Member Info for LoveHandles

As I have previously stated on this forum, mineralogy would be the stumbling block.

For all of those getting excited by EEE's RNS today - "in the land of the blind the one-eyed man is a king!".

Please do find for us examples of active mines in the world where titanium is produced from "titanite" or "sphene" ores.

Sad to watch this one, and see participants in mutliple recent equity raises hosed. An Optiva special, and the Chairman…well…what can we say. Suppose the only bright side is that former CEO Christian Wilkinson-Taylor, who owns about 7pc of the shares, probably got hosed as well…he own 3/5th of F’all now in vakue terms. Too smart by half. Divine retribution. Incompetence has a new Champion. Feel sorry for the new CEO - Mr Simonet. He caught a hospital pass from the Optiva/ CWT / “dead” Wood. Lesson learned to avoid this terrible trio in the future.

It will be all but impossible for EEE to negotiate offtake deals or project JV's with a major mining company without clear answers on mineralogy and a viable metallurgical process route. EEE will need to share this information with the market. Once that information is shared with the market and if it demonstrates the possibility for robust commercial outcomes, only then would serious industry players bother with the time and expense of due diligence. That's why I said in yesterdays post I think it trades side-ways for the time being.

The Indaba Crux interview was good, and great to see SB now bringing specific titanium mineralogy/ metallurgy expertise onboard. This is exactly what is needed. I called it - said they’d do a cap raise before providing the market with answers on the mineralogy. I also thought it would be in shareholders best interests for EEE to do the mineralogy and process work properly before throwing all the balance sheet at a drilling out a JORC resource.

I suspect EEE will trade side-ways for a while now. Successful resolution of mineralogy and processing route is not a given. But at least now the new team members can work through it systematically. It will likely take longer than people expect to see answers, and titanium in highly altered sandstones wont be as clear cut as simply identifying ilmenite/ luecoxene or rutile. This is why titanium is generally NOT extracted from sandstones, even though there are some sandstone deposits in the world where it is known to exist. I’ll be watching with interest how this unfolds.

Bath University - UK

I wonder if they have a mineral economics department?

https://www.bath.ac.uk/announcements/optimistic-thinking-linked-with-lower-cognitive-abilities-new-research/#:~:text=Research%20from%20the%20University%20of%20Bath%20shows%20that,and%20pessimistic%20in%20their%20expectations%20about%20the%20future.

Https://www.zerohedge.com/political/optimistic-mindset-linked-poor-decision-making

I dont understand this comment: “ If you knew anything about process development, business strategy or even Shaun you’d realise that proving a £5k analysis of mineralogy would not be something a company who is looking to become the worlds largest titanium producer / provider / supplier isn’t exactly instilling confidence.”

Demonstrating the results of a simple GBP5k qemscan analysis or similar, and actually publishing the detailed results to market, would be EXACTLY what a company looking to dominate global titanium supply should be doing. Any more elaborate approach than that is simply nonsense. I think there is a good chance EEE wont publish the raw mineralogical results, but rather some abstraction or potted summary that doesnt reveal the bare-bone facts. What the market needs to know before Pitafield can even start to be considered potentially commercial is:

- what percentage of the TiO2 assays reported is a commercial product ie primarily ilmenite

- what is the quality of that ilmenite - is it unsaleable like BlueJay’s?

- what are the liberation parameters of the ilmenite ie particle size distribution/ how to liberate it from the sandstone?

- what impurities might exisit in the ilmenite by way of intergrowths and inclusions of other contaminant minerals?

- what percentage of the reported TiO2 assays are unsaleable silicate titanium compounds or anatase for example?

- what type of yield of a commercial titanium oxide mineral(s) can EEE expect from the 6pc reported TiO2 assays?

D for Dunce!

Is SB a geologist or a metallurgist?

Can you explain the mineralogy to this chat room since you have been convinced after speaking to the Company? You do realise that if the Company has laboratory results regarding mineralogy and they aren’t releasing them to the market immediately, then that could potentially be a serious problem. I reckon mineralogy results, negative or positive, might be what some people deem “price sensitive” information.

I am an investor. Not an AIM Gambler.

Ha ha. They could have tested the mineralogy and announced it to market for a £5000 test that takes a couple of weeks. Why any need to go to the CSIRO? You only go to the CSIRO if there are challenges with the mineralogy. CSIRO is the Commonwealth Scientific and Industrial Research Organisation (CSIRO) - the Australian Government agency responsible for scientific research. There was no research required here - just a stock standard mineralogical analysis using any one of a number of common and well accepted methods. They raised £3m before letting market know the results of some routine and inexpensive analysis work.

That’s all well and good. But EEE have never once reported anything at Pitfield as a % ilmenite - which is the industry standard way of reporting it. Instead, they are reporting naked elemental assay results ie % TiO2. Therein is the misnomer. % TiO2 as reported in an elemental assay result often has nothing at all to do in terms of indicating a % ilmenite (ie the valuable & saleable commodity). Many in this space have come unstuck precisely because of this nuance or possibly sleight of mouth.

"Tout" being the opperative word.

You have hit the nail on the head.

From the various EEE press releases (see 11 July 23 RNS), it seems that they are acknowledging that ilmenite is the potentially valuable mineral at Pitfield. But they have never once reported it as a % ilmenite. They are reporting naked elemental assay results ie % TiO2. Therein is the misnomer. % TiO2 as reported in an elemental assay result often has nothing at all to do in terms of indicating a % ilmenite (ie the valuable & saleable commodity). Many in this space have come unstuck precisely because of this nuance or possibly slieght of hand.

Does a healthy dose of reality really smell bad? News to me.

Happy to oblige. Pitfield will be extracted using a common method in junior mining. It’s a machine called “Your Imagination”.

“D” for Dunce. I have done the math. Even posted it to this forum a while back. Have you done the analysis? Do you understand that nearly all the ilmenite produced in the Western world (ilmenite is the prinary economic mineral that titanium is extracted from) is mined from mineral sands deposits? It is free-dig sand. No crushing or grinding required. No drilling and blasting required. If you have to now include these elements in the production process for a sandstone ore body (Pitfield - maybe) - it adds tremendous cost. You guys get a “A” for great ramping.

Yes - that is what I am saying. One private Saudi investor who dabbles in mining stocks.

IF - a big IF. But if it is shown that a saleable product can be made from the deposit, then they still have another massive hurdle to overcome. How to mine and process it for less than they can sell it for. They will have to drill, blast, crush and grind the sandstone to liberate valuable minerals (if indeed they exist). Good luck with acheiving a profitable outcome with that at 6pc TiO2, after applying typical West Australian mining costs. But I have said all of this in previous posts - nothing new.

Every one seems to think that the Saudi investment is “strategic” or represents the interests of the Saudi government or oil money. As far as I can tell, it is nothing if the sort. It is a private Saudi businessman, who dables in junior mining stocks, and doesnt particularly have any expertise in mining and exploration. He is also Chairman and a large shareholder in Mason Resources (graphite) - TSX. They have a grandly market cap of C$17m. I doubt very much this guy represents the interests of the Saudi government. Rather, he was probably held out by the broker during a book build, done very quickly, as a “Saudi strategic investor” (when he isnt - he is merely a cornerstone investor in a cap raise) to induce a lot of existing holders to come into the raise. It’s a classic trick.

I did warn previously that EEE would raise capital prior to being entirely open with the mineralogical results from Pitafield. Manlord and others shot me down. But it happened. I believe that anyone who buys shares in this company before the it is proven that the titanium mineralogy can actually be commercialised is throwing their money away.

Imagine if they actually released some mineralogical information? This has played out as I predicted - they have raised capital before having to reveal to market titanium mineralogy. Alarm bells should be ringing now we have been told that there is higher grade titanium in the more highly altered sandstones. Almost certainly means they have a complex ore type that probably wont yield a saleable product. GTLA.

If I was board of EEE, I would do a cap raise now while the SP is above 5p, and have enough cash in the bank to try keep the NEON lights flashing for the ramp and before I have to disclose to market that my titanium mineralogy is…errr…”complex”, to be polite. And if there was copper…we would have heard about it already.

Now all we need is Manlord to post another random list of global Tier 1 deposits and hope the glory rubs off onto EEE via either association or naievity. That was the most brazen bit of ramping I have ever seen.