Tivan (TVN) H2 2025 earnings summary

Executive summary

• Achieved significant milestones in project development, including advancing the Speewah Fluorite Project with a Pre-Feasibility Study showing robust economics (NPV8 $480.1M pre-tax, IRR 37.9%).

• Established a joint venture with Sumitomo Corporation and JOGMEC, securing strategic partnerships and initial $5.3M equity investment.

• Expanded project portfolio with acquisitions of Sandover Fluorite and Molyhil Projects, and awarded the Turiscai copper-gold exploration licenses in Timor-Leste.

• Raised $26M in capital and received $7.4M government grant for feasibility studies, strengthening financial position.

Financial highlights

• Net loss after tax for FY25 was $4.91M, a significant improvement from FY24 loss of $67.84M.

• Total assets increased to $43.75M (FY24: $27.65M); net assets rose to $38.79M (FY24: $13.83M).

• Cash at year-end was $6.46M, up from $0.38M in FY24.

• Capitalised exploration and evaluation expenditure was $10.83M (FY24: $5.46M).

• No dividends declared or paid.

Outlook and guidance

• Focus remains on progressing feasibility, engineering, and approvals for Speewah Fluorite and Sandover Projects.

• Continued exploration at Turiscai and review of Sandover Al Project planned for FY26.

• Additional capital raising anticipated to support ongoing project development.