Tivan Ltd. (ASX: TVN) is an Australian resource and mineral processing technology company that engages in the exploration, evaluation, and development of mineral resources. Its flagship asset is the Speewah Fluorite Project in the Kimberley region of Western Australia, which is poised to become Australia’s first fluorite mining and processing operation, supplying high-purity acid-grade fluorspar used in lithium-ion batteries, semiconductors, and industrial processes. It also holds interest in the Mount Peake Vanadium-Titanium-Iron and Kulgera projects. The company was founded on September 15, 1970, and is headquartered in Darwin City, Australia.
Investment Summary
Tivan Ltd. executed a binding Incorporated Joint Venture (IJV) agreement with Sumitomo Corporation through its newly formed subsidiary, Japan Fluorite Corporation (JFC), which enables a staged equity investment of up to A$60.3 million in exchange for up to a 22.5% ownership in the project. Tivan also entered a non-binding term sheet with a prominent Australian family office for a proposed A$51.13 million equity injection, beginning with an initial A$5 million placement. Together, these funding arrangements provide Tivan with the capital strength and strategic partnerships required to accelerate project development while maintaining a non-dilutive approach for existing shareholders.
Strategic Use of Funds
The raised capital would be used towards completing the Feasibility Study (FS) and Definitive Feasibility Study (DFS), constructing the mine and processing facilities, and funding broader project infrastructure. All the expenses were directed towards advancing the Speewah Fluorite Project. The funding will also cover Tivan’s equity obligation under the joint venture agreement, which amounts to A$51.3 million at the time of Sumitomo’s Tranche 3 contribution. Together with debt financing, these equity commitments are expected to fund the entire construction and commissioning phase of the project. Tivan’s financial strategy is deliberately structured to minimise shareholder dilution while ensuring the company maintains operational and managerial control of the project during its formative years.
Financial Position of the Project
According to the Pre-Feasibility Study (PFS) released in July 2024, the Speewah Fluorite Project demonstrates compelling economic fundamentals. The study estimates a pre-tax Net Present Value (NPV8) of A$480.1 million and a post-tax NPV8 of A$354.7 million. The IRR post-tax is 33.2% with a projected payback period of 2.8 years. Such figures underscore the financial viability of the project and its ability to deliver shareholder value over the medium term, particularly once it reaches commercial-scale output.
Market Position
Tivan Limited’s dual-track equity funding strategy represents a significant milestone in the commercialisation of Australia’s first fluorite mine. With strong strategic backing from Sumitomo Corporation, support from domestic capital, and a fully funded roadmap to development, the company is now ideally positioned to execute on its vision. The Speewah Fluorite Project is not only economically robust but also strategically aligned with national critical minerals priorities and Asia’s growing demand for high-purity fluorspar. As feasibility studies progress and funding milestones are met, Tivan is set to emerge as a cornerstone supplier in the global critical minerals ecosystem.
