Tivan (TVN) Q1 2026 TU earnings summary

Executive summary

• Established a joint venture for the Speewah Fluorite Project with Sumitomo Corporation and JOGMEC, securing a $5.3m initial equity investment for feasibility studies.

• Acquired 100% of the Molyhil Tungsten-Molybdenum Project and all non-fluorite mineral rights at Sandover.

• Completed a $15m share placement, with $8.3m from ETFS Capital, and received further government and partner funding.

• Advanced project financing discussions with Export Finance Australia and NAIF for potential debt funding.

• Delivered high-grade testwork results for Speewah and advanced Sandover and Turiscai exploration programs.

Financial highlights

• Payments for engineering, exploration, and evaluation activities totaled $8.67m, mainly for Speewah.

• Total cash reserves at 30 September 2025 were $18.57m.

• Net cash from financing activities was $21.1m, including share placement and JV partner contributions.

• Aggregate payments to related parties during the quarter were $225k.

Outlook and guidance

• Ongoing feasibility and definitive studies for Speewah, with further grant payments scheduled in 2026.

• Drilling at Sandover to commence following regulatory approval, with staged exploration planned into 2026.

• Continued evaluation of technology pathways for Speewah Vanadium and expansion of in-house technical capacity.