Speewah receives $2m from Federal Government

Tivan (ASX: TVN) has received $2m from the Federal Government for the Speewah fluorite project under its International Partnerships in Critical Minerals (IPCM) program.

This marks the second payment instalment under the grant.

Tivan was awarded a $7.4m cash grant to part fund completion of feasibility and definitive feasibility studies for the project.

In addition, a deed of novation has been executed with the Federal Government to novate the IPCM grant agreement from Tivan to Fluorite SPV, the project owner and vehicle for the incorporated joint venture between Tivan, Sumitomo Corporation and Japan Organization for Metals and Energy Security (JOGMEC).

Tivan executive chairman Grant Wilson comments on the grant program.

“The IPCM grant program played a constructive role in facilitating Tivan’s joint venture with Sumitomo Corporation and JOGMEC,” he said.

“We are pleased that the joint venture has received the second instalment payment, reflecting our progress in rapidly advancing the Speewah fluorite project through the first half of this year.”

Sumitomo Corporation and JOGMEC’s special purpose subsidiary Japan Fluorite Corporation made an initial $5.3m equity investment in Fluorite SPV for an initial 7.5% equity interest, with the funds to be used alongside the IPCM grant funding received to date to progress the feasibility study for the project that is currently underway.

Grant funding totalling $3.25m has been received to date.

Further payments totalling $4.15m will also be made direct to Fluorite SPV, scheduled in 2026.