Petratherm Limited has reported significant progress in its South Australia‐based Muckanippie Project with the latest quarterly activities report covering the period ending 31 March 2025. The company’s exploration efforts have provided strong evidence for a large titanium-rich heavy mineral sands (HMS) deposit at the Rosewood Prospect. Detailed drilling results indicate that mineralisation extends over at least a 15 square kilometre area with several drill holes returning impressive intercepts, including intervals such as 28 metres at 13.6% heavy minerals and others showcasing multiple metres with HM grades reaching as high as 26.3%. In addition to these robust drill intercepts, preliminary mineralogical studies have distinguished an assemblage predominantly featuring high-value titanium minerals – notably a combination of rutile products, high-titanium leucoxene, and pseudorutile – with valuable heavy mineral content exceeding 95%. The company’s technical analysis has further revealed that the heavy mineral concentrates exhibit a coarse grain size profile, with 90% of the sample being greater than 75 microns and a median particle size of 279 microns. This characteristic is expected to favour conventional gravity spiral processing techniques and enhance recovery efficiency. Encouraging results were also obtained from trial heavy mineral separation tests at greenfield areas, including the Duke, Nardoo, and Claypan prospects, where intercepts of up to 61 metres at approximately 19.7% HM and similar high-grade results have been recorded. Following the successful exploratory phase, a Phase 2 drilling program has now been completed, consisting of 128 air-core holes totalling 4,486 metres, aimed at expanding the known mineralisation trend and gathering more metallurgical data. On the corporate front, Petratherm Limited boosted its operational capabilities through an $8.1 million share placement, strengthening the company’s cash position to over $9.3 million. This inflow of funds will support further drilling, metallurgical test work, and general working capital. The board also welcomed the appointment of Rob Sennitt as Executive Director, whose extensive experience in the resources sector is expected to add valuable commercial and financial insights to the team. The latest updates reflect both bullish and bearish perspectives. On the bullish side, the drilling and assay results point to a potentially world-class titanium resource with excellent processing characteristics, providing significant upside for investors. The expanded Phase 2 drill program and additional greenfield test results underscore the scale and high quality of the mineralisation, while the fresh capital infusion and experienced management team add further credibility to the project’s future prospects. Conversely, from a bearish viewpoint, the project remains in an exploration phase with inherent risks regarding further delineation and economic viability. The variable drill spacing and the early stage nature of some technical assessments may represent hurdles, and the final processing and metallurgical outcomes remain to be fully demonstrated before the long-term asset value can be affirmed.