Price, volume & events
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- Last 2026-11-06
- A$0.15
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$351.5M
- EV
- A$336.8M
- Cash
- A$19.9M
- Debt
- A$367K
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 5All sources ▸Event calendar · next 12 months
5 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 14 November 2026 | ETFS placement standstill ends (14 November 2026) or on FID, whichever is earlier | Financing | Confirmed | Medium | Releases 2026 placement shares held by ETFS (about 130.6m shares, 5.6%) into the market unless FID occurs first; overhang risk. |
| January 2027 | December 2026 quarter activities report and Appendix 5B (ASX due date within one month of quarter end) | Results | Inferred | Medium | Updates cash, the Speewah funding plan and the DFS status. |
| 30 June 2027 | Expiry of TVNOA options (111.1m at A$0.12, about A$13.3m if exercised) | Corporate Action | Confirmed | Medium | Possible equity funding of up to A$13.3m if exercised; otherwise lapses. |
| Anniversary of the binding term sheet, 16 September 2027 | Molyhil deferred instalment (A$1.75m, A$875k cash and A$875k cash or shares) | Transaction | Confirmed | Medium | Cash payment and possible share issue of A$0.9m; small but dated. |
| 30 September 2027 | Expiry of TVNOB options (74.9m at A$0.20, about A$15.0m if exercised) | Corporate Action | Confirmed | Medium | Possible equity funding of up to A$15.0m if exercised; the strike is well above the reference price. |
Executive roster
As of 2026-10-22Background checks ▸Executives and directors named in the FY26 annual report and the 21 July 2026 executive team announcement (the announcement was not read as text; the roster uses the annual report and the local management summary). Company secretary and senior technical staff below the executive team are not identified in the documents read, so coverage is partial.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Grant Wilson | Executive Chairman · Executive Team lead | Executive Director · Other | — | TVN Annual Report to Shareholders |
| Robert Gerrard | Chief Executive Officer (Australia) | Chief Executive · Senior Management | 2026-04-13 | TVN Annual Report to Shareholders · Management assessment, local research product (management/TVN/summary.md) |
| Ellin Lede | Executive Director · Chief Development Officer | Executive Director · Senior Management | — | TVN Annual Report to Shareholders · Management assessment, local research product (management/TVN/summary.md) |
| Brendon Nicol | Chief Technical Officer | Technical · Senior Management | — | TVN Annual Report to Shareholders · Management assessment, local research product (management/TVN/summary.md) |
| Jason Giltay | Chief Commercial Officer | Commercial · Senior Management | — | TVN Annual Report to Shareholders |
devCoverage status: Partial
Portfolio detail
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.
- 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 imagery…
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total (2% CaF2 cut-off, inclusive of 10% high grade) | 43.2 Mt | 8.3% CaF2 | Others | 2026-02-04 |
| Mineral Resource | Indicated | 27.7 Mt | 9.2% CaF2 | Others | 2026-02-04 |
| Mineral Resource | Inferred | 15.5 Mt | 6.8% CaF2 | Others | 2026-02-04 |
Milestones2
- Definitive Feasibility Study adoption by the Fluorite SPV board (ETFS tranche 2 condition)
Pending · High materiality
- Final investment decision; FS assumes construction from November 2026 and operations from August 2028
Pending · High materiality
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Speewah Fluorite Project Feasibility Study | Updated Feasibility | Current | 2026-03-20 | Post-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), superseded | PFS | Superseded | 2024-07-30 | Superseded 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.
- 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 imagery…
© 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Total (0.05% WO3 cut-off, open pit, 150 mRL) | 4.6 Mt | 0.26% WO3 | Tungsten | 2024-05-01 |
| Mineral Resource | Measured and Indicated | 2.8 Mt | 0.30% WO3 (Measured 0.34%, Indicated 0.27%) | Tungsten | 2024-05-01 |
Milestones1
- Pre-feasibility study (Board endorsed commencement)
Pending · Medium materiality
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Molyhil Tungsten Project Scoping Study | Scoping Study | Current | 2026-04-29 | Class 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.
- 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
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Grand total (0.23% V2O5 cut-off) | 4.7K Mt | 0.30% V2O5 (0.17% V) | Others | 2019-06-30 |
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.
- Ownership
- 100%r
- Commodity
- othersr
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© 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.
- Ownership
- 100%r
- Commodity
- Cur
- Country
- TLr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© 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)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Fully paid ordinary shares (ASX: TVN) | Ordinary Share | 2.3B | — | — |
| Quoted options TVNOA, exercise A$0.12 | Option | 111.1M | A$0.12 | 2027-06-30 |
| Quoted options TVNOB, exercise A$0.20 | Option | 74.9M | A$0.2 | 2027-09-30 |
| Unquoted executive and staff/NED options, exercise A$0.40 (10,000,000 and 6,124,998) | Option | 16.1M | A$0.4 | 2027-06-30 |
| Unquoted executive and staff/NED options, exercise A$0.50 (10,000,000 and 6,124,998) | Option | 16.1M | A$0.5 | 2028-06-30 |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025AA | FY2026AA |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 0.0 | 0.0 | |
| Operating costs (C1, G&A and royalties; net of other income for actuals) | AUDm | 7.0 | 14.0 | |
| EBITDA | AUDm | (7.0) | (14.0) | |
| Net profit after tax (loss) | AUDm | (4.9) | (14.3) | |
| Cash flow | ||||
| Operating cash flow (after tax) | AUDm | (4.7) | (4.9) | |
| Capital expenditure (sustaining and growth; actuals are investing outflow) | AUDm | 13.7 | 28.5 | |
| Free cash flow | AUDm | (18.4) | (33.4) | |
| Balance sheet | ||||
| Cash and cash equivalents | AUDm | 6.5 | 20.7 | |
| Debt (leases and loans from non-controlling interests) | AUDm | 0.7 | 1.0 | |
| Net debt (cash) | AUDm | (5.8) | (19.7) | |
| Per share | ||||
| Ordinary shares on issue, year end | m shares | 2,067.8 | 2,287.6 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (46.6) | (23.2) | |
| P / E (x, current market cap) | x | (69.3) | (23.8) | |
| FCF yield (current market cap) | % | -5.4% | -9.8% | |
| EBITDA margin | % | — | — | |
| Net debt / EBITDA (x) | x | 0.8 | 1.4 | |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Acidspar (98% Caf2) Annual Production, Life Of Mine Average (Wet) | speewah-fluorite | life of mine (August 2028 to June 2038) | 149,000 | 149,000 t/yr | Current |
| Operations Start (Processing), Speewah | speewah-fluorite | August 2028 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-06-30 | Raising | A$5.5M | 39.1M | — | Completed | — |
| 2026-06-30Ann. 2026-06-03 | Raising | A$5M | 16.7M | — | Completed | — |
| 2025-09-30Ann. 2025-09-16 | Raising | A$15M | 150M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
The reviewed public record supports role-relevant professional experience for the current team, but mostly through issuer or professional profiles. Individual contribution, exact prior-role dates and several credentials remain unverified. Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Decision-relevant facts
Material summary
Grant Wilson
Executive Chairman
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
25-year career in finance, law, media, technology and government; senior roles at GIC and founded/led Civic Capital (2010–2018).
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Quarterly Activities/Appendix 5B Cash Flow Report · Grant Wilson profile; career/role section
EnvironmentIssuer Reported · High materiality
Speewah heritage agreement breach acknowledged by Tivan
On 22 September 2026 Tivan publicly apologised to Nganjuwarr Native Title Holders and acknowledged that its 2025 Speewah exploration program unintentionally breached a Heritage Protection Agreement; it accepted responsibility for process and record-keeping failures. Tivan said it had reviewed processes, strengthened procedures, required cultural-awareness training for staff and executives, and would pay A$50,000 compensation under a deed of release. The statement does not identify either executive as the operational decision-maker.
Role overlaps event; causation unproven · The company accepted responsibility. The evidence reviewed does not establish personal involvement by this executive; the event predates Ellin Lede’s recorded executive appointment and is not imputed to her.
Statement from the Board of Tivan · Board statement; breach, corrective actions, training commitment and A$50,000 payment
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Quarterly Activities/Appendix 5B Cash Flow Report · Grant Wilson profile; career/role section
Evidence gaps · 4
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The source did not disclose corrective actions, any regulator outcome or individual decision responsibility relating to the Heritage Protection Agreement breach.
- A detailed, independently verifiable prior-career and education record for Grant Wilson was not established in this review.
- Tivan’s Board statement does not describe which employees or executives were responsible for the HPA process/record-keeping failure, when the breach was identified, or any regulator investigation/outcome; no source attributes individual responsibility to Wilson.
Robert Gerrard
Chief Executive Officer, Australia
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Joined from KBR; project-delivery leadership included Carrapateena and major LNG projects (Pluto, Ichthys, Gorgon).
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Tivan announces Executive and Leadership Team · Executive Team composition; appointment as CEO (Australia)
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Quarterly Activities/Appendix 5B Cash Flow Report · Robert Gerrard profile; career/role section
Evidence gaps · 3
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- Public appointment coverage does not provide education/credentials, exact prior project dates or outcome attribution; no exhaustive legal, criminal or safety/environment record search was performed.
Dr Ellin Lede
Chief Development Officer; Executive Director
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Chief Development Officer and executive director; detailed earlier career and qualifications were not present in the July leadership source reviewed.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Quarterly Activities/Appendix 5B Cash Flow Report · Dr Ellin Lede profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Quarterly Activities/Appendix 5B Cash Flow Report · Dr Ellin Lede profile; career/role section
Evidence gaps · 2
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The Board statement does not identify individual responsibility or the regulator status of the company-level HPA breach; no personal finding against Lede was located. Credential dates and independent verification were unavailable.
Brendon Nicol
Chief Technical Officer
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Chief Technical Officer; announcement describes project execution involvement including Carrapateena; full chronology not independently verified.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Quarterly Activities/Appendix 5B Cash Flow Report · Brendon Nicol profile; career/role section
EnvironmentIssuer Reported · High materiality
Speewah heritage agreement breach acknowledged by Tivan
On 22 September 2026 Tivan publicly apologised to Nganjuwarr Native Title Holders and acknowledged that its 2025 Speewah exploration program unintentionally breached a Heritage Protection Agreement; it accepted responsibility for process and record-keeping failures. Tivan said it had reviewed processes, strengthened procedures, required cultural-awareness training for staff and executives, and would pay A$50,000 compensation under a deed of release. The statement does not identify either executive as the operational decision-maker.
Role overlaps event; causation unproven · The company accepted responsibility. The evidence reviewed does not establish personal involvement by this executive; the event predates Ellin Lede’s recorded executive appointment and is not imputed to her.
Statement from the Board of Tivan · Board statement; breach, corrective actions, training commitment and A$50,000 payment
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Quarterly Activities/Appendix 5B Cash Flow Report · Brendon Nicol profile; career/role section
Evidence gaps · 4
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- The source did not disclose corrective actions, any regulator outcome or individual decision responsibility relating to the Heritage Protection Agreement breach.
- Tivan does not state which individuals were responsible for deficient HPA processes/records or report a regulator outcome. Nicol’s specific involvement is not established; qualification dates were not supplied.
Nicholas Ong
Company Secretary
Personal SuccessIssuer Reported · Medium materiality
Relevant professional experience
Company Secretary; prior career chronology not established by reviewed sources.
Individual involvement documented · The cited profile describes the person’s roles and involvement; outcome attribution is limited to what it explicitly states.
Quarterly Activities/Appendix 5B Cash Flow Report · Nicholas Ong profile; career/role section
Role FitAnalyst Inference · Medium materiality
Role fit and evidence limits
Large-project execution, technical-development and finance/government experience fit project development; a documented heritage-agreement breach raises an oversight issue during the relevant company period.
Responsibility not applicable · This is an analytical inference from the cited career profile and the company’s stated stage; it does not claim personal causation of company outcomes.
Quarterly Activities/Appendix 5B Cash Flow Report · Nicholas Ong profile; career/role section
Evidence gaps · 3
- The reviewed public professional and issuer materials did not establish verified degrees or professional credentials for this executive.
- Exact dates for prior roles and independent confirmation of profile claims were unavailable in the reviewed materials.
- Tivan’s public materials reviewed do not establish Ong’s education, full career chronology or prior credentials; the HPA announcement links him to company disclosure only, not operational responsibility.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-10 · 2,343,650,015 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 6.49% | 152,148,177 | |
| 2 | 6.28% | 147,285,715 | |
| 3 | 4.64% | 108,654,824 | |
| 4 | 3.65% | 85,575,000 | |
| 5 | 3.27% | 76,568,094 | |
| 6 | 2.99% | 70,000,000 | |
| 7 | 2.40% | 56,208,643 | |
| 8 | 2.25% | 52,686,918 | |
| 9 | 2.12% | 49,568,498 | |
| 10 | 1.86% | 43,703,064 | |
| 11 | 1.64% | 38,382,353 | |
| 12 | 1.56% | 36,659,081 | |
| 13 | 1.39% | 32,500,000 | |
| 14 | 1.03% | 24,057,096 | |
| 15 | 0.91% | 21,250,000 | |
| 16 | 0.76% | 17,866,944 | |
| 17 | 0.68% | 15,997,854 | |
| 18 | 0.59% | 13,880,012 | |
| 19 | 0.58% | 13,490,173 | |
| 20 | 0.57% | 13,354,250 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 7.36%Voting power | 2026-09-10 | |
| 5.56%Voting power | 2026-09-10 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The annual report states substantial-holder entries are based on the latest notices provided; they may predate the 10 September 2026 register. Register and group figures overlap.
Sources
- TVN Annual Report to Shareholders
Tivan Limited / ASX · Published 2026-09-28 · Accessed 2026-10-09
Lists ordinary-share top 20 and substantial holders on the last-notice basis; share capital as at 10 September 2026.
PDF page 86 (printed page 84), ASX Additional Information / Substantial shareholders and Twenty largest holders
Disclosed activity
Insider transactions
Trading activity1 buy · 4 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-02-19 | Deutsche Balaton AGDeutsche Balaton AG
Details & evidence for Deutsche Balaton AG on 2025-02-19As disclosed: Placement
Change in substantial holding ↗ | SubscriptionOrdinary shares | 7,380,952 | AUD 774,999.96 | AUD 0.105Calculated average | — |
| 2023-11-30 | DELPHI Unternehmensberatung AGDELPHI Unternehmensberatung AG
Details & evidence for DELPHI Unternehmensberatung AG on 2023-11-30As disclosed: On-market sales
Change in substantial holding ↗ | SaleOrdinary shares | 201,329 | AUD 15,904.99 | AUD 0.079Calculated average | — |
| 2023-11-29 | DELPHI Unternehmensberatung AGDELPHI Unternehmensberatung AG
Details & evidence for DELPHI Unternehmensberatung AG on 2023-11-29As disclosed: On-market sales
Change in substantial holding ↗ | SaleOrdinary shares | 30,511 | AUD 2,434.78 | AUD 0.0798Calculated average | — |
| 2023-04-11 | King River Resources LimitedKing River Resources Limited
Details & evidence for King River Resources Limited on 2023-04-11Initial Form 603 records a threshold position and a related share issue as non-cash asset-sale consideration. As disclosed: Sales consideration for Speewah Mining Pty Ltd.
Becoming a substantial holder from KRR ↗ | OtherFully paid ordinary shares | 100,000,000 | —Non Cash | — | — |
| 2023-01-23 | Sparta Invest AG / Deutsche Balaton AG reporting groupSparta Invest AG / Deutsche Balaton AG reporting group
Details & evidence for Sparta Invest AG / Deutsche Balaton AG reporting group on 2023-01-23As disclosed: On-market sales
TVN Change in substantial holding - Sparta /Deutsche Balaton ↗ | SaleOrdinary shares | 416,256 | AUD 37,879.30 | AUD 0.091Calculated average | — |
| 2023-01-18 | Sparta Invest AG / Deutsche Balaton AG reporting groupSparta Invest AG / Deutsche Balaton AG reporting group
Details & evidence for Sparta Invest AG / Deutsche Balaton AG reporting group on 2023-01-18As disclosed: On-market sales
TVN Change in substantial holding - Sparta /Deutsche Balaton ↗ | SaleOrdinary shares | 83,744 | AUD 7,536.96 | AUD 0.09Calculated average | — |
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Sign in or enter a guest codeChronological evidenceSource-document inventory8 documents
ASX TVN daily close, 2 November 2026 (reference price)Market Data · MediumMetadata Only
Latest eligible local close A$0.145 on 2 November 2026 (volume 3.61m) from the local price database, fresh (0 days). Used as the reference price.
- Document ID
- tvn-ref-price
- Published UTC
- 2026-11-02T06:00:00Z
- Projects
- —
- Commodities
- —
Fastmarkets acidspar 97% CaF2 FOB China price page (undated, web search)Commodity Data · MediumMetadata Only
Web search (no verified date): the Fastmarkets page for acidspar 97% CaF2 FOB China shows a range of US$347-411/t after a correction; a third-party quote of about US$418/t for October 2026 is unsourced. Used only as a bear-case cross-check, low confidence.
- Document ID
- tvn-fastmarkets-web
- Published UTC
- 2026-11-02T00:00:00Z
- Projects
- speewah-fluorite
- Commodities
- others
Management assessment, local research product (management/TVN/summary.md)Governance · MediumMetadata Only
Local management assessment with external background checks: role-relevant experience for the current team, a documented Speewah heritage agreement breach acknowledged by the board on 22 September 2026, and a A$50,000 compensation deed. Used for the governance section only; its star ratings are not used.
- Document ID
- tvn-mgmt-summary
- Published UTC
- 2026-11-02T00:00:00Z
- Projects
- —
- Commodities
- —
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
September 2026 quarterly activities and Appendix 5B: cash of A$19.9m at 30 September 2026, nil undrawn facilities, funding runway of 2.3 quarters on the company estimate.
- Document ID
- tvn-q5b-oct-2026
- Published UTC
- 2026-10-22T00:00:00Z
- Projects
- speewah-fluorite · molyhil-tungsten
- Commodities
- others · tungsten
Online Investor Briefing LinkGovernance · MediumExtracted
Investor briefing questions and answers (30 September 2026): shareholder questions on share price weakness, a possible KRR selling overhang of its 70m shares, and the Speewah funding plan.
- Document ID
- tvn-investor-qa-2026
- Published UTC
- 2026-09-30T00:00:00Z
- Projects
- speewah-fluorite
- Commodities
- —
TVN Annual Report to ShareholdersResults · HighExtracted
FY2026 annual report (year to 30 June 2026): audited statements, issued capital, non-controlling interests (ETFS Capital and Japan Australia Fluorite Associates), commitments, deferred consideration, resource tables and the shareholder register at 10 September 2026.
- Document ID
- tvn-ar-fy26
- Published UTC
- 2026-09-28T00:00:00Z
- Projects
- speewah-fluorite · molyhil-tungsten · speewah-vanadium · sandover-fluorite · timor-leste-exploration
- Commodities
- others · tungsten
Scoping Study for Molyhil Tungsten ProjectStudy · HighExtracted
Molyhil Tungsten Project Scoping Study (29 April 2026): Class 5 AusIMM scoping study, post-tax NPV A$355.0m at 8.0% real, pre-production capital A$187.4m, tungsten base case US$1,000/mtu APT over life of mine against spot near US$3,000/mtu.
- Document ID
- tvn-molyhil-scoping-2026
- Published UTC
- 2026-04-29T00:00:00Z
- Projects
- molyhil-tungsten
- Commodities
- tungsten
Feasibility Study for Speewah Fluorite ProjectStudy · HighExtracted
Speewah Fluorite Project Feasibility Study (20 March 2026): 10-year life of mine, A$301.3m pre-production capital, post-tax NPV A$343.9m at 8.0% real and pre-tax NPV A$481.2m, US$672/t 2026 acidgrade price on a trend capped at US$900/t, 60:40 debt to equity funding basis.
- Document ID
- tvn-fs-2026
- Published UTC
- 2026-03-20T00:00:00Z
- Projects
- speewah-fluorite
- Commodities
- others