Tivan (TVN) Investor update summary

Strategic progress and project milestones

• Speewah remains the flagship project, advancing through environmental studies, drilling, and community engagement, targeting a robust DFS and FID in Q4 2026 or early next year.

• Phase II drilling at Speewah is nearing completion, with an updated Mineral Resource Estimate and maiden Ore Reserve expected in late October 2026.

• Key partnerships with Japanese stakeholders, Sumitomo Corporation, JOGMEC, ETFS Capital, and recent Japanese government support for downstream processing are central to project validation.

• The company emphasizes capital discipline, creative joint ventures, and minimal dilution, achieving substantial milestones with limited resources compared to peers.

• The company is expanding in Timor-Leste, securing major concessions and preparing for drilling, viewing it as a high-potential, foundational growth area.

Risk management and project execution

• Management rejects calls for expedited FID, citing industry evidence that rushing leads to project failures and recapitalizations.

• A comprehensive FID checklist is being executed, with most technical and regulatory risks under control, though some third-party approvals remain pending.

• The company maintains strong financial health, with no anticipated capital dilution and a focus on debt financing for project development.

• Overhead is managed through joint venture structures and leveraging lower-cost operations in Timor, supporting efficient scaling.

• Environmental and social risks are actively managed, with transparent communication and proactive engagement with stakeholders and regulators.

Market outlook and investor relations

• The global fluorite market is in structural deficit, with strong demand from Japan, India, and the US, and the project is oversubscribed by potential offtakers.

• Recent Japanese government investment in downstream processing is expected to enhance project economics and strategic positioning.

• Share price weakness is attributed to exogenous factors: retail tax-driven selling, a large shareholder exit, and broker issues, not company fundamentals.

• Management remains committed to open, frequent communication and reassures investors of the company’s strong position and future catalysts.

• The AGM is scheduled for mid-November, with further updates and new executive team introductions expected.