Sunshine Metals Limited has secured nearly $394,000 in grant funding from the Queensland government under its Collaborative Exploration Incentive program to boost its exploration activities at key projects within the Ravenswood Consolidated Project. Two grants have been awarded—approximately $162,000 to support a 650‐meter diamond drill hole at Liontown North and around $232,000 to conduct an extensive VTEM Max airborne electromagnetic survey over 74 square kilometers in the Coronation area. These initiatives aim to test promising induced polarization and electromagnetic anomalies and refine drill targeting models based on a new interpretation of a folded stratigraphic contact at Liontown. The company’s exploration strategy is multifaceted, with scheduled activities for June and July 2025 including reverse circulation drilling at the Salla and Plateau targets, as well as commencement of the Liontown North diamond drilling and VTEM surveys in the Coronation area. Additionally, drilling at Liontown’s oxide gold zone is complete following 29 holes totaling 1,834 meters, with initial assay results expected later in May. These results, along with the upcoming comprehensive drilling and geophysical surveys, will contribute to enhancing the current inferred oxide resource and refining the overall resource estimation at Liontown. Heightened technical indicators such as the integration of IP, EM, and geochemical anomalies, along with the application of airborne VTEM surveys, underscore the company’s commitment to leveraging innovative exploration methods. The grants also serve as a recognition of the strategic importance of Liontown within Queensland’s critical mineral inventory. With a busy drilling schedule and metallurgical testing planned for early June, Sunshine Metals is positioning itself well to potentially upgrade its resource base and attract further investment. Bullish sentiment arises from the state’s supportive funding, the strategic use of advanced exploration techniques, and the potential for a significant resource upgrade based on early high-quality drill intersections and detailed geophysical surveys. Conversely, bearish concerns center on the inherent risks of exploration projects, including uncertainties in drill assay outcomes and the potential for technical challenges during the execution of the new drilling programs. Investors are advised to weigh these factors as the company moves into the crucial phase of exploration and resource development.