OREMAVEN
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2026-11-06
◂ Monitor TVN ASX

Tivan Limited

DFS Unfunded Developer · Others · Tungsten · AU · TL Rating locked: sign in to view v8.1 · tvn-20261102t225751-full
Last 2026-11-06
A$0.15
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$351.5M
EV
A$336.8M
Cash
A$19.9M
Debt
A$367K

Portfolio detail

Assets

5 assets

Core asset

Speewah Fluorite Project (Japan Australia Fluorite Associates)

AU

DFS Unfunded Developer60% ownedOthers

Feasibility Study released 20 March 2026; DFS in progress; FID not taken; partner equity (ETFS up to A$51.3m, Sumitomo/JOGMEC up to A$60.3m) conditional on FID. Ownership shown is the post-FID 60.0% used in the valuation; Tivan holds 79.9% today.

Developer · DFS unfunded developer
Study
feasibility study (2026)
Post-tax NPV (study prices, attributable)
A$274.8md
NPV restated at our deck (attributable)
Locked
IRR
28.9%s
Initial capex (100%)
A$301.3ms
Capital intensity
A$2,022/(t/yr)d
LoM AISC
A$513/ts
Mine life
10.0 yrss

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$343.9M8% discount
IRR28.9%Published return
Initial capexA$301.3MPublished capital estimate

Post-tax real NPV at 8.0%, NPV date November 2026, 100% project, FS base case with US$672/t 2026 price trend capped at US$900/t

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal (2% CaF2 cut-off, inclusive of 10% high grade)43.2 Mt8.3% CaF2Others2026-02-04
Mineral ResourceIndicated27.7 Mt9.2% CaF2Others2026-02-04
Mineral ResourceInferred15.5 Mt6.8% CaF2Others2026-02-04
Milestones2
  1. Definitive Feasibility Study adoption by the Fluorite SPV board (ETFS tranche 2 condition)

    Pending · High materiality

  2. Final investment decision; FS assumes construction from November 2026 and operations from August 2028

    Pending · High materiality

Economic studies2
StudyStageStatusDateSummary
Speewah Fluorite Project Feasibility StudyUpdated FeasibilityCurrent2026-03-20Post-tax NPV A$343.9m at 8.0% real (pre-tax A$481.2m), IRR 28.9%, payback 2.9 years, pre-production capital A$301.3m, 10-year life, 1.15 Mtpa plant, acidspar 149 ktpa and metspar 15.5 ktpa. Life-of-mine plan uses the 2024 resource (11.55 Mt ore at 13.6% CaF2).
Pre-Feasibility Study (2024), supersededPFSSuperseded2024-07-30Superseded by the 2026 Feasibility Study. Capacity 140 ktpa acidspar; pre-production capital about A$236m per the FS bridge (A$65m lower).

Material

Molyhil Tungsten Project (NT)

AU

Scoping Study Developer100% ownedTungsten

Acquired from Fram/Investigator and Molyhil/Thor (completed January 2026). Scoping Study released 29 April 2026; Board endorsed PFS. An incorporated JV with Sumitomo and ETFS on Key Terms Memoranda is not binding.

Resource / scoping · Scoping study developer
Contained metal (attributable)
12.1k td
Resource grade
0.3%
% Measured + Indicated
70.2%d
Resource tonnes
4.65 Mt
Our value per attrib. contained unit
Locked
Mining method
open pit then undergrounds

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$355M8% discount
IRR79.1%Published return
Initial capexA$187.4MPublished capital estimate

Post-tax real NPV at 8.0%, dated June 2028, base case US$1,000/mtu APT life of mine

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceTotal (0.05% WO3 cut-off, open pit, 150 mRL)4.6 Mt0.26% WO3Tungsten2024-05-01
Mineral ResourceMeasured and Indicated2.8 Mt0.30% WO3 (Measured 0.34%, Indicated 0.27%)Tungsten2024-05-01
Milestones1
  1. Pre-feasibility study (Board endorsed commencement)

    Pending · Medium materiality

Economic studies1
StudyStageStatusDateSummary
Molyhil Tungsten Project Scoping StudyScoping StudyCurrent2026-04-29Class 5 scoping study: post-tax NPV A$355.0m at 8.0% real (pre-tax A$534.3m), IRR 79.1%, payback 1.1 years, pre-production capital A$187.4m, 530 ktpa processing, scheelite concentrate 16.5 kt WO3-equivalent LOM; base case US$1,000/mtu APT.

Other

Speewah Vanadium Project (vanadium rights)

AU

Resource Stage100% ownedOthers

Resource only (2019 CSA estimate); no study, no metallurgy; rights held by Speewah Mining Pty Ltd.

Resource / scoping · Resource stage
Contained metal (attributable)
14.1m td
Resource grade
0.3%
% Measured + Indicated
31.9%d
Resource tonnes
4,712.00 Mt
Our value per attrib. contained unit
Locked
Mining method
—
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceGrand total (0.23% V2O5 cut-off)4.7K Mt0.30% V2O5 (0.17% V)Others2019-06-30

Other

Sandover Fluorite Project (NT)

AU

Early Explorer100% ownedOthers

Acquired from Fram/Investigator and Molyhil/Thor (2025). RC drilling programme reported in the September 2026 quarter; no JORC resource in the documents read.

Exploration · Early explorer
Ownership
100%r
Commodity
othersr
Country
AUr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Other

Timor-Leste exploration licences (Baucau, Ossu, Turiscai)

TL

Early Explorer100% ownedCopperGold

Exploration licences (Aitutu Pty Ltd); surface sampling reported; maiden drilling approved; no resource.

Exploration · Early explorer
Ownership
100%r
Commodity
Cur
Country
TLr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)