Larvotto Resources Limited has released an extensive technical announcement detailing the results of its Definitive Feasibility Study (DFS) for the Hillgrove Gold-Antimony Project in New South Wales. The document provides in‐depth information on mining methodologies, processing plant upgrades, capital and operating cost estimates, detailed geotechnical and metallurgical test work, as well as the overall project economic evaluation. The DFS outlines both open pit and underground mining parameters including design criteria, mining dilution and recovery factors, and strategies to optimise ore extraction through modified Avoca methods. It also discusses proposed infrastructure improvements, such as a process plant upgrade to reach a throughput of 525,000 tonnes per annum and the conversion of the existing tailings storage strategy to a dewatered tailings landform. The comprehensive report explains that the project’s mineral resource and ore reserve estimates have been prepared in accordance with the JORC 2012 Code. It includes details of the extensive sampling programs, reverse circulation and diamond hole drilling, QAQC procedures, and data validation methods. The DFS document discusses the classification of mineral resources into Measured, Indicated, and Inferred categories and provides a clear methodology for converting these estimates into Ore Reserves based on cut-off grades that account for dilution and recovery factors adjusted for the mining approach. The technical discussion spans aspects from geological continuity through block modeling to the use of geostatistical methods such as ordinary kriging and inverse distance squared interpolation. Significant emphasis is placed on the detailed metallurgical test work and pilot-scale flotation trials conducted over the course of a year. Results from the test program indicate strong recoveries – around 84.5% to 90% for gold and antimony respectively—using a combination of gravity separation, flotation, regrinding, and cleaner circuits involving Jameson cells. The study also explores optimal grind size, showing that a P80 of approximately 180 microns best balances recovery, throughput, and concentrate quality. These findings support the economic assumptions and production targets, as well as concentrate grade expectations that underpin the financial model. The DFS also presents extensive capital cost estimates covering pre-production, production, and closure phases. Total capital costs for the project are broken down into major work packages including mining infrastructure, process plant upgrades, tailings facility modifications, and associated civil construction. The estimates, prepared to an accuracy level of approximately ±10–15%, include contingencies for design uncertainties while excluding certain items such as owner’s costs, financing, and GST. The operating cost estimates for both mining and processing operations are also detailed, with cost figures provided per tonne of material milled and per ounce of gold equivalent produced. On the financial front, the announcement provides key model outputs under different commodity price scenarios. For a Base Case with gold priced at US$2,400 per ounce and antimony at US$25,000 per tonne, the DFS shows a pre-tax net present value of around A$454 million, an internal rate of return of 74%, and a post-production payback period of approximately 2.2 years. Sensitivity analysis indicates that modest improvements in commodity prices could significantly enhance project economics, with mid-case and spot price scenarios yielding higher NPVs and IRRs. Risk factors have been thoroughly assessed, with the report identifying potential challenges in areas such as obtaining timely regulatory approvals, ensuring consistent metallurgical performance, execution delays during construction and commissioning, and uncertainties in capital and operating cost estimates. Mitigation strategies include proactive stakeholder engagement, securing of offtake agreements for antimony concentrates, and the implementation of a robust project management and integrated engineering, procurement, and construction management framework. The announcement details an aggressive schedule with key milestones that include the commencement of long lead procurement, mining lease endorsements, and site activities in Q2 2025, aiming for first production by Q2 2026. The DFS outlines the sequential plan of open pit and underground mining, with specialized equipment selected to align with both surface and underground operations. Infrastructure such as power supply upgrades, water management systems, and transportation routes are also highlighted as critical to the project’s success. Overall, the technical announcement from Larvotto Resources Limited demonstrates a high level of project maturity, with robust engineering, geological, and financial evaluations indicating that the Hillgrove Project represents a compelling near-term investment opportunity. By addressing both technical challenges and market uncertainties, the DFS positions the project to become a significant supplier of gold and antimony while contributing to long-term cash flow and shareholder value.