Titanium Sands obtained approval from the Geological Survey and Mines Bureau on the retention of the pivotal exploration licence EL370 for an additional year until May 17, 2025.

The licence is crucial for the company’s $545 million Sri Lankan mineral project and constitutes part of the high-grade zone outlined in Titanium Sands’ scoping study.

Completion of the environmental impact assessment will be a step toward Titanium Sands obtaining an industrial mining licence.

Titanium Sands has also terminated its binding term sheet with James Global due to unmet conditions, but operations at Mannar remain unaffected.