Critical Minerals Explorer Holds AU$19.9 Million Cash as Tungsten Joint Venture Talks Advance

Highlights:

• Cash reserves were AU$19.925 million at 30 September 2026, after AU$8.535 million went into engineering, exploration and evaluation.

• Talks on a binding tungsten joint venture progressed, with up to AU$50 million in staged equity investment proposed.

• High-grade fluorite and copper-gold results were reported, and a maiden Timor-Leste drill program was lined up for late October.

Introduction

Tivan Limited (ASX: TVN) released its quarterly activities report on 22 October 2026, covering the three months to 30 September 2026. The critical minerals developer reported progress across fluorite, tungsten and copper-gold projects in Australia and Timor-Leste, alongside changes to its leadership team. Here are the main developments.

Tungsten Joint Venture and Fluorite Progress

Tivan has signed key terms memoranda with Sumitomo Corporation and ETFS Capital for the Molyhil Tungsten Project in the Northern Territory. The framework allows up to AU$50 million of staged equity investment, with Tivan keeping an effective 82.5% interest at final investment decision. The parties expect to finalise agreements in the December quarter, and the memoranda were extended to 15 November 2026. In Western Australia, the Speewah Fluorite Project received a AU$3 million grant tranche, and ICA Natural Resources was appointed to advise on debt funding. At the Sandover Fluorite Project, drilling returned a top intersection of 3 metres at 74.3% calcium fluoride.

Timor-Leste Exploration

Rock chip sampling at the Baucau Project returned results of up to 6.87% copper and 24.7 grams per tonne of gold. Tivan also expanded its footprint, adding a new licence north of the Turiscai Project and enlarging an existing Baucau licence by about 50 square kilometres. A drone magnetic survey covering roughly 57 square kilometres began in August. The company has secured the regulatory pathway for a maiden program of up to six diamond holes, totalling 1,500 metres, at the Scorpion Prospect. Drilling is planned for late October, subject to the regulator accepting its drilling plan.

Finances and Leadership

Payments for engineering, exploration and evaluation reached AU$8.535 million, mostly for Speewah. Tivan raised about AU$9.589 million in July through an underwriting agreement for expiring options, and AU$11.29 million of its cash sits at the parent company level. After the quarter, it appointed Rebecca Moylan as Chief Financial Officer, starting on 14 December 2026. Shareholders will vote on incentive arrangements at the annual general meeting on 18 November 2026.

Outro

The quarter shows Tivan advancing several projects at once while keeping a moderate cash position. Investors should read the full report and seek professional advice before making decisions.

Note: All data presented is based on information available at the time of writing.

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