Tivan Resources to acquire Speewah project from King River
Mineral processing technology company Tivan Resources has signed a $13.7m (A$20m) deal to acquire the Speewah vanadium, titanium and iron project located 100km south of the port town of Wyndham, Kimberley, Western Australia, from King River Resources.
Under a binding term sheet, Tivan will acquire all the issued capital of Speewah Mining, which owns the Speewah project. It will also acquire all mining tenements, mining information and all related intellectual property.
In exchange, Tivan will issue $6.87m (A$10m) of new Tivan shares. Tivan will also make a three-staged cash payment equivalent in value to the new shares issued, including an initial $1.7m (A$2.5m) payment upon completion of the transaction.
The Speewah project is said to hold Australia’s largest reported vanadium in titanomagnetite resource. It is estimated to contain JORC-compliant measured, indicated and inferred resources of 4.7 billion tonnes at 0.30% V₂O₅, 14.7% Fe and 3.3% TiO₂.
Covering an area of 226km², the project comprises seven tenements in Western Australia. Upon completion of the acquisition, Tivan will have two large-scale vanadium in titanomagnetite deposits in Australia. These include the Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory and Speewah.
The transaction is subject to conditions, including an independent geological assessment of the resource estimate at the Speewah project.
Tivan executive chairperson Grant Wilson said: “Speewah is a game-changer for Tivan, for northern Australia and for the critical minerals sector globally."
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