Tivan (ASX:TVN) signed binding term sheets with Timor-Leste state-owned mining firm Murak Rai Timor for a planned incorporated joint venture for each of the Baucau and Ossu projects, according to a Friday filing with the Australian bourse.

The company and Murak Rai are advancing the drafting of binding agreements to support the formal establishment of the joint ventures, anticipated for September, the filing said.

The company aims to conduct a maiden drilling program at the Ossu project in the fourth quarter, per the filing.