Member Info for ademcg

I think I am an order of magnitude out somewhere, it's late and my head hurts !

Good evening all, what a torrid couple of days.

As many will have done, I poured over the MRE RNS at 7am and saw the bullet points which included the highlights

2.2 billion tonnes grading 5.1% TiO2 for 113 million tonnes of contained TiO2

· The MRE is reported only for Pitfield's Thomas and Cosgrove deposits, and contains an in-situ Weathered Zone, inclusive of both the saprolite and weathered bedrock, of:

1.26 billion tonnes grading 5.2% TiO2 for 65.6 million tonnes of contained TiO2

· The MRE also includes a significant Indicated Resource category, predominantly at the Thomas deposit, of:

697 million tonnes grading 5.3% TiO2 for 37.2 million tonnes contained TiO2

· Multi-generational mine life: the Thomas and Cosgrove deposits that contain the MRE extend over 39km2 and 20km2 respectively, however they represent less than 20% of the known mineralised surface area. The underlying geophysical anomaly extends for kilometres below the extent of the current depth of drilling.

So, some number crunching and I am unsure of the answer but here goes:

From the MRE RNS & Some Assumptions:

Low rate per tonne of TiO2 = $2500 (can be $2,800 to 3,200 depending on exact grade and location)

Recovery rate currently 70%

Grade = 5.2%

For every 1 tonne of earth:

1000kg will contain (1000÷100% X 5.2%) = 52kg TiO2

However, we are currently only achieving 70% Recovery, therefore:

52kg ÷100% X 70% = 36.4kg TiO2 per / Tonne of excavated earth.

A Competent person has confirmed that we have approx. 2.2Billion Tonnes of friable / weathered cap

2.2 billion ore containing earth

If we want 1000kg (1 tonne) of product then we would need to process 27.77 tonnes of Ore bearing earth

A Competent person has confirmed that we have approx. 2.2Billion Tonnes of friable / weathered cap

2.2 billion ore containing tonnes, with each tonne containing approx. 27.77kg of product would equate to 79222182.211 kg of TiO2

At $2.5 per kilo ($2500 / tonne, e.g. 1000 kg) = 792,221,82.211 kg of TiO2 X $2.5 = $198,055,455.53

Or One hundred and ninety-eight million Dollars US :/

@golferboy, i disagree a little there, the MRE RNS does outline the how, the 7th h8ghligjt bullet point:

Friable , in situ weathered zone: and states in bold text so you dont miss it ... Low Cost Strip mining.

I do agree with you that more detail on the how is needed and i am confident the EEE team are working at great speed on this as i type and all will become clear as they further develop the flow sheet.

For me Tabke 1 and the words NDICATED RESOURCE is the Money shot and those in the industry will now know what we all may have thought.

But to have a competent person sign off on 697 million tonnes of indicated resource is not to be uderestimated

Hmm, looks like a waterfall....new 1 month low. Final Flush ?

Well, as SB himself stated MRE during the month of October, then we only have upto 17 more trading days to find out what we all hope we already know....Pitfield is the real deal and a competent person agrees and is willing to sign off against it.

Roll on the next phase and good luck all genuine investors 😀

Ah, Bentley and Excite, such a sad period. I am also in GKP since before the strike and luckily had funds to take part in the raising and subsequently endured the near fatal consolidation.

May I add RangecResources and Pirate Pete to the rogueslist.....what a wild west AIM was and remains all these years later.

Dividend landed in Interactive Investors account at 12:15 this afternoon 😀

Rookie1 you sound like you are relatively new to investing ....... :)

It is the "usual"B board etiquette to not use such a post title to inquire about such things

As I hit the "post " button ML's reply lands 😀

Hi Cev, yes my point exactly, the nature of the Pitfield deposit means that the traditional development curve may not fit at all.

Having said that the curv3 also plots investor and human psyche which lead to investors churn and SP movement.

I tend to prefer to position that the current excellent progress of the EE team could mean we are making our way out of the exploration and discovery phases as we prove feasibility, this is where I see the MRE and the potential higher high ( e.g. much higher than our previous high of 84p) before "Speculators leave" and institutions come on board.

So, many of us embarked on this journey without possibly truly understanding the full potential of Pitfield and the EEE story.

Having been here since the 5p days, I am keen to understand where you believe we may be ( roughly) on the lassonde curve?

One scenario is just leaving the exploration phase which would mean the next high could be post MR3 and perhaps 3X of our current SP

https://miningexplained.com/the-lassonde-curve/

All genuine thoughts and thoughtful opinions welcome

Gl All genuine Investors

This really is getting like home dentistry now...painful. And yes, I have been in this since 2009 I believe I have been more than patient.

A snippet from ML a few months ago (I hope you don't mind me posting it ML)

The market rarely values companies at 100% of in situ value, especially at this stage but even getting a small fraction of that can translate into a huge re-rating compared to the current MC.

Typically, junior resource companies like us are valued on roughly these %’s of in situ value. Early exploration companies might trade at 0.1% to 0.5%.

With a defined resource and some basic economic data, valuations move toward 0.5% to 1.5%.

Scoping studies or pre-feasibility studies tend to push valuations into the 1% to 3% range.

Once a definitive feasibility study is done, permits are secured, and strategic partnerships, JV or offtake deals are in sight, valuations often reach 5% to 10% or more!

The location of the project matters a lot too and as we are located in Western Australia, one of the safest, lowest-risk, and infrastructure, experience rich mining jurisdictions in the world. That reduces risk premiums and usually means investors are willing to pay higher multiples than they would for similar projects in more challenging countries.

Currently we have about 690m shares in issue, and the share price is roughly 11.95p giving the company a market cap around £82.5m.

If we apply the valuation percentages I just mentioned to the estimated £13b to £24b in situ profit value, here’s what I got (please feel free to challenge these figures as I don’t want to miss anything).

At 1% of in situ value, the market cap would be £130m to £240m which translates to a share price of about 18.8p to 34.8p

At 3%, the market cap jumps to £390m to £720m, or 56.5p to 104.4p per share.

At 5% to 10%, the market cap ranges from £650 million to £2.4 billion, with a share price between 94.2p and 347.8p

Right now (JUNE 2025), the market cap is roughly 0.34% to 0.63% of the estimated in situ value, which is very low, even by early stage exploration standards and especially low given the scale and location (which has a far lower risk premium that often suppresses valuations in parts of Africa, Southeast Asia, or Latin America). It also makes the project vastly more appealing for future joint ventures, project finance, or offtake negotiations with end-users or majors.

It would appea4 that Salaries have been released

https://x.com/luckyclicker1/status/1948266999533982108?s=19

So, it would appear a strengthening of the APIKUR hand and once again a legal challenge upholds the validity of contracts. Unless I am interpreting this incorrectly...

Been here since 17th June 2009 myself....and yes, it feels like an eternity.

I did keep adding post the "wipe out" and I have invested the dividends in different segments (dare I say "safer" investments) and I am £2K up (when including dividends) in one account and just about break even in another, so bring on September or a deal as I really am getting a little fed up of the politics in the region affecting my mood :)

Hi MRSI, yes I am aware of the "golden pocket" 61.8% Fib, but I was looking for confluences, not just one signal, the 20day EMA is also to be contemplated as the for this SP it has been well respected in the past, currently lies at 20.9p, so there is a lot to like about picking up additional shares at such a point.

So much upwards momentum recently, a pull back is indeed needed to allow all indicators to cool off and let some "weak hands" to exit or traders to TP.

I am in for the long term, call it an investment strategy if you will, and as I am not nimble or skilled enough to perfectly time dips and peaks and trade accordingly, I will just keep sitting on my hands and add more at support levels.

Whatever your strategy best of luck.

Charts may only have limited insight and ability to forecast potential movements, as they are lagging in nature (as it is data driven) and only map out according to previous "similar" human driven trading behaviours.

Charts will never be accurate and news driven shares and event which drive the price often distort any chart or trending exercise.

Only to be loosely used as entry and exit point identifiers ....and in that spirit, on to my own (admittedly rough) charting, I provisionally mapped out 21.5p as a "must hold" region if the retrace supports are active.

If you take the fib from Dec 03rd 2024 (5.70p - as a Low) to the recent high Tue 24th June (30p), then the 38.2% Fib retracement is around 20.7p so rough round up to 20.5p, there is also confluence with the 20 d EMA (also currently 21.1p)

Before we get to the above points, there is also a gap (on Pro-real charts at least) around 22.5p.

So, lets see what develops, but I am in with an average of 8.15p and will look to increase on support (wherever that may be found).

Again, its all theory, the real thing is price and the company's development.

GL ALL enjoy the weekend and relax knowing that SB has it all under control.

Glad 6ou got it sorted...if all things end up like we all hope.. Titanium Sl"g will be my new username and I will look at getting a matching vanity plate too 😀