Tivan (ASX:TVN) signed memoranda of understanding (MOU) with trading firm Sumitomo and venture capital firm ETFS Capital detailing terms for the planned development, financing, operation, and marketing of the Molyhil project in the Northern Territory through an incorporated joint venture, according to a Wednesday filing with the Australian bourse.

The MOUs establish a framework to agree up to AU$50 million of stage-gated investment for the project, with the company to retain an effective 82.5% project interest at a final investment decision, the filing said.

Binding agreements and regulatory approvals are expected to be completed by the third quarter, per the filing.