Tivan Raises $7.5M, Signs $60M JV MoU with Sumitomo for Speewah Project
Tivan Limited has advanced its Speewah Fluorite Project with a $7.4 million government grant and Major Project Status, alongside a joint venture MoU with Sumitomo Corporation and promising drilling results at Sandover.
- Speewah Fluorite Project awarded Major Project Status and $7.4 million government grant
- Memorandum of Understanding signed with Sumitomo Corporation for joint venture
- Commencement of diamond drilling at Speewah Fluorite Project following regulatory approvals
- High-grade fluorite assays up to 94% CaF2 returned from Sandover Fluorite Project
- Tivan raises $7.5 million via entitlement offer and completes final payment for Speewah acquisition
Strategic Recognition and Funding Boost
Tivan Limited has marked a significant milestone for its Speewah Fluorite Project in Western Australia, securing Major Project Status from the Australian Government. This designation underscores the project's national importance and alignment with Australia's Critical Minerals and National Battery Strategies. Complementing this recognition, Tivan was awarded a $7.4 million cash grant under the International Partnerships in Critical Minerals Program, aimed at supporting early to mid-stage critical minerals projects that bolster supply chains.
The grant funding will be matched by Tivan or its joint venture partner and is earmarked for advancing feasibility studies and associated technical workstreams, thereby materially reducing the capital burden ahead of a final investment decision.
Joint Venture Framework with Sumitomo Corporation
This partnership not only brings significant capital but also commercial offtake arrangements and project management fees for Tivan, enhancing the project's financial and operational robustness. The parties are targeting execution of binding agreements by March 2025, reflecting a disciplined timeline for progressing the project.
Operational Progress and Exploration Success
Following all necessary regulatory and cultural heritage approvals, Tivan commenced ground-disturbing works and diamond drilling at Speewah in late 2024. The initial drilling phase prioritizes metallurgical testwork to validate ore characteristics and support ongoing resource management, critical for ensuring product quality and operational efficiency.
Meanwhile, at the Sandover Fluorite Project in the Northern Territory, Tivan reported ultra high-grade fluorite assays reaching up to 94% CaF2 from surface sampling campaigns. These results affirm the project's potential as a world-class fluorite deposit and complement Tivan's expanding critical minerals portfolio. The company plans further mapping, sampling, and a maiden drilling program in 2025 to delineate resources.
Financial and Corporate Developments
Tivan successfully raised $7.5 million through a fully subscribed entitlement offer, including the placement of shortfall shares, bolstering its cash reserves to $2.6 million at quarter-end. The company also completed the final $2.4 million payment to King River Resources for the Speewah Project acquisition ahead of schedule.
Additionally, Tivan received a $0.825 million cash rebate under the Federal Government's Research and Development Tax Incentive scheme, reflecting ongoing investment in vanadium processing technologies and mineral exploration.
Corporate governance was reinforced with the appointment of Grant Thornton as external auditor, replacing KPMG, and the successful conduct of the 2024 Annual General Meeting where all resolutions were passed.
Looking Ahead
With drilling underway and strategic partnerships forming, Tivan is well positioned to advance its critical minerals projects through feasibility and development phases. The collaboration with Sumitomo Corporation and government support provide a strong foundation for scaling production and capitalising on the growing demand for fluorite and vanadium in energy transition technologies.
Bottom Line?
Tivan’s strategic partnerships and government backing set the stage for a pivotal year in advancing Australia’s critical minerals supply chain.
Questions in the middle?
- Will the joint venture with Sumitomo Corporation proceed to binding agreements on schedule in Q1 2025?
- How will ongoing drilling and assay results at Speewah and Sandover influence resource estimates and project economics?
- What are the potential market impacts of Tivan’s high-purity vanadium and fluorite products amid global energy transition demand?
