Tivan Secures Option over Exploration Licence Next to Baucau Copper-Gold Project in Timor-Leste

Tivan (ASX: TVN) and its subsidiary Aitutu have signed an agreement with private Australian consultant Iron Fortune for an option to acquire an exploration and evaluation licence west of Tivan’s Baucau copper-gold-critical minerals project in the Democratic Republic of Timor-Leste.

The 48-square-kilometre area is considered highly prospective for base metals mineralisation and provides Tivan with an opportunity to further expand Baucau’s footprint.

Under the terms of the acquisition, Tivan will pay $125,000 upfront to Iron Fortune and sole fund a minimum $75,000 on exploration to be conducted and managed by Aitutu.

Should Tivan elect to exercise the option before 30 June 2027, the total consideration will increase to $500,000, comprising a $250,000 cash payment and the issue of Tivan shares to the same value, with the total number of shares based on the 10-day volume weighted average price.

Tivan and Iron Fortune have also agreed to explore opportunities for further collaboration in Timor-Leste beyond the licence agreement, based on shared interests in developing the region’s mineral resources sector.

Previous Baucau Assays

The Baucau project comprises three granted exploration and evaluation licences located 123km east of Dili along established transport corridors.

Prior work conducted across the licence includes mapping, rock chip sampling, and a regional magnetic survey, with Tivan expected to review and evaluate the data in the coming months.

Rock chip sampling by Tivan has returned assay results of up to 0.76% copper and 9.3 grams per tonne gold, consistent with results by previous project owner Beacon Minerals (ASX: BCN) that included 4.18% copper, 37.8g/t gold and 1.12% cobalt.

Executive chair Grant Wilson said the company was pleased to complete the transaction with Iron Fortune, which has been an early mover in Timor-Leste.

The option agreement provides an opportunity to further assess the prospectivity of the licence and potentially expand the footprint of the highly prospective project.

Exploration Compound

Tivan recently established an exploration compound at Baucau, securing a lease over a permanent field house to support expanding exploration activity in the region.

The facility is designed to improve operational efficiency, reduce mobilisation costs, provide a long-term regional presence as activity scales, and further the company’s engagement with the local community and stakeholders.

The lease agreement follows rapid growth in Tivan's in-country presence, expanding from a single exploration project to three concession areas at the Baucau, Turiscai, and Ossu projects.

The company executed binding term sheets in May with state-owned mining company Murak Rai Timor EP for the establishment of joint ventures at Baucau and Ossu, creating a platform for technical collaboration and local participation in the long-term development of Timor-Leste’s mineral sector.