Titanium Sands Limited announced that it has secured a one‐year retention of four high-grade zone licenses – EL423, EL424, EL425, and EL351 – through approval by the Geological Survey and Mines Bureau. These retentions, which expire between mid-November and mid-December 2025, are part of the high-grade zone identified in the company’s 2023 Project Scoping Study. This development allows the company’s environmental consultants to progress with the Environmental Impact Assessment process and address the requirements outlined in the Terms of Reference issued in March 2025. The approval marks another important regulatory milestone for the project. With the environmental studies ongoing, Titanium Sands Limited is positioned to apply for an Industrial Mining License upon completion of the Environmental Impact Assessment. The company's Managing Director, Dr James Searle, emphasized that these steps, supported by strong backing from the Government of Sri Lanka, are crucial in moving closer to establishing a high-grade producing mineral sands operation once all regulatory approvals are in place. The news brings mixed sentiment for the market. From a bullish perspective, the retention of these licenses demonstrates regulatory confidence and significant progress in the company’s exploration efforts. The continued government support and structured approach toward obtaining an Industrial Mining License are factors that could lead to a positive outlook for the project’s future development. Conversely, a bearish view might focus on the inherent uncertainties that remain with the completion of the Environmental Impact Assessment and the subsequent licensing process. These regulatory hurdles and the ongoing commitment to meeting the required environmental and operational criteria present risks that must be navigated before any substantial operational gains can be realized.