Strategic Capital Raise

My simple take on it all is that we needed the capital to advance our projects.

There is much debate on the forum as whether this was the right structure or not, future dilution risk and whether we have the right strategic investor etc. I respect everyone's views, but the Board of Tivan didn't take a conventional route and they backed themselves in to raise money in a very constrained market and L1 Capital is the institution that has committed (currently and previously) to the company and must also believe in the vision of the Board. There would have been other select investors under consideration and I'm sure they will be impressed by what has culminated and hopefully come in "on market" pre-PFS in a few months' time.

At the outset, I'm no structured financing expert and not able to comment on the structure of the deal per se, but I'm looking at this as a good lick of cash to advance our PFS for F at Speewah and to determine whether we have a commercial deposit of Pb and other polymetallic minerals at Sandover. When I compare at a high level to other raises recently, we certainly are not following the masses and creating our own pathway forward.

If we determine more high-grade F and a "shit load" of Pb at Sandover in the next 3 to 6 months, we will be multiples of where we are on valuation. Current valuation has to simply reflect vanadium only.

Few thoughts from me:

• This capital raise is not a "captain's call" by Grant. This is the board working collaboratively to strike the right structured financing in a very constrained market for critical minerals - which we all know so take that on board please in your assessment.
• We have Dr Robinson taking up a $100k in stock. He is a very considered person on the Board. What he walked into when initially appointed (turn the lights off at TNG) v the strategic direction and projects on foot now at TVN - he is totally vested in this company.
• Love the commitment of the Board and Chairman to see through the last 10 days or so and the actions taken. That takes courage and true leadership and whilst unsettling for shareholders - you realize this is not a "meat and potatoes" board.
• With this raise, furthering the PFS for F (which from GW appears to be "special" based on work to date) will jettison this company forward and as we move to DFS and hopefully with even stronger economic metrics. This advances the company's cause towards having a bankable project and provides access to government funding and grants, whilst the company becomes attractive to institutions on the equity side. We are certainly moving down the derisking curve. And let's not forget what Sandover could deliver - a find and return that could be insane.
• I'm not diminishing that there are risks ahead and the contrarian views of some on this forum. But we are in the zone now to prove up a project which appears to have more scale and high-grade deposit than originally reported, and drilling at Sandover that could deliver a significant find.
• We then open up doors to project investors for JV's and offtakes. We are not talking 10 years away. We are talking mid-term of 3 years. In mining speak that's incredible. Just look at how long Arafura has been going for context.
• Finally, I hope this week, the market supports the raise, actions of the board and the deliverables ahead. This company is worth significantly more than its current MC.
  

Onwards