Member Info for Fortissimo

FUZZY1014,

Agree, fair point. There's no doubt 'value' has been created for shareholders. And directors justified in awards. But those awards have been given now, so one view going forwards, (and if using the same sp criteria) is that management should not be rewarding themselves with any further option / bonuses until 'sp' progress is delivered. And that needs to be 50p+ ranges. Unfortunately, that's not how it works... and you'll find management start to align their share bonuses with company / on the ground performance (in their eyes) and disregard share price values as being 'market driven' and not representative of the company progress.

So you see... they will always justify the bonuses/awards. The more they build their wealth or holdings, the more incentivised they become to accpt lower offers or poor JV deals. This is what shareholders need to be careful of. Once you get large shareholders on the book that are over 10%+ holdings, it starts to get more complicated for the little guy (retail).

Important to view the capital raises on a 12 monthly basis rather than isolated individual raises.

Looking purely at the 2025/2026 period...

October 2025 40p raise of £7m = approx 2.6% dilution

May 2026 30p raise of £8m = approx 3.5% dilution

Total raised £15m. Dilution = 6%+

Average price paid approx = 34.1p

That's minor in grand scheme of things. But when you add in directors rather generous self awarded bonuses/option, the shares in issue rises to 757m.

That's up almost 9% from 2025.

Directors should not be rewarding themselves with options and bonus shares when delivering 'placings' at significant discounts. 40p to 30p is a big drop from just 8 months ago. That's not progress and should not be rewarded.

Harsh... but fair.

Claire is dutch but spends most time in malaysia now. The funds are the same but think the Apollo name has now been dropped or changed.

EEE do seem to have alot of 'malaysian' interest don't they!? Not surprising considering the their appetite for Titanium dioxide imports.

Certainly a few potential clients/affilates over there and short transport distance compared to other countries.

Claire is a fund manager overseeing (AIMS Asset Management Sdn. Bhd). She's mainly focused on asia so could be seen to align with the main Asian fund investor to some extent.

Previous was 2.85%. Now at 3.63%.

So thus far Asian fund has added 1.24%. Holds 8.28% Claire's fund has added 0.78% holds 3.63%.

So around 2.02% accounted for. Another 1.5% to be reported (IF) the holders tip over the thresholds (%).

On face of it, just looks like all main shareholders holding above 2.5% were asked if they wanted to subscribe.

2030 is the sweet spot

good read on supply and demand

https://theoregongroup.com/investment-insights/turbulence-in-global-titanium-supply/

Dilution is inevitable with 'small' exploration miners but it can vary alot based on how management go about monetising the assets. It's a game of cat and mouse between small players with zero cash and inability to finance hefty project capex's ... some as high as £1bln+ and others funded in stages with more realistic £250m budgets.

No one know's what Empire's plan is at then moment as they haven't got that far in terms of project derisking. And it's now a question of HOW FAR do they want to go. Investors familiar with the Lassonde Curve will be well aware of the perils involved in self financing. Quite a few examples of failures out there.

The best result is often a JV deal or complete sale but at a deep discount to NAV. There has to be 'alot' left in there for the next man.

Thus far EEE haven't gone for large capital raises and dilution has been minimal since the 30p+ days. I don't think management are the type to go for heavy dilution. I think there's a chance they already have their interested parties on board and perhaps the recent £8m discounted subscription is a sign of that 'special relationship' building.

I don't think royalty deals are an option here (but could be wrong) so that just leaves traditional pathway via JV, sale, farm, cb's etc etc. FWIIW, I think Shaun wants this monetised and handed over to the new owners within the next 18months to 2 years. In that time frame, you won't see much dilution at all.

First things first... they need to get the resource updated, economics defined, flow sheet and PEA sorted. And lots inbetween. Should be an exciting H2 and ASX listing certainly the right move to offset the shaded and weak AIM/LSE... the latter now a shambles and a 3rd tier trading venue.

Https://www.proactiveinvestors.com/companies/news/1092373

And the £4m placing just over 6 month ago....

Use of Funds

The proceeds of the Subscription together with existing cash reserves of £4 million will be primarily used for:

· Exploration and Mineral Resource Drilling

· Project Management and Project Development including:

o General development related studies including environmental, social and marketing

o Preliminary engineering and economic studies covering mining, process plant, infrastructure and energy

o Metallurgical development including mineral separation and hydrometallurgical continuous piloting

· Corporate overheads

From the funding RNS

Use of Proceeds:

The proceeds will allow acceleration of current development work at Pitfield and fund Empire's development studies, principally:

· Engineering and economic studies - mining, process plant, infrastructure and energy workstreams

· Resource growth - MRE expansion drilling and classification upgrade

· Product and market development - pilot-scale production and offtake engagement with TiO₂ pigment and titanium metal end-users

· Corporate - ASX listing costs and general working capital

Unfortunately that is not true gemrusty. Manlord is correct to flag the unusual trading patterns on EEE. I've been in and around mining investments for the last 30 years. I flagged similar concerns on SOLG (Solgold) when the trading patterns suggested some level of 'control' and deliberate suppression. It went on for months and every decent new release seemed to be hit with selling/suppression techniques. SOLG ended up going to the chinese for a song. Had the sp not been controlled and suppressed, then highly likely it would have gone for double the takeout price. SOLG management did very little to counter it. And it later transpired that many directors were actualy incentivised to take the lower offer price through gaining lower option prices and larger bonus share awards. All very poor but apparently 'above the line' these days.

The chinese built a 12.2% stake in SOLG prior to making their offer. SOLG Management actually helped them acquire shares on the cheap by gifting them 6%+ stake for a poor $18m.

So Manlord is correct to flag the trading patterns and especially so after Management have recently given their main shareholders (one being an asian fund) a discounted subscription at 30p. The question is why? Why do that raise now? Why not wait until you get all that nice data/assays in. Why not wait until issuing the updated MRE?? It's not like they needed the £8m right now is it?? They could have waited a few more months.

So the question is... what was the rush? And it was rushed. And why the discount? Bit of a gift wasn't it?

Asian Investment Management Services Ltd confirmed as taking 1.24%

So looks like the 3.6% may have been split among the 3 main holders.

8.28% holding now for the malaysians.

The Subscription Shares were admitted to trading on AIM 8am today.

II's have around 48hrs to 72 hours to declare any increase in holdings. You might get some TR1's today but more likely early next week.

Only slight issue is that declarations tend to move up and down a full % threshold. So feasible that an II holding 6.99% could happily (and wrongfully) sell down 0.98% leading up to the subscription thus starting at 6.01% and not requiring any TR1. If they then take 1% in the subscription, you'll know they participated, as TR1 triggered on going over 7%. But if they add back in 0.98%, then it might look like they haven't participated at all.

Very hard to track II's when subscriptions are so small. £8m raise is not pennies in grande scheme of things but it's not a major raise either.

Smaller mining companies tend to split finance rounds based on derisking or investor appetite. In theory, EEE could have got £12m away last year. But it's prudent to raise 'what you need' on a six month basis. That said, with ASX listing planned, prospectus (if required) will need to show accounts fully financed for 12 months (forward looking). Or it could form 'part' of the ASX listing with a further raise specifically for ASX investors.

Asian/Chinese investors have proven to strike a hard bargain when doing finance rounds or making acquisitions. They are very adept and savvy about mining. Caution is required should EEE find themselves with a chinese investor holding over 10%. Management must be careful and look for a diverse book. Going back to the same investors (cap in hand) beyond or above the usual managing 'dilution' stage would be a worry for longer term investors seeking full value or accretive JV's.

AAZ just quietly going about business... that's fine. It's not a frothy style aim penny stock so lacks the manic retail punters squabbling about nothing all day long.

AAZ was 310p when PoG was $4800oz and copper was $5.60 (Feb 2026)

Today, AAZ is 315p, PoG has dropped $100oz (minor) but copper has put on almost 20%. On a relative basis (strip out the induced US/Iran war debacle) and the sp would have moved from 310p (Feb) to around 390p (today's copper price).

So the stock still has long way to go to reflect the recent rises in Copper.

Judging by some of the larger buys today, I suspect a few fund managers might be looking to gain a position ahead of a likely dividend announcement next month.

450p was my target for this time next year but I hadn't factored in Copper at $6.60. That's worth an extra £1. So 550p target based on AAZ delivering the planned numbers and dividends kicking off.

What a great place to be invested at a time like this... when there's a major copper shortage looming.

Wow.. really moving fast and ignoring any Trump Iran rhetoric. Copper now testing $6.57

I did say it would be heading to $7.

The US IRAN war has actually increased copper demand through the uptick or surge to renewables/EV's due to higher oil/gas prices.

Remember... AAZ are moving toward a far greater copper output circa 20,000 to 25,000 tonnes this year.

Market slowly waking up but when the Q2 numbers land... then it will really wake up. 400p+ in no time is my guess especially if copper near $7.

Sajy,

Agree... but guess it's always a question of dividend vs reinvestment/cash deployment vs debt model for new mines. They have to strike the right balance and part of me is saying... nice juicy dividend twice yearly and another part of me is saying... lets accelerate the other mines and get them moving pronto using some free cash flows. Management have a strategy which is long term and over several years, so perhaps they've already worked out their dividend and capex plans based on projected revenue?? One would have thought so.

Copper $6.27

Serious supply issues loom. Not enough new mines coming online.

Nice one sajy, agree... much better if AAZ start to focus on news events like other miners (PR wise) rather than bundle into finals or combine with other RNS's.

There are a few minnow miners out there (or used to be minnows) that have grown around £200m+ market caps (from £20m caps) based on delivering an exciting exploration phase and using the news (good results) to gain significant momentum.

Just imagine where AAZ would be if knocking out a nice $30m free cash flow per quarter yet combined with exciting exploration programme with regular updates?

Amir and team need to seize the opportunity and get the PR wheel spinning fast as if they play it cool and conservative then I think it's highly likely they'll get another unwanted takeover approach. Often teh case when a company has spent time getting production sized up and facilities organised only then to be snapped up before the real cash flows start flowing in. Seen that many times. That's markets for you.

New highs in copper as it pushes through $6.20.

AI needs copper and lots of it.

Copper retesting all time highs. If it gets through that $6.20 area then could be onto $7.

Great timing by AAZ in gold to copper transition.

Just need Iran/US to agree terms and we could be hitting mid 300's in no time at all.

There's always news around the corner. I think a rerate well overdue on AAZ as it was trading happily at 315p prior to Iran war. As regional risks subside, the stock is closing that discount gap now but long way to go yet.

Q1 numbers were the 'kitchen sink' scenario with ops lagging true 2026 potential. I'm expecting the next set of numbers to really wake up the market and the next set of numbers (q3) should blow the doors off assuming silky smooth ops ramp up fully embedded. They have alot of ore stored up.

$100m in cash before year end??? Just what would they do with it? A nice chunky divi of 20p+ would be a nice start. Or start with 10p on a bi annual basis.

There's a huge bunch of fund managers/divi chasing funds out there that would pour into AAZ if or when they kick off dividends. The stock needs volume and fund managers tend to buy bigger chunks than retail.

Compared to other miners out there, AAZ should be £400m to £500m market cap minimum based on potential to generate £50m in cash a year. £1bln cap based on £100m. That would be £9 a share.