Tivan (TVN) Q3 2025 TU earnings summary

Executive summary

• Advanced towards a binding joint venture with Sumitomo Corporation for the Speewah Fluorite Project, including legal, tax, and structural preparations.

• Awarded seven exploration licenses for the Turiscai copper-gold project in Timor-Leste, expanding the project portfolio.

• Commenced maiden diamond drilling at the Aileron lead-silver target and completed acquisition of the Sandover Fluorite Project.

• Achieved excellent flotation and testwork results for both Speewah Fluorite and Vanadium Projects, supporting feasibility and development.

• Completed a $9 million share placement and fully redeemed Tranche 1 convertible notes ahead of maturity.

Financial highlights

• Cash reserves stood at $5.93 million as of 31 March 2025.

• Net cash used in operating activities for the quarter was $1.88 million; investing activities used $3.11 million.

• Raised $9 million via share placement at $0.105 per share, a 4.5% discount to last close.

• Payments for engineering, exploration, and evaluation totaled $2.87 million, mainly for Speewah.

• Aggregate payments to related parties were $186,000 for the quarter.

Outlook and guidance

• Anticipates continued similar net operating cash flows in upcoming quarters.

• Expects further capital inflows from a $7.4 million government grant and potential $60 million equity investment from Sumitomo upon final JV execution.

• Plans to commence drilling and a scoping study at Sandover Fluorite in Q4 2025.

• Multi-stage exploration program planned for Turiscai, with initial non-ground-disturbing activities and subsequent drill testing.