Tivan (TVN) Investor Update summary

Strategic partnerships and project milestones

• Finalized a landmark joint venture with Sumitomo Corporation, marking a first for both parties in the critical minerals and fluorite sector, with Tivan holding 77.5% and Sumitomo 22.5%, and a A$60.3m stage-gated investment and 100% offtake agreement.

• The partnership is built on mutual trust, respect, and aligned long-term objectives, with Sumitomo valuing the resource base and technical capabilities.

• The deal includes creative risk-sharing and risk mitigation structures, positioning the project for advanced financing and operational phases, including a $7.4m Australian government grant.

• The joint venture will transition project ownership to a private entity with a separate board, including Tokyo representation, after regulatory approvals.

Project financing and equity strategy

• Secured a $51m non-binding term sheet with an Australian family office investor to match Sumitomo at FID, anchored by $5m placement escrowed for 18 months, signaling strong investor confidence.

• The strategy aims to minimize shareholder dilution by using a special purpose vehicle for equity, targeting at least 50% project retention, potentially up to 60%.

• Estimated project equity gap is around AUD 50 million, with multiple investors engaged and a clear pathway to full project funding.

• Project CapEx is estimated at AUD 250 million, with a targeted 60/40 debt-to-equity ratio, leveraging government financing programs.

• Project finance is well advanced, with a focus on minimising dilution and maximising shareholder value.

Speewah Fluorite Project update

• Five-phase resource extension program introduced in the Pre-Feasibility Study, with a 40,000m drill campaign in 2025 agreed with Sumitomo, targeting conversion of Inferred to Indicated resources and preliminary extension.

• Drilling scheduled to commence in May 2025, running for approximately four months, subject to cultural heritage approvals.

• The drilling campaign and additional technical reviews will push first production to the second half of 2027, a six-month schedule extension.

• The project is advancing through key stage gates, with strong support from both partners and a focus on optimal mine design.