Annual Technical Report Exploration Licence 31896 7 March 2022 to 6 March 2023

Abstract

This report describes exploration conducted over EL 31896 during the reporting period from 7 March 2022 to 6 March 2023. EL 31896 is located approximately 200 km north of Alice Springs, and comprises Tivan's Calcrete Project. Tivan completed acquisition of the title in August 2022; formal transfer to Tivan from the previous holder was completed on 16 February 2023. During this period the Company's activities were limited to general administration. The Project was acquired by the Company's previous Board of Directors on the basis that the title may contain a very large calcrete deposit, and if technically and commercially suitable, the calcrete could potentially be used as road base for the construction of the haul road at Tivan's nearby Mount Peake Vanadium-Titanium-Iron Project. The development of the Mount Peake Project is expected to require building and maintenance of a haul road from the Mine Site to the Stuart Highway, and then from the Stuart Highway to the Darwin Rail line. In addition, the calcrete could potentially be used to provide acid mitigation of mine tailings at the Mine Site. Tivan intends to conduct a desktop assessment of the title's mineral prospectivity. The Company will then consider development of an early phase exploration program for the title. On 14 February 2023, Tivan Limited announced that it had reached agreement with the Northern Territory Government to return its planned TIVAN(r) Processing Facility, previously to be delivered at the Mount Peake mine site, to the Middle Arm Sustainable Development Precinct in Darwin. This represents a return to the original development strategy for Mount Peake, with mining and beneficiation operations planned for the mine site, and downstream processing to occur in Darwin. As a result of this return to Middle Arm, Tivan Limited is undertaking a review of the Mount Peake Project to realign its planning and development program for the two separate sites.