Tivan (TVN) Investor Update summary

Strategic direction and mission

• The corporate mission is redefined to build a strategically important critical minerals company across Northern Australia, focusing on export to Asia and emphasizing clear differentiation and durable comparative advantages.

• Eight self-reinforcing comparative advantages, including strong government relations, access to capital, and inclusive relationships with Traditional Owners, underpin rapid progress.

• Five projects are underway, leveraging location, governmental relationships, and capital access for a diversified and resilient pipeline.

• Diversification across multiple projects aims to optimize risk-adjusted returns and maintain durable alignment with shareholders.

• Project X, a significant new initiative, is expected to be announced by mid-February, leveraging existing advantages and adding to the company's growth map.

Project updates and milestones

• Speewah Fluorite Project is the flagship, with a landmark JV with Sumitomo (TVN 77.5%, SC 22.5%), $60m investment, 100% offtake, and management fee; completion scheduled for March 2025.

• Due diligence by Sumitomo was extensive, culminating in a site visit and rapid public commitment, marking their first global critical minerals investment.

• The JV implies a project valuation in the AUD 500–700 million range, with further de-risking and resource extension planned for 2024.

• Sandover Fluorite Project: Acquisition of Australia's highest-grade fluorite prospect; fieldwork began December 2024, with first assay results due mid-January 2025.

• Sandover Al Project: High-grade lead and silver surface mineralization discovered; drilling campaign to commence late January 2025, with geophysical program in March.

Financial and trading update

• Secondary market liquidity in TVN stock has increased 5-6x since 1H 2023, with ongoing initiatives to further deepen liquidity and support trading toward intrinsic value.

• Block trades and increased broker coverage are strengthening the shareholder register and market confidence.

• The company is committed to transparency and alignment, with executive compensation tied to share price performance and long-term value creation.