Tivan (TVN) Q1 2025 TU earnings summary

Executive summary

• Pre-Feasibility Study for Speewah Fluorite Project confirmed robust economics: post-tax NPV $354.7M, IRR 33.2%, payback 2.8 years.

• Regulatory approvals secured for drilling at Speewah and Sandover Projects; ground-disturbing works commenced.

• Sandover Project returned high-grade lead samples up to 23.8% Pb, nearly doubling previous enrichment.

• Non-cash impairment of $57.35M recorded for Mount Peake Project, reflecting strategic shift.

• $4.5M raised via share placement; $1.523M via entitlement offer, with potential for $6M more from shortfall.

Financial highlights

• Life-of-mine revenue for Speewah Fluorite Project: $1,952M; average annual revenue $184M.

• Life-of-mine EBITDA: $1,203M; average annual EBITDA $114M.

• Pre-production capital for Speewah: $236.3M; C1 costs per tonne fluorspar shipped: US$288.

• Cash reserves at 30 Sep 2024: $1.034M; net cash inflow from financing activities: $5.736M.

• Payments for engineering, exploration, and evaluation: $2.233M during the quarter.

Outlook and guidance

• Further evaluation of dual vanadium processing pathways at Speewah ongoing; updates expected Q4 2024.

• Sandover maiden drilling program to commence, targeting lead-silver, copper, and lithium pegmatite zones.

• Potential for up to $6M additional capital from entitlement offer shortfall.

• Ongoing engagement with government for TIVAN+ Pilot Plant funding and commercialisation.