Ann: TVN Update on Acquisition of Speewah V-T-Fe Project, page-17

The Tivan technology requires a TiO2 pigment plant to be viable.

The cost of a 100,000 tonnes TiO2 pigment plant is estimated at US$300 million (in 2022 a similar plant cost US$200 million in China).With an EBITDA of 1,000 USD/ton of TiO2 pigment, the return on investment is 3 to 5 years.

If there is no TiO2 pigment plant, the Ti feedstock from the Tivan process is not saleable.
Regarding the composition of this Ti feedstock, it cannot be used with the conventional sulfate process because there is not enough Fe to start the sulphation. Also the need for Tivan to develop a new TiO2 process and prove that it works.

The TiO2 pigment plant is an essential part of the Tivan technology.
- It represents 60% of revenues and only 30% for vanadium.
- The huge CAPEX/OPEX represented by the vanadium operations (see flowchart of the Tivan process) is largely compensated by the TiO2 operations.

No TiO2 pigment, no successful Tivan process.