Slide 1: Capital Raising Presentation
For personal use only Capital Raising Presentation 22 March 2024
Slide 2: Important Notices and Disclaimer
1 Important Notices and Disclaimer IMPORTANT: You must read the following before continuing For personal use only This investor presentation (Presentation) is dated 22 March 2024 and has been prepared by Tivan Limited (ABN 12 000 817 023) (Ti van or the Company). This Presentation has been prepared
Slide 3: Not an offer
2 Not an offer This Presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This Presentation, and the information contained in it, is provided for information purposes o
Slide 4: JORC Code
3 JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note tha
Slide 5: Exploration Results
Exploration Results 4 The information in this Presentation that relates to exploration results for the Sandover lead prospect has been extracted from the Company’s previous ASX announcement titled "High-Grade Lead Identified at Tivan's Sandover Project" dated 4 March 2024. Copies of this announcemen
Slide 6: Forward-looking statements
Forward-looking statements This Presentation contains forward looking statements about the Company. Often, but not always, forward looking statements ca n be identified by the use of forward looking words such as “may”, “will”, “expect”, “propose”, “believe”, “intend”, “plan”, “estimate”, “anticipat
Slide 7: Capital Raising Overview
6 Capital Raising Overview Strategic capital raise of A$12.2 million comprising: Capital Raising Summary • Up to A$11.2m via convertible note issue, with $2.8m of initial funding and total face value of up to $13.2m; and • A$1.2 million via a placement of new fully paid ordinary shares (“Shares”) in
Slide 8: Capital Raising Overview (continued)
7 Capital Raising Overview (continued) Convertible Note For personal use only o Monthly repayments in equal amounts pro rated over 18 month term in cash or Shares at the Company’s election; first tranche 30 May 2024 o Any face value still owing at the end of the term is repayable in cash Repayment o
Slide 9: Sources and Intended Uses of Funds
8 Sources and Intended Uses of Funds Capital raising proceeds are intended to be used primarily to fund the following: 1 Sources A$m For personal use only Placement & Convertible Note First Tranche proceeds 1 4.0 • Development works for the Speewah Fluorite and Vanadium Projects • Repayment of KRR l
Slide 10: Pro Forma Capital Structure
Pro Forma Capital Structure 9 Placement Capital Structure Shares Listed Options Unlisted Options For personal use only Existing securities on issue 1 1,600,359,310 76,611,336 66,354,817 New securities issued under the Placement 2 24,000,000 - - Pro forma securities on issue 1,624,359,310 76,611,336
Slide 11: Timetable
10 Timetable Event Date1 For personal use only Trading Halt Pre-market Tuesday 12 March 2024 Announcement of capital raising Lodgement of Appendix 3B with ASX for Placement Shares Friday 22 March 2024 Lodgement of Appendix 3B with ASX for Convertibles Notes (First Tranche), Shares and Options (under
Slide 12: Investor Materials
For personal use only Investor Materials 11
Slide 13: Tivan: Major catalysts in 2024
12 Tivan: Major catalysts in 2024 For personal use only Tivan's projects are at different phases of the development cycle, providing shareholders with diversified and proximate catalysts: 1. Sandover (Lead): maiden drill campaign of high-grade mineralisation (Pb 12.2%) 2. Speewah (Fluorite): Pre-Fea
Slide 14: Tivan: Funding Pathway
13 Tivan: Funding Pathway • Superior access to capital markets demonstrated through New For personal use only successive rounds, introducing highly pedigreed, global Discount Date Structure Amount Raised Institutional institutions to the register. (10 day VWAP) Shareholders • Funding pathway for 202
Slide 15: Speewah Fluorite Project
14 For personal use only Speewah Fluorite Project
Slide 16: A compelling, complementary opportunity
15 For personal use only A compelling, complementary opportunity • Fluorine was recently included on Australia's Critical Mineral List • Speewah hosts Australia's sole high-grade JORC defined resource • Fluorspar underpins the 'battery-F' value chain in EVs • Structural deficit forecast in Fluorspar
Slide 17: Tivan: Historical Timeline – Speewah
16 Tivan: Historical Timeline – Speewah For personal use only Figure 3: Tivan acquired Speewah from King River Resources in February 2023
Slide 18: Speewah – World class Fluorite & Vanadium resources, side by side
17 Tivan: Speewah – World class Fluorite & Vanadium resources, side by side Map showing adjacent deposits within For personal use only Speewah tenements, accessibility via historical track routes, proximity to Doon Doon Station (in green) and the Great Northern Highway. Located on Mining Leases gran
Slide 19: Integrated path to Mineral Resource expansion
18 Tivan: Integrated path to Mineral Resource expansion Tivan is pursuing a sequenced path to For personal use only Mineral Resource expansion, integrated with Pre-Feasibility Study scheduling. Tivan's program of works falls within the Heritage Protection Agreement agreed with Kimberley Land Council
Slide 20: Fluorite Resource – Block Model
19 Tivan: Fluorite Resource – Block Model Upside resource potential: For personal use only Rotated view o Additional high-grade veins have been identified that were not included in the 2018 resource model, offering significant potential for resource expansion. o Drill holes will target fluorite mine
Slide 21: Fluorite flowsheet – low capital requirements
20 Tivan: Fluorite flowsheet – low capital requirements For personal use only A simple flowsheet using physical separation. Dig crush grind float ship Low technical risk, due to simplicity of flowsheet and extensive testwork programs that have achieved high recovery rates and the Acid-grade Fluorspa
Slide 22: Fluorspar is a critical input in the EV chain
21 Tivan: Fluorspar is a critical input in the EV chain For personal use only Fluorine is the most electronegative element. This property underpins its widespread industrial use & its prominence in high energy density batteries, including all iterations of EV cells. Figure 8: Fluorite is a vital inp
Slide 23: Acid grade Fluorspar – structural deficit
22 Tivan: Acid grade Fluorspar – structural deficit from 2025 For personal use only ~US$3bn market Industry analysts are forecasting a structural deficit to emerge from 2025, driven by demand for Acid grade Fluorspar from the 'Battery-F' EV value chain & rapid global reserve depletion. Figure 9: Str
Slide 24: China is depleting reserves rapidly
23 Tivan: China is depleting reserves rapidly, exposing a critical vulnerability For personal use only China dominates current production & consumption of Fluorspar (60%), yet on current trends will entirely deplete reserves by 2030. This is a critical vulnerability to China's leadership of the EV s
Slide 25: Fluorspar prices are at historical highs
24 Tivan: Fluorspar prices are at historical highs Fluorspar (CaF2 97%), For personal use only FOB China, per tonne Historical high prices, quoted above US$600/t in Q1 2024. Newfound status of Fluorine as a Critical Mineral underpins accessibility of project finance Legend: AUD USD Source: Multiple
Slide 26: Project Timelines in 2024
25 Tivan: Project Timelines in 2024 For personal use only Figure 12: Timelines for Pre-Feasibility Studies for Fluorite and Vanadium
Slide 27: We are targeting first F shipment by the end of 26
26 Tivan: We are targeting first F shipment by the end of 2026 For personal use only Five Rivers Lookout & Port of Wyndham, Western Australia
Slide 28: Speewah Vanadium Project
27 For personal use only Speewah Vanadium Project
Slide 29: Tivan Life Cycle
28 Tivan Life Cycle Grid storage For personal use only to take the planet green. Figure 13: Tivan life cycle – circularity is integral to sustainability
Slide 30: Tivan: Superior VTM resource
29 Tivan: Superior VTM resource Strategic Decision (Q1 2023): For personal use only Secure the most strategically important vanadium resource in the world Transaction: Acquisition from King River Resources Financing Mechanism: Shares and cash Impact: • Largest drilled vanadium in titanomagnetite res
Slide 31: Tivan: Major Proponent at MASDP
30 Tivan: Major Proponent at MASDP Strategic Decision (Q1 2023): For personal use only Relocate the Tivan Processing Facility to the Middle Arm Sustainability Development Precinct Transaction: Do Not Deal commitment from NT Government Financing Mechanism: N/A Impact: • Project facilitation via subsi
Slide 32: Tivan: Strategic R&D Partnership with CSIRO
31 Tivan: Strategic R&D Partnership with CSIRO For personal use only Strategic Decision (Q1 2023): Develop hybridised Tivan+ technology pathway with CSIRO Transaction: Technology Licence Agreement Research Services Agreement Financing Mechanism: Contingent Future Revenue Impact: • Establish developm
Slide 33: Tivan: Strategic R&D Partnership with SEI
32 Tivan: Strategic R&D Partnership with SEI R&D Partnership: Tivan is working in strategic partnership with Sumitomo Electric Industries to develop the VFRB value chain at scale. In 2024, Tivan is For personal use only pursuing an integrated testwork program, from Speewah ore to SEI's vanadium elec
Slide 34: Timelines - Vanadium
33 Tivan: Timelines - Vanadium For personal use only Figure 18: Project development timelines for Vanadium
Slide 35: Environmental approval process – Speewah
34 Tivan: Environmental approval process – Speewah Figure 19: Approval flowchart, with a target For personal use only completion of Q2 2025 for the Speewah Fluorite Project. Tivan commenced baseline surveys in July 2023.
Slide 36: First Nations – Locations
35 Tivan: First Nations – Locations Figure 20: Tivan is highly engaged with First For personal use only Nations peak bodies and traditional owners groups across central and northern Australia. Tivan concluded agreements with the Kimberley Land Council and Larrakia Energy in Q4 2023.
Slide 37: First Nations – Framework
36 Tivan: First Nations – Framework Figure 21: Tivan is committed to developing innovative pathways For personal use only that facilitate genuine inclusion and participation of Traditional Owners. Further information can be found in Tivan's submission to the Critical Minerals Strategy reset in early
Slide 38: Appendix 1: Hard Rock Vanadium Peer Comparison
37 Tivan: Appendix 1: Hard Rock Vanadium Peer Comparison For live links: Read here ASX Announcement dated 20th February 2023 For personal use only
Slide 39: Sandover Exploration Alliance
38 For personal use only Sandover Exploration Alliance
Slide 40: Exploration Alliance with EARTH AI at Sandover
39 Tivan: Exploration Alliance with EARTH AI at Sandover Strategic Decision (Q1 2023) For personal use only Commence AI-driven exploration in central Australia with EARTH AI Financing Mechanism: Cash and contingent cash Impact: • Maximise alignment with critical minerals secular thematic • Embrace t
Slide 41: High-Grade Lead Target Identified
40 Tivan: High-Grade Lead Target Identified Discovery: For personal use only Surface mineralisation of Lead at 12.2% grade confirmed by assay Announced: 4 March 2024 Details: • Rare high-grade base metal surface discovery. Prominent indications of hydrothermal activity. Four additional lead-enriched
Slide 42: Company Overview
For personal use only Company Overview 41
Slide 43: Organisation chart
42 For personal use only Figure 24: Organisation chart
Slide 44: Board of Directors
43 Tivan: Board of Directors For personal use only
Slide 45: Technical Advisory Group
44 Tivan: Technical Advisory Group For personal use only
Slide 46: Partners
45 Tivan: Partners For personal use only Figure 25: Tivan's partners
Slide 47: Corporate Overview
46 Tivan: Corporate Overview For personal use only Capital Structure* Ordinary shares on issue 1,600,359,310 Shareholders 5,921 Share price (11 March 2024) $0.059 Market cap (undiluted) $94.4m *Excludes 66.35m unlisted options on issue (various out-of-the-money exercise prices / expiry dates) Major
Slide 48: Key Risks
47 Key Risks There are various risks associated with an investment in New Shares or the Company generally, as with any securities market i nvestment. This section summarises the following key risks specific to the Equity Raising and an investment in securities in the Company (including the New Share
Slide 49: Exploration and development risks
Exploration and development risks The business of mineral project exploration, development and production, by its nature, contains elements of significant risk with no guarantee of success. The Company’s flagship asset, the 48 Speewah Project, is still at the stage of development planning and there
Slide 50: Metallurgical and geotechnical risks
Metallurgical and geotechnical risks The economic viability of mineral recovery depends on a number of factors such as the development of an economic process route for production of concentrates and final products. Further, 49 changes in mineralogy throughout an ore body may result in inconsistent m
Slide 51: Commodity price risk and exchange rate risk (continued)
Commodity price risk and exchange rate risk (continued) 50 In particular, the Company’s profitability ultimately will depend upon the world market prices of vanadium, fluorite, titanium dioxide and iron products. If the market prices for such products fall below the Company’s production costs and re
Slide 52: Environmental liabilities risk
Environmental liabilities risk 51 The Company’s activities are subject to potential risks and liabilities associated with the potential pollution of the environment and the necessary disposal of mining waste products resulting from mineral exploration and production. Insurance against environmental
Slide 53: Reliance on key personnel
52 Reliance on key personnel The Company’s prospects depend in part on the ability of its executive officers, senior management and key consultants to operate effectively, both independently and as a group. The loss of the services of one or more of such key management personnel could have a materia
Slide 54: Securities price fluctuation
53 Securities price fluctuation The market price of a publicly traded stock is affected by many variables not directly related to the success of the Company. In recent years, the securities markets have experienced a high level of price and volume volatility, and the market price of securities of ma
Slide 55: International Offer Restrictions
54 International Offer Restrictions This document does not constitute an offer of New Shares under the Company’s Placement in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any count
Slide 56: International Offer Restrictions (continued)
55 New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (New Zealand) (the FMC Act). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sal
Slide 57: For personal use only
of tivan 2 critical minerals company Registered Office Level 1, 16 Bennett Street Darwin NT 0800 Australia Contact +618 9327 0900 engagement@tivan.com.au tivan Limited ABN 12 000 817 023 ASX Code: TVN tivan.com.au