Member Info for Catbert

In the Kroll process, titanium tetrachloride (TiCl4) is reduced with magnesium to produce titanium metal and magnesium chloride. Generally, the Kroll process yields roughly 70-75% of the titanium from the titanium tetrachloride feedstock. This means that around 70-75% by weight of titanium can be extracted from titanium dioxide using the Kroll process.

I might have slightly exaggerated the resource value $171 Trillion should read $120 Trillion.

The extraction of titanium from titanium dioxide typically involves a multi-step process called the Kroll process. Here's an overview of the process:

Conversion to Titanium Tetrachloride: The first step involves the conversion of titanium dioxide (TiO2) to titanium tetrachloride (TiCl4) through a chemical reaction with chlorine and carbon in the presence of rutile or ilmenite ores.

Reduction of Titanium Tetrachloride: In the next step, the titanium tetrachloride is reduced to metallic titanium using magnesium in a batch reactor. The reaction forms magnesium chloride as a byproduct, which is removed from the titanium.

Purification of Titanium: The resulting sponge-like mass of titanium is then purified through various techniques, such as vacuum annealing, electron beam melting, or using a consumable electrode arc furnace.

Formation of Titanium Ingot: The purified titanium is then formed into ingots through processes like vacuum arc remelting or other methods that rely on the melting and solidification of the titanium.

This process is used for the production of titanium from titanium dioxide, and it requires careful control of temperature, pressure, and reactant concentrations to ensure the production of high-quality titanium metal.

Catbert is not a mathematician. So please run your own numbers.I have made some assumptions as follows.

1. Length of pitfield 40km 40,000 meters.

2. Width of pitfield 8km 8,000 meters.

3. Volume of a ton of rock 1.1m2.

4. Depth of pitfield mineralisation 300m.

5. Average mineralisation of 3% across entire area.

Assuming a 100% level of recovery at 3% this gives us a resource of 26 Billion Tons of Titanium as in metal not ore or concentrate.

The value of a ton of Titanium is $65,000 US.

The actual NAV is 1.7 Quadrillion aka 171 Trillion US $.

If Bunny isn't on the front cover of Forbes magazine by this time next year I'll be surprised.

As for the mining majors, they can do one. Empire looks like it now controls the global Titanium market, or will do shortly.

Given that quite a lot of this stuff is at surface they won't need to do a PFS/ DFS they just need to work out a processing pathway and get mining the stuff. The exploration can self fund.

Empire with a find like this might have just become a Major.

Someone check my maths I might be delirious.

This is just Titanium alone. There are other metals there.

Frankly the majors will be filling their romper suits when they realise what this is going to do to their market share and valuations.

With a find like this a couple of hundred million for process plant is a piddling investment and they should easily be able to fund that with some off take agreements in place. They don't need a major to get involved.

I recall an earlier interview in which Bunny said that the process for a find like this isn't the same as for a typical exploration find. In this case the explorer has no need to be beholden to a major.

I think I need a lie down. Today has been emotional.

GLA DYOR and somebody please check my calculations.

It could just be people are having a punt on EEE before it's too late. I've seen at least one person over on their BBs saying how he'd run out of patience here and redeployed some money there.

I'm holding here still. I think we're close. Hopefully. GLA.

This is a unique find indeed.

The greatest issue we have is that it is simply too huge to comprehend for most.

So as a yardstick ( a very rough and ready one we could look at an Ilmenite sands project as a guide) my suggested yardstick is Sheffield Resources Ltd.

It's a $239m Aussie company approx £175m they have two main resources one is 8km x 6km roughly and a thickness on average of 15m plus for 750mt and 3% Ilmenite plus another smaller site 5knm x 1-2km with widths up to 25m down to 7m it's open to expansion but they are calling it 130mt at 1% ilmentite plus some other heavies for the second site for 100Mt or so.

Empire is at least 350m deep x i.e. 23 times that of Sheffield resources plus much wider and longer. Plus higher grade.

If we use the market cap of Sheffield and their resource as a yardstick to show the scale of Pitfield the numbers quickly get silly.

£175m x 23 pitfield width 350m vs 15m = £4,025,000,000. plus the grade is at least 33% better £4bn x 1.33 = £6Bn plus it's area far exceeds that of the two areas included in the resource for Sheffield Resources.

These numbers quickly get quite silly but in a good way if you happen to be a holder.

The scale of Pitfield is somewhere beyond jaw dropping and we haven't tapped into it yet.

It could quite easily be Sheffield Resources squared. OMG!

DYOR and GLA

You are right Fairview. There are depths on the RNS.

Still, you would need to be an insider to know what the significance of this report means.

They refer to areas yet there is no map. There are no drill locations. It is still the case that from the data provided it remains impossible for anyone bar an insider to tell what they have here.

A map with drill locations grades found and depths plus the overlying ground sampling data is what is needed. They seem unwilling to provide this.

Same old BS as usual. Masses of information left out. No resource numbers. No date for a resource number.

Crucially no depth details. No maps. PI's kept in the dark. Share price still being deliberately held back by the board.

No details on testing for a processing pathway either.

Simply inadequate information for an outsider or PI to discern if this is economic or not. It seems to be a quite deliberate policy.

Que interview with Prof "delighted" with finds whilst dissembling on why the share price is where its at. We all know why. You wont release adequate data.

Conflation, unfortunately Bear (probably).

"The next open forum investor webinar will be held in early December 2023 to coincide with the planned Ethiopian Government's mining MineExpo and will focus on Tulu Kapi Project Syndicate activities and announcements. Details of these two events will be announced in due course. "

Whose open forum? The poster Paper State? The EG or MineExpo's or is it Kefi's my guess is that it is the poster's open forum which is the Paper state. The fact that it references two events seems to suggest that the events are not connected.

Were it Kefi's I'd guess that they would publicize it directly rather than leak it out through a poster on X. If it were the EG's same deal Kefi would be promoting the heck out of it. Same if it was an event at the Expo.

Sorry to tiddle on your strawberries. I'm still positive here. GLA.

Isn't this the handle for the cup?

Lambinator's right.

It's the law of wiggly lines. They have to wiggle. This investing malarkey would easy otherwise.

Could someone share the interview link please?

Exactly. We should at least exceed the 52 week high of .28 with this news.

Hopefully the Board has lined up some press and promotional activities to spell out their hopes for Mbe and Bibemi.

News is also due from Senala too. Remember some of the grades we had there? Some of them were in the 20g/t range.

This is worth double what the market cap is now with all of our projects progressing.

Bibemi should be at a resource of 500,000 oz by December and we have a mining partner there plus a huge scope to expand this resource Lawa East and West have hardly been touched. It could be developed into 1.5-2m oz with some drilling. That's a 100m company if we do that on Bibemi alone.

Mbe is massive and has undrilled bonanza grade showings. Again on a free carry. We should be at a £20m market cap at least by this time next year.

We can't get diluted either! I couldn't care less if the herd finds this or not.

This will get to .5 by December 2024 and maybe a lot more with some decent hits at Mbe or a good resource expansion at Bibemi.

These two deals have some interesting terms.

Unlike Senala where the exploration is done by the partners and seems to be down to them to decide what and when is done and what and when information is released Oriole will manage both the choice of technical exploration and administer it for a 10% fee.

Not only do we get the money but we retain control of how the projects are executed and we therefore control the news flow too. The 10% admin fees will contribute to our running costs and will add to the ongoing Lanstead payments.

Both Bibemi and Mbe are open goals and just need cash to expedite and so it is a good deal for our new partners too.

Bibemi has an obvious resource expansion with the geometry already proven and Mbe has a bonanza grade vein which runs for over 100m and so we're almost guaranteed some tasty drill numbers as soon as we can report on maiden drilling there. Note too that the deal is for Mbe specifically.

There were hits on some of our other areas in the CLP too and so we still retain a large exploration area with other targets not subject to these agreements.

Senala is due to report soon too.

Today has seen a good rise however this portfolio of projects is now chronically undervalued more so given that we wont need to do a raise for two years and we should anticipate progress at both Bibemi and Mbe within months.

Great news for shareholders and surely congratulations must be due to the board for getting us moving forwards again.

Using an XRF on a core doesn't work very well. It does work to a small degree however the issue is that it measures the surface at a single point and not what is within the core itself. It is possible to build a composite reading with an XRF however this is still limited. Furthermore XRF doesn't pick up lighter elements as well so for example Lithium in low but economic concentrations may not be detected.

Some of the grades for a few of the worlds largest copper mines;

Teniente .56%

Grasberg .6%

Morenci .52

Canenea .45%

.65% would work if the tonnages are there. Here's hoping.

GLA.

They haven't posted most of the drilling data done this year they haven't posted any of the ground sampling data either.

They are sat on lots of unpublished data. They only ever publish snippets of information.

My guesstimate re the suppression of validatory data and thus share price comes down to two main theories;

1. The Deathstranding theory- there's nothing commercial there- this theory has the issue with Demir which may disprove it although it could be that Demir simply like the location and want to explore it. In other words what has been found isn't commercial but it seems possible in Demir's estimation that something commercial might be there waiting to be discovered.

2. The loan conversion theory. Various parties have loans to the company which have been stayed however if Demir want a mine these could be converted to shares at the prevailing price so that the parties who are owed money will gain a greater share of the prize if the share price is lower. They will get more shares for their money as their loan repayment. In other words it'll be one final rinse of the PI's position before a mine is announced. There is a large sum outstanding. Holders could easily get a 50% dilution at the current market cap if these debts were repaid as shares. If the price rose it would mean less share are issued to repay the loans assuming of course that these loans are repaid in shares not cash. However as there are precedents of loans being repaid in shares so this gambit is in the playbook. €3,119,148 is the sum owing according to the accounts (plus interest I'd guess if these are loans). All owed to the current and former directors.

It would be a good question to ask the board. What are the plans to repay these loans and can they guarantee PI's that it wont be done with newly issued shares.

Letting the share price rise now, if we have found something wouldn't be in the financial interests of the Board if this theory is correct.

They are deliberately opaque with the data. Sunday Roast is mostly waffle not facts.

The Prof is a scientist and understands scientific method and data and how to present such.

If he wanted to he could publish maps collar locations drill results, ground sample data and other surveying data to show the market exactly what is there. All of it and not just selected tidbits. Yet he doesn't. Why?

If he truly wanted the share price to rise he'd do this but he doesn't. I can only guess at why he doesn't - what does everyone else think?

My guess is that this is connected with the addition of Rod McIllree to the shareholder register. Rod is a major shareholder and his interest is going to be in optimising his investment.

Neither Jo nor the FD hold many shares. Secondly Rod's experience is by far and away superior to these two. Interim FD's are ten a penny. Jo is retained for his depth of knowledge on the two projects.

An FD for a tick along AIM company is a different creature to one who is going to sign off-take agreements and launch a mine.

I see these developments as good for shareholders. Rod clearly sees an opportunity here. The board needs to give him the leeway to execute his ideas.

Bankrupty, you are right about most of what you say. To be honest no body can tell the future and a price prediction is an attempt to do so.

The point I disagree on is the timeline of 20 years. My guess is that can get to DFS in 6 years or thereabouts with the right partners.

Grandma has already warned me about going into her draws. So I do have to be careful about that, i hope you understand.

We'll undoubtedly get diluted on a JV.

We stopped at 350m for a reason and I suspect it is that we knew what we were into. If we went deeper we'd be forced to answer the really big question which we aren't ready to ask yet- What lies beneath. This would distract us from what is already a Tier 1 Titanium deposit (or shaping up as such).

This was a copper project originally. It still is. If the bottom matches the top. It could be the biggest one on the planet.

Off for a kip now.

Wake me up when the next RNS comes through.

GLA

My target price is £12.

If the underlying system is a copper porphyry of equal scale to the Titanium cap then this is Australia's Rio Tinto.