Perpetual Resources Limited has provided an update on its exploration at the Igrejinha Project in Brazil’s renowned Lithium Valley, reporting promising progress from its maiden drilling at Target 1. Reverse circulation drilling has intercepted a continuous 200‐meter strike of pegmatite from surface to over 50 meters depth, with the mineralisation remaining open along strike and at depth. This pegmatite exhibits characteristics typical of lithium–caesium–tantalum (LCT) systems, with preliminary observations suggesting the presence of both spodumene and pollucite—the primary caesium-bearing mineral. The drilling program, which has completed roughly 750 meters of a planned 1,500-meter campaign, is designed to test further along the strike, at greater depths, and towards potential parallel structures. Early field observations are underpinned by encouraging results from high-grade rock chip samples, including readings indicating up to 41.5% cesium from portable XRF analyses. Other highlights include notable lithium values, such as rock chip assays reporting approximately 7.6% Li2O. Initial laboratory assays are expected in the coming weeks, with further results anticipated through July and August. In addition, the exploration team has identified a new, mineralised pegmatite anomaly extending over 300 meters in the southeast area of the license. The technical indicators underscore significant exploration potential. A continuous mineralised pegmatite of more than 200 meters in length with estimated true widths of over 8 meters has been encountered. The drilling results support historical artisanal mining in the region while also hinting at the potential for both lithium and high-value caesium extraction – a rare combination that could add strategic value to the project. From a bullish perspective, the discovery of a continuous pegmatite with both spodumene and pollucite is seen as a positive signal for an emerging resource in a region already known for its lithium potential. The identification of high cesium signatures, in a market with very few active caesium producers globally, further supports the strategic importance of this asset. Additionally, the program’s progress, with half the drilling still to be completed, leaves considerable upside should subsequent assay results confirm the preliminary findings. On the bearish side, the inherent risks of early-stage exploration remain. The reliance on preliminary pXRF readings and visual assessments, which have yet to be verified by laboratory assays, introduces uncertainty about the actual grades and extent of mineralisation. Furthermore, potential complications from weathering, oxidation, or structural complexities within the pegmatite could impact future resource estimates and commercial viability. Overall, the exploration update from Perpetual Resources Limited highlights significant step changes in understanding the mineral potential at Igrejinha, offering promising technical data that could influence future strategic decisions in the critical minerals space.