Tivan (TVN) Q2 2026 TU earnings summary

Executive summary

• Secured up to $51.3 million investment from ETFS Capital for the Speewah Fluorite Project, with $11.3 million Tranche 1 funding completed post-quarter, and advanced feasibility study with major drilling completed and study due February 2026.

• Sent first acid-grade fluorspar samples to Asian end users and advanced offtake discussions with Sumitomo Corporation.

• Signed MoU with Sumitomo for Molyhil Project collaboration; completed acquisition of Molyhil and commenced initial works, including high-grade fluorite discovery.

• Discovered high-grade copper-gold-zinc mineralisation at Turiscai (Timor-Leste) and acquired Baucau and Ossu Projects, expanding Timor-Leste portfolio.

• Resumed fieldwork at Sandover Al Project with EARTH AI and advanced Sandover Fluorite Project with regulatory approval and new manganese-barite discovery.

• Strengthened human resources and agreed strategic partnership with Exante Data for analytics and market intelligence.

Financial highlights

• Cash reserves at 31 December 2025 were $11.923 million, excluding post-quarter inflows from ETFS Capital, option exercises, and R&D rebate.

• Payments for engineering, exploration, and evaluation totaled $6.329 million for the quarter, mainly for Speewah Fluorite Project.

• Received $0.87 million R&D tax rebate post-quarter for FY25 activities.

• Aggregate payments to related parties totaled $212,000 for the quarter.

• Estimated quarters of funding available at period end: 1.49, with additional funding secured post-quarter.

Outlook and guidance

• Feasibility Study for Speewah Fluorite Project scheduled for completion in February 2026; Final Investment Decision targeted for October 2026.

• Further equity funding of $5 million expected from Japan Fluorite Corporation upon FS adoption.

• Molyhil Project fast-tracked to Final Investment Decision in Q4 2027, with ongoing drilling and resource expansion.

• Sandover Fluorite and Turiscai Projects to see continued exploration and resource definition in 2026.