Member Info for Manlord

While it might not feel it, but this 35p - 45p 4 month consolidation period has been very good in terms of creating a fairly solid £250m - £300m MC base level.

It’s exactly what we saw when the 8p - 12p range stood for so long, followed by a step rise to the 30p level.

Who knows what MC the next level up will be?

It’s all cyclical and we had massive expansion in August.

Now we’ve had compression for 4 months.

That should create stored energy for when a catalyst RNS hits (met work update, drilling results, ASX news, JV progression, financing, off-take etc.).

Breakouts from long consolidated bases tend to be violent so who knows if lightning will strike twice.

The bigger the base, the bigger the move so holding these levels on low volume isn’t a bad thing IMO.

Expansion to Compression to Expansion!

At least that’s my theory!

ML

Hi Papa,

It’s an entirely fair question so no worries with that. We’ve all felt the same at times when conventional thinking suggests we should rise but of course it will oscillate all the way towards the end goal.

My son is 16 and my daughter has just turned 30, if all goes according to plan, they will each be gifted 1,000,000 shares of Empire and sold at the point of me selling a significant portion of my holding. No matter where it goes, I’ll be leaving some on the table for the very very long-term.

That’s what it’s all about for the majority of people here, bettering their lives and the lives of our loved ones.

ATB

ML

Poor show Papa only if you’re here to get in and get out with 20%.

The BoD have been building this project since 2023 and we’ve had ups and downs and will continue to have. The LT SP won’t be below 100p and more IMHO so from my perspective it’s a good show. You’ll do well in at 30p, that’s where my better half got involved also.

GL Papa.

4 mins in and we get confirmation of my theory yesterday - the BoD have internal confidence to take on this drilling, doubling the worlds largest titanium resource.

4:30 in - stepping out into unknown territory but could we hit copper?

6:50 in - huge opportunity with incredible scale, high grade, no impurities, blows competitors out of water, and Tier 1 partners or viewers guaranteed to be taking notice of potentially the worlds largest ore body of any mineral.

11 mins in - exploration risk is now off the table and in my own thoughts - by Xmas 2026 which will come quick enough we will have a shareholding in the most exciting titanium / mining play worldwide.

General Market won’t cop on to this until finance / offtake are confirmed (I’m confident they will be confirmed) so the opportunity not only exits, it’s huge IMHO and when the general market takes note, you’ll be glad you took note well before the herd. The herd should include retail (AIM, OTC & ASX), II (UK, ASIA, Saudi, Aus) & mining majors.

Still would like bulk sample info, costs etc but overall that interview demonstrates exactly how you build a business in a disciplined step by step manner.

Buy into a company with great prospects and a fair price or try to catch every top sell and bottom buy. I know which one I’m doing without any worry or concern about daily dips or rises. Won’t make a jot of difference LT but each to their own.

ML

Correct Fuzzy.

And let’s not forget that the current strategy is to continue with the R&D Tax Incentive, where we receive 43.5% back for all eligible expenditure for R&D work (a large percentage of our work, i.e. met, drilling, process development).

ML

As a few people on various platforms were asking what this drilling programme is likely to cost. Some seriously exaggerated estimates of £5m to £7m so here’s my best attempt to narrow it down.

We don’t have specific budget figures in today’s RNS, so the sensible way to approach it is by looking at historical spend patterns from our previous financial statements.

If you review the last 6 quarterly cash flow reports and the annual report, exploration and evaluation expenditure has generally ranged between approximately £1m and £1.5m per quarter. The higher end of that range coincided with periods where drilling and metallurgical testwork were running concurrently.

What we have not seen historically is anywhere near a £5m single programme spending. The company has operated under a very disciplined spending manner.

Previous Pitfield campaigns in the 20,000m range were comfortably absorbed within those quarterly statements, even when diamond drilling (DD) formed part of the programme.

This new campaign totals about 41,000m, but it is heavily weighted toward aircore drilling (AC), which is significantly cheaper than DD, with only a smaller RC component and no major DD phase attached to this particular programme.

On that basis, a reasonable estimate for the full programme cost is likely in the region of £2.0m–£2.5m.

That sits well within the company’s historical burn profile, particularly if spread across two reporting periods.

The more important point IMHO, is not whether the figure is £2.5m, it’s that the BoD have not approved 700+ holes and a 70% footprint expansion lightly. That level of commitment suggests internal confidence in geological continuity and process validation.

This reads to me as a confident resource expansion and data-driven advancement of Pitfield, not just “more drilling” which is a very lazy attitude to present and try to suit a narrative of no real progress. These same people clearly have never developed any project in any industry.

Just my take, based on the company’s published financials and prior campaign of drilling. Open to hearing alternative views on costs.

ML

Nice! our largest drilling campaign to date, 754 holes for 41,250m using 3 AC rigs and 2 RC rigs, with completion targeted for mid-April and with an updated and WORLD DOMINATING Titanium MRE expected in Q3 2026. For context, since discovery in 2023 we have drilled circa 33,000m in total. This campaign exceeds all prior drilling combined and will take total drilling at Pitfield to almost 75,000m. That is not only significant, its a huge statement of intent IMO.

We will increase Measured and Indicated confidence at Thomas through tighter 100m x 100m infill drilling over the higher-grade core.

We will extend the Cosgrove MRE (currently 430Mt @ 5.8% TiO2) north & south.

We will expand drilled coverage of the overall mineralised system from roughly 20% of the known footprint to 60–70% which is transformational in terms of scale & mine life (size of greater London).

The existing MRE stands at 2.2Bt @ 5.1% TiO2 for 113Mt contained TiO2, already the largest titanium resource reported globally, with mineralisation occurring from surface and demonstrating strong grade continuity. A reasonable question is whether it is prudent for us to commit to such a large, fully funded programme before a definitive flowsheet is published confirming the final product pathway, whether pigment feedstock, titanium metal feedstock, or optionality between the two. Let's think like world class mining directors shall we?

It is fair to assume we are not operating without substantial internal technical confidence. The BoD have 100% reviewed the most recent diamond core, metallurgical samples and preliminary processing results, make no mistake about that. They will have visibility on whether the ore upgrades, whether recovery is consistent and whether the proposed processing route is technically viable at laboratory scale. A programme of this scale would in no way whatsoever be approved unless management had strong confidence in metallurgy and commercial potential, even if the full flowsheet has not yet been formally released to the market.

From a strategic perspective, increasing Measured and Indicated resources is a necessary step toward mine design, ore reserves and formal study work. Larger, higher-confidence resources also strengthen our position when engaging with WA and Federal critical minerals funding programmes, infrastructure support and potential Export Finance Australia involvement under the “Future Made in Australia” policy framework. They are committing billions of dollars.

Tier 1 majors engage when scale, resource confidence and metallurgical viability are demonstrated. Upgrading Thomas and materially expanding Cosgrove would move us to that threshold. Over 2026, the focus is 100% on resource growth, confidence conversion and study progression, which are prerequisites for both government support, potential strategic corporate interest or significant buyout in the billions.

Keep it simple! Shareholders will be rewarded IMHO.

ML

Just back from the states and it was certainly strange checking in for RNS's at 11pm whilst ordering beers!

Must be close to news now but someone did mention recently about labs delays due to capacity being full, might be some truth in that?

Lots due in Q1/Q2 with the ASX potential listing by the end if H1 that im most interested in.

Here's hoping!

ML

Good to see things like this!

Only strengthens my belief in Empires future.

https://ibb.co/JRSjm1Cq

ML

Hi INYD, I note your posts have just been deleted for talking about you know who! Typical. Happens to all of us and yet another thread (excellent post Katie) ruined by him.

As you have mentioned “you know who ” in your reply and your posts were followed by a series of green boxes it doesn’t take a genius to know who your talking about - imagine actually knowing who a green box is without “you know who” being mentioned - says it all really.

As “you know who” has referenced the ASX many times way back when it’s clear he doesn’t really understand the market dynamics but not surprising with his view from the cuckoo’s nest! 🏥

The mistake he has made over and over is assuming that awareness equals ability to invest. They are most definitely not the same thing.

II’s won’t invest simply because Pitfield exists or because we have a world class MRE. They invest when a company fits their mandate, jurisdiction, liquidity and governance requirements amongst loads of other criteria. This is big business and they do not behave like retail in any manner.

Whilst an ASX listing does not guarantee an SP rise, it does guarantee a broader level of access to the correct capital pool for Aussie mining assets, access for funds that cannot buy AIM only stocks, empire being included in ASX focused mining screens, indices and broker coverage (see latest Cannacord Genuity broker note). Improved liquidity and tighter spreads and a shareholder register aligned with long-term project development, not weekly price moves which is what AIM is full of.

There are many Aussie II’s that cannot buy AIM shares. Anyone who says otherwise is lying or ill informed. Certain II’s won’t touch pre-feasibility mining projects unless they are listed domestically, governed by ASX rules, and covered by local brokers they trust or have relationships with.

The fact that Pitfield is now proven as world class in scale & grade is exactly why an ASX listing becomes extremely relevant now. Resource confirmation has been achieved and now is when the capital re-rating mechanisms follow (soon to happen on ASX IMO).

If everyone who knows about Empire and our MRE could already buy freely on AIM, then GGP wouldn’t have re-rated to £4b+ post ASX exposure, Pilbara Minerals wouldn’t have needed ASX liquidity to scale their business and half the Aussie critical minerals space wouldn’t bother dual-listing at all. An ASX listing doesn’t promise instant upside but it definitely removes many of the structural barriers that currently cap our valuation. That’s the difference.

Remember markets are not emotional, and they’re certainly not impatient, retail investors are. They will arrive all in good time and when they do, the narrative will change like always to “I’ve been saying this for years” like people don’t know his poisonous behaviour. I apologise in advance for the series of green boxes that will follow this post, and they will.

ATB,

ML

As SB has mentioned Boeing 2 or 3 times in recent interviews, it's worth looking at a similar direction of travel on the other side of aerospace with Airbus, and what that tells us about where we could eventually sit in the value chain.

They recently signed a multi-year titanium supply agreement with ATI Inc., which is a good reference point because it shows how Tier 1's are thinking about securing the metal side of the titanium supply chain and what could eventually happen around Boeing further down the line.

https://www.prnewswire.com/news-releases/ati-signs-multi-year-agreement-with-airbus-for-titanium-plate-sheet-and-billet-302466655.html

ATI don't mine but they do buy titanium metal feedstock, mainly titanium sponge, and convert that into billet, plate and sheet for aerospace and defence customers, which is where their Airbus contract sits.From research, ATI source sponge from Japan and Kazakhstan and while Japan is already viewed as a secure and trusted supplier, Kazakhstan sits in a less friendly category, particularly when compared with Australia, which from a Western supply chain perspective would be viewed as significantly lower risk given its rule of law, long mine life and geopolitical alignment.

ATI are focused on sheet and plate rather than producing titanium metal from scratch, so the idea of us supplying ATI directly today doesn't really apply given we are currently a high-grade titanium feedstock story rather than a sponge story, which places us earlier in the chain but entirely possible to add to our string of options.

I see 2 options for us, firstly TiO2 feedstock. This is effectively already defined for us today and, importantly, it represents roughly 95% of the current global titanium market. While sponge metal naturally attracts higher headline prices, the reality is that the pigment market is where the scale and volume sit, and that is the market we are fully aligned to serve through high-grade feedstock at the moment. It's also where early offtake agreements are made, with pigment producers / processors looking for secure, long-life supply. Companies like Tronox are the main target.

Titanium metal is option 2.

This is where ATI sits and where TiCl4 to sponge is a possible route to market for us. Yes higher prices, but also also higher costs, greater complexity, so it is not the be all and end all, but having that optionality, which SB has referenced repeatedly, would be commercially prudent as it provides exposure to both ends of titanium demand.

The direction of travel for the titanium industry is clear for me anyway, with growing demand across pigment, aerospace and advanced industrial applications over the coming decades, some applications haven't even been created yet.

DYOR

ML

Hi Gem,

Interesting to see these RE’s in the tailings, if I were invested I’d be happy to hear about them as no extra costs or plant needed but will have to wait to see!

The total volume of RE’s has not been defined, and at this stage I’d view purely as a potential by-product revenue stream rather than a standalone rare earth operation. It all helps and good luck to holders.

Bit like our Kaolin at Pitfield for the ceramic industry.

ML

No fear or panic here and it’s plain to see why.

Rather than offering endless detailed posts drilling into grades, flotation recoveries and all the other very technical and important information, let’s keep it simple in our analysis of Empire.

Low cost extraction

High grade ore

Tier 1 location

Worlds largest TiO2 resource

100 year mine life (30 guaranteed)

Educated and experienced mining workforce

Highly sophisticated mining infrastructure

Ultra low contaminant ore (deleterious gangue)

Superb management team - ex-tier 1, Lundin, Newcrest, RIO and have completed multiple mine projects in the billions of dollars. Phil Brumit is just one for example.

Expert employees across multiple disciplines (processing, environmental, corporate finance, marketing, ASX directors, Ex- Tier 1 mining employees.

Government actively engaged as has been confirmed multiple times. They will not just up and walk away as Pitfield becomes even more urgent and strategic for national security.

Sit back, relax and hold or buy the dips. An easy strategy without getting too complex.

ML

Titanium clearly identified as being a critical mineral.

https://www.cbsnews.com/amp/news/trump-rare-earth-minerals-stockpile-12-billion/

No worries SS.

We’re on to a low cost, high grade winner.

Have a nice weekend all.

ML

For clarity,

The MRE costings quoted (US$40/t rock) are not full all-in costs. Additional cost would include sustaining capex and ongoing plant maintenance (if we have one by then or are still using industrial scale 3rd party plant). Corporate overheads, marketing, sales and customer qualification, logistics beyond site and contingency allowances and likely more than I can offer an educated assessment on.

Allowing for these, IMO a sensible all-in cost estimate is US$1,200 – $1,400/t of TiO2.

Based on that cost base, a 50% margin implies a required TiO2 selling price of US$2,400 – $2,800/t. These rough calculations align closely with the latest Canaccord Genuity broker note, which also references a potential 50% margin for the project.

ML

Hi SS,

I’m not so sure I’d agree with this.

“ Before this "simplified flow sheet" announcement, there was a risk that Empire's costs could have blown out to $400/t+, making the project uneconomic.”

I’d push back on the idea that costs were heading toward uneconomic levels. The MRE from October itself is constrained using very clear cost assumptions.

Total ore cost of US$40/t rock (mining US$3, incremental ore US$0.5, processing US$38, G&A US$1.5), plus transport of US$20/t TiO2 to Geraldton and a standard WA royalty of 2.5%. Those inputs directly drive the 2.36% TiO2 cut-off grade, so they’re not speculative. On that basis, the cost structure being used to define the resource is already consistent with management talking about low costs and strong margins, assuming recoveries and product pricing hold on MRE assumed figures.

I spoke to SB last February and Kenmare were a topic of discussion and IIRC (Will have to check my notes) he was not putting Kenmare anywhere near us in terms of costs, expected margins and overall opportunity i.e. nowhere near playing in our league. Now add in the recent simplification of flowsheet and things only look even more advantageous for Empire. The current price IMHO is a steal for what’s likely ahead. I’m buying here and there and now closer to 6m than 5m shares.

ATB

ML

I think we also need to look at the AIM market. It is not what it used to be and from what I'm seeing it's an even bigger pool of gamblers just chasing their next hit.

I'm in a few shares and taking one for example (UOG), I'm there for a binary investment, hit hydrocarbons or don't, but the share is riddled with people who are investing on nothing more than hype, when a boat set sail to start doing work, tweets on X, and all sorts of BS that has nothing to do with the facts of the company. You should see that Telegram group. If anyone thinks Empire is being ramped, think again.

Basically what I'm saying is that Empire compared to so many other companies are doing everything by the book and it is behaving differently to other AIM shares because it is different. It is slowly but very surely building a global scale business and with that, things take time but make no mistake, the metallurgy and processing updates today are fundamental to the economics of Pitfield and whilst it didn't say the things the flip flop investors wanted to see, it says all you need to know about building a successful business in a market space that will behave differently to the well understood commodities like Gold & Silver.

The ASX listing is a must and Empire shareholders should be screaming for it ASAP. We have many savvy and patient holders in Empire, we will have many new ones too, but AIM will always have a drag on the short-term SP on an RNS day unless the headline says "Millions in cash received by company", We're opening a 10,000 Tonne per month goldmine in 7 days" or similar wildly exaggerated that gets the gamblers blood rushing.

Empire for me today de-risked further and with that I'm happy to keep building my stake in small trances to build my core holding further.

DYOR

ML

Quietly progressing into the world’s newest and biggest titanium deposit.

De-risking metallurgy.

Improving economics which were already advantageous.

Creating downstream optionality with very high purity Ti02.

Accelerating timelines as usual and another RNS on time

Reducing jurisdictional and infrastructure risk with binding agreement at the port.

This is exactly what you want to see before the market wakes up to the scale of Pitfield.

Project derisked again and the government will certainly get involved here. No doubt about it.

ML

We’re 6 months advanced from this point but confirms everything FarmerTom was saying.

https://www.cruxinvestor.com/posts/supply-chain-challenges-sees-government-support-in-critical-minerals-companies

ML

That’s a very good point FarmerTom and it’s worth noting that Titanium is entering a reset phase and Empire are well positioned in that reset cycle.

Unlike copper, lithium, or gold, prices haven’t exploded, yet the fundamentals are shifting dramatically. As you pointed out, supply is highly concentrated with China and Russia dominating, and any disruption hits the market immediately.

Look at Tronox last week, they are ditching its Chinese titanium production. That’s a big reduction from one of the world’s two main sources. Supply security is front and centre, and the market is waking up to a simple truth the west needs a low-cost, high-grade, high-quality, secure titanium supply.

That’s where Pitfield comes in and while we’re not producing today, the Thomas drilling program has already confirmed high-grade, consistent TiO2 with likely more good news this week, positioning Pitfield as one of the very few credible Western sources. When Tronox’s exit tightens supply, having a reliable high-grade titanium producer isn’t just important, IMHO it changes the game entirely.

We’re uniquely positioned to capture that opportunity, and 2026 could be the year the market starts to realise it.

DYOR,

ML