Member Info for Andii

So many large trades go through late afternoon. When they are *unknown*, they could be done through Direct Market Access so they can buy below the Ask. Does anyone have Level 2? Can you confirm if there are large buy orders of 100k and over sitting on the order book at any point through the day? That would be how to identify them.

Also, regarding the Bunnyman being on site, he said in the interview he likes to be involved with the drilling. Do you think he could maybe scream at them "deeper! deeper!" whilst holding a flask of coffee in one hand, XRF in the other hand and clipboard under his arm =)

Https://wp-empire-metals-2018.s3.eu-west-2.amazonaws.com/media/2023/09/EEE-Corporate-Presentation-November-.pdf

• Pitfield is atypical of global titanium deposits which are either much lower grade beach sand deposits or hardrock igneous deposits which are difficult to beneficiate

(from the dictionary; 'atypical' - not typical; deviating from or not conforming to type)

Sovereign has 1% TiO2 in sand. Easy to "beneficiate" but low grade and only 10meters deep

Other operators with hard rock deposits may have a higher grade (than 1% =) but this will be expensive to process

EEE have soft rock and high grade which as I understand is the best of both, maybe not quite so easy to "beneficiate" as sand, but the higher grade more than makes up for that surely?

Hi AGEOS, thanks for the explination.

I'm trying to get to an ore mass of 30mt but struggling. When you say this should be repeated for every 100m along strike, I take it you are basing this on 100m x100m x260m x 2.7. I get 7.29mT not 30. Would you be able to explain where 30 comes from again please?

Based on 7.29mT per 100mSq, I make it 6.5bT of ore for a 3kmSq area.

Diamond drill 2

o 297.1m @ 6.10% TiO2 from 111.4m

o including 51.6m @ 7.12% TiO2 from 326.0m

Diamond drill 3

o 173.2m @ 5.76% TiO2 from 18.6m

o including 58.7m @ 6.32% TiO2 from 24.0m.

"The diamond drilling results clearly demonstrate the continuity of thick, bedded zones of higher grade titanium

mineralisation to a vertical depth of 350m, still with elevated TiO2 values at the bottom of the drillholes indicating that the bedded mineralisation extends deeper."

My projections were all very conservative with much shallower grades and depths than the drill bit has actually shown.

I note from Sovereign metals reports :

"Natural rutile market in structural deficit with current global supply estimated to decline 45% in the

next three years"

https://www.investi.com.au/api/announcements/svm/c6f18bca-8aa.pdf

In the interview also, they talked about targeting multiple industries at the same time to hedge against any price drops. High grade and sandstone could be the holy grail, also the high grade zones are so large, there is less dilution from surrounding low grades so they can initially target the low hanging fruit. This approach means lowest cost, fastest route to production. And don't forget about the copper.

Regarding crashing the price, this would harm other producers the most so in the long run we could end up replacing their production, not adding to.

Here is GGP's PFS

https://greatlandgold.com/wp-content/uploads/2022/03/Greatland-Gold-PFS-Oct-21.pdf

Total Mineral Resource 18.6millionT @ 4.0g/t gold

1g of gold sells for $66 so 4g/t = $264/t

18.6MT = $4.9billion. Lets assume they have doubled that now with further exploration so $10b

GGP entered a JV in 2019 giving away 70% for an exploration spend of $50m so they now have 30% ownership worth $3b

Their market cap at the time was around £50m

EEE total mineral resource we are quite sure is in the billions.

1 Ton of 95%TiO2 can sell for north of $1500

1 Billion T at 3% grade would be worth $45billion. EEE own 70% so $31.5b

See user Ageos's post 24 Nov 2023 15:26

https://www.lse.co.uk/profiles/ageos/

"If the 9sq km of the central and southern high grade areas alone are developed, that equates to 2.43 billion tonnes of ore at 2.43 sp gr [sp gr of average mineralised siltstone] for every 100m of depth mined."

So let's take just these central and southern high grade areas, 2.43BT @ 3% grade, that's $76.5b

The strike is thought to be over 30km, width of the magnetic anomaly is 4 to 10km, the depth can be up to 5000m and the grades as high as 6%. So the area could be over 10x larger and so could the average depth. At this point my calculator has broken.

If someone shorts this, they will be well and truly Jubbed.

(To be Jubbed was a term used on the EUA board back in 2019/20 when Jub capital held a large short on EUA around 5p and the price spiked to 17p after suspension ended effectively bankrupting the investment fund)

(could someone clarify if the new PCU's would temporarily hurt production? I'm sure I read this in the original version full year results from Tirupati's website)

Some of the debt finance could target expanded production from a little over 20ktpa current theoretical max right now to 36ktpa in madagascar. This could likely be built and brought online very quickly as all they need are three pre-concentrate units which we estimate to cost considerably less than £1m in capex each. a few £m to increase production from 20ktpa to 36ktpa in perhaps 6 months would be money very well spent. The only down side is there would be a temporary hit to production while they are installed so it is maybe prudent to get production into a clear net profitable state with a little money saved up in the bank &/or stockpile accumulated in order to minimize customer and financial disruption.

Going by asian metals https://www.asianmetal.com/Graphite/

1 year prices for flake graphite +195 (95% graphite content bigger than +100 mesh (so medium flake size) which TGR have a lot of, prices are down 2.72% vs 3% a week ago. However, graphite prices were rising this time last year so the actual rise is likely a few % over the past week, depending on how fast the prices were rising this time last year.

(see graph half way down this article https://source.benchmarkminerals.com/article/what-to-expect-for-graphite-in-2023 )

1 year prices for +895 (95% graphite larger than 80mesh = large flake and over) showing -6.68% up from over 7% a week ago. Same as above, this figure is a little misleading as the price was rising a year ago.

1 year -195 (95% small and fines sizes) have been falling. TGR don't have much small fines in their basket so this isn't a concern. I guess this is purely down to Syrah resources having a huge volume of production available, I suspect they are back online flooding the market with small flake.

Synthetic prices are all falling which is annoying as it likely means China is ramping up synthetic production keeping prices subdued due to economies of scale and surplus supply.

When I've been in muti bagging shares before, the thing that was always apparent was big trades going through in the last half hour then after hours. Looking back over the last 7 days of trading, this has very much been the case here and doesn't look like it will be coming to an end anytime soon

Https://wp-empire-metals-2018.s3.eu-west-2.amazonaws.com/media/2023/09/EEE-Corporate-Presentation-November-.pdf

• The scale of the potential titanium deposit looks unlike anything we have seen before with a strike extent of 30 km and a 5km deep keel identified by coincident magnetics and gravimetric geophysical surveys.

(Keel - any structure corresponding to or resembling the keel of a ship, such as the central member along the bottom of an aircraft fuselage)

• Pitfield is atypical of global titanium deposits which are either much lower grade beach sand deposits or hardrock igneous deposits which are difficult to beneficiate

(atypical - not typical; deviating from or not conforming to type) - So high grade, soft rock which is easy to beneficiate??

• Neil O'Brien, Non-Executive Chairman, Ph.D. Economic geologist with over 35 years of international experience and former SVP Exploration & New Business Development at Lundin Mining is involved.

• Shaun Bunn, MD, Empire Metals is a metallurgist with >35 years' experience in exploration, mining, processing, and project development.

(Highly experienced BOD from Australia who have previously worked for majors and who are very well connected in the industry)

"We are not trying to guess the value of the titanium at Pitfield as this is far beyond anyone’s comprehension just now"

RNS 30th January 2023

-- Empire's exploration team have completed two field campaigns, collecting soil and rock samples as well as surface mapping of geological features.

-- Sampling has confirmed an historic copper-in-soil anomaly associated with the Mt Scratch workings and extended this anomaly over a 4km distance south of the workings, trending along the western margin of the highly magnetic stratigraphic units.

-- The soil and rock sampling results add further evidence that Pitfield has the potential to contain multiple sediment-hosted stratabound copper ("SSC") deposits lying within what may be a "Giant" copper mineralised system.

-- Several of the rock samples collected produced stellar results including:

o 17.88% Cu and 125.46 g/t Ag (Sample PMR009)

o 4.63% Cu and 7.15 g/t Ag (Sample PMR008)

o 0.65% Cu and 3.68 g/t Ag (Sample PMR012)

Taken from Chris on Telegram

Empire Metals* (EEE LN) 5.15p, Mkt Cap £29m – Geologists see Pitfield as potentially developing into one of the world’s great hydrothermal metal ‘districts’

• Empire Metals is exploring for titanium and copper within the newly discovered Pitfield giant hydrothermal mineral system

• Pitfield is in the process of being defined as potentially one of the world’s district-scale sediment-hosted metal deposits.

• Many of the world’s major mining camps are built on giant sediment-hosted hydrothermal metal systems with Pitfield showing similar characteristics.

o Examples are the Central African Copper Belt, Athabasca Basin Uranium in Saskatchewan Canada, Red Dog Zinc-Lead District in Alaska, and the Carlin Gold Belt in Nevada

• Empire Metals is still looking for copper though drilling is currently showing significant scale and grades of titanium mineralization.

• The scale of the potential titanium deposit looks unlike anything we have seen before with a strike extent of 30 km and a 5km deep keel identified by coincident magnetics and gravimetric geophysical surveys.

outstanding contribution to Caledonia

over the last ten years

[which]... increased production, reduced costs and ... [delivered] ...

exploration success which we believe will, in due course, extend Blanket's life of mine ...

against the backdrop of a challenging operating environment and the COVID-19 pandemic

which introduced a new set of unanticipated operational challenges

• Diamond drilling is ongoing, and we are waiting on assays before further analysis. A second phase of RC drilling is also to soon commence across the extent of the core of the geophysical anomaly where high-grade titanium values have been identified by surface sampling and in the recent drilling.

• Neil O'Brien, Non-Executive Chairman, Ph.D. Economic geologist with over 35 years of international experience and former SVP Exploration & New Business Development at Lundin Mining is involved.

• Shaun Bunn, MD, Empire Metals is a metallurgist with >35 years' experience in exploration, mining, processing, and project development.

• See recent presentation for further details: https://www.empiremetals.co.uk/investors/reports- presentations/

Conclusion: We are not trying to guess the value of the titanium at Pitfield as this is far beyond anyone’s comprehension just now although the scale is impressive. Empire Metals is focussed on finding the higher grade, most valuable parts of this giant titanium deposit.

We are additionally interested in the other metals, such as copper, that the hot mineralised fluids which formed this massive hydrothermal metal system might have carried and deposited across the district.

*SP Angel acts as nomad and broker to Empire Metals

Gla

Is this available on trading 212?

Also crazy to think that diamond drill 1 and 2 are 30km apart.

See the diagram on this research report released today

https://drive.google.com/file/d/1fjU9m5h3_1McOHJiPnJqgGjpxdCbsThp/view?usp=sharing

Spedders: "59m thick by 9sqkm x 2.8 tonnes per cubic metre by 6% by £6,000: conservative £450 BILLION for Ti20. The figures quoted for DEPTH are 4 TIMES that."

Ref: EEE Pitfield : 40km x 8km x 5km depth and stated to be "DISTRICT" scale.

OK lets combine the two concervatively

40km x 8km x 150m (we dont know the grades at depth and only have the assay results to go by) x 6% x £4000 (to be conservative) and devide the answer by 10 just to make sure. Answer = £288 trillion. But the depth could be greater by 3x to 30x and the price of Ti is more like £15k not £4k.

So at £15k and 3x deeper its more like £3244trillion. And that's after dividing the whole answer by 10.

That super conservative figure is 644,800 times more in the ground value than GGP. Their market cap is 10x that of EEE so our share price should be... 70,928,000p

Impossible to say until a resource is declared, metallurgy is complete and a-pre feasibility study carried out showing the economics.

Depends how large a process they want to run. The best idea would be to go for a small operation first of the highest grade part of the asset which could then self fund expansion. Unless they find a wealthy partner to come in but the larger the project the longer it takes to plan and build, plus there is a risk of crashing the Ti price. It is forecast to be in a deficit soon which should further lift the share price

Quick Google and Ti appears to sell for around 3x that of copper so maybe £15k/ton once purified?

They would probably sell a concentrate of some description for much less than that.

Either way this is bonkers. GGP own 30% of let's say 10m oz of gold. 3moz at $2000/oz = $6billion

EEE surely have multiples of this. $trillions being talked about? Seems crazy. Let's be realistic and say $600b for starters. That's 100x the value of GGP's main gold discovery.

How the economics stack up is a different topic. What does it cost to produce a tonne and what is the product being sold? I think Sovereign Metals are hoping to sell a 65% rutile product for around $1500-$2000/t

Here is the Sovereign Metals scoping study

https://www.investi.com.au/api/announcements/svm/c6f18bca-8aa.pdf

Notice the resource table on page 17

1,775 million tons at 1.01%

On the latest interview, I'm sure billions of tonnes were mentioned. Is this billions of tonnes of Ti or billions of tonnes of 5%+ ore? And how many billions we talking?

V o x markets, podcast can be found by searching google for articles/new-article-59f0567/