US company makes $723m bid for NSW critical minerals
Larvotto Resources (ASX: LRV) received an unsolicited takeover bid from the US Antimony Corporation (USAC), equivalent to $1.40 per share, after the close of trading on Friday.
The offer was made following USAC’s lodgement of a substantial shareholder notice aftermarket, notifying Larvotto that it had acquired 51,685,160 ordinary shares, representing 10.0% of the company’s shares on issue.
Larvotto is actively advancing its portfolio of critical minerals projects including the Hillgrove antimony-gold project in NSW, the large Mt Isa copper, gold and cobalt project adjacent to Mt Isa townsite in Queensland and the Eyre multi-metals and lithium project located 30km east of Norseman in WA.
The Hillgrove project is on track for first production as early as Q2 CY2026 and has the potential to provide near-term feedstock to USAC for processing, accelerating volume growth.
USAC considers Australia to be a reliable origin for its enhanced compliance and ESG traceability. Access to a steady Australian stream enables blending strategies that stabilise recoveries and product quality while lowering unit costs for USAC.
If completed, the acquisition will give USAC mine-to-refined integration across allied jurisdictions, improving resilience against supply disruptions and export controls.
There has been major bilateral interest between the US and Australia for critical minerals projects recently, largely driven by China’s export restrictions on critical minerals.
Last week, Australian-based Pinnacle Minerals (ASX: PIM) acquired six critical minerals projects across the US and, in early October, Nova Minerals’ (ASX: NVA) was awarded $65.5m (US$43.4m) from the US Department of War (DoW) for its Estelle gold and critical minerals project in Alaska.
Australian Prime Minister Anthony Albanese is in Washington DC this week to meet with US President Donald Trump, where critical minerals are expected to be a key discussion point.
“Our meeting is an important opportunity to consolidate and strengthen the Australia-US relationship,” Prime Minister Albanese said.
“I look forward to a positive and constructive meeting with President Trump at the White House.”