Tivan’s Rapid Speewah Progress Faces Execution Risks Despite Strong Funding

Tivan's Strategic Momentum in Critical Minerals

Over the past two years, Tivan Limited has swiftly assembled a diversified portfolio of critical minerals projects spanning northern Australia and Timor-Leste. This strategic diversification aims to smooth the typical risk-return curve in mining ventures, positioning the company for steady shareholder value creation. Tivan’s operational approach leverages rapid decision-making, local partnerships, and advanced organisational technologies to maintain an industry-leading pace.

Speewah Fluorite Project, Funding and Development

The Speewah Fluorite Project stands at the forefront of Tivan’s development pipeline. In May 2025, Tivan secured a binding joint venture agreement with JFC, under which Tivan holds a 77.5% stake and JFC 22.5%. The partnership includes a staged investment of A$60.3 million and a robust offtake arrangement guaranteeing 100% of production, with 80% on a take-or-pay basis. Further strengthening the project’s financial foundation, JOGMEC joined as a strategic equity partner in July, complemented by advanced debt finance discussions with EFA and the Northern Australia Infrastructure Facility (NAIF).

This blend of private and public risk-sharing, including a $7.4 million Australian government grant, places Speewah’s project finance well ahead of typical pre-feasibility stage projects. The 2025 drilling program, approved by regulatory and indigenous authorities, commenced in May with a planned 35,000 meters of drilling to support metallurgical, mining, environmental, and geotechnical studies. The program is on track for completion by September or October, with rehabilitation planned before the wet season.

Path to Production and Feasibility

Tivan is coordinating approximately 600 tasks towards the Definitive Feasibility Study (DFS), scheduled for mid-2026. Notably, the project foregoes the need for front-end engineering design (FEED), streamlining the pathway to first production targeted for 2027. Emerging opportunities such as ore sorting are being evaluated to enhance project economics. The company’s ability to progress from drilling to production within four years underscores its operational efficiency.

Advancing Sandover and Turiscai Projects

Beyond Speewah, Tivan is advancing the Sandover Fluorite Project with a large-scale drilling campaign planned for October 2025, pending approvals. The company retains full ownership and is exploring development pathways with Sumitomo Corporation. Meanwhile, the Turiscai copper-gold project in Timor-Leste has yielded promising early-stage copper mineralisation, with samples dispatched for assay and joint venture discussions underway. These projects complement Tivan’s portfolio, offering additional growth avenues.

Financial Discipline and Market Position

Financially, Tivan has demonstrated discipline by fully retiring its convertible note debt ahead of schedule in mid-2025, avoiding dilution and improving balance sheet strength. This milestone coincides with the commencement of the Speewah joint venture, positioning the company for a new phase of growth. The company’s engagement with institutional investors and brokers is expected to deepen as key milestones unfold.