Tivan Engages ICA Natural Resources to Finalise Speewah Debt Funding

• ICA Natural Resources appointed to advise on project debt funding
• Speewah Fluorite Project progressing Definitive Feasibility Study
• Up to $100 million equity funding secured from Sumitomo and ETFS Capital
• Non-binding support from Export Finance Australia and NAIF due diligence underway
• Debt funding structuring and execution now the focus

ICA Natural Resources to Lead Debt Financing

Tivan Limited (ASX:TVN) has taken a decisive step towards securing the capital required to develop its Speewah Fluorite Project in Western Australia by appointing ICA Natural Resources (ICANR) to advise on the project's debt funding. ICANR, a Sydney-based advisory firm with a strong track record in resources sector finance and critical minerals projects, will spearhead the structuring and execution of the debt component of the project finance package.

This move follows a competitive selection process and signals Tivan's intent to finalise the financing arrangements necessary for a Final Investment Decision (FID), which will be led by Tivan on behalf of the joint venture with Sumitomo Corporation and the Japan Organization for Metals and Energy Security (JOGMEC).

Progress on Equity and Government Support

The Speewah project has already secured substantial equity backing, with binding agreements in place for up to $100 million from Sumitomo Corporation and ETFS Capital Limited, subject to conditions outlined in previous ASX announcements. Complementing this, Tivan has received a non-binding Letter of Support from Export Finance Australia (EFA) and is advancing through the Northern Australia Infrastructure Facility’s (NAIF) due diligence phase, both of which are key government concessional debt funding sources.

ICA Natural Resources brings relevant expertise in navigating such government funding mechanisms, as well as experience working with large Japanese corporates, which aligns well with the profile of the joint venture partners.

Definitive Feasibility Study and Project Development

Alongside financing efforts, Tivan is progressing a Definitive Feasibility Study (DFS) for Speewah, aiming to deliver Australia’s first mining and processing operation producing acid grade fluorspar (97% CaF2). The DFS is scheduled for completion later this year and will underpin the final investment decision, setting the stage for project execution.

Executive Chairman Grant Wilson emphasised the significance of ICANR’s appointment: "This announcement represents the start of our push to complete the project finance round for the Speewah Fluorite Project, enabling a Final Investment Decision." The appointment marks a clear transition from preparatory funding discussions to transaction finalisation and execution.

Financing Milestone in a Competitive Market

The Speewah Fluorite Project sits within a critical minerals landscape increasingly attracting investor and government attention. Securing a blend of equity and concessional debt funding is essential for advancing the project amid global competition for supply chain security in fluorine-based products.

While Tivan has made notable progress, the final terms and timing of debt funding remain uncertain, with the DFS outcomes and government approvals likely to influence the financing structure. Market watchers will be keen to see how ICANR navigates these complexities to deliver a funding package that satisfies joint venture partners and stakeholders.

Bottom Line?

The appointment of ICA Natural Resources sharpens Tivan’s focus on closing project debt financing, a pivotal step toward unlocking Speewah’s development potential.

Questions in the middle?

• How will the final debt funding terms balance government concessional loans with commercial lenders?
• What impact will the Definitive Feasibility Study results have on the timing of the Final Investment Decision?
• Could evolving market conditions for fluorspar influence the project’s capital structure or scale?