Tivan Limited has launched its largest-ever drilling campaign at the Speewah Fluorite Project in Western Australia. A comprehensive 35,000-meter drilling program—comprising up to 335 holes—will support various technical workstreams including infill, extension, exploration, metallurgical, geotechnical, and hydrological drilling. This initiative will underpin key engineering studies and metallurgical testwork essential for the ongoing Feasibility Study and for progressing the project toward a Final Investment Decision scheduled for August 2026. The drill program aims to validate and expand the existing JORC-compliant Mineral Resource, which currently stands at 37.3 million tonnes grading 9.1% CaF2 and includes a high-grade component of 8.6 million tonnes at 22.8% CaF2. In addition, drilling will target adjacent mineralized areas as set out in a recently established Exploration Target, potentially extending the project's production life and increasing its net present value. The schedule has been updated to align with this drill program, with the Feasibility Study now targeting October 2025 and the Definitive Feasibility Study June 2026. Funding for the program is securely in place, with Tivan Limited raising a total of $14 million and benefiting from a $7.4 million grant, alongside augmented financial support from its joint venture partner Sumitomo Corporation, which increased its initial investment. Comprehensive cultural heritage approvals have also been obtained under a Heritage Protection Agreement with the Kimberley Land Council, ensuring that drilling operations proceed with respect for indigenous interests and the environment. The bullish view centers on the robust technical design of the drilling program and the converging support from both significant funding and a strategic partnership with Sumitomo Corporation. Successful expansion of the mineral resource could boost project valuations, extend its mine life, and improve input data for future engineering designs and environmental studies. Conversely, a bearish perspective might consider the inherent risks in drilling campaigns, including potential delays, lower than expected resource expansion, and the challenge of translating technical advances into a commercially viable final investment decision. Overall, the campaign marks a significant step in advancing one of Australia’s most advanced fluorite development projects.