Tivan Limited (ASX:TVN) Advances Scorpion Drilling as Speewah Fluorite Resource Grows

Aditi Sarkar

11 November 2026 04:33 PM AEDT

Tivan Limited (ASX:TVN) Advances Scorpion Drilling as Speewah Fluorite Resource Grows

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Highlights

• Tivan commenced its maiden drilling campaign at the Scorpion copper-gold prospect in Timor-Leste during November 2026.

• The Speewah resource estimate reached 45 million tonnes grading 7.8% calcium fluoride at a 2% cut-off.

• Indicated mineral resource tonnage at Speewah rose 37% to approximately 37.9 million tonnes after further drilling.

• The higher-grade Speewah component contained 8.6 million tonnes at 22.3% calcium fluoride, according to the update.

Two exploration and development programmes are shaping the latest phase for Tivan Limited (ASX:TVN). The company has started maiden drilling at Scorpion in Timor-Leste and updated the Speewah fluorite resource in Western Australia, bringing both early-stage discovery and resource confidence into focus.

Market Setting

Tivan Limited was trading higher on Wednesday 11 November 2026, up about 4.55% around 2:40pm AEDT on Volume of roughly 1.3 million shares. No announcement had been lodged on the day itself. The move sits within a busy few weeks of news flow from the critical minerals company, including a resource upgrade in Western Australia and the start of its first drilling in Timor-Leste.

The latest development: maiden drilling in Timor-Leste

On 9 November 2026 Tivan lodged a price-sensitive announcement saying it had commenced maiden drilling in Timor-Leste. The campaign is at the Scorpion prospect, part of the company’s Baucau copper-gold project, roughly 123 kilometres east of the capital, Dili.

It was expected to run for six to seven weeks using a man-portable rig. The report said drilling was conditional on an environmental licence, for which Tivan had lodged the necessary environmental documents. The 9 November announcement is the company’s own statement that drilling has begun.

The holes are intended to give the company its first subsurface geological information at Scorpion, which it can use to refine and rank later drilling targets. Earlier surface sampling outlined a polymetallic anomaly of about 1,000 metres by 800 metres, with individual samples returning up to 6.87% copper and 24.7 grams per tonne gold. Surface samples are an early indicator only and do not guarantee that drilling will intersect similar mineralisation.

Speewah fluorite: the core project

Tivan’s main asset is the Speewah project in the East Kimberley region of Western Australia, which it is advancing as a fluorite development. On 3 November it announced an updated JORC 2012 Mineral Resource Estimate prepared by SRK Consulting.

the estimate totals 45.0 million tonnes at 7.8% calcium fluoride (CaF2) at a 2% cut-off, containing 3.5 million tonnes of CaF2. A higher-grade component of 8.6 million tonnes at 22.3% CaF2 contains 1.9 million tonnes of CaF2. Total tonnage rose 4% compared with the February 2026 estimate, while grade and contained fluorite were broadly similar.

The more important change was confidence. Indicated tonnes rose 37% to 37.9 million tonnes after about 14,000 metres of stage two drilling between May and October 2026. Tivan said an Indicated classification is required before material can be considered for an Ore Reserve, which the company wants as part of a Definitive Feasibility Study. That study is focused on an open pit operation producing acid-grade fluorspar above 97% CaF2 for export.

Highlighted drill intercepts included 76 metres at 21.6% CaF2 from surface and 61.2 metres at 18.1% CaF2 from surface. Tivan describes Speewah as a joint venture with Sumitomo Corporation and JOGMEC, with ETFS Capital Limited as a strategic partner.

Sector context

Fluorite is the raw material for fluorspar, used in chemicals and in the Supply chains for products such as Lithium-Ion Battery materials. Tivan has framed Speewah as a potential first Australian fluorite project, and its executive chair presented at a fluorine forum on 29 October.

Development Priorities

Tivan is a small company with a Market Value of roughly AUD 390 million on ASX data, and its shares have traded between 13.5 cents and 48.5 cents over the past year. Exploration drilling can produce disappointing results, a feasibility study does not guarantee a project will be funded or built, and no date for a final Investment decision has been confirmed here.

The next confirmed milestone is the completion of the Scorpion holes, which the company expected to take six to seven weeks from the start of drilling. Assay results would follow after that, though no timing has been confirmed. Work on the Speewah DFS continues.

FAQs

Q: Where is the Scorpion prospect?

A: Within the Baucau copper-gold project in Timor-Leste.

Q: What is Speewah’s updated resource tonnage?

A: 45.0 million tonnes.

Q: How much did Indicated tonnage rise?

A: 37% to approximately 37.9 million tonnes.

Q: What does Tivan plan to produce at Speewah?

A: Acid-grade fluorspar above 97% calcium fluoride, subject to project development.

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