Tivan Limited (ASX:TNG) is an Australian critical minerals developer focused on the Speewah project in the Northern Territory, one of the world’s largest fluorite, titanium, and vanadium deposits. The company is transitioning from exploration to development, with a definitive feasibility study (DFS) expected in the next 12 months and offtake agreements in progress.
Our thesis is that Tivan is undervalued relative to its resource base and strategic importance. The project’s scale and multi-commodity nature provide diversification within the critical minerals theme, while the company’s partnership with the Northern Territory government and potential for defense-related applications (vanadium for steel and energy storage) add strategic value.
Key catalysts include the completion of the DFS, securing offtake agreements, and potential joint venture partnerships. The company also has a pilot plant operational, de-risking the processing technology.
Risks include project financing, commodity price volatility, and execution risks common to development-stage miners. However, with a market cap around $200M, Tivan offers significant upside if milestones are met.
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