Larvotto Resources Starts Antimony and Gold Production at NSW Hillgrove, Breaks China Supply Dominance

The Quick Take

• Larvotto Resources has commenced gold and antimony production at its Hillgrove project in New South Wales, becoming a major new supplier of the critical mineral.
• Hillgrove positions Larvotto as a non-China source of antimony — a strategic critical mineral used in defense, semiconductors, and flame retardants.
• The production start reduces global antimony supply concentration risk, which has been elevated since China's export restrictions on the metal.

Larvotto Resources has begun gold and antimony production at the Hillgrove mine in New South Wales, marking a significant milestone in the development of non-Chinese antimony supply chains. Hillgrove is one of the few operational antimony mines outside China, which controls approximately 50% of global production and has recently imposed export restrictions on the metal. Antimony is classified as a critical mineral by multiple Western governments due to its use in defense applications (hardening ammunition casings), semiconductor manufacturing, and flame retardants for electronics and construction materials.

Larvotto's production start has meaningful strategic and financial implications for the critical minerals sector. Australia's strategic alignment with the US and Five Eyes partners makes Larvotto's output of particular interest to defense procurement chains that are actively diversifying antimony sourcing away from China. The co-production of gold alongside antimony provides revenue diversification that improves project economics and reduces dependence on antimony price alone. Peer producers and junior explorers in the Australian antimony space — including any companies with exposure to the Hillgrove district — will benefit from the validation signal of Larvotto's successful ramp-up.

Key forward signals are Larvotto's first production report confirming output volumes, and antimony spot prices which have risen significantly since China's export controls were announced in 2024. Investors should watch whether Western defense agencies formalize supply agreements with Larvotto, which would provide revenue visibility and a strategic endorsement. The macro variable is China's antimony export policy — any further tightening of Chinese controls would drive antimony prices higher and accelerate Larvotto's revenue trajectory, while a Chinese policy reversal would reduce the urgency premium embedded in non-China supply development.

Synthesized from 2 sources.