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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.