Name of the Project
Molyhil tungsten and molybdenum project.

Location
The project is adjacent to Tivan’s 100%-owned Sandover fluorite project, in Australia’s Northern Territory.

Project Owner/s
Critical minerals company Tivan acquired the project from ASX-listed Investigator Resources and Thor Energy in September 2025. The acquisition, once finalised, will provide Tivan with 100% ownership of an advanced, high-value critical minerals project that has unique development synergies with its Sandover project.

Project Description
The advanced, high-value critical minerals project has an established disturbance footprint and low product haulage requirements.

The project hosts a Joint Ore Reserves Committee Code (2012) measured, indicated and inferred mineral resource estimate of 4.647-million tonnes at 0.26% tungsten trioxide (WO₃) and 0.09% molybdenum (0.05% WO₃ cutoff grade) for 12 100 t of WO₃ and 4 400 t of molybdenum.

A definitive feasibility study (DFS) published by Thor in August 2018 proposed the construction of a mine producing about 125 000 t/y of ore, and the recovery of an estimated 8 583 t of tungsten and 3 133 t of molybdenum over a life-of-mine of seven years.
 
Tivan said in September 2025 that it would not rely on the outcomes of previous technical and economic studies completed on the project, and reviewed as part of due diligence. The company will instead undertake as an initial study phase a prefeasibility study (PFS) on the basis of the existing mineral resource estimate. This will ensure that the assessment of project feasibility is consistent with Tivan’s rigorous technical and economic assessment framework, and that Tivan’s project team can assess and optimise coordination with the Sandover fluorite project.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The August 2018 DFS estimated an all-equity net present value, at a 5% discount rate, of A$101-million and an internal rate of return of 59%, both after payment of taxation and royalties, with a payback of 18 months.

Capital Expenditure
The 2018 DFS estimated capital expenditure at $43-million.

Planned/Start/End Date
Not stated.

Latest Developments
Tivan will focus on progressing a PFS, consistent with its rigorous technical and economic assessment framework, and to optimise project planning across the Molyhil and Sandover fluorite projects.

Key Contracts and Suppliers
RPM Global (resource estimates); AVCS (opencut ore reserve statement); Rosetta Stone Ops (capital costs); KYSPY Investments (metallurgical processes and outcomes), Keith Lindbeck & Associates (environmental studies); and Mazars Global Infrastructure Finance (economic model).

Contact Details for Project Information
Tivan, tel +61 8 9327 0900 or email engagement@tivan.com.au.