Speewah Fluorite Project Faces Critical Tests Despite Strong JV and Funding Momentum
Tivan Limited has forged binding joint ventures with Sumitomo Corporation and JOGMEC, secured significant equity investments, and launched a major drilling campaign to advance its Speewah Fluorite Project in Western Australia.
- Binding joint venture agreements executed with Sumitomo Corporation and JOGMEC
- Australian family office commits $5 million placement plus $51.3 million non-binding term sheet
- 35,000m drilling program underway supporting feasibility study
- Revised access road planning progresses with native title engagement
- Leadership team expanded and convertible notes fully redeemed
Strategic Partnerships Cement Speewah’s Development Pathway
Tivan Limited has marked a pivotal quarter with the formal establishment of an incorporated joint venture (IJV) alongside Sumitomo Corporation and the Japan Organization for Metals and Energy Security (JOGMEC) to develop the Speewah Fluorite Project in Western Australia. This collaboration represents a significant milestone, aligning Australian critical minerals production with key Japanese industrial supply chains.
The IJV structure, with Sumitomo and JOGMEC holding a combined 7.5% equity stake initially, is designed to underpin the project's financing, construction, and operation phases. The involvement of JOGMEC, a Japanese government-backed entity, underscores the strategic importance of fluorite as a critical mineral, particularly given its recent addition to Australia’s Critical Minerals List.
Robust Funding and Drilling Programs Propel Project Forward
Complementing the JV, Tivan secured a $5 million share placement from an Australian family office investor, who also signed a non-binding term sheet for a further $51.3 million equity investment. These funds are earmarked to support the ongoing feasibility study and subsequent development activities. The company has commenced its largest-ever drilling campaign at Speewah, targeting 35,000 metres across 335 holes to refine resource estimates and support engineering design.
This drilling program is multifaceted, including geotechnical, metallurgical, hydrological, extension, exploration, and infill drilling. The comprehensive approach aims to solidify the project's resource base and enable a maiden Ore Reserve estimate, with the feasibility study now targeted for completion by October 2025.
Infrastructure and Community Engagement Advance
Recognising the importance of infrastructure, Tivan has progressed planning for a revised access road to the Speewah site. The new alignment shortens the route and avoids culturally sensitive areas, reflecting extensive consultation with Traditional Owners and native title holders facilitated by the Kimberley Land Council. The granting of new miscellaneous licences and a Resourcing Protocol Agreement with local Aboriginal corporations demonstrate Tivan’s commitment to culturally responsible development.
Expanding Leadership and Financial Stability
To support its growing operational demands, Tivan has established a new Leadership Team comprising six senior managers, including promotions that reflect internal talent development. Executive Chairman Grant Wilson has extended his term through November 2028, providing continuity as the company transitions from exploration to development.
Financially, Tivan completed full redemption of all convertible notes, strengthening its balance sheet. The company ended the quarter with $6.46 million in cash reserves, bolstered by recent equity injections and government grants, including $150,000 awarded for exploration at the Sandover Fluorite Project.
Broader Project Portfolio and Regional Engagement
Beyond Speewah, Tivan is advancing its Sandover Fluorite Project in the Northern Territory, having signed a Memorandum of Understanding with Sumitomo Corporation to explore collaborative development opportunities. High-grade fluorite assays up to 91.4% CaF2 reinforce the project's potential.
In Timor-Leste, Tivan has established a local presence with a satellite office and appointed a Country Representative to oversee exploration at the Turiscai copper-gold project. Early fieldwork has confirmed outcropping copper mineralisation, setting the stage for further exploration.
Bottom Line?
With strategic partnerships solidified and funding secured, Tivan is poised to advance Speewah from feasibility to development, but upcoming study results and binding investment agreements will be critical to sustaining momentum.
Questions in the middle?
- What are the final terms and equity stakes to be negotiated with the Australian family office investor?
- How will the feasibility study outcomes influence the timing and scale of project construction?
- What are the potential risks or delays associated with native title negotiations and environmental approvals?
