Tivan Ltd (ASX: TVN) is back on the boards on Wednesday, and the market has responded straight away.
After coming out of a trading halt, the critical minerals developer's shares are up 8.20% to 33 cents.
That adds to what has already been a strong run this year, with the stock now up around 20% in 2026.
So, what did the company release?
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What did the study show for Molyhil?
The update centres on a scoping study for Tivan's Molyhil tungsten project in the Northern Territory.
This is the first proper look at how the project could stack up economically and how it might be developed.
According to the study, Molyhil is shaping up as a relatively low capital project with a long mine life.
The plan is to combine an open pit with a smaller underground component, targeting tungsten and molybdenum.
Tivan is modelling production over multiple decades, backed by an existing mineral resource.
The study also points to a staged approach, starting with open-pit mining before expanding further over time.
Processing and costs come into focus
A key part of the update is how the ore would be processed.
The flowsheet is built around gravity separation, which is commonly used for scheelite, the main tungsten mineral at Molyhil.
From there, extra processing steps are used to lift recovery rates and improve concentrate quality.
The study outlines a relatively simple processing setup, which usually helps keep costs under control.
Tivan also said that historical metallurgical work supports the proposed flowsheet design.
On the cost side, the project is being positioned as low-cost to run, supported by relatively high grades and straightforward processing.
While logistics and infrastructure are still factors given the remote location, these have been accounted for in the study.
Why this project is getting attention
Tungsten has been getting more attention lately, mainly because supply is so concentrated in one part of the world.
China heavily dominates global production, which has pushed governments around the world to look elsewhere.
That is where projects like Molyhil start to come into the conversation.
It sits in a stable jurisdiction and is already moving through early development work.
Tivan also has a broader pipeline across northern Australia, along with plans around partnerships and downstream processing.
Those pieces are still developing, but they add another angle to how the market is starting to view the company.
However, there is still a lot to prove from here, such as obtaining finance and moving into construction.
