Tivan Limited has executed a Binding Term Sheet with Iron Fortune Pty Ltd giving the company an exclusive option to acquire a 100% interest in an exploration license located immediately west of the Baucau Project in Timor-Leste.

Under the agreement, Tivan will pay $125,000 to Iron Fortune following execution of the term sheet and must sole-fund a minimum of $75,000 in exploration during the option period, which runs until 30 June 2027. If Tivan elects to exercise the option before that date, total consideration will reach $500,000, consisting of a $250,000 cash payment and $250,000 worth of Tivan shares. Completion remains subject to the registered transfer of the license and required regulatory approvals from the Autoridade Nacional de Minerais under the Timor-Leste Mining Code.

The 48km² license area is considered prospective for base metals and sits adjacent to Tivan’s existing Baucau holdings. Tivan previously acquired 100% of the Baucau and Ossu projects in February 2026 through an agreement with Beacon Minerals Limited. Those earlier acquisitions covered a combined area of 289km². In May 2026, Tivan signed binding term sheets with state-owned mining company Murak Rai Timor E.P. to establish joint ventures for both projects, with long-form agreements scheduled for execution in the coming months.

“We are very pleased to complete this transaction with Iron Fortune, an early mover in Timor-Leste. We appreciate the good faith shown throughout the negotiation.”

— Grant Wilson, Executive Chairman

The option allows Tivan to review existing mapping, rock chip sampling and regional magnetic survey data over the license area in the coming months. Fieldwork will leverage the company's established in-country support infrastructure, which includes a newly secured exploration compound and permanent field house in Baucau.

Assay results from further rock chip sampling across the broader Baucau Project are expected in the month ahead, supported by Executive Chairman Grant Wilson noting that the company hopes to advance further opportunities to collaborate for mutual benefit and to progress the development of the mineral resources sector in Timor-Leste with respect and trust.

Read the full announcement: Tivan expands Baucau footprint in Timor-Leste