United States Antimony offers $470M to buy Australian miner

[Redator]

United States Antimony Corp. (NYSE-American: UAMY) is planning to acquire Australia’s Larvotto Resources (ASX: LRV), a move that it says would make the combined company one of the world’s largest antimony producers outside China.

Under a non-binding proposal submitted earlier on Monday, US Antimony would acquire the 90% of Larvotto’s shares that it does not own by issuing six of its own shares for every 100 Larvotto share. The offer implies a value of A$1.40 per Larvotto share, valuing the Australian miner at about A$722 million ($470 million).

Days prior to the offer, USAC had already purchased 10% of Larvotto’s shares in the open market with cash, making it the largest shareholder.

In a press release issued on Monday, USAC chairman and CEO Gary Evans said the proposal to combine with Larvotto reflects the company’s “deep commitment to build a world-class industry player in the critical minerals space.”

“We see this as a compelling opportunity for Larvotto shareholders to participate in the upside of a larger, more diversified group – one with financial strength, global reach and top-tier technical capabilities,” he added.

Infographic: Antimony spheres of control

USAC aims to develop a fully integrated antimony supply chain for Western economies and owns the only two smelters in North America with a long-standing capacity to process the critical mineral into various forms of commercial products. While its feedstock has come from third parties, the company recently began mining activities in Montana, a milestone it says would make it the world’s first mine-to-market antimony operation.

Shares of USAC soared during overnight trading following its announcement and opened the Monday session 19% higher at $13.30 a share. By 10:30 a.m. ET, it has pulled back to around $11.36 for an intraday gain of 1.3%. The company has a market capitalization of roughly $1.6 billion.

Australia’s largest antimony resource

In a separate press release, Larvotto said its board will “carefully consider” the offer and provide shareholders with their advice in due course. Its shares closed the trading session 4% higher at A$1.29 apiece, with a market capitalization of A$666 million.

The Australian miner is currently advancing the Hillgrove project in New South Wales, a development-stage gold project that also holds the largest antimony resource in the country. A definitive feasibility study published in May 2025 envisaged a combined open-pit and underground operation capable of producing as much as 102,000 oz. of gold-equivalent per year.

Subject to a final investment decision, Larvotto said it aims to bring the Hillgrove project into production in 2026, by which point it would be Australia’s largest producer of antimony, accounting for 7% of global supply requirements.