Tivan (ASX:TVN) has secured $2 million in grant funding from a second instalment of the Australian Government’s International Partnerships in Critical Minerals (IPCM) program for the Speewah Fluorite Project in Western Australia.
The grant was first awarded to the company in December 2024, with Fluorite SPV intending to cover exploration costs for a total of $7.4 million.
Tivan expects to receive the remaining balance of $4.15 million next year with only $3.25 million received thus far.
Proceeds will be used to progress the project with Feasibility and Definitive Feasibility studies, pushing the company towards a final investment decision ahead of construction and operation.
As reported by Mining.com.au last month (July), the company established a joint venture with Sumitomo (TYO:8053) to develop the project, with the Japan Organization for Metals and Energy Security (JOGMEC) holding a stake.
JOGMEC will acquire 49% equity interest in Sumitomo’s special-purpose entity, Japan Fluorite Corporation, backing the Speewah Project.
Executive Chairman Grant Wilson says the second installment of this grant reflects the company’s progress in advancing the project in the first half of the year.
“The IPCM grant program played a constructive role in facilitating Tivan’s joint venture with Sumitomo Corporation and JOGMEC,” Wilson says.
Tivan is a critical minerals explorer with three projects spanning the Northern Territory, Australia.
Write to Maddison Elliott at Mining.com.au
Images: Tivan
