Tivan’s Vanadium Breakthrough Simplifies Processing but Commercial Risks Persist

Breakthrough in Vanadium Processing

Tivan Limited (ASX: TVN) has announced a significant milestone in its Speewah Vanadium Project with the successful production of high-purity vanadium pentoxide (V2O5) at a grade of 99.86%. This was achieved through a conventional salt roast processing flowsheet without the use of solvent extraction, a method that typically adds complexity and cost to vanadium purification.

The testwork program, completed in late 2024, was designed to assess the commercial viability of producing vanadium suitable for flow battery applications directly from Speewah ore. The resulting V2O5 product is now being used for vanadium electrolyte (VE) preparation and testing at the University of New South Wales, targeting specifications set by Sumitomo Electric Industries, a leading manufacturer of vanadium flow batteries. Results from this phase are expected in the first quarter of 2025.

Dual Technology Pathways Offer Strategic Flexibility

Tivan is concurrently advancing two processing technology pathways: the innovative TIVAN+ process developed in partnership with CSIRO, and the more conventional salt roast method. Both have demonstrated promising preliminary results, providing Tivan with valuable optionality as it navigates the technical and commercial challenges of vanadium extraction and purification.

The salt roast pathway testwork included desilication and purification trials, bulk processing, and ammonium metavanadate (AMV) calcination. Notably, the purification trials favored a precipitation-based method over solvent extraction, achieving high-purity AMV products with minimal vanadium loss. This approach aligns with Tivan’s goal to simplify the flowsheet and reduce project costs.

Implications for Speewah and the Vanadium Market

Executive Chairman Grant Wilson highlighted Speewah’s competitive advantages, including its high vanadium concentrate grade, low strip ratio, and proximity to port infrastructure. The integration of the Speewah Fluorite Project is expected to further reduce costs and strengthen the project’s social license to operate in the East Kimberley region.

While the pathway to commercial vanadium production in Australia remains complex, these testwork results position Tivan as a frontrunner in the critical minerals sector, particularly in the emerging market for long-duration energy storage solutions. The company is also exploring collaboration opportunities around the TIVAN+ technology, which has attracted significant third-party interest domestically and internationally.

Next Steps and Market Watch

Tivan will continue optimizing processing parameters to improve vanadium recovery and overall project economics. The ongoing VE testing at UNSW and updates on potential commercial partnerships for TIVAN+ technology will be key catalysts to watch in 2025. Investors should monitor how these developments influence Tivan’s valuation and its role in the global vanadium supply chain.