Larbot resources (ASX:LRV) announced that it has successfully raised $30 million in equity by issuing 57.7 million new shares at $0.52 per share. The two-tranche offering received strong support from both existing and new institutional investors.

This funding, along with $6.2 million from the recently announced antimony advance payment facility and $8 million from an option conversion, will strengthen Larbot’s ability to advance the Hillgrove gold-antimony project in 2025. Proceeds will support underground and surface exploration and the Hillgrove Definitive Feasibility Study (DFS). ), underground construction, and procurement of processing equipment with long lead times.

Managing Director Ron Heeks emphasized the strategic importance of the project in light of China’s recent ban on antimony exports to the United States. “The strategic value of high-grade antimony from the Western world is extremely important,” he said. “This capital raise puts Larbot in a strong position to advance the Hillgrove project and strengthen our exploration activities.”

The first share issue, consisting of 26.27 million shares, is expected to settle on December 12, 2024. The second share issue, consisting of 31.43 million shares, is expected to be issued after the Extraordinary General Meeting (EGM) in late January 2025.

The stock is trading 7.56% lower at 55 cents.