Further copper-gold mineralisation discovered at Turiscai Project

The Board of Tivan Limited (ASX: TVN) (“Tivan” or the “Company”) is pleased to advise that the Company has received further encouraging assay results from rock chip sampling at the Turiscai Project (“Project”) in Timor-Leste, part of a systematic regional scale surface sampling program at the Project that commenced in June 2025. Latest assay results have returned high-grade copper of up to 2.18% Cu and high-grade gold of up to 4.79g/t Au, and anomalous zinc grades of up to 1.30% Zn.

The Turiscai Project is located approximately 40km south of Timor-Leste’s capital of Dili and comprises seven Exploration and Evaluation Licenses spanning an area of 344km². The Project area is considered prospective for copper-gold mineralisation, exhibiting geological characteristics analogous in setting to large regional copper-gold deposits such as Grasberg (Central Papua, Indonesia), Ok Tedi (Papua New Guinea), Wafi-Golpu (PNG) and Panguna (formerly referred to as Bougainville, PNG).

The new results build on the previously reported high-grade copper-gold mineralisation discovered at the Project – grades of up to 9.65% Cu and 7.19g/t Au, and anomalous grades of up to 6.17% Zn, returned from assays of 90 rock chip samples (see ASX announcement of 14 November 2025) – and further enhance the Company’s understanding of the Project’s prospectivity across multiple locations. The results received to date from the surface sampling program are highly encouraging and considered consistent with porphyry style mineralisation in a regional setting that is prospective for similar style copper-gold deposits yet remains relatively under-explored.

The results announced by Tivan today represent the second batch of geochemical assays returned in the history of the Turiscai Project and are an important step in evaluating copper-gold prospectivity and guiding future exploration activities. The surface sampling program is ongoing, with results providing important vectors for more targeted exploration activity at specific prospects.

Surface sampling at the Project is ongoing as part of the Stage 1 exploration activities announced by the Company in June 2025 (see announcement of 26 June 2025). The latest batch of samples were primarily collected where visual copper mineralisation or prospective geological features were identified, with sample collection also occurring at outcropping material. Sample locations were again determined while traversing accessible rivers within the Project area.

A total of 111 samples were collected and assayed as part of the second sample batch. 83 of the samples were taken from in-situ outcrop, with the remaining 28 being collected from float material. Samples were sent to ALS Laboratories in Brisbane for assay. Grades of up 2.18% Cu and 4.79g/t Au were returned from the assays with all results returned detailed in Appendix A – Results Table 1. Refer to Figures 1 and 2 below for further details on sampling locations and assay results for the second sample batch.

As previously detailed, float samples collected from drainage systems across the Turiscai Project are rock material transported from their original source. While not in-situ, they provide valuable first pass indications of regional mineralisation and are considered an appropriate reconnaissance technique at this early stage of exploration.

Assay results for anomalous copper-gold were returned from three separate river systems within the Licenses and are considered highly encouraging, again indicating that mineralisation is distributed across multiple catchments rather than confined to a single locality, highlighting the prospectivity for a larger mineralised system at the Project.

As noted, Stage 1 exploration activities are continuing across the Project, focused on systematic regional scale surface sampling program targeting collection of rock, stream and soil samples to define geochemical anomalies and refine geological understanding.

To date, the Tivan in-country team has collected a total of 238 rock chip samples across the seven License areas comprising the Project. Stream sediment sampling is also being undertaken, with a total of 278 samples collected to date. See Figure 3 below for further details.

Tivan is continuing to undertake the Stage 1 exploration activities across the Turiscai Project, including stream sediment sampling and additional surface and rock chip sampling. These programs will be expanded to incorporate systematic mapping, soil geochemistry and geophysical surveys as 2026 progresses, providing the framework for future drill targeting.

The Company remains focused on rapidly advancing exploration at Turiscai in a structured and cost-effective manner to assess regional scale prospectivity, and at regular reporting intervals to shareholders.

Over the past two months Tivan has progressed toward completion of the acquisition of the Baucau and Ossu Projects from Beacon Minerals Limited (ASX: BCN) (see ASX announcement of 5 November 2025). The Projects comprise six Exploration and Evaluation Licenses that are considered highly prospective for copper, cobalt and gold, and other critical minerals.

As foreshadowed, Tivan has been working closely with Autoridade Nacional dos Minerais (“ANM”: Timor-Leste’s National Mineral Authority) and Murak Rai Timor, EP to complete the acquisition and take early steps towards forming a joint venture partnership as described by the Timor-Leste Mining Code (2021). Tivan expects these complex processes to be finalised in the next few weeks.

Under the terms of the agreement, Tivan’s geology team has been permitted to visit the Baucau and Ossu Projects and to commence sampling. Once the acquisition is complete the Company will export any such samples for assay analysis, with first results from the new concession areas expected in late Q1.

Mr Grant Wilson commented:

“Tivan is looking forward to joining Prime Minister Albanese in Dili tomorrow, at a ceremony that will mark the strengthening of bilateral relations between Australia and Timor-Leste. We are proud that Tivan is set to play a significant leadership role in the years ahead, as we develop the mineral resources sector in Timor-Leste in strong alignment with national priorities and with the expectations of local communities.

Our report today highlights the strong systematic progress we are making at the Turiscai Project, that will evolve this year as stream sediments start to report and geophysical surveys are pursued. We are also nearing deal completion for the Baucau and Ossu Projects, and we aim to report initial results from the field as early as March”.