Tivan (TVN) H2 2024 earnings summary

Executive summary

• FY24 marked a year of transformation, with Tivan advancing the Speewah Fluorite Project, upgrading Sandover to a strategic priority, and forming a strategic alliance with Sumitomo Corporation for project development and offtake in Asia.

• The company completed a Pre-Feasibility Study for Speewah Fluorite, confirming robust economics and technical viability, and made significant progress on vanadium processing technology with CSIRO.

• Sandover exploration yielded high-grade lead and silver discoveries, expanding the project's potential and leading to increased budgetary focus.

• Multiple capital raisings and a convertible note facility provided $18.3 million in funding, supporting project advancement and corporate restructuring.

• The Mount Peake Project was deprioritised, with a full non-cash impairment recognised, reflecting a strategic focus on Speewah and Sandover.

Financial highlights

• Operating loss after tax for FY24 was $67.8 million, compared to a $7.1 million loss in FY23, driven by $58 million in exploration expenditure write-offs and project impairments.

• Total assets at 30 June 2024 were $27.6 million, down from $81.5 million in FY23; net assets were $13.8 million (FY23: $71.9 million).

• Cash and cash equivalents at year-end were $0.38 million, compared to $1.3 million in the prior year.

• Capitalised exploration and evaluation expenditure for the year was $5.5 million (FY23: $21.3 million).

• No dividends were paid or declared for the year.

Outlook and guidance

• FY25 focus will be on advancing engineering, planning, and approvals for Speewah Fluorite, progressing vanadium technology selection, and drilling at Sandover.

• The company will continue to seek external funding to support project development and corporate activities.