gold concentrate for the first seven years of mining.
Two binding agreements, two global commodity buyers, two revenue streams locked in before the plant produced its first tonne. That structure meaningfully reduces the commercial uncertainty investors typically face at this stage of a mine’s life.
Wogen and Glencore partnerships activate as delivery phase begins
The transition from agreement to active delivery is now under way. Both Wogen Resources and Glencore International AG sent representatives to site, signalling that commercial relationships are live, not merely contractual.
Wogen Resources Director Nick Cartwright travelled from the UK to witness first antimony concentrate production at the Hillgrove processing plant. Glencore International AG representatives attended the official Hillgrove Mine opening on 10 September 2026, just prior to first concentrate being produced.
Ron Heeks, Managing Director
“With the successful production of first concentrate, we now move into the delivery phase of the offtake agreements we have secured, namely the antimony offtake with Wogen Resources and the gold concentrate offtake with Glencore. These partnerships are significantly important, providing Larvotto with established access to global commodity markets and supply chains…”
The in-person attendance of both offtake partners at this milestone reinforces that the commercial framework underpinning Hillgrove’s revenue model is active and engaged.
Hillgrove’s role in the global critical minerals supply chain
Antimony is classified as a critical mineral facing growing demand from Western governments. The announcement describes Hillgrove as “a globally significant new source of antimony”, positioning the project within a supply chain context that extends well beyond a single mine’s production figures.
That framing matters for investors tracking critical minerals themes. Hillgrove is not entering a quiet corner of the commodities market. It is entering one where strategic demand from governments and industries is accelerating, and where new, reliable Western-aligned sources of supply are actively sought.
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Next steps: ramping to nameplate capacity
Management’s stated focus is ramping Hillgrove to nameplate capacity and growing the project into a multi-decade critical minerals operation. Beyond Hillgrove, Larvotto’s broader portfolio includes the Mt Isa copper-gold-cobalt project in Queensland and the Eyre multi-metals and lithium project in Western Australia, giving investors exposure across multiple commodities and jurisdictions.
Management’s ambition to grow Hillgrove into a multi-decade operation draws additional weight from a tungsten discovery at Hillgrove reported in late August 2026, which points to resource upside beyond the current antimony and gold production profile.
The key parameters for Hillgrove are summarised below.
| Metric | Detail |
|---|---|
| Antimony production target | ~4,900 tpa |
| Gold production target | ~40,500 oz pa |
| Initial mine life | 8 years |
| Antimony offtake | Wogen Resources (7 years, exclusive global) |
| Gold concentrate offtake | Glencore International AG (~15,000 dmt pa, 7 years) |
First concentrate production is not the finish line. It is the starting gun on a ramp-up phase that management intends to extend into a multi-decade operation. With binding offtake agreements covering both products, two globally recognised commodity buyers already on site, and a processing plant running to world best practice standards, Hillgrove’s transition from development asset to producing mine is now a matter of operational execution rather than commercial uncertainty.
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