Tivan Ltd. has signed binding term sheets for two major joint ventures with the Timor-Leste state-owned mining company Murak Rai Timor E.P.
The agreement details the commercial frameworks for incorporated joint ventures (IJVs) across the Baucau and Ossu projects in Timor-Leste.
Located 123 kilometres east of the capital city of Dili, the project areas span six exploration and evaluation licences covering 289 square kilometres. Both sites are considered highly prospective for copper, gold, cobalt, and critical minerals.
Under the binding terms, Tivan will initially hold an 80 per cent operating stake in each joint venture company, while Murak Rai will retain a 20 per cent interest, free-carried until the completion of a definitive feasibility study.
The partners are moving quickly to draft long-form binding agreements, aiming for formal joint venture establishment by September.
Tivan’s geology team is fast-tracking initial priority targets at the Ossu project. The company aims to launch a maiden drilling campaign in the final quarter of 2026 to test localised infrastructure and logistical supply chains ahead of larger-scale programs.
Tivan Executive Chairman Grant Wilson said: “Our material progress reflects the trust we have established with the Government of Timor-Leste over the past 18 months, along with the strong support we have received from community and veterans groups.
“Building upon historical datasets and local knowledge, new mapping and sampling by Tivan’s geology team, and the support of Murak Rai, we expect to be in a position to launch a maiden drilling program at the Ossu Project later this year.”
The Ossu project has emerged as a priority target for advancement in Timor-Leste, building on highly encouraging assay results from samples collected by Tivan.
At Ossu, rock chip samples collected by the Tivan team returned assay results of up to 17.4 per cent copper, 38.1 grams per tonne gold and 0.45 per cent cobalt, confirming the presence of high-grade copper-gold mineralisation.
The joint ventures align with the Parseria Foun Ba Era Foun (New Partnership for a New Era) framework established between the Australian and Timor-Leste governments.
Reflecting this collaborative spirit, Murak Rai geologists are already working alongside Tivan field teams at the Speewah fluorite project in Western Australia’s East Kimberley region to foster early-stage skill sharing.