Tivan (ASX:TVN) and Sumitomo agreed to extend the term of their existing memorandum of understanding for the Molyhil tungsten project in the Northern Territory to June 30 from Wednesday, according to a same-day Australian bourse filing.

The firms have advanced discussions on a potential joint venture structure for the project and have begun early-stage marketing of the project. Tivan agreed to provide product samples from the project to potential customers and is targeting delivery in the September quarter.

Tivan also advanced preliminary discussions with third parties on joining a key terms memorandum of understanding as potential joint venture partners, with the consent of Sumitomo.