Tivan Limited has locked in key investment frameworks worth up to $50 million for its Molyhil Tungsten Project and confirmed premium acidgrade fluorspar production at Speewah, underpinning strong project economics and strategic partnerships.
- Up to $50 million staged equity investment MoUs signed for Molyhil
- Scoping Study delivers $534 million pre-tax NPV and 114% IRR at Molyhil
- Successful pilot confirms premium acidgrade fluorspar at Speewah
- High-grade copper-gold discovered at Timor-Leste projects
- Raised $15 million via option underwriting and strategic placement
Strategic MoUs Set Stage for Molyhil Development
Tivan Limited (ASX:TVN) has taken a significant step toward advancing its Molyhil Tungsten Project with the signing of key terms Memoranda of Understanding (MoUs) with Sumitomo Corporation and ETFS Capital. These agreements establish a framework for staged equity investments totalling up to $50 million, designed to support exploration, development planning, and eventual project delivery while allowing Tivan to retain an effective 82.5% interest at the final investment decision (FID).
The MoUs outline Sumitomo's potential $25 million investment for an 8.75% stake in the incorporated joint venture (IJV) vehicle, alongside off-take arrangements for up to 100% of production. ETFS Capital is positioned to match this with a similar equity injection for a comparable interest through investment in the project holding company. The parties aim to finalise binding agreements by the end of September 2026, with off-take terms to be negotiated alongside the Definitive Feasibility Study (DFS).
Robust Scoping Study Highlights Molyhil’s Economic Potential
The recently completed Scoping Study confirms the technical and economic viability of Molyhil’s tungsten and molybdenum operation. Key metrics include a pre-tax net present value (NPV8) of $534.3 million, an internal rate of return (IRR) of 114.2%, and a payback period of just 0.8 years from production start. Post-tax figures remain compelling with an NPV8 of $355 million and an IRR of 79.1%.
These results underpin Tivan’s progression to a Pre-Feasibility Study and reflect strong market fundamentals for tungsten and molybdenum, both classified as critical minerals by the Australian Government and major global economies.
Speewah Fluorite Project Advances with Pilot Success and Funding
On the west coast, the Speewah Fluorite Project continues to gain momentum. A mini-pilot plant program has successfully produced a premium acidgrade fluorspar concentrate with an average fluorite grade of 98.6% CaF2, surpassing the market benchmark of 97%. This product is suitable for hydrofluoric acid production, a critical feedstock in industries ranging from lithium-ion battery manufacturing to semiconductors.
Joint venture partner Japan Fluorite Corporation (JFC) completed a $5 million Tranche 2 equity investment in the project’s holding company, Japan Australia Fluorite Associates Pty Ltd (JAFA), increasing its stake to 15%. The Definitive Feasibility Study is underway, supported by ongoing drilling and geophysical surveys that have identified multiple high-priority targets near the mine site.
Tivan also awarded an Early Contractor Involvement contract to Indigenous-owned MDM Mining & Civil to optimise the design of the project’s access road, reflecting a commitment to local engagement and sustainable development.
Exploration Successes in Timor-Leste and Northern Territory
Tivan’s copper-gold exploration in Timor-Leste has yielded high-grade results, with assays up to 17.4% copper and 38.1 g/t gold at the Baucau and Ossu Projects. Binding Term Sheets with state-owned Murak Rai Timor E.P. pave the way for incorporated joint ventures, targeting maiden drilling programs in late 2026.
Meanwhile, in the Northern Territory, geophysical surveys at Molyhil and the adjacent Sandover Fluorite Project have refined drill targets, identifying multiple “near-mine” prospects. Exploration grant funding of $141,000 from the NT Government supports upcoming diamond drilling at Molyhil, reinforcing the project’s fast-track development approach.
Leadership Strengthened and Capital Raised
To steer the company through this critical phase, Tivan has bolstered its executive team. Robert Gerrard was appointed Chief Operating Officer and later Chief Executive Officer (Australia), while Dr Ellin Lede joined the Board as Executive Director. Brendon Nicol was named Chief Technical Officer, and Major Michael Stone (Ret’d) transitioned to Special Advisor in Timor-Leste, enhancing local engagement.
Financially, Tivan secured a $10 million option underwriting agreement with Evolution Capital and a $5 million placement with ETFS Capital, raising a combined minimum of $15 million. Following the exercise of options and placement completion, Tivan’s cash reserves stood at $29.86 million, positioning the company to fund exploration and development activities through the next stages.
Bottom Line?
Tivan’s strategic partnerships and robust study outcomes position Molyhil and Speewah for accelerated development, but execution of binding agreements and DFS milestones will be critical to sustain momentum.
Questions in the middle?
- Will Tivan secure binding joint venture agreements by September 2026 as targeted?
- How will evolving tungsten and fluorite market dynamics impact project financing and timelines?
- What are the next steps for community engagement and Indigenous participation in project development?