Tivan (TVN) Q4 2025 TU earnings summary

Executive summary

• Binding joint venture agreements executed with Sumitomo Corporation and JOGMEC for the Speewah Fluorite Project, with an initial $5.3m equity investment for a 7.5% stake.

• Non-binding term sheet signed for a minimum $51.3m equity investment from an Australian family office for Speewah Fluorite Project development.

• Major 35,000m drilling program commenced at Speewah Fluorite Project to support the Feasibility Study.

• Sandover Fluorite Project surface sampling returned assays up to 91.4% CaF2; $150,000 in NT Government exploration grants awarded.

• Outcropping copper mineralisation identified at Turiscai Project, Timor-Leste; local team and office established.

Financial highlights

• Payments for engineering, exploration, and evaluation totaled $2.56m for the quarter, mainly for Speewah Fluorite Project.

• Total cash reserves stood at $6.46m as of 30 June 2025.

• $5m raised via share placement; all convertible notes fully redeemed ahead of maturity.

• Aggregate payments to related parties were $174k for the quarter.

Outlook and guidance

• Feasibility Study for Speewah Fluorite Project targeted for October 2025; Definitive Feasibility Study for June 2026; Final Investment Decision planned for August 2026.

• Sandover Fluorite Project drilling campaign scheduled to commence in October 2025.

• Turiscai Project fieldwork ongoing, with assay results expected from September 2025; preliminary resource drilling planned for Q2 2026.

• Company expects significant project expenditures to be financed by IJV and government grants in coming quarters.