Tivan Limited (ASX:TVN) has identified three new zones of outcropping copper mineralisation—Beremana, Haru River, and Matorec—at its Turiscai Project in Timor-Leste. The fieldwork is part of a broader Stage 1 exploration program focused on defining geochemical anomalies through rock, stream, and soil sampling.
Samples are being prepared for assay at ALS Laboratories in Brisbane, with results expected from September. Visual estimates show promising levels of malachite, chalcopyrite, and pyrite, although the company cautions that lab analyses are required for confirmation.
Tivan is also deepening its local footprint, with staffing and government collaboration to facilitate geological exports, and Chairman Grant Wilson is scheduled to speak at a major Timor-Leste business conference in August.
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Highlights in the Quarter
Sumitomo Corporation and Tivan executed binding agreements for an incorporated joint venture for the development, financing and operation of the Speewah Fluorite Project in Western Australia.
Tivan signed a non-binding term sheet with an Australian family office investor to invest a minimum of $51.3 million in equity for the development of the Speewah Fluorite Project.
A 35,000m drilling program commenced at the Speewah Fluorite Project in support of the Feasibility Study.
Significant progress on planning was made for the revised access road for the Speewah Fluorite Project.
Tivan raised $5 million through a share placement with the Australian family office investor.
A second surface sampling program at the Sandover Fluorite Project returned assays grading up to 91.4% CaF2 from 88 rock chip samples collected.
Tivan was awarded $150,000 in exploration grant funding for the Sandover Fluorite Project under Round 18 of the Northern Territory Government’s Geophysics and Drilling Collaborations program.
Executive Chairman Grant Wilson agreed to extend his term by three years to 28 November 2028.
A new Leadership Team was formed comprised of six senior managers to further Tivan’s operational capabilities and support the IJV with Sumitomo Corporation for the Speewah Fluorite Project.
In Timor-Leste, Tivan appointed a Country Representative, two local geologists and established a satellite office in Dili, in support of an extensive program of fieldwork at the Turiscai Project that has commenced.
Tivan completed full redemption of all of the convertible notes that had been issued.
Highlights after the End of the Quarter
Tivan announced Japan Organization for Metals and Energy Security as a strategic equity partner in the Speewah Fluorite Project; Sumitomo Corporation executed binding agreements with JOGMEC under which JOGMEC will hold a 49% equity interest in special purpose subsidiary Japan Fluorite Corporation.
Sumitomo Corporation and JOGMEC’s special purpose subsidiary JFC made an initial $5.3 million equity investment in the IJV for an initial 7.5% equity interest.
Tivan and Sumitomo Corporation signed a Memorandum of Understanding for the Sandover Fluorite Project with the intent of negotiating commercial agreements for the collaborative development, financing, operation, marketing and distribution of product from the project.
Outcropping copper mineralisation was identified at the Turiscai Project during the first week of fieldwork.
