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International eyes on Australia’s largest antimony deposit

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Big players in the global critical minerals industry have invested $US8 million ($12.17 million) in funding to Larvotto Resources’ Hillgrove gold-antimony project in New South Wales.

The non-binding contract, signed with both Xcelsior Capital and Wogen Resources, will see the former party loan $US4 million for antimony offtake and gold concentrate marketing rights from Larvotto’s Hillgrove project.

Xcelsior will provide a further $US4 million working capital loan to fund Larvotto through to the updated ore reserve statement and bankable feasibility study for Hillgrove.

Xcelsior chief executive officer Liam Farley had nothing but praise for the Hillgrove project.

“The Hillgrove gold and antimony project represents an opportunity to finance the development of a high quality, brownfield asset with significant sunk capital,” he said.

“(Hilgrove) will be a leading producer of antimony, a critical metal with limited western supply that is increasingly important to the energy transition through its use in the solar industry.”

Under the agreement, Wogen Resources, a leading antimony trading house with 50 years of international presence, will provide exclusive off-take sales and distribution services globally once production commences.

“The Wogen Xcelsior combination has been selected from a group of potential financing and offtake partners,” Larvotto managing director Ron Heeks said.

“Wogen is a UK based metals trading company with an established presence in the antimony market and Xcelsior a specialist critical minerals investor.

“For them to consider funding the development of the company is a massive endorsement of the project.”

With the latest cash injection, Larvotto is fully funded to move to project financing for Hillgrove while maintaining exploration on its other projects.

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