ASX-listed Larvotto Resources has completed a two-tranche placement to raise A$60-million to support the restart of its Hillgrove antimony/gold project in New South Wales.

The placement was backed by Australian and international investors, with about 88.2-million new shares to be issued at A$0.68 a share.

The equity raise follows Larvotto’s recent $105-million senior secured bond issue, providing full funding for capital expenditure and working capital requirements as the company targets first ore in the second quarter of 2026.

MD Ron Heeks said the equity raising marks a key milestone in the company’s development path. “What a tremendous outcome for Larvotto Resources that further secures the ongoing development of the Hillgrove antimony/gold project as we target production in Q2 2026.”

Heeks highlighted the project’s strategic positioning as a future source of critical minerals. “The Hillgrove project is the only new source of western antimony supply expected to come on line in the next four years. We are delighted that investors have responded to this position and our progress at Hillgrove to date with such high demand for this placement.”

The placement was priced at a 6.2% discount to Larvotto’s last traded price on July 22 and a 13.5% discount to the five-day volume-weighted average price (VWAP). Settlement of Tranche 1 shares (about A$41.9-million) is expected on August 1, with Tranche 2 (A$18.1-million) to follow, subject to shareholder approval.

The capital raise structure - now fully funded with 70% debt and 30% equity - exceeded internal targets. “To receive this backing just days after we announced the completion of our $105-million senior secured bond issue, provides the foundation we require to commence operations at Hillgrove,” said Heeks.

Larvotto also launched a A$5-million share purchase plan (SPP) at the same price as the placement. Eligible shareholders will be able to apply for up to A$30 000 worth of shares without brokerage. The SPP opens July 28 and closes August 15.

“With the financing stage for Hillgrove addressed, our sole attention turns to construction and commissioning of this unique brownfield opportunity,” Heeks added. “To be operating such a high internal rate of return project within Australia and to be within 12 months of first production at a time of particularly strong interest in new critical mineral sources is very exciting.”

Proceeds from the raise will fund mine development, early site works, exploration drilling, operational readiness and general working capital.