Tivan Limited has entered a binding joint venture agreement with Sumitomo Corporation to develop, finance, and operate the Speewah Fluorite Project in the Kimberley region of north-east Western Australia. The project, set to become Australia’s first dedicated fluorite mining and processing operation, is poised to produce acid-grade fluorspar containing more than 97% calcium fluorite for export into global markets. Under the joint venture, Sumitomo Corporation’s special purpose subsidiary, Japan Fluorite Corporation, may invest up to A$60.3 million for an equity stake of up to 22.5% in the incorporated joint venture vehicle. An initial equity investment of A$5.3 million, intended to fund the Feasibility Study (FS), will secure a 7.5% interest, with further investments subject to technical, regulatory, and board approval milestones. The project possesses substantial resource potential with a JORC compliant Indicated and Inferred Resource of 37.3 million tonnes at 9.1% CaF2, including a high-grade component featuring 8.6 million tonnes at 22.8% CaF2. The pre-feasibility study previously indicated attractive economic metrics, with a pre-tax NPV8 of A$480.1 million, an IRR of 37.9%, and a payback period of 2.6 years. The overall development strategy includes a restructuring that will transfer key mining tenements from Tivan’s existing subsidiary to a newly formed Fluorite SPV Pty Ltd, which will operate as the joint venture’s vehicle. In addition, the partners have agreed to term sheet arrangements for up to 100% of the project’s product, with 80% of the production subject to a take or pay basis. Regulatory conditions remain a key focus, with the initial tranche of investment being contingent on approvals from Australia’s Foreign Investment Review Board and the Australian Competition & Consumer Commission. Tivan Limited will act as the project manager for a minimum of five years, overseeing development planning, construction, and the operational phase. The partnership with Sumitomo Corporation and JFC is expected to bolster Australia’s position in the critical minerals market, strengthen bilateral trade with Japan, and contribute to secure supply chains in essential industrial sectors. Bullish sentiment is supported by the robust economic indicators, the strategic alignment with government priorities, and the backing of a respected global trading company. The joint venture structure, combined with secured offtake arrangements and access to IPCM grant funding, represents a significant milestone for Tivan Limited, potentially driving long-term value creation in an underdeveloped domestic sector. Conversely, bearish caution stems from the dependence on key regulatory approvals and phased equity investments that may lead to shareholder dilution. Moreover, the forward-looking nature of many assumptions and the inherent uncertainty in commodity markets suggest that investors should remain mindful of potential operational and financial risks as the project progresses.