Tivan and Sumitomo Extend Molyhil MoU to Advance Tungsten Project Joint Venture

MoU Extension Signals Progress Toward Joint Venture

Tivan (ASX:TVN) has secured an extension of its Memorandum of Understanding (MoU) with Sumitomo Corporation to 30 June 2026, maintaining momentum on the Molyhil Tungsten Project’s development. This extension provides Tivan with crucial additional time to finalise a Scoping Study by the end of April, a key milestone before moving toward a binding joint venture agreement.

The MoU underpins ongoing talks between the two parties on a potential joint venture encompassing development, funding, marketing, and operation of the project. Tivan’s Executive Chairman Grant Wilson highlighted the strategic value of a multi-party joint venture approach, which aims to leverage partner expertise while limiting shareholder dilution. This mirrors the pathway taken by Tivan’s Speewah Fluorite Project, where a similar joint venture framework was successfully pursued.

Exploration and Marketing Efforts Accelerate

Field activity at Molyhil has ramped up with Tivan’s geology team mobilising to drill high-priority tungsten targets identified through recent geophysical surveys. The goal is to expand the existing JORC-compliant resource, which currently stands at 4.647 million tonnes grading 0.26% WO3 and 0.09% molybdenum. The drilling program complements ongoing geophysical work and is a critical step toward enhancing resource confidence ahead of project development decisions.

Simultaneously, Tivan is advancing early-stage marketing in Japan, engaging potential end-use customers with product samples and aiming for initial deliveries in Q3 2026. These efforts reflect a broader strategy to position Molyhil as one of the quickest new tungsten projects globally to reach market, supported by proactive customer engagement and supply chain planning.

The company is also progressing regulatory and stakeholder engagement in the Northern Territory, working alongside the government and Traditional Owners to facilitate project approvals and native title considerations. This coordinated approach aims to underpin a final investment decision targeted for 2027.

Navigating Partnership and Regulatory Complexity

Tivan’s joint venture discussions remain preliminary, with the company also in early talks with other potential partners, subject to Sumitomo’s consent. The planned Key Terms MoU by the end of June will provide a framework for binding agreements and allow for Foreign Investment Review Board (FIRB) approvals, a necessary step given the involvement of international stakeholders.

These developments come shortly after Tivan’s recent announcement of its 2026 drilling program commencement at Molyhil and adjacent projects, following key environmental and cultural heritage approvals. The drilling campaign and Scoping Study progress are intertwined milestones that will shape the project’s trajectory over the coming months, as detailed in the company’s update on 2026 drilling at Molyhil and Sandover projects.