Tivan has finalised its acquisition of the Speewah vanadium-titanium-iron project in Western Australia ahead of schedule, in a bid to prioritise its critical minerals portfolio.
Tivan signed a binding term sheet to acquire Speewah from King River Resources in February 2023.
The acquisition included every mining, exploration and miscellaneous title at Speewah, as well as all previous studies, testwork and related intellectual property that make up the project.
Under the agreement, Tivan agreed to pay King River $20 million for Speewah. The amount was paid via $10 million in cash and $10 million in equivalent Tivan shares.
Tivan paid $7.6 million to King River in respect of the cash consideration on July 8. The company paid the remaining $2.4 million to King River on December 2, finalising the Speewah acquisition ahead of the payment due date of February 17 2025.
“The acquisition of Speewah was a transformative event for Tivan, providing us with the foundation to build a company of strategic importance across northern Australia,” Tivan executive chairman Grant Wilson said.
“We are pleased to have fully paid down the cash consideration today. This strengthens Tivan’s balance sheet and supports our proposed joint venture for the Speewah fluorite project with Sumitomo Corporation.”
Speewah comprises a fluorite deposit and a vanadium deposit, the latter of which is the largest reported vanadium in titanomagnetite resources in Australia.
Tivan kicked off the first phase of drilling at the Speewah fluorite project in November.
Speewah’s pre-feasibility study, which was released in July, said the project is expected to be a world-class fluorite resource in size, grade and location, with over 10 years of mine life.
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