Tivan Locks $50m Molyhil Funding with Sumitomo, ETFS

Executive chair Grant Wilson said the framework creates a credible project finance pathway. “We have achieved extreme valuation uplift in a short period of time, whilst ensuring that our strategic partners have strong participation interests,” he said.

Tivan acquired Molyhil in September 2025 after the project sat idle for decades. The resource stands at 4.65 million tonnes grading 0.26% tungsten trioxide and 0.09% molybdenum. An April scoping study returned a base-case NPV of $534 million at an 8% discount rate, an IRR of 114%, and a payback period under one year.

The PFS is due in the fourth quarter of 2026, followed by a DFS and FID. Sumitomo also secured rights to offtake up to 100% of life-of-mine production on commercial terms.

For shareholders, the structure caps partner equity at 17.5% combined, preserving majority upside. The risk is execution: the project still needs a PFS, DFS, and regulatory sign-off. If the studies come in below scoping assumptions, the funding framework may need renegotiation. If they confirm the numbers, Tivan has a funded path to production with minimal further dilution.