Retentions Granted on High Grade Zone Licenses

Titanium Sands Limited (“TSL” or “the Company”) is pleased to announce that it has received notification from the Geological Survey and Mines Bureau (“GSMB”) that the Company’s application for the retention of the term of licenses EL423, EL424, EL425 and EL351 have been granted. The retentions have been granted for a further 1-year term, expiring between mid-November 2025 and mid-December 2025.

Highlights

• Retentions have been granted by the GSMB for EL423, EL424, EL425 and EL351
• The four retentions granted are contained within the high-grade zone identified in the 2023 Project Scoping Study
• Following issue of the Terms of Reference (TOR) by the GSMB in March 2025 the EIA process is underway
• The retentions granted provide approvals for the project consultants to complete the environmental studies and address the requirements of the TOR
• On completion of the EIA, the Company will be in a position to apply for an Industrial Mining License for the Project

The four EL’s form part of the high-grade zone as outlined in the Company’s Scoping Study (ASX:TSL 12/05/23¹). The retentions granted allow the environmental consultants to conclude environmental studies (EIA) on the project and to address the requirements of the recently granted Terms of Reference (TOR) for the Project (ASX:TSL 26/03/25²).

On completion of the EIA process, (ASX:TSL 24/10/23³), the Company will be in a position to apply to the GSMB for an Industrial Mining License (“IML”) which will allow the GSMB to proceed to issuing the IML subject to all relevant laws and regulations.

TSL’s Managing Director, Dr James Searle said “Receiving the ToR in March 2025 and now the license retentions for the Project is a further step towards obtaining the IML for this project. The Government of Sri Lanka are showing great support in progressing this project and the Company is solely focused on delivering a high-grade producing mineral sands operation once all regulatory approvals are in place”.

Click here for the full ASX Release

This article includes content from Titanium Sands Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.