Member Info for Manlord

Https://youtu.be/8vO-_ZneGEo?si=HjiaPxsHGvGVzqt-

Greg’s OTCQX interview.

Courtesy of Sorbz on Telegram.

ML

Hi SS,

Would you believe me if I told you that as soon as I posted I thought to myself “ I hope those who gave their opinion on awards being more for the organisers and their general experiences” don’t think I’m referring to them as being malicious or stupid.

I wasn’t referring to your post in any way I can assure you. Your comments are valid and fully understood.

Apologies for any misunderstanding

ML

Thanks Simgod.

He’s home since yesterday and recovering slowly but steadily. A 2 week period I’ll never forget but will appreciate for ever.

ML

Awards like this are often underestimated, but for a developing company like ourselves, it will likely shift sentiment, open some additional doors, and bring new eyes onto the Pitfield story. SB accepting an award of this calibre in front of thousands of industry professionals sends a very clear message, THE PITFIELD TITANIUM PROJECT IS NOT JUST PROMISING, IT IS GLOBALLY SIGNIFICANT!

Most companies spend decades hoping to be just listed on such awards but for us to be recognised at this level while still very early in the development curve, should tell investors just how big the opportunity is here.

For me, this sets additional expectations for 2026. Our next phase of drilling will focus on enlarging the known high grade zones, testing new targets, and tightening up the geological model that will feed into resource work. If the widths, grades, and continuity seen so far continue or improve, we will be in a position to confirm an even bigger, more robust resource, already the largest titanium system ever discovered. Combine that with the early metallurgical signals pointing towards clean, high quality material and it’s not hard to see why mining industry experts are now paying serious attention.

The product marketing pathway is another major area where the award helps. Michael Tamlin will now be approaching global end users, pigment producers, advanced alloy developers, or government supply chain bodies, and having this level of recognition is effectively a door opener of the highest quality. It tells everyone that the project has already been assessed by people who understand the global titanium landscape so when he engages with these potential customers about product specifications and downstream opportunities, this award strengthens every conversation he will have IMHO.

Once a preferred product route is selected, we can begin modelling revenue scenarios, capital requirements, and long term development options and awards like this certainly add reputational weight to those plans and signals to institutional investors that this is a discovery that merits serious attention. It all helps and cannot be deemed a negative in any manner, anyone who attempts to suggest it’s not good news is doing so with malice or stupidity.

It also couldn’t have come at a better time as people assess their year end portfolios and plan for the following year. It strengthens credibility, validates the geology, and enhances our standing exactly at a time when SB and Co. are preparing for our biggest year yet. With drill results coming, product pathways being outlined, and commercial discussions taking place, I’m 99% certain, 2026 will be the defining year for all shareholders.

Enjoy your weekends.

ML

I can clearly see that my opinion won’t resonate with everyone but that’s what the board is for, differing views and opinions and only time will tell. I do think some award events are a jolly for certain industries but given the big hitters involved I feel these have far more credibility than others. Marketing award nights for example!!!!

Personally I think winning the Exploration Discovery of the Year award is far more significant than it might appear at first glance. Resourcing Tomorrow is one of the major global mining gatherings and is attended by leading executives, fund managers, analysts and government representatives. The awards highlight discoveries that experts believe have the greatest potential to become large, long-life mines. For Pitfield to be selected as the standout exploration discovery of the last 12 months shows clearly how seriously this project is now regarded across the industry.

All our work since the initial find and specifically our achievements over the past year certainly justify the attention IMO. We have produced a very high purity TiO2 product at 99.25%, something that only occurs when the mineralisation is exceptionally clean and consistent. Our drill campaigns have delivered a resource of 2.2bt at 5.1% TiO2, equivalent to 113mt of contained TiO2 which the MRE confirmed Pitfield as the largest and highest grade titanium deposit reported worldwide. That’s monumental! The scale, the purity and the uniformity are exactly what major mining analysts look for when assessing future mine potential, and the award effectively confirms that Pitfield is already viewed as a globally significant discovery.

What adds even more weight is who else was recognised and listed. Endeavour Mining are one of the largest gold producers around, valued at £10b and up 117% YTD (were +416% YTD for context). Being acknowledged alongside miners of that size and reputation, to me it sends a very strong message that validates almost everything SB has told us. Pitfield is not a small speculative project, it’s a mega project on the brink of being spoken about in the same setting as companies that operate tier 1 mines across the world. That alone elevates our credibility and reinforces the seriousness of our discovery.

The key point is that this is not Empire or the BoD claiming Pitfield is world class. This is independent, industry level validation from experts who rarely hand out such recognition without conviction, due diligence or belief. For investors and potential partners, this kind of third party endorsement could be a turning point in terms of PR. It means Pitfield is no longer just a promising resource on paper but is increasingly recognised as a strategically important titanium asset at a time when the world is demanding secure supplies of critical minerals.

CTD…..

This refined % is the level required for the premium end of the titanium market but in simple terms the 30% concentrate shows the upgrade works well and simply. The 99.25% purity shows the economics and a commercial route to market fully exist with the BoD fully focused to get the high purity to unlock the downstream pathway to premium products. Shaun’s use of words and phrases (IMO) suggests strongly that this is the main aim but as usual he won’t hype it up until we reach that point. I believe he fully expects to hit this targeted milestone for shareholders and the company.

If he does, it matters immensely because as we know titanium has a price ladder depending on processing stage reached and if it coincides with an ASX listing, we’ll then, all bets are off with those investors likely to value Empire accordingly.

1) Low grade ilmenite concentrate is the lowest value at $300/T (not us but our competitors should be very worried about us).

2) Upgraded feedstocks trade much higher $600/T

3) TiO2 pigment sits above that again $2,000/T

4) Titanium tetrachloride feedstock is higher still $6,000/T

5) Titanium sponge/metal alloy is the premium end of the sector $7,500/T

Got prices above from https://carboncredits.com/titanium-prices-today/

Each step up multiplies pricing, margins and strategic importance so you can see why SB & NM are continuously looking to improve the flowsheet to seek the top products. Personally I think the sponge is technically and commercially realistic given the science has confirmed that our ore upgrades easily to a final purity at 99.25% (at first attempt) with very low iron and no uranium/thorium with a flowsheet that uses conventional technology and ultimately recoveries being very high.

That means the limiting factor for sponge is not geological or metallurgical, it will be our commercial strategy and partnerships but with Michael Tamlin & Phil Brumit now in position, the story they have to presents around the world is relatively easy to sell. With the size of this deposit and the purity pathway already demonstrated, the route to premium feedstock and sponge metal is very realistic. The board is already talking about end-user engagement, which is the language you hear from companies planning to go down the higher value route rather than simply exporting ore.

For me anyway, the economics borne from the feasibility studies next year will be eye watering in terms of valuation, low costs, high margin and LoM.

We’re talking billions, and definitely not hundreds of millions.

Good luck with the week ahead and I’ll drop back in when time permits. For now, back to the family.

DYOR

ML

Thank you for all the kind words of support. Another positive night last night and all stats going the right direction.

Since my post yesterday I’ve actually had a similar type question come in from ADVFN & Telegram DM’s, so it’s worth clearing it up just in case others are in the same boat.

Essentially the question was “what does it actually mean when Shaun talks about “30% concentrate grades?”, and “how does it relate to the 99.25% purity figure? Is 30% good, bad, or somewhere in between?”

First, I paraphrased the 30% figure but looking back at the direct wording from Shaun when discussing the metallurgical work, he said “We are right up there with most of our peers that are operating in the mineral sands industry. The recoveries are very good. The grades of the concentrates are now becoming even more impressive. We’re hitting the 30% TiO2 in concentrate marks on a regular basis. We’re looking to upgrade that.”

The key point is that this 30% is NOT the ore grade and NOT the final refined product. It is the grade of the intermediate concentrate that comes after basic processing of the ore. Roughly speaking the chain is as follows,

Dig the ore at Pitfield = 5% TiO2

Concentrate = 30% TiO2

Refined product = 99.25% TiO2

These are three different steps in the value chain.

They are often compared directly, which sometimes causes confusion I think.

Whilst the 30% may appear to be a low % figure on the surface, it’s actually very positive because it proves what SB has been saying for 18 months, that the ore responds to simple upgrading. Taking a 5% ore up to around 30% concentrate is already a 6x upgrade using a simple flowsheet (scrub, deslime, float/gravity, leach). When SB says they are hitting 30% “on a regular basis” and looking to improve it, he’s confirming that the metallurgy is straightforward and scalable rather than complex, again hugely positive.

The concentrate grade is only step 2 in the process but the far more important number is the purity of the final refined product. We have already demonstrated lab scale product at 99.25% TiO2 pigment with extremely low impurities and that is a key differentiator.

CTD….

They quite rightly swerved doing economics on the call, you don’t publish NPVs until your flowsheet is nailed and piloted. But it’s still useful to frame the scale of what Pitfield could be if the current direction of travel holds. I’ve done many rough calculations previously and they are all in and around where I still believe we can go over the next 24 months.

A few anchor points which I base my view on,

2.2Bt at just over 5% TiO2

113Mt of contained TiO2 in the maiden resource alone

Only 20% of the mineralised footprint drilled, and only to 100m despite ore at 400m+

1.3Bt in the weathered cap (the “easy” ore)

Free-digging, virtually no waste or overburden, no crushing or grinding in the flowsheet

Road / rail / grid already there, 160kms to port, 3 hours from Perth

High-purity feed (no U/Th, low iron, low contaminants), atmospheric leach, low acid consumption which is a monumental advantage for us.

Those inputs are hugely important because most projects fall over on exactly those points. The detractors you see here and elsewhere recently are worried, make no mistake about that.

The global TiO2 market is already around $24b per year and growing and our high grade feedstock will command a premium and is getting scarcer. If Pitfield ultimately supports, for example, a mid-tier to major operation producing a few hundred thousand tonnes per year of high grade TiO2 units (whether as pigment, feedstock or TiCl4), over several decades you are automatically in “multi-billion revenue over life of mine” territory. It’s that simple and cannot be refuted.

Add in government backed funding lowering cost of capital, green power improving margins and ESG, strategic offtake from defence, aerospace and pigment markets, 2 major high grade hubs (Thomas and Cosgrove)…….. it’s certainly not a stretch to say that Pitfield has the characteristics of the largest global titanium feed/pigment plays, rather than just being a small mine.

No one can value the project properly until piloting and PFS/ DFS are done, but nothing about the current scale, purity, location, or market backdrop suggests this is a “hundreds of millions” scale project. If the flowsheet continues to behave as positively as it has so far, the underlying project economics look far more like the sort that justify talking in the multi-billion dollar bracket over the long run.

That’s why they (and me) are rightly ignoring short term volatility and focusing on derisking. If Pitfield performs the way it appears to be performing, the numbers will speak for themselves.

Again, just my view but right now, it’s of very little importance to me given my current view of a young man in an oxygen mask but in time, I’m confident this investment will play a big part of his future, hopefully a healthy one.

ATB

ML

A couple of points from the Q&A that I feel are worth mentioning because they say a lot about how this might actually get built.

First, the 70/30 JV split with CM, with Empire being the operator. When a formal decision to mine is made, Century have 3 choices, put their hand in their pocket and fund their share, sell their 30% to Empire, or be diluted. In every scenario, we stay majority owner and operator. So while people sometimes worry about the 30% JV overhang, structurally it doesn’t stop us controlling the project or capturing the bulk of the value once it’s de-risked. If anything, it gives optionality, either a contributing partner, a clean buy-out, or a larger eventual working interest.

Second, the government angle. Greg and Shaun were pretty clear that engagement with government is not some vague aspiration, it’s already happening. They name checked Export Finance Aus and 2 separate Australian critical mineral funding pools, and talked about ongoing introductions from government to potential strategic partners. Add to that the fact titanium is formally categorised as a critical mineral, in a tier 1 jurisdiction, with downstream processing in country, green energy options and a multi-generational resource, and Pitfield is almost the poster child for what Australia says it wants to back.

Nothing is ever truly guaranteed until the money hits the bank, but in my view the direction of travel is obvious. This is exactly the kind of project that should qualify for some form of government backed support, whether that’s loan guarantees, direct funding, or co-investment in processing capacity. The tone of the presentation was that it’s now about hitting the technical and project milestones, continuous piloting, defined flowsheet, clearer economics, rather than about persuading people the project is real.

Layer on top the interest from potential end-users (US, Europe, Japan, Saudi and others were all mentioned as logical markets) and you can start to see the likely path, prove the flowsheet at scale, put bulk product in customers hands, line up government and strategic partner support, then drop that into the feasibility and financing mix.

So while short term share price noise is exactly that, noise, the combination of a giant, clean orebody, a simple processing route, a favourable JV structure and increasingly warm government and strategic interest is, in my opinion, as strong a foundation as you could reasonably ask for at this stage.

CTD….

On the daily work they covered a lot of ground.

The 10 hole diamond program is underway and SB confirmed it isn’t about finding ore, it’s for geotechnical, density, moisture and metallurgical sampling to upgrade the resource to Measured and Indicated and support mine design which again will be valued in due course.

The big extensional push comes at Cosgrove in early 2026 (farmers harvesting now) with AC and RC drilling chasing the high grade trend southwards. The aim is to have at least 2 large, high grade, near surface hubs (Thomas and Cosgrove) giving long mine life and optionality on infrastructure, power, water etc. The weathered cap alone already hosts 1.3Bt of the resource and is rightly the initial focus.

The land is freehold farmland in the WA wheatbelt. We do not need Aboriginal title approvals over the main orebody, there are no sensitive reserve areas sitting over the mineralised zone, and they already have access agreements with the farmers where they’re working. Farmers don’t own the minerals, but do own the surface, so when it comes to mining specific paddocks, there is a legislated compensation process. It’s standard for WA and importantly the project cannot simply be vetoed. Maybe that will shut up the people who instigated “land issues” posts about 10 days ago across multiple platforms?

Eclipse is explicitly non core and they’re looking to sell it.

Walton is being kept ticking over but without distracting from Pitfield.

We’ve just raised £7m from 3 LT institutional holders, taking group cash to roughly £11m. Greg said we’re fully funded for the current work programme over the next year.

AIM is not going away. The plan is a dual listing on ASX in due course, to open up deeper Australian/Asian institutional pools as the project shifts further into development. No intention to leave AIM which is good news all round.

On share price, the message was basically yes there has been volatility, but they’re not running the company for short term price spikes. The focus is on pushing through continuous piloting, locking in the flowsheet, generating bulk samples and taking pigment & products to end users via the new marketing manager in 2025, then moving into proper economic studies.

My own conclusion, for what it’s worth is this still looks like a once in a lifetime discovery being pushed forward sensibly, if aggressively, with the right emphasis on metallurgy, product and offtake rather than endless drilling for RNS headlines.

I’m more grateful for my son’s health than for any share holding right now, but in terms of risk/reward, nothing in this presentation made me any less bullish on what Pitfield can become over the next few years.

CTD….

Shaun & Greg spelled out why Pitfield is not just another industrial mineral project. With titanium now officially classified as a critical mineral by the US, EU, UK, Canada etc. It underpins aerospace, defence, medical, energy, renewables and of course pigments. The problem for the world is that more than 90% of existing feedstock comes from ilmenite, which is low grade and iron rich. It has to be heavily upgraded in dirty, carbon intensive, expensive processes before it can be used. Supply of natural high-grade rutile has been falling, just as Western governments want long-term non-Chinese, non-Russian supply.

Pitfield flips that model on its head. In the weathered cap, the titanium has already been converted into TiO2 minerals by nature, giving a very high-purity feedstock without the iron burden. The test work they discussed shows rougher stage flotation recoveries up to about 80%, around 90% of that recovered again in cleaning stages. The concentrate grades are regularly hitting 30% TiO2 and improving. Leaching tests showing up to 98% of titanium coming into solution and this is all done at atmospheric conditions meaning no high temperature or high pressure.

Because the iron levels are so low going into leach, acid consumption is much lower and they don’t end up with the huge iron sulfate waste streams that ilmenite projects do. That’s a big economic and ESG differentiator between us and peer competition.

The flowsheet they outlined is surprisingly simple and conventional, free digging ore, scrubbing (no crushing or grinding), desliming, flotation and gravity, then acid leach, purification and pigment and TiCl4 production.

It’s now very likely we can produce pigment and TiCl4 as feed into the metal / sponge industry, giving us product optionality depending on where margins are best. That’s superb to have.

Layered on top of that is the location advantage. We’re only about 3 hours north of Perth, 160kms from Geraldton port, in an established wheatbelt area with roads, rail and grid power already there. We’re also actively looking at green power options, including wind, solar and even potential geothermal from the nearby oil and gas belt. For a normally highly energy-intensive metal like titanium, access to large scale low carbon power is a genuine edge which will be valued accordingly.

If you were designing from scratch where and how to build a next generation titanium project for Western supply chains, Pitfield ticks every single box.

CTD…..

Well what a week! But not that I’ve looked at Empire at any point. I’ve spent it in ICU with my 16 yr old son on a life support machine after an acute asthma attack on Monday morning. There were several points over a 72hr period where it looked like we might lose him.

At one stage I actually said a prayer that if Empire went to zero and I lost every penny I’ve put in, then so be it, just get him off that machine and out of danger. Thankfully those prayers were answered in the last 24 hrs. He responded well, came off a ventilator and has now been moved from ICU into a ward. There’s still a long recovery ahead, but it certainly puts share prices, work, and message boards into perspective.

While he was finally sleeping last night I stuck on headphones and listened through the Investor presentation and he is now resting again at the moment giving me time to offer thoughts.

Does it change what I think about Empire? No. The short version is, the opportunity is still absolutely enormous, but whether it delivers or goes to dust is now almost irrelevant. It’s a pity it took something like this for me to realise, however, for anyone who hasn’t watched it, here’s my thoughts.

Pitfield is now formally one of the world’s largest reported titanium resources, 2.2Bt at just over 5% TiO2. That’s based on roughly 20% of the mineralised footprint and only down to about 100m, even though they’ve drilled ore to more than 400m depth. Nearly 700Mt of that is already in the indicated category.

Crucially, the weathered cap about 1.3Bt of it, is where the magic is. Mother nature has already converted the ore into high purity material near surface. There’s effectively no overburden, no interburden and no waste, just free digging, friable ore starting at surface. Every metre they’ve drilled so far has basically been ore, not waste.

On top of the sheer size, the purity story is what stands out. No uranium, no thorium, very low impurities like chrome and vanadium, low phosphorus and very low iron in the concentrate feed (often under 5% Fe2O3). That’s exactly what the pigment and metal markets are short of, clean, high grade feed from a safe jurisdiction.

Taken together, this giant district scale orebody, high grade for titanium, high purity, in WA with roads, rail, port and power already in place means Pitfield still looks like a geological freak in a very good way.

CTD..….

Thanks SS,

That article links well with Fahad Al Tamimi - a significant shareholder in EEE.

From Transoceanic website:

Fahad Al-Tamimi, a dynamic Saudi entrepreneur, leads SaudConsult as its President and CEO. This prominent engineering firm is at the forefront of Saudi Arabia’s major infrastructure and construction initiatives. As the founder and Chairman of TransOceanic Minerals Company Ltd, Al-Tamimi pioneers in mining and exploration within the region. His past achievements include a pivotal role at Worley Parsons Arabia, driving significant projects across mining, oil, gas, and energy sectors in Saudi Arabia, the U.A.E, and Bahrain. Al-Tamimi holds a B.Sc. in Chemical Engineering and an M.Sc. in Petroleum & Civil Engineering from the University of Houston, Texas, underscoring his expertise and visionary leadership in the industry.

He is directly involved with a group of companies (Us included), all linked through shareholdings across a diversified portfolio of critical minerals, battery materials, and advanced manufacturing technologies, aligned with Saudi Arabia’s Vision 2030 industrial goals.

Black Swan Graphene (TSXV: SWAN): A fast-growing graphene innovator with patented technology and a major partnership with UK chemical manufacturer Thomas Swan. Building a full “mine-to-product” graphene supply chain using low-carbon Quebec hydro power, with breakthroughs in inflatable materials, masterbatches, and performance additives.

Mason Resources (TSXV: LLG): A mining investment company chaired by Mr. Al-Tamimi, focused on strategic minerals for battery and green technologies. It owns the Lac Guéret graphite asset and is a major stakeholder in Black Swan, reinforcing an integrated approach to value creation.

Empire Metals (LSE: EEE): Mr. Al-Tamimi is a significant shareholder in this company, which is developing a globally important titanium project in Western Australia. Their discovery of a massive titanium system positions them as pioneers in critical mineral exploration.

Nouveau Monde Graphite (NYSE: NMG): The largest fully integrated natural graphite producer for EV and battery markets, supplying carbon-neutral anode materials. Key partners include Panasonic, GM, and Mitsui.

Northern Superior Resources (TSXV: SUP): With Mr. Al-Tamimi as a major shareholder, the company controls one of Canada’s largest land packages in the Gold Camp, exploring high-potential gold projects with a top-tier technical team.

Sabre Gold Mines (TSX: SGLD): As director and major shareholder, Mr. Al-Tamimi supports the restart of the Copperstone gold mine in Arizona, targeting 40,000 oz per year and underscoring a commitment to sustainable gold production.

He and Transoceanic know what they are doing and what’s ahead 🤞🏼

ML

Essentially, the timing of our development of Pitfield couldn’t be better. The CM strategies across many nations favour projects that can offer size, safety, and strategic relevance. IMHO we sit firmly in that category that policy makers are beginning to prioritise. If the we continue to move towards demonstrable product, scale definition and engagement with end users, it could find itself aligned with a major global shift in how critical minerals are sourced and valued.

3-6 months time, this company “could” potentially land news that takes us into a completely new phase of business and with that, a new level of market capitalisation.

Still work to do, but it’s all going according to the plans set out by SB and the board.

DYOR

ML

https://www.gov.uk/government/publications/uk-critical-minerals-strategy/vision-2035-critical-minerals-strategy

Thank you to Nigel P on the Empire Telegram group for sharing the UK Critical Minerals Strategy 2035 document, it’s well worth a read and I’ve put the link in this post.

The UK has just released its CMS 2035, and the message is pretty clear, governments are no longer leaving critical materials to chance. The document sets targets for securing a portion of annual demand through domestic production and recycling, while also reducing dependence on any single country supply. It highlights the need for resilient supply chains, long term security, allied partnerships, and access to minerals that feed aerospace, defence, clean energy, advanced manufacturing and digital technologies. Thankfully for us, titanium sits firmly within that strategic space.

The strategy shifts the conversation away from short term commodity trading and towards long term supply reliability. It places value on projects that offer scale, ESG credibility, steady output and a clear path from exploration to end-product (sound familiar? 😉).

It also introduces the idea of growth minerals, where demand is expected to surge over the next decade. It lists and covers titanium which is now widely accepted as being fundamental to industrial systems, aviation, defence and advanced components.

This is where Empire and Pitfield become relevant. Pitfield is a tier 1 jurisdiction with aligned geopolitical relationships and SB has demonstrated and proved the scale potential, ongoing resource expansion, and a development pathway that doesn’t require building a bespoke pilot plant before progressing product. If we were brought into a strategic supply conversation, the UK’s goals of diversified allied sourcing, secure long term output and scalable production all align with what Pitfield could represent. In a scenario where SB & the BoD engage at policy level, they could position Empire as a future supply partner. Samples, metallurgical progress, and end user engagements would fit neatly into the strategy’s call for real world product progression and supply chain readiness.

I’ve posted here multiple times about this not just being a UK phenomenon. Many countries have recently published similar critical mineral strategies, including the EU, the US, Australia, Japan and Canada, all emphasising reduced reliance on unfriendly jurisdictions and greater access to tier one safe supply partners. That means a project like Pitfield isn’t just potentially on 1 radar, but 4 or 5 or more. The direction of travel globally is the same, secure allied supply, scale, and long term certainty.

CTD…

Well said Accipter!

Please keep active here.

ML

All factual points in general and good to be aware of all possibilities.

Current situation specifically relating to what we do know as of today!

Our latest drilling at Pitfield is taking place on locally owned farming land in the wheatbelt region near the town of Three Springs. The land is privately held by established farming families rather than Aboriginal title land, so native title complications are not expected to arise. Stakeholder relationships in the area are described as extremely strong, with landowners being supportive of our activities. Only minor compensation is typically required for access, aligned with normal WA farming agreements. Publicly confirmed comments from SB, have consistently indicated that land access and title are not expected to become an issue for the project, and there has been no suggestion of any disputes or barriers over anything the company have initiated, undertook or completed since the start of 2023 (almost 3 years). Based on all publicly available information, land ownership and access are considered straightforward and low-risk for our ongoing exploration and development at Pitfield.

Empire management are strongly involved with local council meetings, charity events and activities.

https://x.com/empiremetalsltd/status/1820709342372368388?s=46

It is absolutely right to point all possibilities however, it is also very important to outline the current situation of this topic.

ML

Thank you

Crispy🐢

Simgod,

Trevor

and everyone else who recommended my post, shows we still have a decent level of genuine holders here who do value sensible contributions.

It appears most don’t want to post or see no reason to at the minute which is fine, but as Trevor said, hopefully the board can regain some of its past usefulness at some point in the near future.

I’m confident the bod will deliver worthy news and developments that can be discussed respectfully.

ATB

ML

I have almost 2 full pages of green boxes so no idea now if this is even worth the time.

I’ve never seen LSE so bad but for the lone rangers who are still looking in here……latest from Empire LinkedIn. The actual post has images too of the conference so might be worth a look.

“Last week, Empire Metals Ltd met with key industry leaders and participants while presenting at the TZMI Congress in Kuala Lumpur, Malaysia, a key global forum for the TiO₂ and titanium industries.

It was a valuable chance for leaders across the sector to exchange views, particularly in light of the latest, weaker-than-expected results from global TiO₂ producers, which reinforce the need for alternative solutions.

Against this backdrop, several themes emerged that strengthen our conviction in Pitfield and the timing of our industry engagement:

📌 TiO₂ market recovery is edging closer

Although demand has taken longer than expected to rebound, there is growing consensus that meaningful improvement will begin from 2026 onwards. As tariffs on Chinese material continue to reshape trade flows, their full impact is only now starting to be understood.

📌Competing with China will require new approaches

With Chinese producers maintaining a dominant market share, industry leaders acknowledged the need for alternative ways of thinking and acting. This trend plays directly into Pitfield’s strengths as a large, high-grade discovery in a Tier 1 jurisdiction.

📌Titanium metal demand remains supportive

While the focus at TZMI was clearly on TiO₂, discussions reaffirmed that tightening rutile supply continues to pressure metal producers, reinforcing the need for future, reliable sources of high-quality feedstock.

📌Purity remains essential

For both TiO₂ and titanium metal applications, low-impurity, non-radioactive ore is becoming increasingly important. This is a key area where Pitfield already stands out.

 

Overall, the conversations in Malaysia reinforce our belief in Pitfield as a compelling solution to shifting market dynamics and supply chain challenges currently facing our industry.

 

More updates to follow as we continue our work across the sector.”

ML

I’ve just submitted my 6 questions but I’d hope at least 1 or 2 could be addressed in the Q&A given they have time to review and prepare potential answers.

Could you walk us through the key remaining steps from the current MRE to first revenues, specifically conversion of resource into reserve, pilot-scale processing, offtake or supply agreements, and final investment decision and likely start of operations? For each step, what are the biggest execution risks, and how are you mitigating them?

Given the optionality you highlight (pigment grade vs metal feedstock), can you clarify which end-market you are targeting initially and what your offtake or supply strategy is for that market? Are you in early discussions/ negotiations with pigment producers, titanium metal producers, or both? What terms, volumes, pricing, offtake triggers are currently under negotiation, and how will these influence project economics?

In the latest Crux Investor interview you’ve spoken about continuous piloting and producing saleable product through a number of available facilities in Perth. What are the key questions these pilots must answer to get commercial buyers comfortable, and how close are you to demonstrating consistency of the high-purity TiO2 product at scale? A detailed update on our latest flowsheet progress would be appreciated.

Given WA’s Future Made in WA programme and its emphasis on critical minerals, processing and manufacturing, how aligned is Pitfield with the state’s funding or infrastructure support schemes? Are there discussions underway for direct government backing or incentives? Not only would a link up offer additional financial strength, but equally important it would appear to offer 3rd party validation which Pitfield would benefit hugely from.

Could you clarify the practical mechanics of the 70/30 JV with Century Minerals, particularly capital contribution requirements, and whether either party holds future buyout or dilution rights that could affect the long-term ownership structure of Pitfield?

You’ve said the continuous piloting approach could remove 18–24 months from a traditional pilot-plant timeline. What would a realistic best case and base case timeline to commercial operations look like under this accelerated pathway, and what milestones will indicate that the acceleration is on track?

In reality they might not be able to publicly communicate exact details or specifics but hopefully they can try to offer some additional clarity around some of the topics.

ML