As part of Tivan’s (ASX:TVN) shift in strategic focus, the explorer surrendered its remaining mineral lease and ancillary exploration licences to reduce ongoing holding, access, and administration costs for the Mount Peake Project.
The company has however retained EL31850 which covers the deposit at Mount Peake, providing optionality for Tivan as circumstances dictate.
Tivan believes its Speewah Vanadium Titanomagnetite Project is a more superior development opportunity, and is further deprioritising Mount Peake in 2024/25.
Mount Peake’s carrying value totals $57.3 million, which the company is reviewing and will consider booking a non-cash impairment as at 30 June 2024.
Tivan plans to review the balance of the project portfolio carrying value, including the carrying value of other projects and non-core project expenditure, which may result in consideration of further impairment of carrying value.
Executive Chairman Grant Wilson says the update highlights the transition Tivan has made over the past 18 months.
“The transition has preserved shareholder capital and has opened multiple pathways to create shareholder value over different time horizons,” he says.
“The accumulated tax losses that Tivan is likely to carry forward will also serve to offset future income tax payable, thus bringing forward the data when free cashflow will be achieved.”
Tivan is focusing on progressing development planning for the Speewah Fluorite Project, including a resource estimate update, an exploration target estimate, and advancing a Prefeasibility Study.
At the Sandover Project, the company is progressing the deployment of artificial intelligence (AI) exploration technology with EARTH AI, while also progressing the Speewah Vanadium Titanomagnetite Project’s technology development and assessment of two separate vanadium processing pathways.
Write to Aaliyah Rogan at Mining.com.au
Images: Tivan
