Larvotto Resources Secures Glencore Offtake Deal for Hillgrove Gold Project
Larvotto Resources has signed a gold purchase agreement with commodities giant Glencore for its Hillgrove antimony-gold project in New South Wales, covering the first seven years of mining with an expected annual offtake of 15,000 dry metric tonnes of concentrate. This deal follows a previously announced antimony offtake agreement with Wogen Resources, securing revenue pathways for both primary products ahead of production commissioning in three months. The agreements significantly de-risk Larvotto's transition to production and represent major commercial milestones for the company, which acquired the project for $8 million in December 2023.
Larvotto Resources has locked in global commodities dealer Glencore as the buyer for gold concentrate from its Hillgrove project in New South Wales, with Glencore taking all gold concentrate produced during the first seven years of mining at an expected annual volume of 15,000 dry metric tonnes. The agreement complements an earlier offtake deal with UK-based Wogen Resources for antimony concentrate, with the latter also providing a US$4 million prepayment facility. Under the Glencore terms, the commodities dealer handles all logistics from mine to customer, with Larvotto paid based on London Bullion Market Association gold prices. The 2025 definitive feasibility study projects an eight-year mine life with average annual production of 85,710 ounces of gold equivalent (comprising 40,500 ounces of gold and 4,878 tonnes of antimony), generating a post-tax net present value of $694 million with an 11-month payback period under conservative commodity price assumptions. Larvotto has already begun moving development ore from the Metz underground deposit to surface stockpiles, with the company's share price rising from 7 cents at the time of the $8 million project acquisition in December 2023 to $1.33 currently, representing a market capitalization increase from under $20 million to approximately $700 million.
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- Sydney Morning HeraldCenter
Larvotto lands Glencore offtake deal for NSW gold
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