Tivan Ltd. has signed a binding term sheet with Iron Fortune Pty Ltd (IFPL) to acquire a prospective exploration licence adjacent to its Baucau project in Timor-Leste.
The transaction, executed through Tivan’s wholly owned subsidiary Aitutu Pty Ltd., grants the company an option until June 30, 2027 to acquire 100 per cent of exploration and evaluation licence MEL-2023-CA-ZB002.
Covering 48 square kilometres immediately west of Baucau, the tenure is considered highly prospective for base metals, copper, and gold.
Under the agreed terms, Tivan will make an initial AU$125,000 cash payment to IFPL and commit a minimum of AU$75,000 toward exploration during the option period.
Should Tivan exercise the option to acquire the licence, it will pay total consideration of AU$500,000, split evenly between AU$250,000 in cash and AU$250,000 in Tivan ordinary shares.
The acquisition aims to build on Tivan’s recent exploration success at the Baucau project. Previous rock chip sampling across the broader project area returned high-grade assays of up to 4.18 per cent copper and 37.8 grams per tonne of gold. Tivan is currently awaiting results from a recent follow-up sampling campaign.
To support its growing operations in the region, Tivan has established a permanent exploration compound and field house in Baucau. The company now holds three core concession areas, Baucau, Ossu, and Turiscai, supported by a nine-strong local workforce and joint venture agreements with state-owned mining entity Murak Rai Timor E.P.
Tivan Executive Chairman Grant Wilson said: “We are very pleased to complete this transaction with Iron Fortune, an early mover in Timor-Leste.
“We hope to advance further opportunities to collaborate, both for mutual benefit and to progress the development of the mineral resources sector in Timor-Leste, with respect and trust.”
Tivan will complete a review of the existing dataset for the licence, in support of developing an exploration plan to further assess the licence during the exploration period.
