Tivan (ASX:TVN): What Does the Updated Speewah Fluorite Resource Show?

Sonal Goyal

03 November 2026 06:40 PM AEDT

Tivan (ASX:TVN): What Does the Updated Speewah Fluorite Resource Show?

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Highlights

• Tivan has delivered a JORC-compliant updated Mineral Resource Estimate for the Speewah Fluorite Project, totalling 45.0 million tonnes at 7.8% CaF2 at a 2% CaF2 cut-off, containing 3.5 million tonnes of CaF2.

• The majority of the resource has been upgraded to the Indicated category following the completion of approximately 14 kilometres of infill drilling in 2026, representing a 37% increase in Indicated tonnage compared with the February 2026 estimate.

• A high-grade component of 8.6 million tonnes at 22.3% CaF2 at a 10% cut-off has been delineated, containing 1.9 million tonnes of high-grade CaF2 that could support premium acidgrade product specifications.

• The Indicated Resource upgrade is a prerequisite for Ore Reserve estimation, supporting advanced mine planning and production scheduling for the Definitive Feasibility Study, with a maiden Ore Reserve expected during 2026.

Tivan Limited (ASX:TVN), an ASX-listed company focused on development planning for the Speewah Fluorite Project in Western Australia's Kimberley region, has announced an updated Mineral Resource Estimate for the project prepared by SRK Consulting following completion of the Stage Two drilling programme in October 2026. The updated estimate materially enhances the classification of the resource, with the majority now classified as Indicated — a critical prerequisite for the estimation of Ore Reserves and advanced feasibility study work.

Updated Mineral Resource Estimate Details

The updated Mineral Resource Estimate is JORC 2012-compliant and totals 45.0 million tonnes at 7.8% CaF2 at a 2% CaF2 cut-off grade, containing 3.5 million tonnes of calcium fluoride in total. The estimate has delivered a 4% increase in total resource tonnage compared with the February 2026 estimate, also prepared by SRK Consulting, with grade and contained CaF2 remaining broadly consistent. Of the total resource, 37.9 million tonnes grading 8.1% CaF2 is classified as Indicated and 7.1 million tonnes grading 6.2% CaF2 is classified as Inferred.

A high-grade component is also reported, comprising 8.6 million tonnes at 22.3% CaF2 at a 10% CaF2 cut-off, containing 1.9 million tonnes of CaF2. This high-grade component is subdivided into vein-hosted material at an average grade of 25.0% CaF2 and stockwork-hosted material at 12.4% CaF2. The vein-hosted material is particularly significant for the production of acidgrade fluorspar, which requires greater than 97% CaF2 in concentrate and is the target product for the Speewah Definitive Feasibility Study.

Stage Two Drilling Programme and Resource Classification Upgrade

Stage Two of Tivan's drilling programme was conducted between May and October 2026, completing 135 drill holes for a total of 14,025 metres. The programme was multi-faceted, comprising infill drilling to support the resource upgrade, metallurgical drilling to collect representative samples for pilot plant activities, exploration drilling at vein targets outside the existing resource, and geotechnical drilling for engineering design. The infill component of 110 holes for 12,401 metres was the primary driver of the resource classification upgrade, completing the remaining 65% of planned infill drilling that had commenced in 2025.

Infill drilling results included several strong intersections, with best results including 76 metres at 21.6% CaF2, 61.2 metres at 18.1% CaF2, and 59 metres at 14.9% CaF2. The upgrade from Inferred to Indicated classification requires sufficient drill spacing to establish geological confidence in grade continuity, which the infill programme achieved across the majority of the Inferred resources from the April 2024 estimate. Total Indicated tonnes increased from 23.2 million tonnes in the February 2026 estimate to 37.9 million tonnes, a 37% increase, with Indicated contained CaF2 increasing by 21%.

Definitive Feasibility Study Progress and Development Partners

The updated Mineral Resource Estimate is being incorporated into the ongoing Definitive Feasibility Study for Speewah, which is focused on a Mining and processing operation producing acidgrade fluorspar (greater than 97% CaF2) for export into global markets. The DFS is progressing across process plant engineering, non-process infrastructure, mining studies, metallurgical test work, and approvals. The mining engineering study has been awarded to Techtonic Mining Solutions, and the metallurgical drilling programme has collected samples for a comprehensive pilot plant activity that will serve as final validation of the process plant design.

Tivan is developing Speewah in joint venture with Sumitomo Corporation and Japan Organization for Metals and Energy Security (JOGMEC), with ETFS Capital Limited also holding a strategic partner position. The involvement of Sumitomo and JOGMEC reflects the strategic importance of fluorite as a critical mineral in Supply chains relevant to Japan's industrial sector, including semiconductor Manufacturing and battery materials. Tivan has stated that a maiden Ore Reserve estimate is anticipated during 2026, which would represent a further significant milestone toward a Final Investment Decision for what it has described as Australia's first fluorite project.

Key Insights

The upgrade of the majority of the Speewah Mineral Resource to the Indicated category is a materially important development for the project's advancement pathway. Indicated resources can be converted to Ore Reserves, which is a prerequisite for advanced financial modelling in the DFS and for institutional investors and project financiers assessing the project. This classification upgrade, achieved through a systematic and successful infill drilling programme, substantially de-risks the geological confidence component of the DFS process.

The combination of a high-grade vein component at 22-25% CaF2 and a lower-grade stockwork component at around 5% CaF2 provides Tivan with operational flexibility in mine scheduling — the high-grade vein material could be prioritised to meet the acidgrade product specification while the stockwork material provides overall resource tonnage. Observers may watch for the release of the maiden Ore Reserve estimate and further DFS milestones as the key near-term indicators of project maturity.

FAQs

Q: What is the Speewah Fluorite Project?

A: The Speewah Fluorite Project is a fluorspar development project located 100km south of Wyndham and 110km southwest of Kununurra in the Kimberley region of Western Australia, being advanced by Tivan Limited (ASX:TVN) in joint venture with Sumitomo Corporation, JOGMEC, and ETFS Capital.

Q: What is the updated Mineral Resource Estimate for Speewah?

A: The JORC-compliant updated estimate totals 45.0 million tonnes at 7.8% CaF2 at a 2% cut-off, containing 3.5 million tonnes of CaF2. This includes a high-grade component of 8.6 million tonnes at 22.3% CaF2 at a 10% cut-off.

Q: Why is the upgrade to Indicated classification significant?

A: Indicated Mineral Resources can be converted to Ore Reserves, which is a prerequisite for inclusion in advanced mine planning studies and is required before a Final Investment Decision can be made. The upgrade reflects increased geological confidence in the continuity and grade distribution of the mineralisation.

Q: What drilling programme supported this resource update?

A: Stage Two of Tivan's drilling programme completed 135 holes for 14,025 metres between May and October 2026, including 110 infill holes for 12,401 metres that increased Indicated tonnes by 37% compared with the February 2026 estimate.

Q: What target product is Speewah aiming to produce?

A: The Definitive Feasibility Study for Speewah is focused on producing acidgrade fluorspar (greater than 97% CaF2) for export into global markets, which is the primary feedstock in the production of hydrofluoric acid used in battery materials, semiconductor manufacturing, and industrial processes.

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