TIVAN LIMITED — Capital/Financing Update 2024

Jun 27, 2024

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28 June 2024

Update on Mount Peake Project

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to provide an update on the Company’s Mount Peake Project in the Northern Territory.

Over the past 18 months Tivan’s strategic focus has shifted so as to prioritise three key projects: the Speewah Fluorite Project in Western Australia (see ASX announcement of 30 January 2024), the Sandover Project in the Northern Territory (see ASX announcement of 27 March 2024) and the Speewah Vanadium Titanomagnetite Project in Western Australia (see ASX announcement of 19 June 2024).

The reprioritisation reflects the Board’s assessment of pathways for Tivan to achieve first revenue, as well as material progress that has been achieved with each Project, including:

• Speewah Fluorite Project - rapid progress in development planning including a Mineral Resource estimate update, an Exploration Target estimate and the advancement of a pre-feasibility study; Tivan and Sumitomo Corporation agreeing a Strategic Alliance for the development and financing of the Project (see ASX announcement of 7 June 2024).

• Sandover Project – material progress in the deployment of artificial intelligence exploration technology with EARTH AI; high-grade silver and lead surface mineralisation discoveries at Aileron Station (EL33099) that will be the target of an upcoming drill campaign (see ASX announcements of 4 March 2024, 16 April 2024 and 23 April 2024).

• Speewah Vanadium Titanomagnetite Project - significant progress in technology development and assessment of two separate vanadium processing pathways, both of which have delivered excellent testwork results (see ASX announcements of 30 May 2024 and 19 June 2024).

Throughout the Board has ensured that the Company’s resources have been appropriately focused. In this context, the Board has determined to further deprioritise the Mount Peake Project in fiscal year 2024/25.

Mount Peake Project

In order to reduce ongoing holding, access and administration costs for the Mount Peake Project, Tivan surrendered the remaining Mount Peake mineral lease (ML28341) and ancillary exploration licences (EL29578, EL30483, EL27069, E27941, EL31389, EL31896). Tivan has strategically retained EL31850 which covers the deposit at Mount Peake, providing optionality for the Company as circumstances dictate.

Mount Peake played a key facilitation role in the development of the Company’s TIVAN[®] Process, that supported Tivan securing a long-term partnership with CSIRO for development of the TIVAN+ critical minerals processing technology (see ASX announcement of 14 November 2023). However, the Board views the Speewah Vanadium Titanomagnetite Project as a superior development opportunity for the Company, both as a superior resource and due to the significant commercial synergies that exist with the Speewah Fluorite Project. As such, the Board has decided to progress with a single vanadium titanomagnetite resource.

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The Company has engaged with key stakeholders with regards to the changed Mount Peake strategy and tenement position, including the Central Land Council (“CLC”) and plans to review the status of the Mount Peake Indigenous Land Use Agreement with the CLC. With the Sandover Project elevated to a strategic priority in April, Tivan remains firmly committed to project development in Central Australia.

The carrying value of the surrendered Mount Peake tenements is set out in the table below (as at 31 May 2024, per Company accounts (unaudited)). The Company is reviewing these carrying values and will consider booking a noncash impairment as at 30 June 2024 as part of the process of preparing its full year audited financial accounts. The likelihood of a write down was discussed by Executive Chairman, Mr Grant Wilson, in his Investor Briefing in early Q2 (see ASX announcement of 13 April 2024).

The Company will also review the balance of the project portfolio carrying value, including the carrying value of other Mount Peake and non-core project expenditure, as part of this annual process, which may result in consideration of further impairment of carrying value.

ML28341	$0.5m
EL29578, EL30483, EL27069, E27941, EL31389, EL31896	$9.1m
Total	$9.6m
Mount Peake carrying value1, 2	$57.3m
Tivan project portfolio carrying value	$83.0m

1. Includes TIVAN Process development expenditure

2. Figure is net of R&D tax rebates received relating to TIVAN Process development ($26.5m)

Exploration and evaluation expenditure is capitalised in the Company’s Balance Sheet. Impaired exploration and evaluation expenditure will be expensed, resulting in an increase in the expected loss for the period to be reflected in the Profit and Loss Statement, and an expected increase in the Company’s accumulated tax losses.

These accumulated losses can be utilised in later years to reduce income tax payable should the Company generate future profits through successful project development.

Tivan Executive Chairman Mr Grant Wilson commented:

“The Board notes that Mount Peake remains a sensitive topic for many long-standing shareholders of Tivan and for stakeholders in the Northern Territory.

Our update today highlights the successful transition the Company has made over the past 18 months. 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”.

This announcement has been approved by the Board of the Company.

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Inquiries:

Tony Bevan

Company Secretary: + 61 8 9327 0900 Email: corporate@tivan.com.au

Elena Madden

True North Strategic Communication (Darwin): + 61 8 8981 6445 Email: elena@truenorthcomm.com.au

Ends

Forward looking statement

This announcement contains certain “forward-looking statements” and comments about future matters. Forward-looking statements can generally be identified by the use of forward-looking words such as, “expect”, “anticipate”, “likely”, “intend”, “should”, “estimate”, “target”, “outlook”, and other similar expressions and include, but are not limited to, the timing, outcome and effects of the future studies, project development and other work. Indications of, and guidance or outlook on, future earnings, financial position, performance of the Company or global markets for relevant commodities are also forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Any such statements, opinions and estimates in this announcement speak only as of the date hereof, are preliminary views and are based on assumptions and contingencies subject to change without notice. Forward-looking statements are provided as a general guide only. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements. Any such forward looking statement also inherently involves known and unknown risks, uncertainties and other factors and may involve significant elements of subjective judgement and assumptions that may cause actual results, performance and achievements to differ. Except as required by law the Company undertakes no obligation to finalise, check, supplement, revise or update forward-looking statements in the future, regardless of whether new information, future events or results or other factors affect the information contained in this announcement.

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Competent Person’s Statements

Speewah Fluorite Mineral Resource

The information in this announcement related to the Speewah Fluorite Mineral Resource estimate is extracted from an ASX announcement entitled “Tivan Upgrades Resource Estimate - Speewah Fluorite Project” and is dated 22 April 2024, and is available to view at www.tivan.com.au/investors/asx-announcements and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the Mineral Resource estimates in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Speewah Fluorite Exploration Target

The information in this presentation related to the Speewah Fluorite Exploration Target estimate is extracted from an ASX announcement entitled “Tivan Announces Exploration Target for Speewah Fluorite Project” and is dated 7 May 2024, and is available to view atwww.tivan.com.au/investors/asx-announcements and www.asx.com.au.The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, and, in the case of the estimate of the Exploration Target, that all material assumptions and technical parameters underpinning the Exploration Target estimate in the relevant announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Sandover Project Exploration Results

The information in this announcement that relates to exploration results for the Sandover Project has been extracted from the Company’s previous ASX announcements entitled "High-Grade Lead Identified at Tivan's Sandover Project" dated 4 March 2024, "High Grade Silver Discovered at Tivan's Sandover Project" dated 16 April 2024 and “Lead-Silver Mineralisation Extended at Sandover Project” dated 23 April 2024. Copies of these announcements are available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

Speewah Vanadium Titanomagnetite Project Exploration Results

The information in this announcement that relates to exploration results for the Speewah Project (TIVAN+ and salt roast testwork programs) has been extracted from the Company’s previous ASX announcements entitled "Tivan & CSIRO successfully complete TIVAN+ Testwork Program" dated 30 May 2024 and “Update on Vanadium Electrolyte Testwork Program” dated 19 June 2024. Copies of these announcements are available at www.asx.com.au or www.tivan.com.au/investors/asx-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. Tivan confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

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