Tivan (TVN) H2 2024 earnings summary

Executive summary

• FY24 marked a year of transformation, with strategic focus on the Speewah Fluorite Project, Sandover Project, and Speewah Vanadium Project, including major project advancements and new commercial partnerships.

• Strategic Alliance Agreement signed with Sumitomo Corporation for the Speewah Fluorite Project, aiming for a binding JV by year-end 2024.

• Pre-Feasibility Study (PFS) for Speewah Fluorite Project confirmed robust economics, with a post-tax NPV of $354.7 million, IRR of 33.2%, and a 2.8-year payback.

• Sandover Project upgraded to strategic priority after high-grade lead and silver discoveries; maiden drill program planned.

• Board and management strengthened with key appointments and adoption of new governance and incentive policies.

Financial highlights

• Operating loss after tax for FY24 was $67.835 million, compared to a $7.082 million loss in FY23.

• Total assets at 30 June 2024 were $27.649 million, down from $81.517 million in 2023.

• Net assets at 30 June 2024 were $13.832 million (2023: $71.923 million).

• Cash at 30 June 2024 was $0.378 million (2023: $1.298 million).

• $18.3 million raised through multiple capital raisings, including placements, convertible notes, and entitlement offers.

• Non-cash impairments of $57.3 million for Mount Peake and other non-core projects.

Outlook and guidance

• Focus for FY25 on advancing engineering, planning, and approvals for Speewah Fluorite Project, progressing Speewah Vanadium Project technology pathway, and further exploration at Sandover.

• Ongoing negotiations to finalize JV with Sumitomo for Speewah Fluorite Project by December 2024.

• Additional capital raising planned, including placement of entitlement offer shortfall and potential further tranches under convertible note facility.