Tivan builds momentum across fluorite, tungsten and Timor-Leste projects

• Proposed Molyhil joint venture advances towards binding agreements
• Sandover drilling returns broad, high-grade fluorite intersections
• Baucau maiden drilling pathway secured, subject to final documentation
• $19.925 million cash balance and 2.3 quarters of estimated funding
• Speewah receives further $3 million government grant funding

Multiple projects move from exploration towards execution

Tivan is attempting to convert a wide-ranging critical minerals portfolio into a sequence of development decisions, with the September quarter bringing progress across fluorite, tungsten and copper-gold assets. The most consequential steps were not all completed transactions: the proposed Molyhil joint venture remains under negotiation, Speewah debt funding is still being arranged, and Timor-Leste drilling remains subject to regulatory acceptance.

The company reported $19.925 million in cash at 30 September, including $11.29 million held at Tivan level. Quarterly engineering, exploration and evaluation payments totalled $8.535 million, producing an estimated 2.30 quarters of available funding based on the Appendix 5B calculation. Tivan also raised approximately $9.589 million through the exercise of expiring options during July, helping preserve liquidity while the company pursues larger project funding packages.

Molyhil negotiations approach a November deadline

At Molyhil in the Northern Territory, Tivan has extended its key terms memoranda with Sumitomo Corporation and ETFS Capital to 15 November 2026 as negotiations continue over an incorporated joint venture. The proposed structure contemplates up to $50 million in stage-gated equity investment to advance and deliver the tungsten project, with Tivan expecting to retain an effective 82.5% interest at final investment decision, subject to long-form agreements.

The project has now cleared the way for an 8,000-metre, roughly 50-hole development-focused drilling program covering resource, metallurgical, geotechnical and hydrogeological work. The campaign follows the Molyhil drilling approvals, while an earlier four-target program failed to identify significant tungsten mineralisation and instead refined the exploration model. Tivan also made the first deferred acquisition payment through $875,000 in cash and 3,837,383 shares.

Sandover drilling strengthens the fluorite case

Sandover delivered the quarter’s clearest exploration result. The completed 5,884-metre Stage Two reverse-circulation program intersected fluorite in every hole, with a best result of 3 metres at 74.3% CaF2 from 28 metres. Earlier reported intersections included 20.3 metres at 18.9% CaF2, 15.5 metres at 22.4% CaF2 and 8 metres at 25.1% CaF2.

Those results, previously detailed in the Sandover fluorite drilling results, left mineralisation open along strike and at depth and identified Reefs A, C and E as priorities for further resource-focused drilling. Tivan now plans to prepare an Exploration Target and design a Stage Three program that could support a maiden Mineral Resource estimate. The company said its preliminary review of deleterious elements was encouraging for acid-grade fluorspar, although that is not an economic assessment or a reported reserve.

Timor-Leste reaches the threshold for maiden drilling

At Baucau, regulatory classification has created a pathway for up to six stratigraphic diamond holes totalling 1,500 metres at the Scorpion Prospect. The proposed five-to-six-week campaign is intended to provide subsurface information rather than establish a resource, and remains conditional on ANM accepting Tivan’s drilling plan and supporting environmental documentation.

The target selection follows Baucau copper-gold assays, which reported rock-chip results of up to 6.87% copper, 24.70 grams per tonne gold and 2.68% cobalt from 331 samples. Tivan has also expanded the Baucau licence area by about 50 square kilometres over a 2.5-kilometre by 1-kilometre magnetic anomaly, while drone magnetic, LiDAR and photogrammetric surveys continue across priority ground at Baucau and Turiscai.

Speewah funding advances, but the capital task remains

Speewah remains Tivan’s most advanced development proposition. The company received a further $3 million under the Australian Government’s International Partnerships in Critical Minerals Program, taking grants received to $6.4 million from a total $7.4 million. A 37,000-metre, two-year drilling program is due to finish in October, with the resulting work intended to support an updated Mineral Resource and maiden Ore Reserve.

ICA Natural Resources has been appointed to advise on debt project finance for Speewah, while Tivan continues work on a Definitive Feasibility Study. The filing does not disclose committed debt funding, so the project’s next test is whether technical progress can be matched by a financeable capital structure.

Expansion brings new incentives and new execution risk

Tivan has added senior executives, appointed Rebecca Moylan as chief financial officer from December, and proposed up to 105 million incentive securities over three years. The proposed awards include project-linked pools for Speewah, Molyhil and Timor-Leste, while Executive Chairman Grant Wilson is to be offered 5 million rights in each pool, subject to shareholder approval at the 18 November annual meeting. Against a backdrop of no reported production revenue and continuing exploration expenditure, shareholders will need to weigh the intended alignment of those awards against potential dilution.

Bottom Line?

Tivan’s next phase depends on converting exploration momentum into binding Molyhil agreements, accepted drilling plans and a financeable Speewah development package before cash becomes the central constraint.

Questions in the middle?

• Will Sumitomo and ETFS Capital sign binding Molyhil agreements by the extended 15 November deadline?
• Will Baucau’s maiden drill program confirm that the high-grade surface results continue below ground?
• Can Speewah secure debt and equity funding on terms that preserve Tivan’s proposed project interests?