Tivan Limited has locked in a substantial $61.3 million equity investment from ETFS Capital, advancing the Speewah Fluorite Project in Western Australia and reinforcing its strategic partnerships with major Japanese stakeholders.
- ETFS Capital to invest up to $51.3 million for 17.5% project interest
- Initial $11.3 million tranche to accelerate development in January 2026
- Additional $10 million overrun facility available for project contingencies
- Partnership complements existing investors Sumitomo Corporation and JOGMEC
- Tivan retains majority 60% ownership and project management control
Strategic Equity Injection
Tivan Limited has taken a significant step forward in financing its Speewah Fluorite Project by executing binding agreements with ETFS Capital Limited (ETFSC), the family office of prominent investors Graham and Louise Tuckwell. This agreement commits ETFSC to invest up to A$61.3 million, securing a substantial stake in the project through equity in Fluorite Holding SPV Pty Ltd, a Tivan subsidiary.
The initial tranche of $11.3 million is scheduled for January 2026, designed to accelerate project development and support Tivan’s push towards a Final Investment Decision (FID). A further $40 million tranche is conditional on key project milestones, including the adoption of a definitive feasibility study and securing debt financing, underscoring the cautious but confident approach to advancing the project.
Strengthening Strategic Partnerships
ETFSC’s entry as a strategic partner complements Tivan’s existing alliances with Sumitomo Corporation, a Fortune Global 500 trading house, and the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency. These partnerships collectively underpin the project’s financial and operational foundation, positioning Speewah as Australia’s first fluorite mining and processing operation aimed at producing high-purity acidgrade fluorspar for export markets.
With ETFSC’s investment, Tivan will maintain a controlling 60% interest in the project, preserving its role as project manager and majority owner. The equity overrun facility of $10 million further provides financial flexibility, allowing Tivan to call additional capital from ETFSC if required, potentially increasing ETFSC’s stake up to 21.5%.
Implications for Project Development
The funding milestone marks a pivotal moment for Tivan’s project financing strategy, enabling the company to de-risk the Speewah Project ahead of the FID. The acceleration funding will support critical activities including human resource expansion and broader project pipeline development. Additionally, the strengthened equity base is expected to bolster confidence among debt financiers such as Export Finance Australia and the Northern Australia Infrastructure Facility.
Executive Chairman Grant Wilson highlighted the significance of the agreement, describing it as a “company-maker” that secures a robust pathway for long-term earnings without further shareholder dilution. The partnership also reflects strong cultural and strategic alignment, with ETFSC’s principals actively engaging with key stakeholders, including indigenous groups and existing partners.
Looking Ahead
While the initial tranche is set to proceed early next year, the full investment depends on several conditions, including regulatory approvals and the finalisation of offtake agreements. These milestones will be closely watched by investors as indicators of the project’s readiness to move into construction and production phases.
Tivan’s upcoming Annual General Meeting will provide further insights, with ETFSC’s Graham and Louise Tuckwell attending as special guests, underscoring the strategic importance of this partnership.
Bottom Line?
This equity deal not only cements Tivan’s majority control but also sets the stage for critical next steps toward commercialising Australia’s first acidgrade fluorspar mine.
Questions in the middle?
- Will ETFSC’s full $40 million tranche proceed on schedule amid regulatory and financing conditions?
- How will the partnership influence Tivan’s ability to secure debt financing and finalise offtake agreements?
- What are the potential impacts on project timelines if the equity overrun facility is fully utilised?