Tivan acquires $20m metals project

Subiaco-based explorer Tivan is finalising a $20 million acquisition of King River Resources’ vanadium and titanium project in the Kimberley.

Tivan, formerly known as TNG, signed a binding term sheet with ASX-listed King River to acquire 100 per cent of its Speewah project, which is believed to be one of the largest vanadium resources in Australia.

Under the acquisition, $10 million in new Tivan shares will be issued at 10 cents per share and $10 million in cash will be paid in three instalments to King River.

The deal is subject to several conditions, including King River shareholder approval.

“Speewah is a game changer for Tivan, for northern Australia and for the critical minerals sector globally,” Tivan executive chairman Grant Wilson said.

“It provides crucial impetus for the Board in progressing the Tivan Processing Facility at Middle Arm in Darwin, and it radically improves the company’s outlook in pursuing feasibility and long-term value creation for shareholders.

“My central expectation is that the acquisition will put Tivan and Darwin at the forefront of forward-facing critical minerals on a global basis in the years and decades ahead.”

The company also owns the vanadium, titanium and iron ore project at Mount Peake in the Northern Territory.

In October 2022, Tivan confirmed significant cost increases for Mount Peake after appointing Clough to prepare a binding, fixed-price proposal for the project in June.

The Speewah and Mount Peake deposits are expected to feed into Tivan’s planned mineral processing facility at Middle arm in Darwin.

On the market, Tivan shares were up 3.7 per cent to trade at 8.4 cents at 1.40pm AEDT.

King River Resources shares were up 8.33 per cent to 1.3 cents.