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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
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$351.5M
EV
A$336.8M
Cash
A$19.9M
Debt
A$367K

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$19.9MFY2025A: 6,455,000FY2026A: 20,667,000 Finite
Debt A$367KFY2025A: 666,000FY2026A: 995,000 Net cash A$19.6M
Basic shares 2.3BFY2025A: 2,067,820,359FY2026A: 2,287,553,447 2026-09-10
Runway 2 quarters Cash of A$19.9m divided by the September 2026 quarter net outflow of A$9.9m (operating A$0.1m plus investing A$9.8m, Appendix 5B items 1.9 and 2.6): 2.0 quarters. The company Appendix 5B estimate of 2.3 quarters uses operating and exploration outflow only (A$8.6m). Equity from ETFS and Sumitomo/JOGMEC is conditional on FID, so no committed funding is counted.

Liquidity

Financial position

Cash covers about two quarters of total outflows at the September 2026 rate. Speewah construction (A$301.3m pre-production capital in the FS, 60:40 debt to equity basis) is not funded: A$90m of partner equity is conditional on FID and project debt is not committed. Further dilution or a project-level partner funding is required before construction. Options TVNOA (A$13.3m if fully exercised) and TVNOB (A$15.0m) expire in 2027 and are not counted as funding.

Capital structure

Ownership and dilution

Ordinary shares
2.3B
Fully diluted
2.6B

Ordinary shares 2,343,650,015 at 10 September 2026 (AR FY26 ASX additional information). Fully diluted adds 111,084,295 TVNOA, 74,928,579 TVNOB and 32,249,996 unquoted options (AR FY26 directors' report, options and rights table), giving 2,561,912,885. Exercise proceeds are not added and the treasury method is not applied, so the fully diluted count is conservative. Performance rights outstanding at the date were not reconciled in this run (table not extracted), a stated limitation. The 30 June 2026 balance was 2,287,553,447 and the 30 June 2025 balance 2,067,820,359 (AR FY26 note 20).

Security classes5
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares (ASX: TVN)Ordinary Share2.3B——
Quoted options TVNOA, exercise A$0.12Option111.1MA$0.122027-06-30
Quoted options TVNOB, exercise A$0.20Option74.9MA$0.22027-09-30
Unquoted executive and staff/NED options, exercise A$0.40 (10,000,000 and 6,124,998)Option16.1MA$0.42027-06-30
Unquoted executive and staff/NED options, exercise A$0.50 (10,000,000 and 6,124,998)Option16.1MA$0.52028-06-30

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AAFY2026AA
Profit and loss
RevenueAUDm0.00.0
Operating costs (C1, G&A and royalties; net of other income for actuals)AUDmFY2025A: 6,970,000 AUDFY2026A: 14,035,000 AUD7.014.0
EBITDAAUDmFY2025A: -6,970,000 AUDFY2026A: -14,035,000 AUD(7.0)(14.0)
Net profit after tax (loss)AUDmFY2025A: -4,907,000 AUDFY2026A: -14,302,000 AUD(4.9)(14.3)
Cash flow
Operating cash flow (after tax)AUDmFY2025A: -4,741,000 AUDFY2026A: -4,902,000 AUD(4.7)(4.9)
Capital expenditure (sustaining and growth; actuals are investing outflow)AUDmFY2025A: 13,705,000 AUDFY2026A: 28,541,000 AUD13.728.5
Free cash flowAUDmFY2025A: -18,446,000 AUDFY2026A: -33,443,000 AUD(18.4)(33.4)
Balance sheet
Cash and cash equivalentsAUDmFY2025A: 6,455,000 AUDFY2026A: 20,667,000 AUD6.520.7
Debt (leases and loans from non-controlling interests)AUDmFY2025A: 666,000 AUDFY2026A: 995,000 AUD0.71.0
Net debt (cash)AUDmFY2025A: -5,789,000 AUDFY2026A: -19,672,000 AUD(5.8)(19.7)
Per share
Ordinary shares on issue, year endm sharesFY2025A: 2,067,820,359 sharesFY2026A: 2,287,553,447 shares2,067.82,287.6
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025A: -46.64 xFY2026A: -23.16 x(46.6)(23.2)
P / E (x, current market cap)xFY2025A: -69.25 xFY2026A: -23.76 x(69.3)(23.8)
FCF yield (current market cap)%FY2025A: -0.05 fractionFY2026A: -0.10 fraction-5.4%-9.8%
EBITDA margin%——
Net debt / EBITDA (x)xFY2025A: 0.83 xFY2026A: 1.40 x0.81.4
Company guidance2
MetricProjectPeriodLowHighStatus
Acidspar (98% Caf2) Annual Production, Life Of Mine Average (Wet)speewah-fluoritelife of mine (August 2028 to June 2038)149,000149,000 t/yrCurrent
Operations Start (Processing), Speewahspeewah-fluoriteAugust 2028—— dateCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-06-30RaisingA$5.5M39.1M—Completed—
2026-06-30Ann. 2026-06-03RaisingA$5M16.7M—Completed—
2025-09-30Ann. 2025-09-16RaisingA$15M150M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-22

Arrangements that change the economic interest or cash flows of the Speewah, Molyhil and vanadium projects, from the FY26 annual report notes and the Feasibility Study. Not covered: the Molyhil and Sandover mineral sharing rights and the Cawse free carry (announcements not read as text).

ETFS Capital holds 6.04% of Fluorite Holding Pty Ltd today and will hold up to 22.58% (17.5% of the project) after tranche 2. Tivan's interest falls from 79.9% to 60.0% of the project on full funding. The valuation applies the post-FID 60.0% interest.

Strategic Partnership · Active
Counterparties
ETFS Capital Limited (family office of Graham and Louise Tuckwell)
Applies to
Speewah Fluorite Project (Japan Australia Fluorite Associates) · Others
Economic direction
Mixed
Period
From 2026-01-07; no end date stated
Key terms
Tranche 1 equity (completed, for 6.04% of FHSPV): 11,300,000 AUD
Tranche 2 equity (conditional on DFS adoption and FID): 40,000,000 AUD
Post-FID project interest, ETFS: 17.5 %
Standstill on ETFS placement shares: 14 November 2026 or FID, whichever is earlier
How it affects our valuation

No valuation treatment is available for this arrangement.

Sumitomo (via JFC) and JOGMEC form the incorporated JV; they fund 22.5% after FID. Offtake term sheet covers up to 100% of product, 80% take or pay. The JV holds 15% of JAFA today.

Joint Venture · Active
Counterparties
Japan Fluorite Corporation (Sumitomo Corporation, JOGMEC 49%)
Applies to
Speewah Fluorite Project (Japan Australia Fluorite Associates) · Others
Economic direction
Mixed
Period
From 2025-07-01; no end date stated
Key terms
Equity invested to date in JAFA: 10,300,000 AUD
Final tranche at FID (conditional): 50,000,000 AUD
Post-FID project interest, JFC: 22.5 %
Offtake term sheet, up to 100% of product: 80 % take or pay
How it affects our valuation

No valuation treatment is available for this arrangement.

Deferred Molyhil payments are a liability in the equity bridge (not in project value). The Q5B of October 2026 shows A$875k paid for the project in the quarter.

Other · Active
Counterparties
Fram Resources Pty Ltd (Investigator Resources) · Molyhil Mining Pty Ltd (Thor Energy)
Applies to
Molyhil Tungsten Project (NT) · Tungsten
Economic direction
Burden
Period
2025-09-16 to 2027-09-16
Key terms
Total consideration: 8,750,000 AUD
Deferred balance at 30 June 2026: 5,069,000 AUD
Next instalment (anniversary of signing): 1,750,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Speewah acquisition consideration was fully paid and KRR released its security in February 2025. KRR still holds 70,000,000 Tivan shares (AR FY26), which the investor briefing identifies as an overhang risk.

Other · Expired
Counterparties
King River Resources Limited
Applies to
Speewah Fluorite Project (Japan Australia Fluorite Associates) · Others
Economic direction
Burden
Period
2023-02-20 to 2025-02-17
Key terms
Final consideration paid: 2,400,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.