FY2021
Listing and the initial portfolio
The A$6m IPO and December ASX admission established funding for Highlands/Mt Isa, Eyre and Ohakuri exploration.
ASX: LRV · Five-year financial review
(ASX: LRV) Larvotto Resources Limited Financial Review - FY2021~25
Larvotto’s financial story changed from an exploration portfolio to a funded Hillgrove development programme. The useful comparison is not just a growing loss: it is the move from equity-funded exploration to acquisition accounting, construction cash use and a secured bond with restricted funds.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 cash equivalents
A$70.293m
Separate from restricted escrow.
FY2025 investing outflow
A$57.359m
Includes development, equipment, exploration and deposits.
FY2025 borrowings
A$146.843m
Carrying value, not USD face value.
FY2025 statutory loss
A$19.112m
Development expenditure is not all expensed.
Five years in context
The 2021 listing funded a portfolio spanning Mt Isa, Eyre and Ohakuri. Hillgrove’s acquisition in December 2023 changed the scale and purpose of the business; the following years brought offtake, development work and larger financing.
These are years ended 31 December, not June. The FY2023 financial position and loss use restated comparisons after finalisation of the Hillgrove acquisition, keeping a noncash accounting gain separate from operational progress.
Events behind the numbers
FY2022
Funding with future-production rights
Alongside equity funding, an Eyre transaction included royalty and offtake rights. Its A$1.4m receipts were other income, not mineral sales.
FY2023
Hillgrove acquired
The 100% Hillgrove acquisition completed on 15 December. Its provisional allocation was subsequently revised; the year also recorded material going-concern uncertainty.
FY2024
Offtake and the first debt facility
A seven-year antimony-concentrate offtake and a US$4m prepayment facility accompanied development preparations. Cash share proceeds also increased substantially.
FY2025
Bond funding and development assets
The secured US$105m bond and project milestones accompanied direct development spending. Substantial funds remained restricted in escrow at year-end.
FINANCIAL REVIEW / 01
Costs rose as the business moved toward development
Exploration remained the largest expensed activity, while employee, administration and share-based charges expanded with the business. The statutory loss therefore needs to be read alongside capitalised development: spending can increase without appearing in the same year’s expense total.
The FY2022 income uplift came from the Eyre royalty and offtake-right transaction. FY2023’s later bargain-purchase gain also improved the accounting result without producing operating cash; neither belongs in a mine-sales trend.
Loss and expensed exploration
A$ million
Loss after taxExploration expenditure expensed
AI-generated presentation · values from Income and the cost of building a development business; no missing values plotted as zero.
Administration, employment and share-based charges
A$ million
Administration expenseEmployee benefits expenseShare-based payment expense
AI-generated presentation · values from Income and the cost of building a development business; no missing values plotted as zero.
Income and the cost of building a development business
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest and other income subtotal | 0.000 | 1.412 | 0.068 | 0.426 | 2.506 |
| Loss after tax | (1.512) | (1.962) | (5.041) | (13.617) | (19.112) |
| Administration expense | (0.255) | (0.544) | (1.102) | (1.596) | (3.145) |
| Employee benefits expense | (0.425) | (0.575) | (0.842) | (3.133) | (4.289) |
| Exploration expenditure expensed | (0.250) | (1.983) | (3.821) | (6.892) | (8.693) |
| Depreciation expense | (0.004) | (0.019) | (0.063) | (0.192) | (0.536) |
| Share-based payment expense | 0.000 | (0.252) | (0.315) | (1.648) | (3.471) |
| Other expenses | (0.002) | (0.001) | (0.026) | (0.249) | (0.090) |
A$ million; expenses and losses are negative. The income subtotal is not mine-product sales. FY2021 expense categories use the later FY2022 comparative classification.
FY2023 loss is restated for the A$1.381m Hillgrove bargain-purchase gain, which sits outside the income subtotal. The restatement does not create cash or production revenue.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Acquisition and financing effects after Hillgrove
A$ million
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Acquisition-related expense | (0.320) | (0.157) | 0.000 |
| Finance expense | 0.000 | (0.175) | (1.393) |
FY2023 finance expense is expressly nil. The bargain-purchase gain is separately shown in the acquisition reconciliation below rather than projected into later years. FY2021 also included A$0.576m capital-structuring expense in its reclassified presentation.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Per-share result
Australian cents per share
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Basic loss per share | (6.674) | (3.400) | (5.920) | (4.930) | (4.260) |
Australian cents per share. FY2023 is the restated comparative; changes in shares on issue affect this measure as well as the total loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Rising cash came from financing, not profitable operations
Operating cash flow was negative throughout the five years. The late-period cash build coincided with large equity and debt funding, so it does not indicate that the mine was generating that cash.
FY2023 investing was dominated by Hillgrove’s acquisition. FY2025 was different: construction, equipment and capitalised exploration made up the main deployment. A single capex label would obscure that transition.
The funding and deployment cycle
A$ million
Net operating cash flowNet investing cash flowNet financing cash flow
AI-generated presentation · values from Operating consumption, investment and financing; no missing values plotted as zero.
Cash equivalents at 31 December
A$ million
Closing cash and cash equivalents
AI-generated presentation · values from Operating consumption, investment and financing; no missing values plotted as zero.
Operating consumption, investment and financing
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net operating cash flow | (1.627) | (1.803) | (5.744) | (10.792) | (13.886) |
| Net investing cash flow | (0.159) | (0.281) | (5.375) | (0.415) | (57.359) |
| Net financing cash flow | 6.330 | 3.875 | 7.085 | 36.794 | 114.110 |
| Closing cash and cash equivalents | 4.673 | 6.464 | 2.430 | 27.972 | 70.293 |
| Exploration payments within operating cash flow | (0.274) | (1.987) | (4.126) | (6.398) | (5.164) |
| Gross cash proceeds from shares | 6.890 | 4.000 | 7.667 | 31.932 | 87.020 |
| Cash share-issue costs | (0.560) | (0.125) | (0.582) | (1.391) | (3.833) |
Signed cash flows; cash balances are at 31 December. Net financing is not free cash flow. FY2023 uses the FY2024 comparative statement.
Exploration cash payments are not the same as exploration expense or capitalised additions. Funding through acquisition shares is noncash and excluded from cash share proceeds.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
What changed in investing cash flow
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Property, plant and equipment payments | (0.023) | (0.225) | (0.246) | (0.080) | (8.117) |
The acquisition cash outflow dominates FY2023, while FY2025 adds direct development spending and capitalised exploration. These are cash measures, not asset carrying values.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 development cash and financing components
A$ million
| Metric | FY2025 |
|---|---|
| Investing: exploration and evaluation payments | (8.365) |
| Investing: mine property and development payments | (34.442) |
| Investing: security bonds and deposits | (6.435) |
| Financing: cash proceeds from borrowings | 47.626 |
| Financing: borrowing repayments | (11.029) |
| Financing: interest paid | (0.586) |
| Financing: borrowing transaction costs | (4.970) |
Selected components, not a second subtotal. Gross bond face value is not the same as cash proceeds released during the year; escrow funds are reported separately.
FY2025 exchange movements reduced cash by A$0.543m. FY2024 operating interest paid was A$0.021m; the separately labelled financing interest line here should not be treated as a complete five-year interest-paid series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
An acquisition restatement, then a development asset
Final Hillgrove accounting increased the fair value of acquired net assets above consideration and recognised a bargain-purchase gain. Using the restated FY2023 base avoids mistaking that allocation change for fresh investment in FY2024.
By FY2025, mine property under development had become a distinct asset. Transfers from exploration are reclassifications, not extra production or extra cash expenditure. The company’s remaining exploration projects should not be assigned Hillgrove’s development status.
Assets, liabilities and equity on the restated basis
A$ million
Total assetsTotal liabilitiesTotal equity / net assets
AI-generated presentation · values from Group financial position through FY2024; no missing values plotted as zero.
Group financial position through FY2024
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
| Total assets | 5.902 | 7.934 | 18.682 | 44.406 |
| Total liabilities | 0.235 | 0.107 | 5.975 | 13.119 |
| Total equity / net assets | 5.667 | 7.827 | 12.706 | 31.286 |
| Exploration and evaluation carrying amount | 1.092 | 1.077 | 1.497 | 1.322 |
FY2023 is restated after final Hillgrove acquisition accounting. The FY2025 saved extraction does not contain a complete Group total-assets/equity statement; latest supported assets and obligations are shown separately below.
Carrying values measure recognised accounting assets, not the value of mineral resources.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Hillgrove: final acquisition accounting, effective FY2023
A$ million
| Metric | FY2023 |
|---|---|
| Cash consideration | 5.129 |
| Share consideration | 2.500 |
| Total consideration | 7.629 |
| Fair value of acquired net assets | 9.010 |
| Bargain-purchase gain | 1.381 |
Finalised in the FY2024 report and applied to FY2023 comparisons. Consideration is not acquisition cash flow: the cash-flow statement separately shows A$5.179m payments and A$0.050m cash acquired.
The earlier provisional E&E allocation fell by A$2.415m on finalisation; the restatement increased total assets and equity rather than representing a new FY2024 cash purchase.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 mine property under development
A$ million
| Metric | FY2025 |
|---|---|
| Accounting additions | 48.960 |
| Transfer from E&E | 1.698 |
| Closing carrying amount | 50.658 |
Opening mine property under development was nil. Accounting additions and the E&E transfer are not identical to cash development payments. Do not count the transfer as new cash capex.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Cash availability matters as much as the headline balance
The bond brought a fixed coupon, security and a maturity obligation. Restricted escrow is shown separately from cash equivalents; neither its balance nor the bond’s gross face value should be treated as freely spendable cash.
The earlier pre-export facility was repaid in August 2025. Directors’ going-concern assessment referenced cash, financing access and discretion over some project expenditure. That is a funding assessment, not a forecast of revenue or project profitability.
Project study and final-investment-decision milestones explain the move into development. The saved records support that transition, but do not justify turning production targets or resource estimates into realised sales in this financial history.
FY2025 liquidity restrictions and obligations
A$ million
| Metric | FY2025 |
|---|---|
| Restricted cash held in escrow | 109.151 |
| Borrowings — carrying value | 146.843 |
| Total Group liabilities | 162.718 |
| Rehabilitation provision | 5.066 |
| Bond contractual future cash flows | 216.887 |
Cash equivalents are shown in the five-year cash table. Escrow is not unrestricted operating cash. Bond carrying value is net of unamortised fees/discount; contractual cash flows include future obligations and are not a second debt balance.
The bond has US$105m face value, a 12% fixed coupon and four-year term. USD face amount and AUD accounting values must not be added together. FY2024 borrowings were A$6.459m.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- FY2023 results and position use the later restated comparison. FY2021 expense categories use a later reclassification; loss itself is unchanged.
- Complete FY2025 Group total-assets/equity figures are absent from the selected extraction. Supported cash, debt, liabilities and development assets are shown without replacing them with parent totals.
- The saved net-debt reconciliation has an unresolved basis discrepancy; it is not used to create a net-cash headline. Cash, restricted cash and borrowing carrying amounts remain separately identified.
- January/March 2025 transactions described as subsequent events in FY2024 are not treated as completed FY2024 transactions. Project targets are not historical output.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Larvotto Resources Limited - 2021 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Larvotto Resources Limited - 2022 Annual ReportExisting annual extraction, including separately identified historical comparatives.
- Larvotto Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Larvotto Resources Limited - Annual Report 31 December 2024Existing annual extraction, including separately identified historical comparatives.
- Larvotto Resources Limited - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
Sources, copyright and independence
The source references in this report identify the public disclosures used and should be read with the associated section, table and reporting-period qualifications. This report paraphrases, organises and compares those disclosures for descriptive and educational purposes rather than reproducing source text.
Copyright and other rights in linked reports, company names, logos and third-party materials remain with their respective owners. MII Research does not claim affiliation with or endorsement by the company covered in this report, the ASX or cited organisations.
AI-led method
This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Limitations in public sources, AI systems and review may leave errors, omissions, inconsistencies or translation, classification and interpretation errors.
Any AI-generated visual accompanying this report must carry an adjacent, visible AI-generated label or caption. Such visuals are illustrative rather than source evidence and do not replace the cited annual-report text, table or section source.
Information notice
This record is for general descriptive and educational information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a securities recommendation, valuation, target price, offer, solicitation or invitation to buy, sell or hold.
It does not consider any reader’s objectives, financial situation, needs, knowledge, experience or risk tolerance. Independently verify material information against the primary disclosures, obtain appropriate independent professional advice and do not use this record as the sole or primary basis for any decision.
Public sources are used in good faith, but no representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. To the maximum extent permitted by law, MII Research disclaims liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of or reliance on this record; nothing excludes or limits liability that cannot lawfully be excluded or limited.
Report suspected errors to MII Research with the relevant report section and primary-source document and page reference so that the record can be reviewed and corrected where appropriate.