Tivan Limited Names Ellin Lede Director with Extensive Performance-Linked Equity Package

Overview of Tivan Limited and Its Project Portfolio

Tivan Limited is an exploration and development company focused on advanced mineral projects across multiple jurisdictions. Its key assets include the Speewah Fluorite Project, Molyhil Tungsten Project, and exploration interests in Timor-Leste. These projects underscore Tivan’s strategy to develop economically viable mining operations in sectors with established demand. The appointment of Ellin Lede as director aims to strengthen leadership as these projects advance through critical development phases.

The company’s business model emphasizes exploration, resource definition, and progression toward production-ready status. Both Speewah and Molyhil are capital-intensive projects requiring successful technical and economic milestones. Including Timor-Leste exploration in Lede’s performance incentives highlights Tivan’s geographic diversification and commitment to discovering new resource opportunities.

Ellin Lede’s Equity Holdings as Director

Tivan’s update reveals Ellin Lede holds 1,100,000 ordinary shares as a registered holder, establishing a significant direct equity stake aligned with shareholder value creation. Her securities portfolio also includes multiple classes of performance rights issued or to be issued under an executive services contract pending shareholder approval.

Specifically, Lede holds 833,334 Class C, 833,333 Class D, and 833,333 Class I Performance Rights as registered securities. The contract further provides conditional performance rights: 500,000 each of Class C, D, and I, plus three additional tranches of 500,000 rights each, contingent on development milestones. Each performance right converts into one ordinary share upon exercise, potentially expanding her equity stake significantly if milestones are met and shareholder approval granted.

Performance Rights Tied to Speewah Fluorite Project Milestones

A core element of Lede’s contract is performance rights vesting upon achieving a Final Investment Decision (FID) at the Speewah Fluorite Project. This aligns her remuneration with advancing the project from exploration or prefeasibility toward mine development and capital commitment. Speewah is a flagship asset, and reaching FID would mark substantial progress toward production readiness.

This milestone-based incentive reflects common practice in mining companies, linking executive pay to project advancement. For investors, it signals alignment of director interests with tangible development outcomes. The vesting of 500,000 performance rights upon FID provides a strong financial motivation for Lede to drive the project forward.

Molyhil Tungsten Project Incentive Structure

The update also states 500,000 performance rights will vest upon achieving FID at the Molyhil Tungsten Project. This parallel incentive demonstrates Tivan’s commitment to advancing multiple projects simultaneously with board-level accountability. Tungsten’s industrial applications sustain global demand, reinforcing Molyhil’s strategic importance.

Linking performance rights to Molyhil’s FID milestone ensures management focus on demonstrating feasibility, economic viability, and capital commitment. This structure assures investors that executive incentives are tied to measurable project milestones rather than operational metrics alone.

Mineral Resource Definition Goal in Timor-Leste

Lede’s contract also includes 500,000 performance rights vesting upon defining a Mineral Resource in Timor-Leste. This reflects Tivan’s exploration strategy in Southeast Asia and its aim to expand its resource base beyond current development projects. Timor-Leste is an emerging jurisdiction with promising geology and improving regulatory frameworks.

Unlike FID-linked rights, this incentive targets new resource discovery and delineation. The company did not specify the commodity focus for Timor-Leste exploration. This geographic and strategic diversification balances near-term development with longer-term exploration upside.

Options and Additional Securities Held

Ellin Lede holds 300,000 options exercisable at $0.12 per share, expiring 30 June 2027. These options provide leverage to share price appreciation, creating additional incentive to enhance company value within approximately one year from July 2026.

The options are separate from performance rights and ordinary shares, with exercise discretionary and not contingent on milestones. The announcement did not disclose adjustment provisions for corporate actions. Including options aligns executive interests with share price growth.

Executive Services Contract and Performance Rights Conditions

Lede’s appointment is governed by an executive services contract encompassing six categories of performance rights, including conditional issuances subject to shareholder approval and milestone achievements. This structure aligns remuneration with strategic objectives across Tivan’s asset portfolio.

All performance rights require shareholder approval before issuance, ensuring shareholder oversight consistent with ASX Corporate Governance Council guidelines and Corporations Act requirements. Vesting depends solely on project and exploration milestones, excluding financial or share price performance hurdles, reflecting the company’s focus on capital development and exploration as primary value drivers.

Shareholder Approval Process and Timing

The company confirms performance rights issuance is contingent on shareholder approval, typically sought at the next annual general meeting or a special meeting. The announcement does not specify the expected approval date.

Until approval, performance rights remain contractual entitlements rather than issued securities. Disclosure in the Initial Director’s Interest Notice ensures market transparency regarding Lede’s potential equity interests. Upon meeting vesting conditions and approval, each right converts to one ordinary share, increasing her shareholding and voting power.

Strategic Implications for Tivan Limited

Lede’s appointment and equity remuneration package underscore Tivan’s commitment to accelerating development and exploration across its portfolio. Emphasizing FID milestones at Speewah and Molyhil plus resource definition in Timor-Leste highlights prioritization of project advancement and discovery as key value drivers. This performance-based structure aligns director incentives with shareholder interests in tangible progress.

For investors, the appointment strengthens board capacity to advance critical projects. The substantial equity incentives reflect confidence in achieving milestones, though FID achievements depend on successful feasibility studies, permitting, and economic validation. Timelines for these milestones were not disclosed.

Disclosure of Registered and Beneficial Interests

The Initial Director’s Interest Notice clarifies that Lede holds 1,100,000 ordinary shares, 833,334 Class C, 833,333 Class D, 833,333 Class I performance rights, and 300,000 options as registered securities. No beneficial interests held through other parties were reported.

This transparency satisfies ASX Listing Rules on director interests, confirming Lede’s direct legal title recorded on Tivan’s share register. The absence of beneficial interests indicates no holdings through trusts or interposed entities. The appointment effective 21 July 2026 marks the start of her director interest obligations under ASX and Corporations Act regulations.