Tivan (ASX:TVN) secured final regulatory and cultural heritage approvals for an 8,000-meter drilling program at its Molyhil tungsten project in the Northern Territory, according to a Friday filing with the Australian bourse.

The company is planning for a mining and processing operation at the project through a proposed joint venture with Sumitomo and ETFS Capital, with a pre-feasibility study for Molyhil in the works.

Additionally, Tivan completed the first deferred consideration payment for its acquisition of the Molyhil project, which was completed in January, the company said in a separate same-day filing.

The consideration for the acquisition is about AU$8.8 million, comprised of already-made initial cash payments of AU$3.5 million and deferred payments of about AU$5.3 million. The deferred consideration comprises three equal annual payments of about AU$1.8 million, with AU$875,000 payable in cash and $875,000 in cash or Tivan shares.

The company said it elected to make the first deferred payment as AU$875,000 in cash and AU$875,000 in shares.