Highlights

  • Tivan Ltd shares rose 3.37% to AUD 0.46 on 27 February 2026, extending one-year gains to 411.11%.
  • Speewah Fluorite Project advances toward Final Investment Decision, backed by Sumitomo and JOGMEC.
  • ETFS Capital committed up to AUD 51.3 million, with AUD 11.3 million tranche completed in January 2026.
  • Molyhil Tungsten Project acquired for AUD 8.75 million, adding exposure to critical industrial metals.
  • Sandover drilling intersected high-grade fluorite, including 3.4m at 71.7% CaF₂.
  • Half-year net loss widened to AUD 4.9 million, while exploration spend increased to AUD 24.3 million.

Tivan Ltd (ASX:TVN) shares jumped 3.37% to AUD 0.46 on 27 February 2026, extending one-year gains to 411.11%. Today’s price movement coincided with the release of company’s latest projects update and financial results for the half year ended 31 December 2025.

Tivan Limited (ASX:TVN) is an ASX-listed critical minerals company focused on developing strategic resource projects across northern Australia and the Asia-Pacific region. Headquartered in Darwin, the company holds a diversified portfolio spanning fluorite, tungsten, molybdenum, vanadium, copper, gold and other critical minerals.

Tivan’s strategy is aligned with rising global demand for minerals essential to the energy transition, advanced manufacturing and supply chain security, with a particular focus on servicing Asian markets, including Japan.

The Speewah Fluorite Project: Flagship Asset in Western Australia

The centrepiece of Tivan’s portfolio is the Speewah Fluorite Project in Western Australia’s Kimberley region. Speewah hosts a JORC (2012) Indicated and Inferred Resource of 43.2 million tonnes at 8.3% CaF₂ for 3.6 million tonnes of contained fluorite, including a high-grade component of 9.6 million tonnes at 20.6% CaF₂.

The project is targeting production of acid-grade fluorspar (>97% CaF₂), a critical input for hydrofluoric acid used in lithium-ion batteries, semiconductors, solar panels and industrial chemicals. Demand is supported by the global energy transition and advanced manufacturing supply chains.

Speewah’s strategic positioning is reinforced by its partnerships. Sumitomo Corporation is a cornerstone partner, while JOGMEC holds a 49% interest in Japan Fluorite Corporation (JFC), Sumitomo’s project subsidiary. JFC invested AUD 5.3 million for a 7.5% equity interest in the incorporated joint venture to fund the Feasibility Study.

In November 2025, ETFS Capital Limited (ETFSC) agreed to invest up to AUD 51.3 million in Fluorite Holding SPV Pty Ltd, Tivan’s subsidiary holding its 92.5% project interest. Tranche one funding of AUD 11.3 million was completed in January 2026, providing ETFSC with an initial 6.04% interest. A 22.58% holding would equate to a 17.5% direct project interest. An additional AUD 10 million equity overrun facility has been agreed, callable post-Final Investment Decision.

The Feasibility Study is progressing, with 23km of drilling completed and first acid-grade fluorspar samples shipped to potential Asian end users under Sumitomo’s marketing program. The company is advancing toward a Final Investment Decision.

Molyhil Tungsten Project: Exposure to Critical Industrial Metals

In September 2025, Tivan acquired 100% of the Molyhil Tungsten Project in the Northern Territory. The project hosts a JORC (2012) Mineral Resource of 4.647 million tonnes at 0.26% WO₃ and 0.09% molybdenum, containing 12,100 tonnes of WO₃ and 4,400 tonnes of molybdenum.

Tungsten is classified as a critical mineral across Australia, the EU, the US and Japan, with key applications in defence, electronics and industrial tooling. Global supply concentration, particularly in China, underpins demand for alternative sources.

The acquisition consideration totals AUD 8.75 million, comprising AUD 3.5 million upfront and AUD 5.25 million deferred. Completion occurred in January 2026. Tivan has signed a Memorandum of Understanding with Sumitomo Corporation for potential collaboration on Molyhil. A Scoping Study is underway alongside further exploration.

Sandover Fluorite Project: Exploration Upside

At the Sandover Fluorite Project in the Northern Territory, a maiden diamond drilling program completed in December 2025 intersected high-grade fluorite in all holes, including 3.4 metres at 71.7% CaF₂ from 36.8 metres depth. A second stage reverse circulation program is expected to commence in April 2026.

Exploration also identified a manganese-barite gossan known as Walshy’s Wall extending over 1km, with manganese grades up to 44.8%. Tivan has executed a Memorandum of Understanding with Sumitomo Corporation covering Sandover.

Timor-Leste Exploration Portfolio

Tivan has expanded into Timor-Leste through the Turiscai, Baucau and Ossu projects. At Turiscai, surface sampling returned results of up to 9.65% copper and 7.19g/t gold, consistent with porphyry-style mineralisation. Follow-up soil geochemistry and geophysical surveys are planned.

The Baucau and Ossu projects, covering 289km² prospective for critical minerals and gold, were acquired in February 2026 for AUD 250,000 in cash and shares.

Financial Performance: Half-Year to 31 December 2025

Tivan reported a net loss of AUD 4.9 million for the half year, compared with AUD 3.2 million in the prior period, reflecting higher employment, corporate and share-based payment expenses. Exploration and evaluation expenditure increased to AUD 24.3 million, up from AUD 4.6 million, reflecting expanded project activity.

Cash reserves on 31 December 2025 were AUD 11.9 million. Exploration and evaluation assets increased to AUD 56.3 million. Net assets stood at AUD 58.6 million. Net current liabilities were AUD 9.6 million at balance date.

Liquidity is supported by the AUD 11.3 million ETFSC tranche received in January 2026, an R&D tax offset, scheduled grant receipts, and a AUD 15 million capital raise completed during the period.

Investment Thesis

Tivan’s strategy centres on developing critical mineral assets aligned with energy transition and supply chain security themes. Speewah remains the flagship development asset, supported by strategic Japanese partners. Molyhil and Timor-Leste provide diversification and exploration upside. Key catalysts include completion of the Speewah Feasibility Study, further drilling at Sandover, and ongoing exploration results from Turiscai.

Frequently Asked Questions (FAQs)

  1. Why did Tivan shares rise on 27 February 2026?

Tivan shares gained 3.37% following the release of a comprehensive project update and its half-year financial results for the period ended 31 December 2025.

  1. What is the significance of the Speewah Fluorite Project?

Speewah is Tivan’s flagship asset, hosting a substantial JORC resource and targeting production of acid-grade fluorspar. The project is supported by strategic partners including Sumitomo Corporation and JOGMEC, alongside funding from ETFS Capital.

  1. How did Tivan perform financially in the half year?

The company reported a net loss of AUD 4.9 million, reflecting higher operating and exploration expenses. Exploration expenditure increased significantly to AUD 24.3 million as project development accelerated.