Tivan Raises $9M, Hits High-Purity Vanadium and Fluorite Milestones in Q1 2025

Strategic Partnership Progress at Speewah

Tivan Limited has made substantial strides in the first quarter of 2025 towards formalising a binding incorporated joint venture (IJV) with Sumitomo Corporation for the development of the Speewah Fluorite Project in Western Australia. Following a December 2024 Memorandum of Understanding, both parties have diligently negotiated multiple interrelated agreements, with exclusivity extended to mid-April 2025 to finalise terms. Sumitomo has incorporated a Japanese entity to facilitate investment and has applied for Australian Government approval, signalling strong commitment to the project.

This partnership is poised to inject up to A$60 million in equity funding, underpinning the feasibility and development phases of one of the world’s largest high-grade fluorite resources. The Speewah Fluorite Project hosts a JORC-compliant resource of 37.3 million tonnes at 9.1% CaF2, including a high-grade component at 22.8% CaF2. Fluorite’s critical role in industrial applications and emerging technologies, coupled with its recent addition to Australia’s Critical Minerals List, positions this project strategically within the energy transition landscape.

Exploration and Testwork Milestones

Complementing the JV progress, Tivan has reported excellent flotation testwork results for the Speewah Fluorite Project, achieving acid-grade fluorspar concentrate grades up to 98.8% CaF2 and improved recoveries up to 95%. These outcomes support ongoing feasibility studies and engineering design efforts.

On the vanadium front, the Speewah Vanadium Project has delivered high-purity vanadium pentoxide (99.86% V2O5) through a salt roast testwork program, meeting specifications required by Sumitomo Electric Industries for vanadium electrolyte production. This positions Tivan to supply critical materials for vanadium redox flow batteries, a key technology for long-duration energy storage.

Expanding Footprint in Timor-Leste and Northern Territory

In a significant portfolio expansion, Tivan was awarded seven contiguous Exploration and Evaluation Licenses for the Turiscai Project in Timor-Leste, covering 344 square kilometres in a region known for world-class copper-gold deposits. This direct award, confirmed in March 2025, enables Tivan to commence exploration activities ahead of competitive bidding rounds later in the year. The company has also appointed Francisco da Silva Mendonça as Country Representative to lead community engagement and operational establishment in Timor-Leste.

Meanwhile, at the Sandover AI Project in the Northern Territory, Tivan commenced a maiden diamond drilling program targeting a high-grade lead-silver zone at the Aileron prospect, following a Land Access & Compensation Agreement with the local pastoralist. Surface sampling has returned ultra-high-grade fluorite assays up to 94% CaF2 at the nearby Sandover Fluorite Project, acquired in late 2024, with plans underway for resource definition drilling and a scoping study in late 2025.

Financial and Corporate Developments

To support its ambitious exploration and development agenda, Tivan completed a $9 million share placement in February 2025, attracting institutional and sophisticated investors. The company also fully redeemed the first tranche of $3.3 million convertible notes ahead of maturity, strengthening its balance sheet. As of 31 March 2025, Tivan held cash reserves of $5.93 million, with ongoing expenditure focused primarily on the Speewah Project.

Contractual arrangements for the Speewah acquisition were finalized with King River Resources, removing prior securities and consolidating Tivan’s ownership. The company continues to advance feasibility studies and project facilitation activities across its portfolio, supported by strong technical partnerships and community engagement frameworks.