Tivan (ASX:TVN) completed the acquisition of the Baucau and Ossu projects in Timor-Leste, according to a Friday filing with the Australian bourse.

The acquisition follows the company's November 2025 agreement with Beacon Minerals (ASX:BCN) to acquire six concessions Beacon holds at Timor Leste, an earlier filing showed.

Under the deal, the company will pay AU$250,000 in cash on settlement, and Beacon will also be issued AU$250,000 worth of the company's shares.

The company has now completed the cash payment and the issue of shares, the filing said.

It has also signed a non-binding term sheet with Timor-Leste state-owned mining company Murak Rai, for a planned incorporated joint venture (JV) for the projects, the filing said.

TVN expects to finalize the incorporation of the JV company on May 31, the filing added.

Shares of Tivan rose past 1% in recent Friday trade, while shares of Beacon Minerals fell 6%.