Chilwa Minerals Limited has released a major update on its heavy mineral resource at its Critical Minerals Project in southern Malawi. The new estimate, prepared in accordance with the JORC 2012 Code, shows an 85% increase in contained Total Heavy Minerals (THM) to 4.44 million tonnes across 110 million tonnes of ore with an average grade of 4.03% THM. Importantly, 71% of this resource is now classified as Indicated, reflecting enhanced confidence from the recent drilling campaigns. The updated Mineral Resource Estimate combines historic aircore drilling data with the company’s recent sonic drilling results, which have yielded higher-grade intercepts and a more precise record of deposit geometry. The technical details reveal that over 8,900 metres of drilling has contributed to the new estimate, with sonic drilling implemented to preserve delicate lithological contacts in these unconsolidated beach and dune deposits. Not only have the ilmenite grades improved from 3.0% to 3.23%, but the report also includes valuable information on rutile and zircon contents, as well as overall ore characteristics such as slimes and oversize percentages. These improvements now provide the basis for the forthcoming TZMI-coordinated Scoping Study, which is expected to further refine the resource and ultimately support the economic potential of the project. The announcement also details rigorous sampling, assay, and quality control practices. Advanced techniques such as heavy liquid separation and sophisticated modelling using Surpac software have been deployed to generate block models on a 100m × 100m × 1m scale. The detailed comparison with the previous estimate from July 2022 highlights not only an increase in tonnage and grade but also a significant upgrade in confidence, as most of the resource now falls into the Indicated category. The company is also pursuing additional resource updates as more assay data is received from ongoing drilling programs. Market sentiment appears mixed. On the bullish side, the substantial resource increase and transition to a higher confidence Indicated category, combined with improved drilling results and metallurgical studies confirming high recovery rates, suggest a strong potential for economic development. This positions Chilwa Minerals Limited well for a future Scoping Study and eventual mine production, supporting positive long‑term investment fundamentals. However, bearish concerns remain regarding the inherent risks of early-stage resource projects, including dependency on further drilling success, market price uncertainties for heavy minerals, and the capital-intensive nature of exploiting mineral sands deposits.