Larvotto Resources (LRV) Q2 2025 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) for Hillgrove Antimony-Gold Project delivered robust economics, with an 8-year mine life and significant resource expansion potential as adjacent deposits are converted to reserves.

• DFS mid-range price scenario (US$2,850/oz gold, US$41,000/t stibnite) projects average post-tax LOM EBITDA of $250M per annum, free cash flow of $128M per annum, NPV $694M, and 11-month payback.

• Formal approval received for mining and processing at Hillgrove, clearing the path for first production in Q2 2026.

• Post-quarter, US$105M Senior Secured Bond and AU$60M equity raising completed to fund project expansion and commencement of mining.

Financial highlights

• Cash balance at 30 June 2025 was $26.6M, down from $34.5M in the previous quarter.

• Net cash used in operating activities for the quarter was $2.8M; investing activities used $5.2M.

• Financing activities contributed $0.1M net cash inflow for the quarter.

• Estimated quarters of funding available: 5.6, based on current cash and outgoings.

Outlook and guidance

• Operations at Hillgrove are expected to commence in Q2 2026, supported by recent financing and regulatory approvals.

• Ongoing exploration and infill drilling at Hillgrove aim to extend mine life and increase resource confidence.

• Updated Mineral Resource Estimate underway, incorporating recent high-grade drilling results.