Delays or Risks Ahead as Tivan Advances Timor-Leste JV and Drilling Plans

Joint Ventures Mark Strategic Leap in Timor-Leste

Tivan Limited (ASX:TVN) has crossed a significant milestone by signing binding term sheets with Murak Rai Timor E.P., the state-owned mining company of Timor-Leste, to establish incorporated joint ventures for its Baucau and Ossu copper-gold projects. The agreements set the framework for Tivan to hold an 80% stake in each joint venture company, with Murak Rai holding 20%, free carried until completion of a definitive feasibility study. This partnership strengthens Tivan’s foothold in a region that remains one of the world’s most underexplored yet promising copper-gold provinces.

The Baucau and Ossu projects, acquired by Tivan in February 2026, cover six exploration licenses over 289 square kilometres east of the capital Dili. The area shares geological characteristics with some of the globe’s largest copper-gold deposits, such as Grasberg and Ok Tedi. Tivan’s approach builds on historical data and local insights, boosted by new sampling and mapping programs that have confirmed high-grade mineralisation, including assays up to 17.4% copper and 38.1 grams per tonne gold at Ossu.

Maiden Drilling Program at Ossu Set for Q4 2026

With community and regulatory support firmly in place, Tivan is advancing plans for a maiden drilling campaign at Ossu in the final quarter of 2026. The program aims to test priority targets identified through integrated geological, geochemical, and geophysical analysis, including reprocessed datasets by Southern Geoscience Consultants. The drilling will assess mineralisation continuity and scale, while also refining logistical and infrastructure requirements ahead of more extensive exploration.

Ossu’s accessible terrain and existing infrastructure distinguish it operationally from more remote projects, allowing efficient mobilisation of conventional drill rigs without reliance on costly heliportable methods. This accessibility is expected to streamline exploration activities and reduce costs, a notable advantage in a region where logistics can often be a significant challenge.

Collaborative Efforts Extend Beyond Borders

Murak Rai’s involvement goes beyond equity participation; its geologists are actively collaborating with Tivan’s teams, including contributing to fieldwork at the Speewah Fluorite Project in Western Australia. This cross-border cooperation supports workforce training and capability building, aligning with Murak Rai’s vision to catalyse economic growth and social development in Timor-Leste. The partnership also reflects Tivan’s broader commitment to sustainable community engagement and government collaboration, bolstered by the appointment of Major Michael Stone (Retd) to its Technical Advisory Group, who brings extensive local expertise and recently participated in community ceremonies presenting the exploration licenses.

The binding term sheets set out clear governance structures and timelines, with formal joint venture agreements targeted for signing by September 2026 and incorporation of joint venture companies expected by July. Murak Rai’s free carry arrangement until completion of a feasibility study provides Tivan with operational control during early exploration phases, while offering Murak Rai options to convert part of its interest into net smelter royalties, balancing risk and reward.

Regulatory and Community Backing Paves Way Forward

Tivan maintains active engagement with the Timor-Leste National Mining Authority to ensure regulatory compliance, including environmental management plan amendments necessary for drilling approvals. The company’s strategy leverages local support, infrastructure, and a clear understanding of the mining code, positioning it well to advance exploration efficiently. The projects complement Tivan’s existing Turiscai project, collectively covering over 630 square kilometres in Timor-Leste and underpinning the company’s ambition to develop the country’s mineral resources sector.

While the joint venture agreements and drilling plans mark tangible progress, the ultimate commercial viability of the Baucau and Ossu projects remains dependent on forthcoming exploration results and feasibility studies. The partnership with Murak Rai, however, signals a solid foundation for navigating the complex regulatory and social landscape of Timor-Leste’s emerging mining industry.

These developments build on Tivan’s recent strategic moves, including the appointment of Major Michael Stone to enhance local engagement Major Michael Stone Appointment and collaborative fieldwork at Speewah Speewah Fluorite Funding, illustrating a multi-faceted approach to resource development and stakeholder partnership.