The All Ordinaries Index (ASX: XAO) is up 0.1% today, but this ASX All Ords mining stock is leaving those gains in the dust.
The high-flying stock in question is critical minerals miner Tivan Ltd (ASX: TVN).
Tivan shares closed trading yesterday for 26.5 cents. In morning trade on Wednesday, shares are changing hands for 29.7 cents apiece, up 12.1%.
That puts shares in this ASX All Ords mining stock up a whopping 222.8% since this time last year, smashing the 2.5% 12-month gains posted by the benchmark index.
Here's what's stoking investor interest again today.
Image source: Getty Images
ASX All Ords mining stock jumps on JV progress
Tivan shares are leaping higher after the company announced that it has signed a Key Terms Memorandum of Understanding with Japanese trading house and Fortune Global 500 company, Sumitomo Corporation.
The agreement details the terms for a proposed incorporated joint venture (IJV) for the development, financing, operation and marketing of the Molyhil Tungsten Project, located in the Northern Territory.
Under the terms, Sumitomo Corporation may make staged equity investments of up to $25 million for an equity interest of up to 8.75% in the IJV.
The ASX All Ords mining stock also signed a separate Key Terms Memorandum of Understanding with ETFS Capital, setting out the terms for ETFSC to become a strategic partner in the project.
Tivan acquired the Molyhil Tungsten Project in September 2025. Molyhil hosts a Mineral Resource Estimate of 4.647 million tonnes at 0.26% WO3 (tungsten trioxide) and 0.09% Mo (molybdenum) for 12,100 tonnes of WO3 and 4,400 tonnes of molybdenum.
Tivan said it will retain an effective 82.5% interest in Molyhil following a Final Investment Decision.
The parties are targeting Q3 2026 to complete long-form binding agreements.
Separately, the ASX All Ords mining stock also reported that it has inked a Memorandum of Understanding with Aboriginal Investment NT. This will provide a framework for the parties to progress collaborative opportunities for the Molyhil Tungsten Project.
Tivan is currently drilling and analysing the project's geophysics to expand the existing resource base.
What did management say?
Commenting on the joint venture progress boosting the ASX All Ords mining stock today, Tiva CEO Grant Wilson said, "The Molyhil Tungsten Project has been shuttered since 1982."
He added, "Despite attempts by various owners, it has taken the dedicated efforts of Tivan's team over the past nine months to decisively resurrect the project."
Looking ahead, Wilson said:
With our announcement today, Tivan has established a credible and trusted pathway for project finance, as well as for marketing and distribution.
We have achieved extreme valuation uplift in a short period of time, whilst ensuring that our strategic partners have strong participation interests, encouraging their involvement in future projects, including at our adjacent Sandover Fluorite Project.
