Earnings release
Page 1
30 April 2025 Larvotto Resources Limited – ASX Announcement LARVOTTO RESOURCES LIMITED Suite 1, 88 Broadway, Nedlands WA 6009 | PO Box 3114, Broadway Nedlands WA 6009 | +61 (8) 6373 0112 info@larvottoresources.com | www.larvottoresources.com | ABN 16 645 596 238 | Page 1 of 17 ASX:LRV March 2025 Quarterly Report Highlights Operational • Technical work for the Definitive Feasibility Study (DFS) completed following additional refinement to include: - engineering modifications required for the shift from a wet tailings storage facility to a dry stack system - extended optimisation process focused on improving project outcomes in response to record-high gold and antimony prices - post quarter, $2.5m deposit authorised for long-lead time process plant equipment, including equipment that will improve operation efficiencies • Exploration drilling continues at Bakers Creek and Eleanora-Garibaldi with four diamond drill rigs on site • Key drill results reported this quarter include: Bakers Creek: - BKC018 8.3m @ 10.39 g/t AuEq from 408.7m including 0.76m @ 106.04 g/t AuEq from 412.6m - BKC018 0.6m @ 183.5 g/t AuEq from 493.4m Eleanora-Garibaldi - ELG188 5m @ 8.38 g/t AuEq from 310.9m including 2.9m @ 20.13 g/t AuEq from 314.8m - ELG202 20.7m @ 3.49 g/t AuEq from 146m including 5m @ 8.38 g/t AuEq from 146m • Gradient Array Induced Polarisation ( IP) trial survey carried out over the Clarks Gully deposit , with s urvey designed to test the effectiveness of IP as a tool to discover gold- antimony mineralisation of the style typically observed at Hillgrove • Purchase of established accommodation facility Echidna Gully, located near the Hillgrove Antimony-Gold Project, to provide quality accommodation option for some of the Hillgrove Mine workforce, most of whom will be based in Armidale • Hillgrove Hub was opened on Tuesday 14 th April, a dedicated information and community engagement centre in Armidale Corporate • Inclusion in the ASX All Ordinaries Index • Well-funded with cash position $34.4M Larvotto Resources Limited ( ASX: LRV, ‘ Larvotto’ or ‘the Company’) is pleased to provide its Quarterly Report for the three-month period ended 31st March 2025. The Company has continued to progress on its Hillgrove Antimony -Gold Project , advancing the metallurgical testwork, compiling
Page 2
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 2 of 17 Larvotto Resources Limited – ASX Announcement information for the Definitive Feasibility Study and expanding the exploration drilling, to now have four drill rigs onsite. Hillgrove Antimony and Gold Project, NSW Larvotto’s Hillgrove Project covers 254km2, comprising four exploration leases and 48 granted mining leases for 1.7M Resources at 7.4g/t AuEq 1, placing Hillgrove in the world top 10 global antimony deposits and is Australia’s largest antimony deposit, as well as containing high-grade gold. The field also contains largely untested tungsten mineralisation that has always been mined with the antimony and gold but never extracted in the process plant. The Hillgrove mineral field is strategically located adjacent to existing road infrastructure and within proximity to the urban centres of Armidale (23km), Tamworth (145km) and Coffs Harbour (170km). The area has been an active mining centre for over 100 years (Figure 1). Historically, the Hillgrove field has produced over 750,000oz of gold and 40,000t of antimony. There are currently multiple high- grade drill targets outside of the current Mineral Resources which Larvotto has identified for further near-term drilling. Figure 1 Hillgrove Project Location Map 1 See ASX: LRV Announcement dated 5 August 2024 – Hillgrove Gold-Antimony Project Pre-Feasibility Study
Page 3
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 3 of 17 Larvotto Resources Limited – ASX Announcement Antimony Market On 3 December 2024, China announced the ban on antimony exports to the United States, which will materially change the global supply of this critical metal. Nations have increased efforts to secure antimony from alternative sources and as a result, the p rice of antimony has exceeded $60,000 / tonne during March 2025. Larvotto is well advanced to become a significant western -world antimony producer at a time of heightened awareness of the need for secure access to this unique metal. The Hillgrove Antimony - Gold Project stands out as one of the only large-scale, near-term antimony producers in the Western world and is expected to produce ~7% of global antimony supply once in production. Antimony ores and concentrates (HTSUS code 2617.10.00) are exempt from the Reciprocal Tariffs imposed under U.S. Executive Order 14257, issued on April 2, 2025. This exemption underscores the US government's recognition of antimony's critical role in vari ous industries and the need to maintain a secure and reliable supply chain for such essential minerals. Definitive Feasibility Study Update The technical components of the Definitive Feasibility Study have been completed. The short delay to the release of the final report has been primarily due to: • engineering changes made to accommodate the transition from a wet Tailings Storage Facility (TSF) to a Dry Stack Landform; • an extended optimisation process aimed at enhancing project outcomes amid record -high gold and antimony prices; and • previously unplanned but significant safety and production debottlenecking modifications. With underlying engineering studies complete and the equipment list finalised, post-quarter, Larvotto authorised deposits to be placed on long lead time equipment to upgrade the Hillgrove processing facility, designed to maximise metal recovery rather than just concentrate grade. The enhanced focus on recovery, efficiency, and operational flexibility has extended the evaluation period but is expected to significantly increase project revenue and reduce operational risk over the mine life. Additional plant design changes will also impr ove safety and reduce logistics costs . The DFS is now in the final stages of compilation and expected to be released shortly. Significant Project Change Dry Tailings Storage Selected Larvotto advised in February a significant change to the Hillgrove Antimony-Gold Project plan to incorporate dry stacking of process tailings generated from processing of the high- grade gold and antimony ore from Hillgrove, replacing the requirement for a larger conventional (wet slurry) tailings facility originally planned for the Project. The implementation of dry stacking as the opti mal tailings storage method has many important environmental benefits, including: • Increased water recovery • Reduced clearing required per tonne of tails placed
Page 4
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 4 of 17 Larvotto Resources Limited – ASX Announcement • Greater structural stability with tailings placed in a Dry Tailings Landform, rather than a conventional dam facility • Enables progressive rehabilitation alongside operations, rather than at closure • Provides ‘best practice’ methodology for full closure of historic tailings storage facility Change to Project Plan - Tailings The process of dry stacking of the tailings has multiple benefits for the Hillgrove Project and the site, including: • Significant de-risking of engineering issues associated with conventional wet storage facilities • Eliminating the need for the proposed Clarks Gully Tailings Storage Facility (TSF) from the permitting process • Improved ability to rehabilitate tailing landforms alongside operations rather than only upon completion of mining and processing • Providing ‘best practice’ methodology for rehabilitation of legacy tailings areas not previously closed • Streamlining the permitting process. The implementation of dry stack storage has a significant impact on startup costs as previously the TSF was to be constructed in the second half of the second year of operation and would have been built mainly using cashflow from production. The requirement to have the facility operation from production start moves all costs forward to being pre- production costs. Overall, capital cost of dry stack storage is higher but not significantly when all costs are considered. The company considers the benefits to the project are significantly greater than the increased pre- capital costs, especially given the reduced time to production and access to the current high commodity prices. Permitting The NSW Department of Planning, Housing and Infrastructure has accepted Larvotto’s Pre- Lodgement Application for modification of the existing consent to include Dry Stack tailings and expansion of processing throughput to 500ktpa. The NSW government has accepted that the dry stacking of tailings within the existing tailings storage area is a modification to the current project consent (permit) and not a new application as would have been required for a new wet tailings storage facility planned to be located five kilometres from the process plant at Clarks Gully. The final rehabilitated landform created is not classified as a dam due to its integrity. Environmental studies are well advanced to complete the technical assessments required for the permit to be approved. The use of dry stack tailings is being integrated into the Definitive Feasibility Study. Long lead-time items Subsequent to the end of the quarter, Larvotto authorised a $2.5 million prepayment for long lead - time equipment orders to support the upgrade of its Hillgrove Antimony -Gold Project processing facility. These early orders are intended to maintain the project development schedule and mitigate supply chain delays as the Company targets production commencement in 2026. Metallurgical test work conducted as part of the Definitive Feasibility Study has led to plant refinements aimed at maximising metal recovery . The ordered equipment, totalling $11 million, will enhance plant capacity to 500,000 tonnes per annum and optimise metal recovery versus concentrate
Page 5
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 5 of 17 Larvotto Resources Limited – ASX Announcement grade, this has significant financial implications with surging gold and antimony prices. Key upgrades include additional fine grinding mills and free gold recovery circuits, as well as safety and workflow enhancements aimed at operational efficiency. These refinements are expected to significantly improve project economics and de-risk the operation throughout its mine life. Hillgrove Project Drilling At the end of quarter, Larvotto had completed over 3,000m of diamond drilling at Bakers Creek and 5,400m at Eleanora-Garibaldi since drilling began in November and December, respectively. Results reported to date are consistent with previous drilling at Bakers Creek and Eleanora-Garibaldi and underscore the Company’s exploration focus on high- grade, near-mine mineralisation that can directly impact the Hillgrove mine plan. Diamond drilling undertaken at the Bakers Creek and the Garibaldi mining areas is designed to infill and extend previously identified mineralisation. The Garibaldi deposit has a calculated Mineral Resource of 2,346 Kt @ 6.6 g/t AuEq for 372 Koz gold, and 17 Kt antimony 2 - see Table 1. As yet, Bakers Creek does not have a calculated Mineral Resource. Table 1 – Garibaldi Mineral Resource Estimate Area Classification Tonnes (kt) Grade Au Eq. (g/t) Contained Metal Au (g/t) Sb (%) koz Au kt Sb Garibaldi Measured - - - - - - Indicated 1,466 5.2 0.9 7.3 245 13 Measured & indicated 1,466 5.2 0.9 7.3 245 13 Inferred 879 4.5 0.4 5.5 127 4 Total 2,346 4.9 0.7 6.6 372 17 Notes: Tonnages and grades are rounded. Discrepancies in totals may exist due to rounding. Au equivalent (Au Eq.) grade reported using metal selling prices, recoveries and other assumptions as outlined in Mineral Resources on p28 ASX: LRV Announcement dated 5 August 2024, Hillgrove Gold-Antimony Project Pre-Feasibility Study. Mineral Resource cut off and Source: Cut-off grade for Garibaldi (Eleanora-Garibaldi) Mineral Resources are 3.0g/t Au Eq. (5 Aug 2024). Eleanora-Garibaldi Drilling Over 5,400m of diamond drilling has been completed at Eleanora-Garibaldi since the start of the program in December 2024. The drilling has been split into three distinct campaigns, each phase having a specific purpose. Phase 1 - including holes ELG188 to ELG194, tested an area below the proposed developments (Figure 2). These additional drill pierce points have confirmed mineralisation where there was insufficient drill constraint to be included in the resource model. Known mineralisation has been extended down-dip by 120m from the 1660mRL down to 1540mRL. Phase 2 - including holes ELG195 to ELG201 (excluding ELG198), was designed to obtain additional ore-zone material for metallurgical testing. This important drilling work produced 200kg of representative ore samples to assist in the streamlining of Larvotto’s ore processing through the Hillgrove Mill pivotal for the ramp -up into mining. This drilling has also helped to map out historic 2 See ASX: LRV Announcement dated 5 August 2024, Hillgrove Gold-Antimony Project Pre-Feasibility Study
Page 6
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 6 of 17 Larvotto Resources Limited – ASX Announcement stopes, as some of the drilling intersected previously unknown voids at depth, de -risking future operations at Eleanora-Garibaldi. Phase 3 - including holes ELG198 and ELG202-205, and internally dubbed the Eleanora Remnants program, was designed to test high- grade hanging wall and footwall intercepts observed in some historic drilling conducted by the previous owner of the Hillgrove Project, while also verifying the position of unmined blocks. This drilling has helped link mineralised domains in both the hanging wall and footwall and has extended the strike of unmined ore. The footwall mineralised zones are of particular interest, as they could unlock a parallel zone of mineralisation to the main Eleanora deposit see Figure 3. In total, across all three drill programs, 19 drill holes have been completed to date. For full results see Appendix 1, ASX Announcement 28 th March 2025, “ Bakers Creek and Eleanora- Garibaldi Drilling Update”. Drilling is ongoing with more targets being delineated through ongoing modelling of the results. Figure 2 Eleanora-Garibaldi diamond drill hole location plan
Page 7
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 7 of 17 Larvotto Resources Limited – ASX Announcement Figure 3 Eleanora-Garibaldi Long Section with drilling phases completed Bakers Creek Drilling Since commencing in November 2024, over 3,000m of diamond drilling has been completed at Bakers Creek within the current program , which was designed to test several gold and gold -antimony mineralised zones known to exist at Bakers Creek. In this most recent drilling, known mineralised zones including Hills Reef, Big Reef, Middle Reef, Little Reef and Baalgammon Reefs have been further delineated. In addition to these known mineralised structures, previously undescribed stacked mineralised zones have been identified in both the hanging wall and footwall. While no Mineral Resource has been calculated for the Bakers Creek mineralisation, Larvotto remains focused on exploring the prospect and following up on the spectacular intercepts observed, including 31m @ 65.8 g/t Au in BKC015 see Figure 4. For full results see Appendix 1, ASX Announcement 28th March 2025, “Bakers Creek and Eleanora- Garibaldi Drilling Update”.
Page 8
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 8 of 17 Larvotto Resources Limited – ASX Announcement Figure 4 - Bakers Creek cross section Future Exploration Four diamond drill rigs are currently on site, with plans to increase exploration activities with the addition of another drill rig. Multiple geophysical programs are being currently undertaken to determine the optimal method to utilise as a method of new target generation and assisting to define the depth potential of mineralisation already identified. Gold Equivalent Calculation All Gold equivalent values are calculated with the following equations: AuEq (g/t) = Au (g/t) + (Sb(%) x (Sb ($/t) x Sb (rec%))) / ((Au ($/oz)/31.1035) x Au (rec%) )) AuEq (g/t) = Au (g/t) + (Sb(%)×2.281) Using the following assumptions: • Au Price = US$2,200 /oz (currently US$3,300)
Page 9
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 9 of 17 Larvotto Resources Limited – ASX Announcement • Sb Price = US$15,000 /t (currently US$57,000) • US$ : A$ = 0.67 (currently 0.64) • Au recovery = 83.6% (based on conservative historic recovery from Hillgrove) • Sb recovery = 89.6% (based on conservative historic recovery from Hillgrove) It is the Company’s opinion that all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. IP Trial Survey Larvotto will be carrying out, as part of its continuing exploration at Hillgrove, an Induced Polarisation (IP) trial survey over the Clarks Gully deposit. The proposed survey (Figure 5) has been designed as a proof of concept, to test the effectiveness of IP as a tool to discover gold- antimony mineralisation of the style typically observed at Hillgrove. Larvotto believes that the trial survey will assist with better understanding of Hillgrove’s known ore bodies and enhance the Company’s knowledge of the regional system. Should the technique prove successful, it will be extremely beneficial in aiding the Company to target new orebodies, particularly the near surface antimony-rich zones. Figure 5 Aerial photograph showing proposed location of survey lines at Clarks Gull Purchase of Echidna Gully Accommodation Facility In March, Larvotto advised it has successfully acquired the Echidna Gully operating accommodation and function centre, (Figure 6) located near the Hillgrove Antimony -Gold Project on the outskirts of Hillgrove township in New South Wales. The purchase of Echidna Gully is an important step in the Company’s strategy to support the growing workforce at the Hillgrove Antimony-Gold Project. Located only a few minutes from the Hillgrove processing plant, this strategic acquisition will provide comfortable and convenient lodging for those workers not based in Armidale. Echidna Lodge will also support the exploration drill crews and the growing permanent workforce as it prepares development and production.
Page 10
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 10 of 17 Larvotto Resources Limited – ASX Announcement Figure 6 Aerial view of Echidna Gully Dining facility (foreground) and accommodation (rear) The vendor is a local, arm’s length party. The t erms of the acquisition include a $3m cash payment and the issue of 771,109 Larvotto ordinary shares, under Listing Rule 7.1, to the value of $600,000 (priced at $0.7781 per share 10-day VWAP, prior to completion). Opening of Hillgrove Hub Larvotto Resources Limited has announced the official opening of its Hillgrove Hub Figure 7) on 15 April 2025 in Armidale, NSW. The Hub is a dedicated community engagement and information centre aimed at strengthening ties with the local communities of Armidale, Hillgrove, and the surrounding New England region. It will serve as a central point f or community interaction, local recruitment, and access to project information as the Hillgrove Antimony-Gold Project progresses. The opening of the Hillgrove Hub reaffirms Larvotto’s commitment to regional development through job creation, support for local businesses, and community initiatives. Figure 7 Chairman Mark Tomlinson welcoming attendees to the opening of the Hillgrove Hub
Page 11
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 11 of 17 Larvotto Resources Limited – ASX Announcement Future Activity Larvotto has finished the March 2025 quarter with a strong balance sheet with $34.4M in the bank. Funds will be used as follows in the upcoming June quarter: • Finalising Definitive Feasibility Study • Securing long lead items for the Hillgrove Project and processing plant • Recruitment and build out of operational readiness teams • Ongoing exploration program at Hillgrove – with four drill rigs completing infill and expansionary drilling from surface and underground • Early site works at Hillgrove in preparation for mill expansion team once project finance is complete Senior Management and Exploration Teams Strengthened The Company announced in January key appointments to support future growth at the Hillgrove Antimony-Gold Project. Phillip Fox has been appointed as Group Exploration Manager, based at the Company’s Perth office, bringing with him over 27 years of global, multi-commodity experience in mineral exploration, resource estimation, and project development. His extensive career spans South America, Eastern Europe and Australia, where he has navigated complex geological settings and challenging jurisdictions. Phil has held key leadership roles including Chief Geologist for Adriatic Metals and Exploration Manager for Medallion Metals, where he oversaw significant resource expansions and greenfield discoveries. Phil’s wide-ranging expertise will be invaluable in driving Larvotto’s exploration initiatives. Additionally, Scott Duncombe has been appointed Exploration Manager at Larvotto’s Hillgrove Antimony-Gold Project in New South Wales. Scott brings to this role comprehensive gold and critical minerals experience across Australia. With a strong technical background and leadership experience with companies such as WA1 Resources, North Stawell Minerals, and Regis Resources, Scott will be pivotal in leading the Company’s aggressive exploration programs in 2025. Corporate Presentations Larvotto participated in the 121 Mining Investment Cape Town from 3-4 February and Ignite Investment Summit in Hong Kong from 26-27 March, holding important meetings with stakeholders, investors and antimony off-take partner Wogen Resources. On Thursday 3 April, Managing Director Ron Heeks had the pleasure of presenting at the Sydney Mining Club with Chairman Mark Tomlinson joining during the Q&A session. Inclusion in S&P Dow Jones All Ordinaries Index Prior to the commencement of trading on Monday 24 March 2025, Larvotto was included in the ASX All Ordinaries Index, which tracks the performance of the top 500 companies listed on the ASX based upon market capitalisation. Exercise of options During the quarter, the Company received $0.420 million from the exercise of unlisted options. The exercise of the options resulted in 1,400,541 shares in the Company being issued.
Page 12
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 12 of 17 Larvotto Resources Limited – ASX Announcement Summary of Financials for the Quarter As reported in the Appendix 5B, the cash balance was $34.4 million at 31 March 2025 (compared to $28.0 million at the completion of the previous quarter), representing an increase of $6.4 million for the quarter. The Company’s cash flow movements for the quarter are summarised below: • Net cash used in operational activities - $6.0 million • Net cash used in investing activities - $3.3 million • Net cash from financing activities - $15.9 million Payments to related parties of the Company and their associates of $0. 10M as disclosed in Section 6 of the Appendix 5B relate to salaries (including superannuation) paid to directors excluding any reimbursements for expenses incurred on behalf of the Company. Tenement Interests In accordance with Listing Rule 5.3.3, the Company provides the following information in relation to its mining tenements held on 31 March 2025. Project/Location Tenement Id Name Expiry Date Area Highlands, Queensland EPM 14281 Yamamilla 6-Jul-2028 57.77 km2 EPM 16197 Blockade 2-Nov-2026 19.23 km2 EPM 17638 Phillips Hill 11-Jun-2028 54.53 km2 EPM 17947 Blockade East Extension 26-Sep-2026 16.03 km2 EPM 18492 Mt Remarkable Extension 11-Jun-2028 131.65 km2 EPM 19733 Mt Remarkable Consolidated 26-Jun-2026 320.92 km2 Mt Isa, Queensland EPM 26510 Clone1 25-Apr-2028 55.19 km2 EPM 26538 Clone2 22-Apr-2028 68.14 km2 EPM 26798 Barkly1 10-Apr-2029 48.81 km2 EPM 27023 Bass 13-May-2029 91.1 km2
Page 13
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 13 of 17 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area EPM 28406 25-Aug-2028 48.5 km2 Eyre, Western Australia E 63/1827 11-Oct-2027 147 km2 E 63/1929 28-Jul-2029 80.55 km2 E 63/1974 Renewal pending 5.55 km2 E 63/1976 Renewal pending 33.33 km2 E 63/2008 26-Oct-2025 125 km2 E 63/1995 Pending 216.5 km2 E 63/2213 Pending 96.9 km2 E 63/2283 Pending 96.9 km2 E 63/2284 Pending 216.5 km2 Hillgrove, New South Wales EL 3326 Hillgrove Mines Pty Ltd 23-Aug-2026 8 Units EL 5973 Hillgrove Mines Pty Ltd 19-Aug-2025 29 Units EL 5997 Hillgrove Mines Pty Ltd 27-Sep-2025 13 Units EL 6419 Hillgrove Mines Pty Ltd Renewal pending 44 Units GL 3959 Hillgrove Mines Pty Ltd 08-Feb-2043 5.01 ha GL 3980 Hillgrove Mines Pty Ltd 29-Mar-2041 1.619 ha GL 5845 Hillgrove Mines Pty Ltd 16-Feb-2030 4.047 ha ML 205 Hillgrove Mines Pty Ltd 21-Mar-2042 2.302 ha ML 219 Hillgrove Mines Pty Ltd 16-Jun-2042 167.6 ha
Page 14
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 14 of 17 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area ML 231 Hillgrove Mines Pty Ltd 21-Jul-2042 5.26 ha ML 391 Hillgrove Mines Pty Ltd 16-Feb-2043 24.64 ha ML 392 Hillgrove Mines Pty Ltd 16-Feb-2043 4046m2 ML 592 Hillgrove Mines Pty Ltd 03-May-2042 3.53 ha ML 600 Hillgrove Mines Pty Ltd 10-May-2042 200 ha ML 649 Hillgrove Mines Pty Ltd 04-Oct-2042 19.05 ha ML 655 Hillgrove Mines Pty Ltd 04-Oct-2042 7.4 ha ML 714 Hillgrove Mines Pty Ltd 21-Mar-2043 56 ha ML 749 Hillgrove Mines Pty Ltd 04-Jul-2042 32.05 ha ML 772 Hillgrove Mines Pty Ltd 05-Sep-2042 1.617 ha ML 810 Hillgrove Mines Pty Ltd 05-Mar-2043 30.06 ha ML 945 Hillgrove Mines Pty Ltd 08-Jul-2042 18.53 ha ML 961 Hillgrove Mines Pty Ltd 09-Dec-2042 67.12 ha ML 972 Hillgrove Mines Pty Ltd 06-Jan-2043 153.5 ha ML 1020 Hillgrove Mines Pty Ltd 11-Feb-2041 12.1 ha ML 1026 Hillgrove Mines Pty Ltd 08-Dec-2042 97.94 ha ML 1100 Hillgrove Mines Pty Ltd 09-Nov-2042 186m2 ML 1101 Hillgrove Mines Pty Ltd 09-Nov-2042 118.04 ha ML 1332 Hillgrove Mines Pty Ltd 11-Feb-2041 24.56 ha ML 1440 Hillgrove Mines Pty Ltd Renewal pending 52.6 ha ML 1441 Hillgrove Mines Pty Ltd Renewal pending 64.12 ha ML 1442 Hillgrove Mines Pty Ltd Renewal pending 256 Ha ML 1598 Hillgrove Mines Pty Ltd Renewal pending 6700m2 ML 1599 Hillgrove Mines Pty Ltd Renewal pending 2225m2
Page 15
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 15 of 17 Larvotto Resources Limited – ASX Announcement Project/Location Tenement Id Name Expiry Date Area ML 1600 Hillgrove Mines Pty Ltd Renewal pending 1.423 ha ML 1601 Hillgrove Mines Pty Ltd Renewal pending 5.641 ha ML 1602 Hillgrove Mines Pty Ltd Renewal pending 8612m2 ML 1603 Hillgrove Mines Pty Ltd Renewal pending 3262m2 ML 1604 Hillgrove Mines Pty Ltd Renewal pending 1.972 ha ML 5643 Hillgrove Mines Pty Ltd 14-Nov-2042 1.91 ha ML 6282 Hillgrove Mines Pty Ltd 12-Mar-2042 3.149 ha MPL 146 Hillgrove Mines Pty Ltd 09-Aug-2042 8098m2 MPL 220 Hillgrove Mines Pty Ltd 07-Dec-2042 2.661 ha MPL 745 Hillgrove Mines Pty Ltd 11-Feb-2040 5159m2 MPL 919 Hillgrove Mines Pty Ltd 11-Feb-2041 1.11 ha MPL 1427 Hillgrove Mines Pty Ltd Renewal pending 2.19 ha PLL 350 Hillgrove Mines Pty Ltd Renewal pending 1.07 ha PLL 416 Hillgrove Mines Pty Ltd 20-Dec-2042 4022m2 PLL 661 Hillgrove Mines Pty Ltd 27-Jul-2042 15.96 ha PLL 804 Hillgrove Mines Pty Ltd 22-Jul-2032 7714m2 PLL 1252 Hillgrove Mines Pty Ltd Renewal pending 8.2099 ha PLL 3827 Hillgrove Mines Pty Ltd 21-Aug-2041 1.95 ha Larvotto, and its wholly owned subsidiary Madeleine Exploration Pty Limited, are in a farm -in joint venture agreement with Zedex (the Ohakuri JVA), under which Larvotto may acquire up to an 75% interest in the EP comprising the Ohakuri Project. Project/Location Tenement Id Grant Date Expiry Date Area(km2) Beneficial % interest at the end of the Quarter Ohakuri, NZ EP60555 19-Dec-2019 18-Dec-2024 25.78 Nil
Page 16
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 16 of 17 Larvotto Resources Limited – ASX Announcement Competent Persons Statement - Exploration results The information in this announcement that relate to exploration results have been compiled by Mr Ron Heeks, who is a Member of the Australasian Institute Geoscientists and who is Managing Director of Larvotto Resources Limited. Mr Heeks has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian C ode for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Heeks consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The Company is not aware of any new information or data that materially affects the information included in this Announc ement. All material assumptions and technical parameters underpinning the mineral resource estimates in the Announcements referred to continue to apply and have not materially changed. Eleanora and Garibaldi Mineral Resource Competent Person Statement The information in this announcement relates to estimation and reporting of the Eleanora and Garibaldi Mineral Resource, in accordance with the JORC 2012 Code, and is based on and fairly represents, information and supporting documentation compiled by Mr P eter Carolan who is a Member of the Australasian Institute of Mining and Metallurgy. Peter Carolan is a contractor engaged by Larvotto Resources Limited. Mr Carolan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Carolan consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The information in this report that relates to database compilation, geological interpretation and mineralisation wirefr aming, project parameters and costs and overall supervision and direction of the Eleanora and Garibaldi estimation is based on and fairly represents, information and supporting documentation compiled under the overall supervision and direction of Mr Carolan. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original report and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original report.
Page 17
ASX:LRV | info@larvottoresources.com | www.larvottoresources.com | Page 17 of 17 Larvotto Resources Limited – ASX Announcement About Larvotto Larvotto Resources Limited (ASX:LRV) is actively advancing its portfolio of in- demand minerals projects including the Hillgrove Gold-Antimony Project in NSW, the large Mt Isa copper, gold, and cobalt project adjacent to Mt Isa townsite in Queensland, the Eyre multi -metals and lithium project located 30km east of Norseman in Western Australia and an exciting gold exploration project at Ohakuri i n New Zealand's North Island. Larvotto’s board has a mix of experienced explorers, corporate financiers, ESG specialist and corporate culture to progress its projects. Visit www.larvottoresources.com for further information. Forward Looking Statements Any forward-looking information contained in this news release is made as of the date of this news release. Except as required under applicable securities legislation, Larvotto does not intend, and does not assume any obligation, to update this forward- looking information. Any forward- looking information contained in this news release is based on numerous assumptions and is subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking information. Readers are cautioned not to place undue reliance on forward looking information due to the inherent uncertainty thereof. This announcement has been authorised for release by the Board of Directors. For further information, please contact: Ron Heeks Ben Creagh Managing Director Media and investor enquiries +61 (8) 6373 0112 +61 (0) 417 464 233 info@larvottoresources.com benc@nwrcommunications.com.au DIRECTORS Mr Mark Tomlinson Mr Ron Heeks Ms Rachelle Domansky Non-Executive Chair Managing Director Non-Executive Director PROJECTS Hillgrove Au, Sb Mt Isa Au, Cu, Co Ohakuri Au Eyre Ni, Au, PGE, Li Hillgrove, NSW Mt Isa, QLD New Zealand Norseman, WA
Page 18
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Larvotto Resources Limited ABN Quarter ended (“current quarter”) 16 645 596 238 31 March 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3) months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (4,522) (4,522) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (1,355) (1,355) (e) administration and corporate costs (671) (671) 1.3 Dividends received (see note 3) - - 1.4 Interest received 446 446 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) 16 16 1.9 Net cash from / (used in) operating activities (6,085) (6,085) 2. Cash flows from investing activities - 2.1 Payments to acquire or for: entities tenements - - property, plant and equipment (3,361) (3,361) exploration & evaluation - - investments - - other non-current assets (8) (8)
Page 19
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (3,368) (3,368) 3. Cash flows from financing activities 16,341 16,341 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 420 420 3.4 Transaction costs related to issues of equity securities or convertible debt securities (825) (825) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material)1 - - 3.10 Net cash from / (used in) financing activities 15,937 15,937 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 27,972 27,972 4.2 Net cash from / (used in) operating activities (item 1.9 above) (6,085) (6,085) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3,368) (3,368) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 15,937 15,937 4.5 Effect of movement in exchange rates on cash held (10) (10) 4.6 Cash and cash equivalents at end of period 34,445 34,445
Page 20
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 34,445 27,972 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 34,445 27,972 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 This amount includes Directors’ fees and superannuation. 102 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 6,586 6,586 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 6,586 6,586 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. Pre export facility Lender: XCLR Commodities 1 Limited Interest rate: Fixed rate of 12% per annum Security: Assets of the Hillgrove Mine Maturity: 4 years
Page 21
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (6,085) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (6,085) 8.4 Cash and cash equivalents at quarter end (item 4.6) 34,445 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 22,275 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.7 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 April 2025 Authorised by: The Board of Directors. (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash
Page 22
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.