Hillgrove’s above-ground infrastructure.
Hillgrove Project in New South Wales – the largest antimony deposit in Australia and 8th largest globally – is positioned to contribute significantly to global supply. With production expected to commence in 2026, the project is projected to supply around 7% of global antimony demand per year once operational. The Definitive Feasibility Study released in May 2025 demonstrates promising economics, including a projected eight-year mine life with the potential to increase to 20 years, strong margins, and resilience even under conservative pricing scenarios. Hillgrove’s Mining Resource Estimate stands at 1.7 million ounces of gold equivalent, offering dual exposure to both the gold and antimony markets. What’s more, the mine is expected to deliver 320 000 to 535 000 tonnes of gold concentrate, antimony concentrate, and gold doré per annum from underground operations. Further strengthening its long-term outlook, Larvotto also possesses a strong exploration upside, with a target of between 670 000 to 1.08 million ounces of gold equivalent. Strategically located near essential infrastructure, including major highways, rail links and regional airports, it ensures efficient logistics and a solid foundation for growth. Through these strong economic fundamentals and geographic advantages, the Hillgrove Project is poised to support global antimony demand and stabilise the Western supply chain. Crucially, the company’s focus on ethical and sustainable mining practices aligns with global environmental objectives and rising demand for responsible resource management and development. This approach not only supports international ESG standards but also meets the expectations of governments and investors seeking transparency. Hillgrove and the future of antimony The growing strategic position of antimony and the relevance of companies such as Larvotto, cannot be overstated. As global demand accelerates and geopolitical risks persist, the Hillgrove Project stands out as a future-ready solution. With production set to commence in Q2 2026, it stands as the only project of such significant scale expected to come online in the near term. Larvotto is uniquely positioned to deliver a secure, sustainable supply of this essential metal for the industries shaping the economy. n
Supply chain alternatives and Larvotto Resources’ role Reflecting this heightened demand, the price of antimony reached a record high of over $35 000 per tonne in November 2024. Despite fluctuations, supply constraints and low inventory levels are creating the environment for potential price increases, with Research and Markets estimating global demand will grow from $2.5 billion in 2024 to $3.4 billion by 2030, intensifying the need for alternative sources of the metal. One alternative to China’s market dominance is Africa, rich in mineral resources such as antimony, but largely underexplored. The Consolidated Murchison mines in South Africa, which comprise the famous ‘antimony line’, began operation in the 1930s, and for many years South Africa remained one of the world’s largest antimony producers. Historical production in the area from World War II through to 2015 was approximately 605 000 tonnes according to Perpetua Resources, before the large-scale closure of facilities after their acquisition by Chinese investment firms. Other African countries, such as Morocco and Zimbabwe, offer promising antimony deposits, with Zimbabwe being the fastest growing market for antimony exports in Southern Africa between 2023 and 2024, according to The Observatory of Economic Complexity. However, limited infrastructure, funding, and regulatory uncertainty have presented barriers to developing antimony mining in these countries, and only through proper investment in these sectors could the regions position themselves as key players in the global antimony market. In this context, Western projects are emerging as viable alternatives to ensure a secure, sustainable supply for critical industries. One notable example is Larvotto Resources, whose
DECEMBER 2025 - JANUARY 2026 | www.modernminingmagazine.co.za MODERN MINING 11
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