Tivan (ASX:TVN) secured grant funding of AU$7.4 million from the Australian government's International Partnerships in Critical Metals program for the Spewah fluorite project in Western Australia, according to a Friday filing with the Australian bourse.
Proceeds will be used to conduct feasibility and definitive feasibility studies for the project ahead of a final investment decision, the filing said.
Tivan plans to produce acid-grade fluorspar from the project together with Japanese partner Sumitomo, the filing added.
Company shares rallied pat 11% in recent Friday trade and earlier hit a new 52-week high.
Price (AUD): $0.08, Change: $+0.01, Percent Change: +11.43%
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