United States Antimony makes bold $1.4bn move to acquire Australia’s Larvotto Resources

United States Antimony Corporation (NYSE American: UAMY) has announced a non-binding indicative proposal to acquire 100% of Australia’s Larvotto Resources Limited (ASX: LRV) in an all-share deal valued at approximately $1.4 billion, signaling a bold cross-border move to secure control of one of the world’s largest antimony-gold deposits. The proposed offer—structured as six United States Antimony shares for every 100 Larvotto shares—marks a potential turning point in Western efforts to consolidate critical-mineral supply chains.

United States Antimony confirmed that it already owns about 10% of Larvotto’s issued capital through market purchases, establishing a strategic foothold before formal negotiations. The indicative proposal remains subject to a binding scheme implementation deed, shareholder approval, and regulatory clearance in both countries. Yet the intent is unmistakable: to anchor U.S. access to antimony, a mineral essential to defense, energy storage, and semiconductor manufacturing, at a time when global supply remains heavily concentrated in China.

Why United States Antimony’s proposed takeover redefines strategic control of critical minerals

The timing of United States Antimony’s approach is more than opportunistic—it reflects intensifying pressure among Western producers to localize critical-mineral supply chains. United States Antimony currently processes and refines antimony oxide, metal, and trisulphide products at facilities in Montana, Idaho, Mexico, and Canada. These feed into end markets such as ammunition primers, flame retardants, batteries, and energy infrastructure.

Acquiring Larvotto would give the company direct control of the Hillgrove Project in New South Wales, widely recognized as Australia’s largest antimony resource and among the top ten globally. Combining U.S.-based refining with Australian upstream mining would effectively create a vertically integrated antimony platform across allied jurisdictions. The potential synergies are clear: USAC secures raw supply, while Larvotto gains access to downstream infrastructure and capital-market liquidity in the United States.

How the Hillgrove Antimony-Gold Project could reshape Western supply-chain security and investment flows

Larvotto’s flagship Hillgrove Project sits 23 km east of Armidale, spanning more than 250 square kilometers of mining leases with established processing facilities. A Definitive Feasibility Study released in May 2025 projected a post-tax NPV of A$694 million and an internal rate of return exceeding 100%, assuming gold prices of US$2,850 per oz and antimony at US$41,000 per tonne. The study outlined an eight-year mine life and estimated that Hillgrove could supply roughly 7% of global antimony output once production begins in 2026.

That combination of antimony and gold gives Hillgrove rare dual-commodity strength: exposure to precious metals for revenue stability and strategic minerals for policy-driven demand. Analysts suggest the project could serve as a model for new Western critical-minerals ventures—profitable in commodity terms, yet vital to national-security resilience. For United States Antimony, the acquisition could transform its role from regional processor to global strategic supplier.

What United States Antimony’s share-exchange structure reveals about market valuation and investor sentiment

Under the current proposal, Larvotto shareholders would receive six United States Antimony shares for every 100 Larvotto shares, equating to an implied value of about AU$1.40 per share based on recent trading averages. While that ratio carries only a modest premium, investors are weighing the broader upside of owning equity in a combined entity that integrates mining, refining, and downstream markets.

Initial market reactions have been cautiously optimistic. United States Antimony’s shares gained momentum following the announcement, reflecting expectations that consolidation could boost pricing power and visibility within the critical-minerals sector. Larvotto’s stock, meanwhile, saw mixed movement as investors assessed the tradeoff between potential upside and dilution. Analysts described sentiment as “neutral to moderately bullish,” noting that the company’s existing 10% stake gives USAC a strong starting position, but completion remains contingent on approvals and market conditions.

How the proposed merger reinforces U.S.–Australia cooperation in diversifying strategic mineral supply chains

This proposal extends beyond corporate growth—it fits into the broader geopolitical narrative of allied coordination on critical minerals. Both Washington and Canberra have intensified collaboration to secure supply chains for antimony, lithium, rare earths, and other strategic resources. If completed, this transaction would represent one of the first major U.S.–Australia tie-ups centered specifically on antimony, a metalloid critical to national defense and clean energy systems.

For Australia, it signals validation of government efforts to attract U.S. investment into value-added mineral development rather than raw exports. For the United States, it represents progress toward diversifying away from China, which still dominates more than 80% of global antimony refining. The move could set a precedent for similar cross-border acquisitions focused on critical-mineral security, particularly in gold-linked deposits that offer financial resilience alongside strategic utility.

Why analysts are optimistic yet cautious about execution risks and integration challenges in this cross-border deal

While strategically compelling, the proposed merger faces multiple execution challenges. The indicative nature of the offer means both parties must still negotiate a binding scheme implementation deed, and approval from Australia’s Foreign Investment Review Board may introduce additional scrutiny given the mineral’s defense applications. Integration also poses logistical and financial complexities—combining an Australian mine development with U.S.-based processing infrastructure will require regulatory alignment, financing clarity, and operational synchronization.

Valuation remains another variable. If antimony and gold prices rise significantly before closing, Larvotto shareholders might press for improved terms. For United States Antimony’s investors, the key concern is dilution, as issuing new shares could temporarily compress per-share earnings. Despite those risks, analysts see long-term strategic merit in the proposal, viewing it as a cornerstone move in establishing Western independence over antimony supply.

What to expect next as United States Antimony advances negotiations with Larvotto Resources

The coming months will likely define the shape and feasibility of the transaction. Both boards are expected to continue discussions toward a binding agreement, with Larvotto commissioning independent valuation advice before issuing a formal recommendation. Market watchers anticipate updates on financing structures, integration timelines, and regulatory submissions in both jurisdictions.

Potential catalysts include the execution of the scheme deed, shareholder meetings, and any competing offers from other industry players seeking exposure to Hillgrove’s high-grade resource. Commodity price shifts—particularly in gold and antimony—could further influence negotiations. Should the acquisition proceed, it would elevate United States Antimony into the ranks of global critical-minerals producers with diversified geographic exposure and downstream integration.

How investors interpret United States Antimony’s global strategy to control critical-mineral production and pricing power

Investor sentiment surrounding United States Antimony is trending cautiously bullish. The company’s recent restart of operations at its Stibnite Hill site in Montana demonstrated technical progress, and this acquisition push signals broader ambitions. Institutional investors view the deal as a credible pathway to expand capacity, capture upstream resources, and reinforce pricing leverage across North American and Asia-Pacific markets.

For Larvotto shareholders, the calculus is nuanced. Accepting the offer could accelerate Hillgrove’s development through U.S. capital access and established refining infrastructure. Yet holding out could attract competing bids or improved valuation ratios, especially as Hillgrove approaches financing and construction milestones in 2026.

The proposed merger stands as a defining example of how mineral security and market strategy are converging across the critical-minerals landscape. By linking gold’s investment appeal with antimony’s strategic indispensability, United States Antimony and Larvotto Resources have positioned themselves at the intersection of industrial policy, commodity economics, and global trade realignment. Investors are watching closely — not only for the outcome of the deal but for what it reveals about the next phase of Western consolidation in critical-mineral markets.