Tivan Sharpens Molyhil Drill Strategy and Eyes Regional Expansion With Three New Licences
Key Takeaways
- Tivan's initial 13-hole, 1,960-metre RC drilling program at Molyhil did not intersect significant tungsten mineralisation, but the result has refined the exploration model to require surface geochemical and geological evidence before advancing future targets to drilling.
- Three new Exploration Licence applications have been submitted over areas prospective for tungsten and Molyhil-style mineralisation, expanding Tivan's regional footprint beyond the existing project boundary.
- First-pass field exploration on EL31130 commences September 2026, with rock-chip assay results expected from late October 2026, providing a near-term catalyst.
- The Molyhil JORC resource stands at 4.647Mt at 0.26% WO3 and 0.09% Mo, with a Scoping Study pre-tax NPV8 of $534.3 million completed 29 April 2026.
- In June 2026, Tivan signed Key Terms MOUs with Sumitomo Corporation and ETFS Capital for up to $50 million in stage-gated equity investment, with Tivan retaining an effective 82.5% interest at FID.
Tivan refines Molyhil exploration model and expands regional footprint
Tivan Limited (ASX: TVN) has released an exploration update for the Molyhil Tungsten Project in the Northern Territory, reporting that an initial reverse circulation (RC) drilling program tested four geophysical targets but did not intersect significant tungsten mineralisation. Rather than a setback, the result has sharpened the company’s exploration model and opened the door to a broader regional strategy, with three new Exploration Licence applications submitted and a fresh field program commencing this month.
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What the Q2 drilling showed
The initial RC program drilled 13 holes for a total of 1,960 metres on EL22349, targeting four geophysical anomalies derived from a ground gravity survey completed in late 2023 by the Project’s previous owners. The purpose was to test the historic exploration model inherited when Tivan acquired Molyhil in September 2025.
The drilling did not intersect significant tungsten mineralisation. What it did reveal, however, was geologically meaningful: coincident gravity and magnetic anomalies can be generated by sources unrelated to tungsten mineralisation. That distinction matters. It means previous geophysical targeting criteria were insufficient on their own.
Tivan has since updated its exploration framework. Future drill targets must now demonstrate supporting surface geochemical and geological evidence of tungsten mineralisation, in addition to prospective gravity and magnetic signatures. This additional layer of validation will be applied to the assessment and prioritisation of remaining targets across the broader Molyhil area.
Why a null drilling result can still be progress
The drilling demonstrated that coincident gravity and magnetic responses may also be generated by geological sources not associated with significant tungsten mineralisation, which is why Tivan has refined its model to require supporting geochemical and geological evidence at the surface before advancing targets to drilling. For investors, this is capital discipline: fewer speculative holes, more targeted allocation.
Stage Two drilling and three parallel workstreams
Tivan is now running three workstreams simultaneously to advance exploration at Molyhil and across the broader region.
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Stage Two drilling program is being planned at the Project. Commencement is subject to NT Government approval and Cultural Heritage clearances from the Central Land Council on behalf of Traditional Owners. Tivan is also awaiting a Sacred Site Clearance Certificate based on a completed work program clearance survey. Additional targets are being finalised using the refined exploration model.
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First-pass field exploration on EL31130 is commencing in September 2026, comprising geological reconnaissance, mapping, and rock-chip sampling across priority areas considered prospective for tungsten mineralisation. Samples will be submitted for laboratory analysis, with assay results expected from late October 2026.
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Three new Exploration Licence applications have been submitted over areas considered prospective for tungsten and Molyhil-style mineralisation, forming part of Tivan’s regional strategy to establish a broader pipeline of exploration opportunities surrounding the Project.
In parallel with drilling, Tivan recently completed high-resolution magnetic, radiometric, and ground gravity surveys, and has engaged Mitre Geophysics to refine and prioritise further drilling targets generated from this work, including those warranting field evaluation to confirm coincident surface mineralisation.
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The investment case: bimetallic critical minerals with institutional backing
Molyhil hosts a JORC Code (2012) Mineral Resource of 4.647 million tonnes at 0.26% WO3 and 0.09% Mo, containing 12,100 tonnes of tungsten trioxide (WO3) and 4,400 tonnes of molybdenum (Mo). The project’s Scoping Study, completed 29 April 2026, returned a base case pre-tax NPV8 of $534.3 million.
In June 2026, Tivan signed Key Terms Memoranda of Understanding with Sumitomo Corporation and ETFS Capital, establishing the framework for up to $50 million in stage-gated equity investment to progress and deliver the Project. Tivan is expected to retain an effective 82.5% interest in the Project at FID, subject to execution of long-form agreements. A Pre-Feasibility Study is now being progressed on the back of the Scoping Study.
The Project sits approximately 220km north-east of Alice Springs and adjoins Tivan’s 100% owned Sandover Fluorite Project, providing a complementary long-term adjacent asset.
Executive Chairman Grant Wilson
“With tungsten prices comfortably holding historic highs, and with molybdenum prices breaking out, Tivan is uniquely placed in Australia to deliver a fast-track project, bimetallic across critical minerals sought after in Japan, that will support project delivery at the adjacent and long-term Sandover Fluorite Project”
| Metric | Detail |
|---|---|
| JORC Resource | 4.647Mt at 0.26% WO3, 0.09% Mo |
| Contained WO3 | 12,100 tonnes |
| Contained Mo | 4,400 tonnes |
| Scoping Study NPV8 (pre-tax) | $534.3 million |
| JV equity investment (stage-gated) | Up to $50 million |
| Tivan retained interest at FID | Effective 82.5% (subject to long-form agreements) |
The combination of a defined resource, a scoping study valuation, institutional joint venture partners, and a commodity price tailwind in both tungsten and molybdenum gives Molyhil a relatively clear development narrative for a project still in exploration refinement. What the Q2 drilling program has done is strengthen, not weaken, the path toward that outcome by ensuring the next phase of work is built on firmer geological foundations.
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