Tivan is prioritising its critical minerals projects by reducing costs related to its Mount Peake vanadium-iron-titanium project in the Northern Territory.
Over the last 18 months, Tivan has focused heavily on developing the Speewah fluorite project in Western Australia, the Sandover project in the NT and the Speewah vanadium-titanomagnetite project in WA.
To further prioritise these critical mineral projects, Tivan has surrendered its remaining Mount Peake mineral lease and ancillary exploration licences at the Mount Peake project in order to reduce ongoing holding, access and administration costs.
The company, however, has retained the EL31850 exploration licence that covers the Mount Peake deposit as part of a strategy to provide optionality.
As of May 31, the surrendered Mount Peake tenements hold a carrying value of $9.6 million.
“Our update today highlights the successful transition the company has made over the past 18 months,” Tivan executive chairman Grant Wilson said.
“The transition has preserved shareholder capital and has opened multiple pathways to create shareholder value over different time horizons. The accumulated tax losses that Tivan is likely to carry forward will also serve to offset future income tax payable, thus bringing forward the date when free cash flow will be achieved.”
As Tivan was developing its TIVAN+ critical minerals processing technology, Mount Peake played a key facilitation role, leading to the company signing a technology licence agreement with CSIRO to develop and commercialise the TIVAN+ critical minerals processing technology in November 2023.
However, Tivan now views the Speewah vanadium-titanomagnetite project as “a superior development opportunity” due to its larger resource and the commercial synergies that exist with the Speewah fluorite project.
As a result, Tivan will progress with a single vanadium-titanomagnetite resource.
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