South Perth-based Tivan has received final regulatory approval to commence a maiden drilling campaign at its Sandover project in the Northern Territory.
The critical minerals company told the market this morning it received a four-year deemed mining licence on October 2 from the Northern Territory Department of Lands, Planning and Environment.
The drill campaign includes high-grade lead and silver which were discovered by exploration partner EARTH AI in Q2 2024, leading to Tivan making the Sandover project a strategic priority.
Tivan executive chair Grant Wilson said there was much more to Sandover than met the eye.
“Today marks an important step forward for the Sandover project and our exploration alliance with EARTH AI,” he said.
“We have made great progress together over 18 months, with Sandover now positioned at the global frontier of technology-driven exploration and our alliance having earned a social licence to operate.
“We are looking forward to making a start to progressing the potentially transformative opportunities we have in central Australia.”
The good news came just a few days after the company released its FY24 annual report to shareholders, which highlighted a relatively low cash balance of $378,000 compared to a FY23 year end balance of $1.29 million.
Total assets also dropped significantly in FY24, with capitalised exploration and evaluation expenditure falling from $79 million to $26.4 million because of the company surrendering its remaining Mount Peake mineral leases in June.
The company changed its name from TNG to Tivan in January 2023.
On September 30, Mr Wilson said the write down of Mount Peake had been extensively flagged and ended the “dismal” history of TNG.
“Since taking control, the team at Tivan has worked tirelessly to turn the company around, and to establish robust pathways to project delivery and free cash flow,” he said.
“The write down will be used to reduce tax payable on the successful delivery of the Speewah Fluorite Project, significantly increasing its post-tax net present value.
“We trust this knowledge provides some comfort to long standing shareholders of the company.”
The company is now progressing with a singular vanadium resource at its Speewah project in the Kimberley.
