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Tivan Limited has reported a landmark quarter highlighted by a $50 million stage-gated equity investment framework with Sumitomo Corporation and ETFS Capital for the Molyhil Tungsten Project, completion of a scoping study revealing a pre-tax net present value of $534.3 million, and binding joint venture agreements for copper-gold exploration projects in Timor-Leste. The company is advancing multiple mineral assets including the Speewah Fluorite Project in Western Australia while forging strategic partnerships with Japanese and Asian investors to maximize value from its advanced exploration and development portfolio.
Key Points
- Tivan Limited (TVN) executed a Memorandum of Understanding with Sumitomo Corporation and ETFS Capital for up to $50 million in staged equity investment in the Molyhil Tungsten Project, retaining an effective 82.5% interest at final investment decision.
- The Molyhil Tungsten Project Scoping Study demonstrated a pre-tax NPV8 of $534.3 million, an IRR of 114.2%, and a payback period of 0.8 years from production commencement.
- Binding Term Sheets were signed with Murak Rai Timor E.P. for joint ventures on the Baucau and Ossu Projects in Timor-Leste, with high-grade copper-gold mineralization assays up to 17.4% copper and 38.1 g/t gold.
- Independent assessments confirmed the Speewah Fluorite Project can produce premium acid-grade fluorspar suitable for hydrofluoric acid production, with Japan Fluorite Corporation completing $5 million Tranche 2 funding.
- Capital raising included a $5 million placement with ETFS Capital at $0.30 per share and an underwriting agreement for up to $10 million in options; 31,964,736 shares were issued raising approximately $9.589 million before fees.
Molyhil Tungsten Project Scoping Study Highlights Strong Economic Viability
Tivan Limited announced the completion of a Scoping Study for its Molyhil Tungsten Project in the Northern Territory, confirming the project’s technical and economic strength. The study reported a pre-tax net present value at an 8% discount rate of $534.3 million, an internal rate of return of 114.2%, and a payback period of 0.8 years from production start. These results underscore the project’s robust economic fundamentals, supporting advancement to subsequent development phases.
This milestone was accompanied by the establishment of a Project Control Group with the Northern Territory Government and initiation of fieldwork including drilling. Geophysical surveys at Molyhil identified several high-priority near-mine exploration targets. Additionally, the Northern Territory Government awarded $141,000 in exploration grant funding specifically for drilling activities, signaling governmental backing for this resource development.
$50 Million Stage-Gated Equity Investment Framework with Sumitomo Corporation and ETFS Capital
Tivan Limited signed a Memorandum of Understanding with Sumitomo Corporation and ETFS Capital to create a stage-gated equity investment framework of up to $50 million to advance the Molyhil Tungsten Project. Under this agreement, Tivan will maintain an effective 82.5% interest at the final investment decision, subject to definitive agreements. The staged capital deployment aligns funding with project milestones and risk reduction, enabling progress while preserving significant ownership.
Sumitomo Corporation’s involvement, a leading Japanese trading and investment firm, alongside ETFS Capital, reflects increasing investor focus on securing tungsten supply from stable jurisdictions outside China, the dominant global producer. This partnership offers Tivan capital, market access, and offtake expertise, reducing financial risk and aligning interests to advance the project toward production.
Collaboration Framework with Aboriginal Investment NT for Molyhil Project
Tivan Limited entered a Memorandum of Understanding with Aboriginal Investment NT to foster collaboration specifically for the Molyhil Tungsten Project. This agreement highlights Tivan’s commitment to Indigenous engagement and incorporating local perspectives in development activities. Given Molyhil’s Northern Territory location, partnership with Aboriginal communities is vital for social license and operational success.
The company appointed retired Major Michael Stone to enhance strategic advice and local engagement in Timor-Leste. Indigenous-owned MDM Mining & Civil was awarded Early Contractor Involvement for finalizing access road design at the Speewah Fluorite Project, demonstrating Tivan’s proactive Indigenous business partnerships across its portfolio.
Binding Joint Venture Agreements Finalized for Timor-Leste Copper-Gold Projects
Tivan Limited signed Binding Term Sheets with Murak Rai Timor E.P., a state-owned mining entity, outlining joint venture terms for the Baucau and Ossu Projects in Timor-Leste. These agreements lay the groundwork for exploration and potential project advancement. Surface sampling revealed high-grade copper-gold mineralization with assays up to 17.4% copper, 38.1 g/t gold, and 0.45% cobalt, indicating significant mineral potential.
These early-stage projects show promising upside based on initial results, with mineralization indicative of porphyry or epithermal systems typical of major Southeast Asian copper-gold deposits. Partnering with Murak Rai Timor E.P. provides local expertise and regulatory insight, facilitating efficient exploration progress.
Speewah Fluorite Project Validated for Premium Acid-Grade Fluorspar Production
Independent product assessments completed on 17 April 2026 confirmed that the Speewah Fluorite Project in Western Australia can produce premium acid-grade fluorspar suitable for hydrofluoric acid production. Samples sent to three Asian end-users received positive technical evaluations, meeting low arsenic, phosphorus, and sulphide requirements essential for ultra-pure hydrofluoric acid.
The project hosts one of the world’s largest high-grade fluorite resources, with a JORC (2012) Mineral Resource estimate of 43.2 million tonnes at 8.3% calcium fluoride, including a high-grade component of 9.6 million tonnes at 20.6% calcium fluoride. Tivan is advancing mining and processing plans in joint venture with Sumitomo Corporation and Japan Organization for Metals and Energy Security via Japan Fluorite Corporation. Acid-grade fluorspar is critical for hydrofluoric acid, a key input in lithium-ion battery, semiconductor, and industrial manufacturing.
Japan Fluorite Corporation Completes $5 Million Tranche 2 Investment
Japan Fluorite Corporation, representing Tivan’s joint venture partners Sumitomo Corporation and Japan Organization for Metals and Energy Security, completed a $5 million Tranche 2 investment in Japan Australia Fluorite Associates Pty Ltd on 1 April 2026. This funding supports the Definitive Feasibility Study advancing the Speewah Fluorite Project toward a final investment decision. Japan Fluorite Corporation now holds a 15% interest, having invested a total of $10.3 million through Tranche 1 and 2.
Tivan owns 93.96% of Fluorite Holding Pty Ltd, which holds 85% of Japan Australia Fluorite Associates, with ETFS Capital holding the remainder. The staged investment approach provides capital for progressive development while maintaining Tivan’s majority ownership. The Definitive Feasibility Study is underway, charting a clear path to production.
Australian Government Critical Minerals Listing and Fluorite Market Drivers
In December 2023, fluorine was added to Australia’s Critical Minerals List, recognizing its strategic importance and the absence of domestic production. This designation supports fluorite resource development and encourages supply diversification away from dominant global producers. Fluorite ore is processed into commercial-grade fluorspar, with acid-grade fluorspar essential for hydrofluoric acid production used in multiple critical industries.
Hydrofluoric acid’s applications in lithium-ion battery and semiconductor manufacturing align with global demand growth driven by electrification and digital technology. The combination of government support, Western Australia’s stable mining jurisdiction, and proven product quality creates favorable conditions for Speewah’s development and commercialization.
Capital Raising and Executive Team Expansion
Tivan Limited completed several capital raises this quarter, including a $5 million placement with ETFS Capital at $0.30 per share. An underwriting agreement with Evolution Capital was signed for up to $10 million in option exercises at $0.30 per share, with Regal Funds Management sub-underwriting $7.5 million. Subsequently, 31,964,736 shares were issued, raising approximately $9.589 million before fees. These funds support ongoing exploration and development activities.
The company appointed Robert Gerrard as Chief Operating Officer and subsequently as Chief Executive Officer (Australia). The expanded Executive Team now includes Grant Wilson as Executive Chairman, Robert Gerrard as CEO (Australia), Dr Ellin Lede as Chief Development Officer and Executive Director, and Brendon Nicol as Chief Technical Officer. Additional appointments include Maddalyn McBeath as Commercial Director, Michael Fuss as Principal Geologist, and Yohanes Suryaputradinata as Project Manager, enhancing operational, technical, and commercial expertise.
Regional Exploration and Mineral Discovery Initiatives
Fieldwork including drilling commenced at the Molyhil Tungsten and Sandover Fluorite Projects during the quarter. Geophysical surveys identified multiple near-mine targets at Molyhil and mapped fluorite vein systems at both sites, aiming to expand resource bases at these development-stage projects.
Regional stream sediment sampling at the Turiscai Project returned assays up to 434 ppm copper and 0.801 ppm gold, with anomalous silver, bismuth, and selenium levels—key pathfinder elements for porphyry-style deposits. These findings indicate potential large-scale copper-gold systems warranting further exploration. These regional programs underscore Tivan’s commitment to systematic exploration and resource growth across its portfolio.
