Tivan Limited announced on 18 June 2025 that its joint venture partner, Sumitomo Corporation, has secured confirmation from the Australian Government’s Foreign Investment Review Board. This approval by the Treasurer of Australia clears Japan Fluorite Corporation’s, a special purpose subsidiary of Sumitomo Corporation, initial equity investment into the Speewah Fluorite Project. Under the joint venture agreement, Japan Fluorite Corporation may invest up to A$60.3 million in three tranches for a total equity interest of up to 22.5%. The first tranche of A$5.3 million will secure an initial 7.5% stake, financing a Feasibility Study focusing on mining and processing operations to produce acid-grade fluorspar for export markets. The approval is the final key condition among several required for Japan Fluorite Corporation’s investment. Other conditions include Tivan Limited’s application to transfer grant funding received under the Australian Government’s International Partnerships in Critical Minerals Program and the completion of the project restructure, which involves transferring project tenements to the joint venture entity. With the recent FIRB approval and the formal application for the novation of the government grant already in process, Tivan Limited is now in the final phase of restructuring. This paves the way for the formal establishment of the joint venture and the execution of the first tranche investment, both expected to occur in the first half of July. In evaluating the technical outlook, the news brings several bullish elements. The FIRB's backing and the timely execution of project restructuring underline a strong commitment from both Tivan Limited and its partners, reflecting a favorable regulatory environment and solid investor confidence in the critical minerals sector. However, some bearish factors remain, including the reliance on pending conditions and the inherent uncertainties in global commodity markets. While the completion of the approval process marks an important milestone, the delayed final establishment of the joint venture and the challenges associated with project restructuring may continue to present risks for cautious investors.