Larvotto Resources' (ASX:LRV) receipt of $4 million to restart its Hillgrove gold and antimony project in New South Wales could lead to the first production in six months from the final investment decision, Euroz Hartleys said in a Tuesday note.
Last week, the company received a $4 million loan from UK-based investment manager Xcelsior Capital as part of its offtake agreement with British metals and minerals supplier Wogen Resources for the sale of antimony concentrate produced from the project.
Euroz Hartleys expects Larvotto to take another 12 to 14 months to ramp up production at the project.
The financial services firm initiated coverage on Larvotto Resources with a speculative buy rating and AU$1 price target.
Shares of the resources company rose 6% in recent Friday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.