TIVAN LIMITED — Capital/Financing Update 2024

May 29, 2024

30 May 2024

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Update:

Tivan & CSIRO successfully complete TIVAN+ Testwork Program

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) provides enclosed an update of the announcement released on ASX on 24 May 2024 titled “Tivan & CSIRO successfully complete TIVAN+ Testwork Program”.

The updated announcement includes the addition of a Competent Person’s Statement and supporting additional JORC Code (2012) information tables.

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

Inquiries:

Tony Bevan

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

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24 May 2024

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Tivan & CSIRO successfully complete TIVAN+ Testwork Program

• Tivan and CSIRO, Australia’s national science agency, have successfully completed a significant development testwork program for the TIVAN+ critical minerals processing technology.

• Testwork outcomes have exceeded expectations, delivering excellent results that confirm the technical viability of processing Speewah concentrate with the TIVAN+ technology.

• TIVAN+ is designed to recover vanadium, titanium and iron from vanadium titanomagnetite, providing an opportunity to reshape global supply chains and downstream industrial pathways in the critical minerals of vanadium and titanium.

• High-grade magnetite returned using TIVAN+ has highlighted the potential of the product as a highquality feedstock for a direct reduced iron (DRI) process for the production of “green steel”.

• Tivan has an exclusive 20 year worldwide licence (except India) from CSIRO for the TIVAN+ technology, initially focused on Tivan’s 100% owned Speewah Vanadium Project.

• Tivan is advancing discussions with two asset owners of vanadium titanomagnetite resources that have expressed interest in the utilisation of TIVAN+ technology.

• Tivan will review its strategy for the Speewah Vanadium Project, inclusive of the TIVAN+ pathway, following completion of the Pre-Feasibility Study for the Speewah Fluorite Project in July.

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that a significant development testwork program has been completed for the TIVAN+ critical minerals processing technology, confirming the technical viability of processing vanadium titanomagnetite (“VTM”) concentrate from the Speewah Vanadium Project in Western Australia with the TIVAN+ technology.

The testwork program focused on assessing the TIVAN+ technology flowsheet developed between CSIRO and Tivan utilising Speewah concentrate, with the objective of validating the technology and supporting future process engineering and pilot plant design. Testwork outcomes have exceeded expectations, delivering excellent results in the flowsheet areas of leaching and product recovery.

The testwork program was delivered under a Research Services Agreement between Tivan and CSIRO. CSIRO is Australia’s national science agency and is one of the largest and most multidisciplinary mission-driven research organisations in the world, operating at 49 sites across Australia and sites overseas.

Tivan announced in November 2023 that it has secured a long-term commercial and strategic partnership with CSIRO to facilitate collaborative development and commercialisation of the TIVAN+ critical minerals processing technology for the recovery of vanadium. The partnership was established through the execution of two agreements:

• Technology Licence Agreement (“TLA”): providing Tivan with an exclusive, non-transferable 20 year licence (excluding India) to use CSIRO’s specified VTM intellectual property, patents, know-how and any further improvements thereto for the recovery of vanadium in the form of the TIVAN+ technology.

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• Research Services Agreement (“RSA”): establishing the agreed pathway for technology development and optimisation including the testwork program to validate the TIVAN+ technology flowsheet utilising Speewah concentrate.

For further details of the strategic partnership with CSIRO, refer to the ASX announcement of 14 November 2023.

Development Program - Testwork Results

The TIVAN+ technology has been developed to optimise extraction of value from the vanadium, iron and titanium contained in VTM feedstocks. The technology is based on leaching and selective product recovery (precipitation) processes to recover vanadium pentoxide, magnetite and a titanium pigment feedstock.

Development of the TIVAN+ technology under the RSA has progressed as planned and testing addressing the aspects of leaching and product recovery has finished on schedule. The testwork program undertaken has delivered excellent outcomes, generating positive results that demonstrate the technical viability of processing Speewah concentrate with the TIVAN+ technology.

The purpose of the testwork program was to:

• Investigate risks and opportunities identified for the TIVAN+ technology, developed through integration of aspects of Tivan’s own VTM intellectual property with CSIRO’s VTM processing technology.

• Review the TIVAN+ flowsheet to identify technology gaps in support of testwork definition.

• Validate the TIVAN+ technology flowsheet utilising VTM concentrate from Tivan’s Speewah and Mount Peake Projects.

• Support future process engineering activities.

• Address key technical areas required to support a future TIVAN+ Pilot Plant.

To facilitate the program, CSIRO assembled a team of research scientists and subject matter experts to oversee progression of relevant areas of the TIVAN+ testwork and flowsheet development. The testwork program was conducted at CSIRO’s Mineral Resources facility at Waterford in Perth.

Testwork was performed on high-grade (2.44% V2O5) Speewah concentrate prepared before Tivan’s acquisition of the Speewah Project. The concentrate was produced in 2011 when approximately six tonnes of RC drilling samples were processed with magnetic separation.

Leaching Results

Leaching testwork on the Speewah concentrate was undertaken to assess vanadium extraction and titanium residue properties. Testwork included a larger bench scale trial with 2.2 kg of Speewah concentrate. The vanadium extraction results for all 25 trials completed for Speewah concentrate are summarised in Table 1 in Appendix 1 . The trials delivered excellent results, demonstrating the repeatability of high vanadium extraction within the range of experimental testing parameters. A vanadium extraction of 98.5% was validated with a larger bench scale trial (Tiva45), which is an

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excellent result significantly higher than standard industry vanadium salt roast yields from VTM ores. The leaching outcomes also support the CSIRO/Tivan position that the technology will be applicable to alternative VTM deposits.

The leach produces a vanadium bearing solution and a titanium enriched leach residue. The residue from the leach was ~57 to 60% Ti (as TiO2) in optimised leaching trials. Three selected titanium rich residues from the vanadium leaching trials were submitted for a sulphate digest to test their amenability to the sulphate pigment process. The titanium extraction results are summarised in Table 2 in Appendix 1 . Titanium extractions in the range of 87.7% to 94.2% were returned, an outcome which demonstrates that the titanium residue from the TIVAN+ technology has amenability to the sulphate pigment process. As part of the commercial strategy for TIVAN+, Tivan is assessing product specifications for titanium dioxide and exploring opportunities to directly sell or further process the residue for titanium dioxide pigment manufacture.

Product Recovery Results

Earlier testwork on the recovery of a vanadium pentoxide (V2O5) product from the leach liquor was performed on synthetic solutions to establish preferred processing routes and vanadium pentoxide specifications. The final executed tests utilised leach liquor prepared from Speewah concentrate. The targeted high purity (>99.5%) vanadium pentoxide specification was met when utilising Speewah leach liquor, validating the results from previous synthetic solution testing (see ASX announcement 14 November 2023 for synthetic results). Results are summarised in Table 3 in Appendix 1.

The high purity V2O5 sample was prepared without specialised industry purification steps such as solvent extraction, leaving significant scope for further reduction of the impurities in the TIVAN+ V2O5. The outcome is important as it supports the Company’s vision for use of the vanadium pentoxide product in the preparation of vanadium electrolyte products.

Iron recovery work was performed solely on representative synthetic solutions. The results from the iron recovery tests were very positive, demonstrating the production of target high-grade (>64.5% Fe) iron products with high recovery of iron from solution. Single stage and two stage recovery flowsheets were trialed with both configurations demonstrating near-quantitative (100%) iron recovery from solution. Notably an iron grade of 69.4%, which corresponds to near pure magnetite, was obtained at a lower recovery of approximately 92%. The results highlight the potential for the magnetite to be a feedstock for a direct reduced iron (“DRI”) process. DRI feedstocks are typically higher quality than blast furnace iron ore feedstocks, requiring an iron composition of greater than 67%.

The results show there is flexibility for the project to tailor the high-grade magnetite product to the specifications required for downstream vendors. Future work with commercial limestones relevant to the region is required to confirm the high-grade iron oxide product outcomes.

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Image 1: Samples - titanium dioxide (leach trials), magnetite (iron recovery trials), “AMV” (ammonium metavanadate is a pre-cursor to V2O5 preparation) and vanadium pentoxide (vanadium recovery trials) (source: CSIRO)

Commercial Update

Under the terms of the TLA with CSIRO for TIVAN+, Tivan is to actively seek to sublicence the TIVAN+ technology to third parties (see ASX announcement of 14 November 2023).

Tivan has received approaches from two independent third parties interested in assessing the suitability of the TIVAN+ technology for their vanadium titanomagnetite deposits. Tivan is working through preliminary assessment phases with these third parties to determine desktop technical applicability, and if warranted define proposed preliminary testwork requirements on third party deposit samples to be undertaken in conjunction with CSIRO.

Tivan notes that while there is third party interest in the TIVAN+ technology, there is no guarantee or certainty that a sublicensing agreement will eventuate.

Next Steps

Tivan is currently focused on progressing the Speewah Fluorite Project and scheduled to deliver the Pre-Feasibility Study (“ PFS ”) in July.

Following the completion of the PFS, Tivan will undertake a comprehensive review of its strategy and planning for the Speewah Vanadium Project. The principal aim of the review will be to evaluate a preferred development pathway as between traditional salt roast processing and the TIVAN+ technology pathway. The review will encompass the extensive body of work that Tivan completed in advancing the salt roast pathway between September 2023 and February 2024, in conjunction with Hatch Engineering (see ASX announcement of 22 September 2023).

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In respect of TIVAN+, the review will encompass the extensive body of work completed with CSIRO over the past year and the testwork results reported today. It will evaluate the pathway to the planning and construction of a large-scale TIVAN+ Pilot Plant, including potential funding through commercial arrangements and various Australian government programs. The Board notes that the recent 2024-25 Federal Budget includes significant funding for innovative projects that build sovereign capabilities and that accelerate the energy transition.

Tivan will report the findings of this comprehensive review in Q3. Meanwhile, Tivan will continue to rapidly advance the Company’s strategic priorities in 2024, being the Speewah Fluorite Project and the Sandover Project.

Tivan Executive Chairman Mr Grant Wilson commented:

“A year on from our decision to break from the TIVAN[®] flowsheet, we are delighted to report the first testwork results of our strategic partnership with CSIRO. The results confirm the technical viability of TIVAN+ and the amenability of the technology pathway to the Speewah resource. These are critical foundational steps and the result of extensive collaboration between Tivan and CSIRO.

The success of the testwork program means that Tivan can now evaluate the traditional salt roast pathway against the TIVAN+ technology pathway. This important exercise will occur in Q3. If we decide in favour of TIVAN+, we will move directly toward the planning and construction of a large-scale TIVAN+ Pilot Plant. From a scheduling perspective, there is scope to construct a TIVAN+ Pilot Plant whilst we are delivering the Speewah Fluorite Project.

The Board of Tivan extends its congratulations to the team at CSIRO. The testwork results are fantastic and offer scope to build important sovereign capabilities that advance the energy transition. A TIVAN+ Pilot Plant would be a breakthrough achievement in critical minerals processing and would be ‘Made in Australia’.”

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

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

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Competent Person’s Statement

Tivan’s exploration activities, including for the Speewah Project, are being overseen by Mr Stephen Walsh (BSc). The information that relates to exploration results in this announcement is based on and fairly represents information and supporting documentation prepared and compiled by Mr Walsh, a Competent Person, who is the Chief Geologist and an employee of Tivan, and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Walsh has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results. Mr Walsh consents to the inclusion in this announcement of the matters based on information compiled by him in the form and context which it appears.

Forward looking statement

This announcement contains certain “forward-looking statements” and comments about future matters. Forwardlooking 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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Appendix 1 - RSA testwork program results

Trial	Vanadium Extraction
Tiva19	97.1%
Tiva22	97.5%
Tiva23	97.1%
Tiva24	97.2%
Tiva25	97.7%
Tiva26	98.5%
Tiva27	97.4%
Tiva28	98.0%
Tiva29	96.9%
Tiva30	92.7%
Tiva31	96.6%
Tiva32	91.5%
Tiva33	95.0%
Tiva34	97.9%
Tiva35	95.5%
Tiva36	96.1%
Tiva37	96.5%
Tiva38	96.2%
Tiva39	98.2%
Tiva40	97.0%
Tiva41	97.3%
Tiva42	96.9%
Tiva45(bulk)	98.9%
Tiva47	98.6%
Tiva48	98.8%

Table 1: Vanadium extraction data for vanadium leach trials (source: CSIRO); variety of different conditions were trialled, with key outcomes demonstrated in trials Tiva26, Tiva45 and Tiva48

Sample	Test ID	Titanium Extraction
Tiva45	18079	91.5%
Tiva45	18080	94.2%
Tiva47	18081	87.7%
Tiva48	18082	87.9%

Table 2: Titanium extraction data from sulphate digest trials (source: CSIRO, from work performed at ALS); all trials conducted under the same operating conditions

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Composition	Units	Assay
V	%	56.03
Al2O3	%	0.019
Fe2O3	%	0.014
TiO2	ppm	5.01
Cr2O3	ppm	56.3
MgO	%	0.017
CaO	%	0.014
SiO2	%	0.021
P	%	0.001
S	%	0.001
K	%	0.001
Na	%	0.010
Cl	%	0.001
As2O3	ppm	0.26
CdO	ppm	0.11
Co2O3	ppm	0.14
CuO	ppm	5.01
MnO	ppm	1.29
MoO3	ppm	677
NiO	ppm	3.82
PbO	ppm	1.08
Sb2O3	ppm	29.9
ZnO	ppm	6.22
Sum of impurities*	%	0.18
Calculatedpurity (V2O5)	%	99.82

Table 3: Chemical composition data for Speewah vanadium pentoxide (V2O5) sample (source: CSIRO, from

analyses performed at Bureau Veritas)

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JORC Code, 2012 Edition - Table 1 Report

		SECTION 1 SAMPLING TECHNIQUES AND DATA
Criteria	JORC Code explanation		Commentary
Sampling techniques	•	Nature and quality of sampling (eg cut channels, random chips,	•	The metallurgical testwork program was
		or specific specialised industry standard measurement tools		completed on a titanomagnetite
		appropriate to the minerals under investigation, such as down		concentrate sample received in the
		hole gamma sondes, or handheld XRF instruments, etc). These		Speewah Project acquisition from King
		examples should not be taken as limiting the broad meaning of		River Resources Limited (“KRR”).
		sampling.	•	The sample used is a p80 -45 micron
	•	Include reference to measures taken to ensure sample		high grade concentrate that assayed
		representivity and the appropriate calibration of any		2.44% V2O5produced from a RC chips
		measurement tools or systems used.		sample by magnetic separation
	•	Aspects of the determination of mineralisation that are Material		methods in 2011.
		to the Public Report.
	•	In cases where ‘industry standard’ work has been done this
		would be relatively simple (eg ‘reverse circulation drilling was
		used to obtain 1 m samples from which 3 kg was pulverised to
		produce a 30 g charge for fire assay’). In other cases more
		explanation may be required, such as where there is coarse
		gold that has inherent sampling problems. Unusual
		commodities or mineralisation types (eg submarine nodules)
		may warrant disclosure of detailed information.
Drilling techniques	•	Drill type (eg core, reverse circulation, open-hole hammer,	•	No new drilling was completed in
		rotary air blast, auger, Bangka, sonic, etc) and details (eg core		preparation for the testwork reported in
		diameter, triple or standard tube, depth of diamond tails, face-		this announcement.
		sampling bit or other type, whether core is oriented and if so, by	•	The testwork described in this
		what method, etc).		announcement was completed on
				titanomagnetite concentrate derived
				from RC drilling with a face-sampling
				bit.
Drill sample recovery	•	Method of recording and assessing core and chip sample	•	RC chip samples from every 1 metre
		recoveries and results assessed.		drilled interval were sampled and
	•	Measures taken to maximise sample recovery and ensure		composited. The host gabbro is fresh
		representative nature of the samples.		from near surface and sample recovery
	•	Whether a relationship exists between sample recovery and		into RC bags was high.
		grade and whether sample bias may have occurred due to	•	No relationship between grade and
		preferential loss/gain of fine/coarse material.		recoveryhas been identified.
Logging	•	Whether core and chip samples have been geologically and	•	RC drill 1 metre intervals logged 100%
		geotechnically logged to a level of detail to support appropriate		from surface to end-of-hole.
		Mineral Resource estimation, mining studies and metallurgical
		studies.
	•	Whether logging is qualitative or quantitative in nature. Core (or
		costean, channel, etc) photography.
	•	The total length and percentage of the relevant intersections
		logged.
Sub-sampling	•	If core, whether cut or sawn and whether quarter, half or all	•	RC bags were re-sampled to collect a 6
techniques and sample		core taken.		tonne composite sample for testwork.
preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc and	•	The average grade of the 6 tonne
		whether sampled wet or dry.		sample compares with the drill assayed
	•	For all sample types, the nature, quality and appropriateness of		intervals for the HG zone.
		the sample preparation technique.	•	Subsampling was performed during the
	•	Quality control procedures adopted for all sub-sampling stages		preparation stage according to the
		to maximize representivity of samples.		metallurgical laboratories’ internal
	•	Measures taken to ensure that the sampling is representative		protocol.
		of the in situ material collected, including for instance results for	•	RC chips from every 1 metre interval
		field duplicate/second-half sampling.		were sampled and composited. The
				finalcomposited grade compares

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	•	Whether sample sizes are appropriate to the grain size of the		favourably with the average V, Ti and
		material being sampled.		Fe grades from the drill assays for the
				HG zones of the vanadium deposit.
			•	Sample sizes were considered
				appropriate to the grain size of the
				material being sampled.
Quality of assay data	•	The nature, quality and appropriateness of the assaying and	For	the testwork program reported in this
and laboratory tests		laboratory procedures used and whether the technique is	announcement:
		considered partial or total.	•	Solid sample analyses in the program
	•	For geophysical tools, spectrometers, handheld XRF		were conducted by X-Ray
		instruments, etc, the parameters used in determining the		Fluorescence (“XRF”) at ALS Global,
		analysis including instrument make and model, reading times,		Bureau Veritas and CSIRO
		calibrations factors applied and their derivation, etc.		Selected solid samples were split for
	•	Nature of quality control procedures adopted (eg standards,		XRF analysis and sent to multiple
		blanks, duplicates, external laboratory checks) and whether		commercial laboratories (see above) as
		acceptable levels of accuracy (ie lack of bias) and precision		further data validation.
		have been established.		Select solid samples were analysed by
				combinations of XRF, acid digest and
				ICP, colorimetry after fusion with
				Na2CO3for Cl and total combustion
				analysis for S.
			•	All liquor sample analyses in the
				program were conducted at CSIRO
				Waterford via Inductively Coupled
				Plasma (ICP) analysis
				Select liquor samples were re-assayed
				at ALS Global by ICP as further data
				validation.
			•	Standards, blanks and duplicates were
				utilised by Bureau Veritas, ALS Global
				and CSIRO as per their standard
				QAQC procedures.
			•	The vanadium pentoxide assay results
				presented in Appendix 1, Table 3, are a
				combination of Laser Ablation ICP
				Mass Spectrometry (LA-ICP-MS) and
				XRF results from Bureau Veritas.
				LA-ICP-MS assays included the
				following elements: Ti, Cr, As, Cd, Co,
				Cu, Mn, Mo, Ni, Pb, Sb and Zn. The
				remaining presented elements were
				analysed by XRF.
Verification of sampling	•	The verification of significant intersections by either	•	Significant drill intersections have been
and assaying		independent or alternative company personnel.		verified by alternative company
	•	The use of twinned holes.		personnel.
	•	Documentation of primary data, data entry procedures, data	•	Data is incorporated into a digital
		verification, data storage (physical and electronic) protocols.		database, assays from laboratories
	•	Discuss any adjustment to assay data.		received in a digital format.
			•	No adjustments or calibrations made to
				primary assay data collected for the
				purpose of reporting assay grades and
				mineralized intervals.
Location of data points	•	Accuracy and quality of surveys used to locate drill holes (collar	•	Almost 90% of the collars used in the
		and down-hole surveys), trenches, mine workings and other		resource estimate were surveyed using
		locations used in Mineral Resource estimation.		a differential global positioning system
	•	Specification of the grid system used.		instrument, with the remaining surveyed
	•	Quality and adequacy of topographic control.		using a hand-held GPS. Downhole
				deviations were measured by downhole

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				survey instruments on 3 holes only
				using a Globaltech Pathfinder digital
				downhole camera. All but four holes are
				vertical. All metallurgical holes are
				vertical. The vertical and shallow nature
				of the drilling means that the absence
				of downhole surveys is not considered
				a material risk.
			•	The adopted grid system is GDA 94
				Zone 52.
Data spacing and	•	Data spacing for reporting of Exploration Results.	•	RC drill spacing is mostly 250 m by 250
distribution	•	Whether the data spacing and distribution is sufficient to		m in the deposit, closing down to 100 m
		establish the degree of geological and grade continuity		by 100 m in the Western Area.
		appropriate for the Mineral Resource and Ore Reserve	•	The Competent Person believes the
		estimation procedure(s) and classifications applied.		mineralised domains have sufficient
	•	Whether sample compositing has been applied.		geological and grade continuity to
				support the classification applied to the
				Mineral Resources given the current
				drill pattern.
			•	The RC composite represents the HG
				zone within the magnetite gabbro within
				the resource envelope. This was
				considered appropriate given the
				metallurgical testwork was designed to
				test the HG zones of mineralisation and
				it provided for a bulk sample suitable for
				testwork.
Orientation of data in	•	Whether the orientation of sampling achieves unbiased	•	All RC holes are vertical. This allowed
relation to geological		sampling of possible structures and the extent to which this is		the holes to intersect the mineralisation
structure		known, considering the deposit type.		at a high angle as the magnetite gabbro
	•	If the relationship between the drilling orientation and the		has a very shallow dip to the East.
		orientation of key mineralised structures is considered to have	•	The relationship between the drilling
		introduced a sampling bias, this should be assessed and		orientation and the orientation of key
		reported if material.		mineralised structures is not considered
				to have introduced sampling bias.
Sample security	•	The measures taken to ensure sample security.	•	The titanomagnetite concentrate was
				stored at Nagrom under job number
				T687; the concentrate was transported
				by a transport contractor to CSIRO for
				testwork.
Audits or reviews	•	The results of any audits or reviews of sampling techniques	•	No external audits have been
		and data.		completed.
		SECTION 2 REPORTING OF EXPLORATION RESULTS
Criteria		JORC Code explanation		Commentary
Mineral tenement and	•	Type, reference name/number, location and ownership	•	The Speewah Project comprises two
land tenure status		including agreements or material issues with third parties such		Exploration Licences (E80/2863,
		as joint ventures, partnerships, overriding royalties, native title		E80/3657), three Mining Leases
		interests, historical sites, wilderness or national park and		(M80/267, M80/268, M80/269) and two
		environmental settings.		Miscellaneous Licences (L80/43,
	•	The security of the tenure held at the time of reporting along		L80/47). The tenements are 100%
		with any known impediments to obtaining a licence to operate		owned by Speewah Mining Pty Ltd (a
		in the area.		wholly owned subsidiary of Tivan
				Limited), and are located over the
				Speewah Dome, 100 km SW of
				Kununurra in the East Kimberley. The
				testwork described in this
				announcement was on samples
				collected entirely within E80/2863. The

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					tenements are in good standing and no
					known impediments exist.
Exploration done by	•	Acknowledgment and appraisal of exploration by other parties.		Historical exploration:
other parties				•	All exploration and testwork relevant to
					the preparation of the titanomagnetite
					concentrate utilised for the testwork
					described in this announcement was
					managed by KRR.
Geology	•	Deposit	type, geological setting, and style of mineralisation.	•	The deposits represent part of a large
					layered intrusion (the Hart Dolerite),
					which was intruded c1790 Ma into the
					Palaeo-Proterozoic sediments and
					minor volcanics of the 1814 Ma
					Speewah Group in the East Kimberley
					Region of Western Australia. The
					deposits occur within the Speewah
					Dome, which is an elongated antiform
					trending N-S. The dome is about 30 km
					long and attains a maximum width of
					about 15 km. The Hart Dolerite sill
					forms the core of the dome.
					Two distinct types of felsic granophyres
					(K felsic granophyre and Mafic
					granophyre) and three mafic gabbros
					(pegmatoidal gabbro, magnetite gabbro
					and felsic gabbro) have been identified
					in the Hart Dolerite.
					The vanadium-titanium mineralisation is
					hosted within a magnetite bearing
					gabbro unit which is up to 80 m thick.
					Given the mode of formation,
					mineralisation displays excellent
					geological and grade continuity.
					Exposure is limited and fresh rock
					either outcrops or is at a shallow depth
					of a few metres. Ti-V-Fe mineralisation
					occurs as disseminations of
					vanadiferous titanomagnetite and
					ilmenite.
					The Speewah Project comprises three
					deposits (Central, Buckman and Red
					Hill). The reported Mineral Resource
					lies entirely within fresh magnetite
					gabbro of the Hart Dolerite sill within
					the Speewah Dome. The magnetite
					gabbro unit can be subdivided into an
					upper low grade zone and a basal high
					grade zone, based on increasing
					vanadium tenor (grade) in the
					magnetite grains towards the base of
					the unit.
Drill hole Information	•	A summary of all information material to the understanding of		•	No new drilling is reported in this
		the exploration results including a tabulation of the following			release.
		information for all Material drill holes:		•	The hole data is not presented in this
		o	easting and northing of the drill hole collar		announcement. This information is not
		o	elevation or RL (Reduced Level – elevation above		considered material as the novel
			sea level in metres) of the drill hole collar		TIVAN+ technology on which the
		o	dip and azimuth of the hole		testwork is based is intended for use on
		o	_down hole length and interception depth _

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		o hole length.		any vanadiferous titanomagnetite ore,
	•	If the exclusion of this information is justified on the basis that		regardless of location geologically or
		the information is not Material and this exclusion does not		geographically.
		detract from the understanding of the report, the Competent
		Person should clearly explain why this is the case.
Data aggregation	•	In reporting Exploration Results, weighting averaging	•	RC chip samples from every 1 metre
methods		techniques, maximum and/or minimum grade truncations (eg		drilled interval were sampled and
		cutting of high grades) and cut-off grades are usually Material		composited. The final composited
		and should be stated.		grade compares favourably with the
	•	Where aggregate intercepts incorporate short lengths of high		average V, Ti and Fe grades from the
		grade results and longer lengths of low grade results, the		drill assays average grades for the HG
		procedure used for such aggregation should be stated and		zones of the vanadium deposit.
		some typical examples of such aggregations should be shown	•	Metal equivalent values have not been
		in detail.		used for reporting.
	•	The assumptions used for any reporting of metal equivalent
		values should be clearly stated.
Relationship between	•	These relationships are particularly important in the reporting of	•	Due to the very shallow dip of the
mineralisation widths		Exploration Results.		mineralisation, the vertical holes
and intercept lengths	•	If the geometry of the mineralisation with respect to the drill		represent almost the true width of the
		hole angle is known, its nature should be reported.		mineralisation.
	•	If it is not known and only the down hole lengths are reported,
		there should be a clear statement to this effect (eg ‘down hole
		length, true width not known’).
Diagrams	•	Appropriate maps and sections (with scales) and tabulations of	•	No new drilling is reported in this
		intercepts should be included for any significant discovery		release.
		being reported These should include, but not be limited to a
		plan view of drill hole collar locations and appropriate sectional
		views.
Balanced reporting	•	Where comprehensive reporting of all Exploration Results is	•	All relevant results have been reported
		not practicable, representative reporting of both low and high
		grades and/or widths should be practiced to avoid misleading
		reporting of Exploration Results.
Other substantive	•	Other exploration data, if meaningful and material, should be	•	All relevant data is included in the body
exploration data		reported including (but not limited to): geological observations;		of the announcement.
		geophysical survey results; geochemical survey results; bulk
		samples – size and method of treatment; metallurgical test
		results; bulk density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
Further work	•	The nature and scale of planned further work (eg tests for	•	See body of announcement.
		lateral extensions or depth extensions or large-scale step-out
		drilling).
	•	Diagrams clearly highlighting the areas of possible extensions,
		including the main geological interpretations and future drilling
		areas, provided this information is not commercially sensitive.

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