Member Info for Manlord

Interesting that David Parker was on this panel because, reading through the key takeaways, it almost feels perfectly aligned with the direction we’ve been heading. The discussion was about understanding where value is created throughout the supply chain, building domestic processing capability, and positioning Australian projects within trusted global critical mineral networks. To me, that sounds remarkably similar to what we’ve been hearing from SB and the team regarding Pitfield, and moving beyond a simple mining story and towards a fully integrated, value-added titanium business. The resource is obviously important, but increasingly it feels like the real value will be determined by what we can produce and who wants it, and where we end up sitting in the global supply chain.

Empire look to be fully integrated with the Australian Critical Minerals Association.

IMP this govt will never let Pitfield fall into outside hands. SB told me last September (3 weeks before MRE) that investment or support decisions from governments are usually / likely to be made when feasibility studies are complete. Not long to go.

ML

https://www.linkedin.com/posts/fom-criticalminerals-mining-ugcPost-7472838546903441408-0Qez/?utm_source=social_share_send&utm_medium=ios_app&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA&utm_campaign=copy_link

Good morning Sir.

So, what you’re really saying is that Pitfield isn’t just a titanium deposit, it’s potentially a low-cost, one stop shop titanium powerhouse that could fundamentally change how the industry produces titanium products, with a unique orebody (Unicorn inverted Mt.Everest type), a fully integrated processing route, multiple high value end products, with a potentially value enhancing alumina by-product stream that could materially improve project economics, and all of it located in a Tier 1 mining jurisdiction with supportive govt engagement, creating the sort of scale, efficiency and value add opportunity that very few projects in the world could ever hope to replicate, possibly leading current shareholders to financially fruitful rewards?

Who knew Sunday school could be so much fun!

Enjoy the rest of your weekend Ageos. Only weeks away from this years big lesson.

Chapter 7 - MRE Upgrading & Associated Economic Valuations.

ML

Empire Metals (EEE), the AIM-quoted and OTCQX-traded exploration and development company, announced the completion of an integrated metallurgical processing flowsheet for the Pitfield Titanium Project in Western Australia. The flowsheet is capable of producing a premium 99%+ TiO₂ pigment, supported by bench-scale testwork now successfully completed across the key processing stages. Pitfield’s use of conventional processing technology, combined with the orebody’s mineralogical advantage and the Project’s location near readily available infrastructure, underpins a highly competitive cost structure. The flowsheet also offers the optionality to produce titanium metal feedstock and a high-grade alumina co-product. EEE said “The development of a fully integrated processing flowsheet  utilising conventional beneficiation, leaching and refining processes to produce a high-grade (99.25% TiO₂) product represents a defining moment in the development of the Pitfield Titanium Project. This outcome not only demonstrates the potential to produce high-quality TiO₂ products, positioning Pitfield to serve premium pigment and titanium metal markets, but also provides an option to produce high-grade alumina, a highly marketable co-product.”

Comment: It is rather frustrating that EEE keeps on delivering the goods as far as progress on Pitfield, but that the share price has essentially flatlined for months. This should not be the case given the commodities boom (at least in terms of securing supplies) that we have been in since last year. Perhaps the market wants to see the company take the project rather farther down the line, and more quickly.

Zak M.

I agree with this

“It is rather frustrating that EEE keeps on delivering the goods as far as progress on Pitfield, but that the share price has essentially flatlined for months. This should not be the case given the commodities boom (at least in terms of securing supplies) that we have been in since last year.

I’m not sure about this as I’m conscious we’ve actually been rather prompt with developments but buyers move the needle, not my thoughts on mining timelines and I do still feel the last 6 months of trading action and SP performance is out of kilter with what I’m used to seeing over the last 10 years here. The bid is being peppered constantly and I don’t care what anyone says, I’ve never seen anything like it.

“Perhaps the market wants to see the company take the project rather farther down the line, and more quickly.”

ML

Hi Fortissimo,

We’ve all had rants here that’s for sure, par for the course.

I do think the broker note was a little light on detail, particularly given the significance of confirming the flowsheet and the progress we’ve made over the last number of months.

That said, I can understand why Canaccord have maintained the 62p target for now and I’ll explain why. Just my opinion but they would need hard numbers so that they can model rather than just acknowledging that a project has become less risky. We now know the flowsheet works, we’ve demonstrated 99%+ TiO2 pigment, identified a potential high-grade alumina co-product and continue to advance the titanium metal feedstock opportunity, but until those additional value streams are formally quantified and incorporated into economic studies, they are unlikely to assign full value to them, which in my opinion is also why we only saw a 5% rise yesterday. I’d say 2% of that rise was general market all tides rise as all miners were up big on war news.

The section of most value was the reference to potential upside from the alumina and other product streams. To me, that suggests the door is absolutely open for a future upgrade once there is enough data to support it.

Since the original 62p target was published we’ve completed ‘000’s of metres of drilling, significantly advanced the metallurgy, strengthened the technical team, reduced technical risk and moved much closer to an updated MRE and the eagerly anticipated economic studies. It would be impossible to argue that the project is not worth more today than it was when that target was first issued but I see this as a case of Canaccord remaining appropriately conservative rather than suggesting there has been no improvement.

I have absolutely no doubt that they will raise the target as milestones are delivered with specific data, facts and hard figures, rather than getting too far ahead of the data.

For now, I’d be happy to see us reach the existing 62p target first and if the upcoming milestones land as expected and the economics do show the obvious improvements that we can expect, I’d be surprised if future valuations didn’t reflect that progress.

Have a good weekend all.

ML

“Pitfield flowsheet now aimed at multiple products with a higher economic outcome.

Canaccord Genuity view

Empire targeting a high-quality rutile pigment, an alumina co-product and potentially titanium sponge as end products

Empire has announced further positive developments in its Pitfield process flow sheet, with potential for the production of alumina as a co-product and a process path to titanium metal sponge. After further batch-scale test work across all processing stages, Empire has confirmed its flow sheet is capable of producing a premium 99%+ TiO₂ pigment, with Empire targeting a high-quality rutile pigment end-product.

Alongside pigment production, Empire is also aiming to produce a titanium sponge product as a feedstock for the titanium metal industry. At this stage, however, the flow sheet for titanium sponge via molten salt electrolysis is still under development. Empire has chosen this process route (over the Kroll route) due to its potential for lower energy intensity and cost, as well as a reduced environmental footprint.

Empire has also announced it has optimised the flow sheet to produce economic quantities of a higher grade (98.7%) alumina (Al₂O₃) as a co-product to sell to the aluminium industry. We think this should help improve the project economics, but also potentially improve titanium recoveries and lower waste product output.

Both the titanium sponge and alumina production routes will be included in the upcoming scoping studies. Empire intends to release an updated MRE in July/August this year, which will include the early 2026 drilling program results. Empire will conduct continuous net test work on the optimised process flow sheet in 3Q26. It is also looking to complete detailed engineering studies on the new process flow sheet by the end of 4Q26, alongside additional optimisation of the titanium end products by 4Q26.

We maintain our 62p target on Empire Metals

Due to the project nature of Pitfield, we use a multiple of 0.5x NAV in setting our target price. However, depending on the potential for inclusion of economic quantities of both alumina and titanium sponge, we see potential for further valuation upside medium-term.“

Overall, another very positive step forward.

We now have independent confirmation of a premium 99%+ TiO2 pigment product, while alumina is increasingly looking like more than just a by-product, with the potential to improve economics, recoveries and reduce waste.

Titanium sponge remains an additional source of upside, the updated MRE is expected in July/August, and CG specifically highlight further valuation potential from both alumina and titanium sponge.

More de-risking, more optionality and more potential revenue streams. Pitfield to me looks like it is continuing to move in the right direction and with global markets feeling safer as Trump is being nice (what a coincidence for the worlds biggest American IPO) we should more moves north.

ML

Some very interesting points in the interview Doc et al.

What really stood out is the way SB is thinking about the entire operation as a single integrated value chain. Rather than mining ore, shipping concentrate somewhere else, processing it somewhere else again, and then refining it elsewhere, his vision is clearly focused on one operation located close to the high grade starter pit, where each stage flows into the next. He said that removes transport costs, removes multiple layers of administration, removes reliance on imported feedstocks, and simplifies the entire process which is a very good thing from what I can see.

It suggests we’re not designing Pitfield in a conventional mining project way, and will design it as a future industrial minerals business. Anyone else getting that vibe from SB?

The location of the plant close to the mine will avoid kms of transport, every handling step removed, and every 3rd party processor taken out of the chain so again we can assume it improves margins and reduces our risks.

SB also kept referring back to simplicity. The ore at Litfield allows us to reject waste material early with conventional processing, we can recycle reagents and produce multiple potential end products from the same operation. When you add that with the scale of Pitfield,l which will likely double in MRE update, it looks to me that we will target a fully integrated titanium and industrial minerals hub. SB did say about today’s RNS that we have now achieved the goal we set out to achieve when we found Pitfield. Not quite job done but Christ that’s a big milestone today IMHO.

It feels like mgt are already thinking steps ahead, all the way through to where the processing facilities sit, who the end users are, and how we can capture as much value as possible from the entire chain rather than simply selling a raw product.

Show us the money SB!!!!!

ML

Correct JLaL,

That’s not the end to end recovery % but we could all do with an Ageos masterclass.

Teacher hasn’t turned up to work this week :-)

ML

ML

Thanks Doc.

ML

I’ll do a more detailed review later as there’s so much in there to talk about. For now, I’m off to enjoy a birthday breakfast courtesy of the better half and then heading out for lunch. One area I definitely want to spend more time digging into is the alumina opportunity, because that story appears to be very interesting in terms of the economics advantages that it should provide.

Here are the main points I’ll be digging into later, but at first glance these are huge and should not be underestimated for just how positive they are in our LT development plans.

Integrated flowsheet defined to produce high-purity (99%+) TiO2 pigment and titanium sponge metal feedstock, plus a high-grade alumina co-product, from one of the world’s largest and highest-grade titanium deposits.”

“Flowsheet built entirely on proven, conventional processing steps, materially de-risking scale-up and feasibility.”

“Whole-of-ore flotation confirms selective recovery of titanium minerals with rejection of more than 90% of unwanted gangue, producing concentrate grades above 34% TiO2.”

“Titanium extraction of up to 98% achieved via an acid bake-water leach process.”

“High-grade alumina (98.7% Al2O3) produced from the pre-leach solution, offering the potential for a highly marketable co-product that simultaneously lifts TiO2 recovery, lowers reagent costs and reduces waste.”

“Positioned to provide a significant Western source of TiO2 rutile pigment and titanium sponge metal feedstock.”

“Continuous metallurgical piloting to commence Q3 2026 to validate design criteria ahead of feasibility studies and produce product samples for evaluation by potential customers and offtake partners.”

“Empire has commissioned a research programme at Murdoch University’s Extractive Metallurgy Hub to develop a process for producing titanium metal directly from Pitfield’s TiO2 product via molten salt electrolysis.”

“The development of a fully integrated processing flowsheet utilising conventional beneficiation, leaching and refining processes to produce a high-grade (99.25% TiO2) product represents a defining moment in the development of the Pitfield Titanium Project.”

“Pitfield is emerging as a differentiated, large-scale critical minerals project, well-positioned to meet the needs of titanium and TiO2 end-users at a time when new, low-cost supply solutions are increasingly sought after.”

“The Company believes the Pitfield flowsheet offers a cost advantage relative to the conventional ilmenite sulphate route.”

“The process flowsheet has been batch-scale tested up to the point of calciner discharge, for both the TiO2and alumina (Al2O3) products.”

Ignore the noise and all the people who are doing their very best to distract from what Empire is continuously telling you what it has here.

ML

Very quick thoughts before go through the RNS properly later.

This is a prime example of “measure twice, cut once” and Empire having left absolutely nothing to chance. Has it felt like “not much has happened” in the last 2 years? I’d say most would say yes at times and can probably only remember a few headline RNS’s like the Sept MRE or the 99.25% purity achievement RNS, but the last 2 years have now demonstrated that Empire have quietly assembled an expert internal team and network of partners (CSIRO, Curtin Uni, Murdoch Uni, Orway Mineral Consultants, specialist pigment consultants and multiple internationally recognised metallurgical laboratories) which albeit, none of this work generates flashy headlines, but it has systematically de-risked the project at every stage and Narelle Marriot must be congratulated (and I will do so) as she was pivotal in this latest flowsheet confirmation RNS.

She has now created a fully integrated flowsheet built around conventional technology which is arguably the single most important RNS of the last 2 years.

At this stage, the short term SP is almost irrelevant to me. Every major milestone over the last 2 years has reduced risk with every piece of drilling, metallurgy, mineralogy, engineering and process development having strengthened the overall investment case.

I was buying at every level before today’s RNS and, personally, I see today as another huge de-risking event so the buying will continue.

This is not a £1/4b company, and while the market is still trying to work out what it has here, we’re still getting pennies on the pound. Even without going into the technicals, the fundamentals are as strong as you will see so for me, I’m keeping it simple in my investment analysis and Empire is a screaming buy for the eventual £1b+ MC and well beyond over time. We said many times before, this company is not your typical AIM company and shouldn’t be treated like it is. From single digits millions MC, this has all the potential to be one of the best ever companies on AIM and into larger markets where generational wealth will be created. SB said this is a once in a lifetime opportunity and so far, it appears that he might very well be right.

The soon to be communicated MRE upgrade obviously remains a huge catalyst, but today’s announcement demonstrates that we are thinking far beyond proving up scale, which I believe will double to circa 5Bt. The Empire team are building the foundations of a future global titanium business (titanium metal now also confirmed as a product opportunity) and all with an added bonus of an alumina product which will also offer significant economic advantages for us. The feasibility studies and associated financial rewards will be eyeopening based on this latest update. Watch out the competition, is all I’d say.

CTD……

Another clown filtered.

ML

Thanks Laura.

It’s just a pity “reasoned” arguments are in short supply here.

If it’s not a mentally troubled skidmark creating 10 different profiles and trying to deceive shareholders on multiple platforms (ongoing as of yesterday until he yet again bit off more than he could chew), it’s pathetic adults posting here and on other boards like petulant children and sending DM’s to genuine Empire shareholders (not to me thankfully as they are filtered) but I’ve seen screenshots from 3 different people today showing abuse messages and DM’s essentially telling them “to deal with the issue” and “I’ll stop if you stop”.

I’m suffering serious secondary embarrassment for these imbeciles right now.

100% guaranteed these “men” wouldn’t know how to carry themselves in an adult business environment, hence the fact that they have to hide behind multiple anonymous accounts, but are on record saying they don’t need alternative accounts. Such a very sad life indeed.

ML

Carrie Pritchard (Environmental Manager)

Environmental approvals

Permitting

Sustainability programmes

Regulatory engagement

Michael Tamlin (Product Marketing Manager)

End-user engagement

Product positioning

Market development

Commercial applications for TiO2 products

Arabella Burwell (Head of Corporate Development)

Strategic partnerships

Financing initiatives

Corporate transactions

Investor and institutional engagement

When you look at the group as a whole, it is noticeably different from a typical explorer / developer. We’ve got some very experienced and dedicated specialists across geology, metallurgy, engineering, environmental, marketing, commercial and corporate development and finance.

IMO this is much closer to the structure you’d see in a project development company which is one reason why DP might hopefully be appearing more publicly at conferences like Perth.

As we head to Perth and other major industry conferences later this year, Empire appears to be building the type of multidisciplinary team normally associated with advancing a large-scale mineral project towards production. Ultimately, people can draw their own conclusions, but for me the structure, experience and areas of responsibility across the business look bang in line with a company preparing for the next stage of Pitfield’s evolution.

DYOR

Thank you to Ro on TG group for confirming DB will be speaking at the event in Perth.

ML

Https://www.linkedin.com/posts/fomaustralia-criticalminerals-mining-share-7470364265195982848-Vwh4/?utm_source=social_share_send&utm_medium=ios_app&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA&utm_campaign=copy_link

Linked in post sharing conference in Perth next week which David Parker is presenting at.

First public appearance for DP being front and centre for us.

Not sure if we can look into that deeper but worth looking at.

March 2024 RNS:

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to advise the market of the key milestones expected over the next twelve months, as Empire advances the Pitfield Project ('Pitfield'), located in Western Australia, towards commercialisation. In line with this objective, the Company is also pleased to announce the addition of two experienced mining industry specialists to the development team.

SB: I am particularly pleased to announce further appointments to our small but talented development team. Our recently appointed Commercial Manager, Mr David Parker, and our Environmental Manager Ms Carrie Pritchard (who arrives 20 April 2024) bring additional invaluable industry development experience to the team as we push Pitfield towards commercialisation. We will continue to build up our in-house skills so that we retain responsibility for, and ownership of, the project activities inclusive of building important stakeholder relationships and retaining intellectual property developed along the way."

DP is one of the key mgt team members responsible for bridging the gap between our discovery and is running a mine. His background seems to be focused on capital markets, corporate transactions, project development and commercial strategy so nothing really to do with geology or metallurgy. I don’t think we’re going to focus on the resource and the technicals in Perth, more like how do we commercialise Pitfield? How do we finance it? Who are the potential partners, customers and strategic investors? What development pathway creates the most value? How do we position the project to the market?

I’m assuming his role has and will continue to become more important because we need to know how do we monetise Pitfield.

Going back to that RNS and looking at mgt structure we have most areas covered.

Shaun Bunn (Managing Director)

Overall project leadership

Corporate strategy

Market communication

Investor and stakeholder engagement

Andrew Faragher (Exploration Manager)

Resource drilling

Geological modelling

Resource growth and targeting

MRE development

Narelle Marriott (Process Development Manager)

Metallurgy

Flowsheet optimisation

Recovery improvements

Product purity optimisation

Alan Rubio (Project Development Manager)

Engineering studies

Mine development planning

Infrastructure and project execution

CTD……..

Just for a bit of perspective, over a 1 month period Empire is up 1.3%.

Meanwhile, my portfolio (with tickers) performance is under serious pressure along with some on my watchlist (no tickers).

United Oil & Gas (UOG) is down 9%, Panther Metals (PALM) is up 22%, Hecla Mining (sold last week) is down 28%, Newmont (NMM) down 15%, Freeport (FCX) flat, Agnico Eagle (AEM) down 20%, Iperion (IPX) down 15%, Kenmare down 10%, Power Metallic down 27%, Greatland down 22%, Sovereign down 20%, the Copper ETF (COPX) down 10%, the Sprott Junior Copper ETF (COPJ) down 12%, Marimaca (MARI) down 15%, ATEX Resources (ATX) down 19%, Sandfire down 2%, Hudbay down 3%, BHP down 3%, Rio down 7%, Uranium energy (UEC) down 34%, Centrus Energy (LEU) down 25%, Nuscale Power (SMR) down 17%, Bitcoin down 22%, Tesla down 6%, Polestar down 7% and Boeing down 10%.

A lot of those are multi-billion dollar companies, some are producers, some are developers, some are ETFs, but the common theme is that resources and risk assets have had a tough month.

Against that backdrop, Empire holding in this range, while we wait for an updated MRE, further flowsheet optimisation, pilot work and ASX progress, is something I’m perfectly happy with although it can of course look to be frustrating on the surface with very little action. I’m not sure -10% to -20% is the action we’d like to see though.

If the investments gods offered you a month ago that we would be sitting around this level while a lot of the sector was down double digits, I’m sure we’d have taken that all day long.

Our time will hopefully come soon.

ML

And not forgetting healthcare and medical applications.

https://www.linkedin.com/pulse/application-titanium-alloys-human-cardiovascular-system-may-shi-oilmc?utm_source=share&utm_medium=member_ios&utm_campaign=share_via

ML

Again guys, I know some of these articles can seem a little random in isolation, however for me they continue to reinforce the same underlying theme.

This one focuses on titanium flanges used in industrial piping systems, where titanium is being selected over steel because of its corrosion resistance, durability and long service life in harsh operating environments.

The specific application itself is not really the point. The point is that we keep seeing titanium appear across more and more industries where performance, longevity and reliability matter. Whether it is pigments, advanced materials, infrastructure, marine, chemical processing, defence, aerospace or industrial equipment, the range of potential end markets continues to increase.

As SB has repeatedly highlighted, the optionality is already there and it feels as though that optionality is becoming bigger rather than smaller. The opportunity isn’t narrowing, it appears to be expanding, and potentially quite aggressively over the next 5 years as industries continue to look for materials that can deliver better performance, lower maintenance and longer operating life.

All points to macro advantages For Empire which is no bad thing long term.

https://www.linkedin.com/pulse/how-titanium-flanges-improve-corrosion-resistance-piping-cqwgc?utm_source=share&utm_medium=member_ios&utm_campaign=share_via

ML

No worries, Munchkins.

To be honest, I wasn’t reading anything into your post or looking for a deeper point.

Glad to hear it was a relaxed day and nothing wrong with a couple of beers and a nice whisky on a Sunday.

All the best, mate.

ML

How’s the head today Munchkins?

ML

Thanks AGEOS.

As always, I appreciate the additional perspective and the distinction between stages and phases is a useful one. I can certainly see the merit in viewing many of these activities as continuous streams of development rather than a sequence of finite milestones.

I must admit though, having started the weekend as the bloke messing about at the back of the class, by Sunday afternoon I somehow found myself sitting at the front desk in Sunday detention with Mr AGEOS, being taught the finer points of resource development and titanium product evolution.

Fortunately, unlike my school days, I suspect I’ve learned something this time around ;-)

Thanks again for taking the time to share your thoughts and smooth the edges of rough information.

ML