Tivan Nears End of 37,000m Drill Campaign as Speewah FID Milestones Stack Up
Key Takeaways
- Tivan has drilled 12,809 metres in 2026 and has just ~1,275 metres remaining from a planned 14,084-metre Stage 2 program, with completion targeted for October 2026.
- An updated Mineral Resource estimate, to be prepared by SRK Consulting, is scheduled for November 2026 and will incorporate all Stage 2 drilling results.
- The current JORC resource stands at 43.2 million tonnes at 8.3% CaF₂, including a high-grade component of 9.6 million tonnes at 20.6% CaF₂ — positioning Speewah as one of the largest high-grade fluorite resources globally.
- The MRE update feeds directly into the Maiden Ore Reserve and Definitive Feasibility Study, with a Final Investment Decision to follow — making the November 2026 resource estimate the critical near-term catalyst.
- Tivan's geology team will redeploy after Speewah wraps, with maiden drilling in Timor-Leste scheduled for late October and a maiden RC program planned at Walshy's Wall in Central Australia.
Speewah drilling enters final stretch as Tivan closes in on FID milestones
Tivan Limited (ASX: TVN) is in the final weeks of a two-year, approximately 37,000-metre drilling campaign at the Speewah Fluorite Project in the Kimberley region of north-east Western Australia. With 12,809 metres drilled in 2026 to date and just ~1,275 metres remaining, the company is tracking toward a chain of milestones: an updated Mineral Resource estimate in November 2026, a Maiden Ore Reserve, finalisation of the Definitive Feasibility Study (DFS), and ultimately a Final Investment Decision (FID). The project is being advanced under an incorporated joint venture with Sumitomo Corporation and Japan Organization for Metals and Energy Security (JOGMEC), and in strategic partnership with ETFS Capital Limited.
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Two years of drilling, four disciplines — what Stage 2 delivered
The 2026 Stage 2 drilling program commenced in May 2026 and is scheduled to wrap in October 2026, with a total planned program of 14,084 metres. The campaign spans four distinct objectives:
- Infill drilling: supports the updated Mineral Resource estimate and maiden Ore Reserve estimate
- Metallurgical drilling: facilitates finalisation of metallurgical testwork and process flowsheet engineering
- Exploration drilling: targets vein zones outside the existing resource to grow the resource base
- Geotechnical drilling: supports finalisation of engineering design
The table below summarises metres drilled by type across the Stage 1 (2025) and Stage 2 (2026) programs, based on Figure 3 from the announcement.
| Drilling Type | 2025 Metres | 2026 Metres |
|---|---|---|
| Infill | 6,671 | 12,179 |
| Exploration | 0 | 965 |
| Metallurgical | 3,962 | 730 |
| Geotechnical | 1,021 | 210 |
| Extension | 9,485 | 0 |
| Hydrological | 1,751 | 0 |
West Core and Strike Drilling are undertaking the Stage 2 drilling program. MDM Mining & Civil, a local Aboriginal owned and operated business, is handling associated civil works and site rehabilitation.
Why fluorite matters — and why Speewah stands out globally
Fluorite (CaF₂) is a calcium fluoride mineral classified as a critical mineral by multiple governments, including Australia.
Speewah is positioned as one of the largest high-grade fluorite resources globally. Based on the February 2026 Mineral Resource estimate, the project hosts a JORC Code (2012) resource of 43.2 million tonnes at 8.3% CaF₂ (at a 2% CaF₂ cut-off grade) for 3.6 million tonnes of contained CaF₂. Within that, a high-grade component totals 9.6 million tonnes at 20.6% CaF₂ (at a 10% CaF₂ cut-off grade) for 2.0 million tonnes of contained CaF₂. The updated resource estimate, incorporating Stage 2 drilling results, is scheduled to be prepared by SRK Consulting (Australasia) Pty Ltd.
Path to FID — milestones, timelines and what comes next
The near-term milestone sequence for Speewah runs as follows:
- Complete remaining ~1,275 metres of Stage 2 drilling — October 2026
- Updated Mineral Resource estimate (prepared by SRK Consulting) — November 2026
- Maiden Ore Reserve estimate — in parallel with DFS finalisation
- Definitive Feasibility Study finalisation — follows MRE update
- Final Investment Decision — follows DFS
While Speewah drilling wraps up, Tivan’s geology team is scheduled to redeploy across two other programs for the remainder of the calendar year. In Timor-Leste, a large-scale regional drone magnetic survey is currently underway at the Turiscai and Baucau Projects, with a maiden drilling campaign now scheduled to commence in late October. In Central Australia, Tivan is planning a maiden reverse circulation (RC) drilling program at Walshy’s Wall, a manganese-barite gossan located on the same tenement as the Sandover Fluorite Project (EL34050). Relevant regulatory approvals and cultural heritage clearances for that program were secured in August 2026.
Tivan’s Timor-Leste joint venture, secured with local partner Murak Rai, underpins the Baucau and Ossu projects where the drone magnetic survey is now running ahead of the late-October maiden drilling campaign.
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Executive Chairman Grant Wilson on the finish line
Grant Wilson, Executive Chairman, Tivan Limited
“The finish line is in site for our geology team at Speewah. This has been formative journey for our young company, delivering a highly complex and multi-disciplinary campaign, that sits comfortably within the top ten of metres drilled for any critical minerals project in Australia.
We have overcome many challenges along the way and maintained a very demanding schedule. We are on track to deliver a further Mineral Resource estimate shortly, that will be integrated into our Definitive Feasibility Study, enabling a Maiden Ore Reserve to be defined at Speewah.
These are the fundamental building blocks of Australia’s first fluorite project, and a product of much hard work and dedication. My thanks to our amazing team and to our many contractors, as well as to our cultural monitors for their important contribution throughout.”
With the updated MRE expected in November 2026 and the Maiden Ore Reserve and DFS to follow, the company is working through the foundational technical and engineering requirements that would support a Final Investment Decision. For investors tracking the project, the sequencing of those milestones over the coming months represents the clearest near-term signal of how Tivan’s FID readiness is progressing.
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