Member Info for Manlord

Shaun’s 40 min update on Friday really underlines how far ahead of the curve we now are. The fact that we can move straight into continuous piloting using existing WA facilities, without needing to fund or build a pilot plant, effectively knocks 18–24 months off the normal development timeline. Instead of waiting years and raising millions to construct a pilot operation, we can start producing multi-tonne, high-purity titanium product almost immediately, backed by real continuous-run data. NM from her LinkedIn posts appears to be very confident about the likely success of the flowsheet. SB said he wanted her in that role from day 1 and by all accounts she’s the best in the business.

That single advantage alone is a very powerful reason to be involved with Empire from this point in our development. It accelerates metallurgy, accelerates commercial validation, and accelerates engagement with end users which SB said Michael will be fully focused on over this next phase, all while avoiding the dilution and delays that usually slow junior miners down. We’re simply moving faster than the typical model allows, and the latest update makes that impossible to ignore.

Throw in multi-director share purchases and a board that always completes and achieves what they set out to do, well then I genuinely think this opportunity offer lots of scope for MC appreciation and right now, the risks associated with Empire have never been lower.

Anyone buying now 15% below the recent funding price of 40p should do very well.

The better half is up 20% now with 2 days of continuous rises, jokingly she said, “This is easy, not sure what all the fuss is about” which I quickly followed up with my own joke “Talk to me when you’ve had a -40% day” 😃

ATB

ML

There’s only a certain type of person who can somehow try to make board directors buying shares in the open market a negative. 🤦🏻‍♂️

From the replies with quotes, it appears that I have definitely filtered the right people.

When a non-executive director buys, you should take note. Couple that with the 40 minute detailed plan for Empire on Crux Investor last week, and then it’s a very strong signal of the intent of this company.

As time passes, this will play out with SP appreciation.

I would appreciate more information on this SETS remark, what exactly has changed? Thanks in advance.

ML

For the avoidance of doubt, he accompanied the post with the following;

“Well we are off and running at Pitfield. Diamond drilling with Wallis Drilling to better understand the geology and the structure. Also to get more metallurgical samples for the continuing met programme.”

ML

“What makes you think that photo has anything to do with EEE and was not taken some time ago?”

Have you not read the RNS from last week saying the Diamond Drilling had commenced?

You honestly think it makes more sense that he has posted an old photo from some other companies drill site, seriously?

ML

Diamond drilling has started at Thomas!

Posted by Andrew Farragher earlier today.

https://ibb.co/QF7gqvPk

ML

Thanks IvRoche,

Can I ask as I’ve heard it a few times now about “Look at GGP” in a semi-negative ASX tone, I see they dropped 35% since ASX entry (late June) but the SP has recovered and is higher now than ASX launch and up to £2.2b give or take my last look.

Is that the concern or was there something more specific that happened for shareholders to view the ASX as being “not so good” so far.

Thanks

ML

Not sure Gem.

All I do know is that they (Century) are passive, allow SB to drive the business on, offer great support and a network of mining contacts, and that their current relationship is very strong and offers many advantages in “circling the wagons” and removing pretty much any opportunity to sucumb to lowball offers or hostile takeover. Century are listed as a private exploration company established by Ed Baltis & Steve Hart, two very well known and respected exploration geologists. Ed was the former WMC Resources and Gold Fields minerals exploration manager, and Steve was the former Plutonic and Basin Minerals exploration geologist. It’s safe to assume they know what they have with Pitfield and rather than see them as an annoyance, SB has been very clear to say they are a positive when it comes to assessing the JV.

SB did agree that in an ideal world, mechanism’s exist to ultimately see Empire take full control of Pitfield, meaning a simpler structure for future business, but that based on me asking that question specifically. He was not suggesting that’s what Empire were looking to do at that point (Sept gone).

If we were to play devils advocate, this could be achieved in a number of ways, but someone with direct experience in M&A might be better to explain than me, but my understanding is we could acquire Century’s 30% stake through a few mutually agreed options.

We could offer to buy their stake for cash, negotiated based on a fair valuation of Pitfield.

Alternatively, we could do a share swap, giving Ed & Steve shares in Empire instead of cash, so they could both keep exposure to Pitfield indirectly.

Another option is an earn-out deal, where they get paid upfront and/or based on future production or revenue milestones. When that could or might happen would mean agreeing a fair valuation (and at what point is it best to do that I have no idea), and whether that’s via cash, debt, or equity issuance.

Again all assumptions and no factual knowledge of any such plans.

ML

Hi SS,

I believe it refers to the shares that are most viewed, tracked, or searched for by users on the Yahoo Finance platform during that period, not necessarily the shares that had the biggest gains or trading volume.

ML

Here’s a list of all the companies shown in the “Most popular stocks in September 2025” from 8th October yahoo finance article by Vicky McKeever. The article is embedded in my “stocks” app under Empire Metals chart.

All publicity is good publicity as they say.

1. Legal & General (LGEN.L)

2. Rolls-Royce (RR.L)

3. Taylor Wimpey (TW.L)

4. Lloyds Banking (LLOY.L)

5. BP (BP.L)

6. Phoenix Group (PHNX.L)

7. Nvidia (NVDA)

8. Shell (SHEL.L)

9. ImmuPharma (IMM.L)

10. HSBC (HSBA.L)

11. Empire Metals (EEE.L)

12. Barclays (BARC.L)

13. Wishbone Gold (WSBN.L)

14. NatWest (NWG.L)

15. Tesla (TSLA)

16. Glencore (GLEN.L)

17. Rio Tinto (RIO.L)

18. Aviva (AV.L)

19. BAE Systems (BA.L)

Sources, Interactive Investor, AJ Bell, Bestinvest by Evelyn Partners.

ML

Good morning Dustfilter, Doc,

You guys are 100% correct.

Our 70% stake is a project level ownership set out via JV agreement mechanism with our good friends, Century owning the other 30%. The 70/30 split is tied to Pitfield only, not to how many EEE shares exist.

Even we issued a billion more shares, we would still own 70% of the Pitfield. Nothing changes that. Warrants and options dilute shareholders, not Pitfield percentage ownership.

Have a nice weekend both.

ML

"Anyway, any room to discuss the company or today's interview on here? Or is it just a playground for narcissistic argumentative *folk* with or without agendas? Apologies, for interrupting, I may have misunderstood the purpose of this board."

I'll try Darbs :-)

ML

Lastly, let me be perfectly clear, I am not here to tell anyone to buy, sell, or hold. This is not a stock tip column. Whether you’re a long-term investor, a short-term trader, or somewhere in between, this is simply my personal view. I am a long-term shareholder in Empire Metals and I hold multiple millions of shares and I have not sold a single one at any price. I am comfortable with that decision and fully committed to seeing this exciting story play out. I am not here to play the short-term market swings. I am not clever enough to follow charts, and frankly, I don’t believe charts on the AIM market are as useful as the main market given the liquidity and the mindset of many investors here and the clear manipulation that is faced by investors daily on the forums. Everything I have written above is based purely on my interpretation of what the company’s experts are doing and thinking, their strategy, expectations, and likely next steps.

Over the last few weeks, I’ve found it frustrating, not because of the share price, but because of reactions to what I post. Some have accused me of ramping the stock (but always fail to mention it was from 1p) and then there's others that say that if I don’t post, I must be selling out or lacking conviction. To be honest, none of that is true. I’m simply trying to distill and share what SB (and all board members before him) and his team of experts are executing on, so shareholders can get a clearer picture of the likely direction of this project. I don't control the SP up or down but one thing I'll stand over, not one of my shares has been sold to affect the SP but I do continue to build a stake in Empire as the story progresses, and the risks reduce. I don't buy because the SP is blue, or sell because the SP is red, I follow the story, I follow our progress, I follow the company statements and scientific data, and then I decide if I want to continue to be part of the shareholder base. Nothing I've seen to date is suggesting I need to do anything other than buy when I can and grow with the company.

Its entirely up to each individual here to decide what's best for them but for the love of God, do your own research and make sure you know what you're buying into and be sure you know the timelines, because if you don't you can be dragged into this nasty market which can chew you up and spit you out the other side without a single hesitation.

Going forward, I won’t be engaging with the negativity but I certainly have been baited to try to get me involved and I have bitten at times, not anymore. My goal is to provide clarity and insight, not to entertain drama or speculate on short-term moves. All I ask is that readers take this for what it is, my personal perspective. I wish everyone well and sincerely hope that we all benefit from our investment as Empire continues its journey.

Finally, IGNORE THE NOISE and enjoy your weekends.

ML

Thankfully IMHO, the ASX listing is a key priority, designed to bring in a broader investor base, improve liquidity, and allow the share price to reflect the company’s true strategic and technical value. I've said it so many times, and yes whilst it's not a guarantee, I firmly believe that the Aussie investor is far more sophisticated in mining terms and knows exactly how to value developing, unicorn projects with such strong economics as we are showing to have. Meanwhile, the titanium sector is undergoing a shakeout, Venator, Rio Tinto, and Iluka are restructuring, closing, or divesting operations. SB didn't hide from that eye-opening statement and was vocal about us being well positioned to capitalise on this disruption, offering a low-cost, high-purity, high-grade, and environmentally responsible alternative supply chain to the current supply available. This looks to be the start of a new titanium supply format, one that could pair seamlessly with the critical minerals push.

When asked by Mathew is 2026 was about acceleration or consolidation, SB very quickly and firmly said "It's about Growth", he was definitive about that. He said the team will expand, technical expertise in metal feedstock will be enhanced, scoping and pre-feasibility studies will ramp up, and continuous piloting will move forward to validate product and market fit. Every step of the process is designed for strategic optionality, risk reduction, and accelerated value creation. Environmental stewardship, community engagement, and sustainability are core to future plans and operations and shareholders should know this is not only profitable but ethically responsible growth where the markets, governments, local communities will be seeking those assurities. For anyone trying to question the credibility of the team or the strategy, the proof is in SB's experience, the expert team, the rigorous planning, and the rapid, methodical execution. Yes we've dropped, but I haven't changed my view or position once (wife is now in too at mid-27p) to deliver transformative shareholder value while setting a global benchmark for titanium supply.

CTD........

Unlike many small cap companies we're talking the talk and appear to be walking the walk in terms of execution, I think it's clear we are building the pipeline early, aligning product development with global market needs and the lessons here are clear, this isn't speculation, it is strategy in action, no matter what LSE forum experts say! These updates are from the company itself, not me as a shareholder. Everyone should watch, listen and take notes from that interview today.

SB alos outlined a 3 stage process starting with front-end mineral separation followed by hydrometallurgical extraction, and product finishing. Each stage is designed to maximise purity, yield, and optionality, enabling the production of both pigment and metal feedstock. Unlike conventional titanium processing, our method bypasses high-cost smelting stages, dramatically lowering energy use, waste, and cost. He didn't confirm exact figures but he made it very clear that our costs will blow current producers to pieces. Continuous piloting is planned over 3-6 months, producing sufficient product for end-user testing and commercial validation. This is the stage where LoI's, technical audits, and strategic partnerships will begin to crystallise, and SB was very confident in saying that the process is backed by decades of experience and world-class laboratories on our doorstep. For those who have tried to belittle the project, the technical advantage is unassailable, but sure that won't stop them trying.

Even with 2.2bt, we're is not standing still with our DD program getting underway to expand the resource north of Thomas Prospect, while RC and AC programs will continue to refine quality, SB went into detail on our strategic optionality with the team designing mining schedules to maximise flexibility, reduce risk, and future-proof infrastructure, while ensuring environmental responsibility. The land, currently wheat farms, will be rehabilitated post-mining, a rare combination of ethical, sustainable, and technically robust planning. I thought he was very strong on that point and didn't appear to be playing lip service, 2 years of environmental fieldwork, community engagement, and Indigenous consultation have already been completed by NM. In todays ever demanding industry, we're demonstrating that a world-class mining operation can be profitable, socially responsible, and environmentally sustainable.

The recent SP decline is not a reflection of fundamentals, it is a mix result short-termers, short term sellers, amateur investors focused on speculative swings, shorters who saw all the created FUD by those less desirable individuals and of course some profit takers. SB has been clear, the company’s fundamentals are strong, cash is robust, £11m on hand, and our strategy is execution-focused.

CTD...

It's been a tough month for all genuine holders including myself and not that I need to say this all again but ignoring the obvious noise is key to whether one can find their way through all the BS. The level of poor quality information and commentary here and elsewhere is now at it's highest level I've even seen, so rather than listen to them, me or anyone else out there, I think it's more important than ever to take stock of where we are and let's get it from the horses mouth, the same horse that has followed up on pretty much everything he said he would for the last 4 years.

Pitfield isn't just another titanium deposit, some people here have talked down the unicorn analogy but make no mistake, it is world-class, transformational, and strategically positioned, as Shaun made it abundantly clear yet again today. Unlike myself, and others here, he is not some armchair commentator, he is a geologist with over 40 years of global mining experience, and he has assembled a powerhouse team of experts in every field, many of whom have left major miners to join this project. The resource itself is a staggering 2.2bt at over 5% TiO2, immediately placing it among the largest known titanium deposits on Earth. What sets us apart is not just the scale but the purity and optionality, the ore has naturally high-grade TiO2 in the weathered cap, free from deleterious elements that complicate our planned processing. The metallurgical work we have already produced is 99.25% pure, confirming that this is not just big, it is technically exceptional. This dual purpose capability, suitable for pigment production and metal feedstock, positions us at the intersection of high-quality commercial demand and critical strategic supply. While some naysayers and armchair experts have spent months trying to demotivate shareholders and throw constant shade on the project, the reality is clear, we have the people, the scale, the purity, and the technical roadmap to make this a global reference point for titanium production.

SB is not waiting for the mining world to knock on our door and has proactively and strategically strengthened the board with heavyweight industry veterans, bolstered the technical team, and onboarded a marketing manager to engage directly with end users. SB said today that he has personally led engagement with top-tier partners including Boeing, the US Department of Defence, pigment producers, and key trading houses, positioning the company to secure letters of intent and early strategic interest before the pilot phase is complete. This proactive approach is backed by action when we also saw that Empire were invited to the World Expo in Osaka last month, rubbing shoulders with federal and state ministers, demonstrating the political and strategic credibility of Pitfield.

CTD.....

ML

This latest update from the company should be seen for what it is, a really positive step forward. The DD program is all about backing up what’s already been found, tightening the resource, and moving the project closer to proper defined ore reserves. It’s also about getting the kind of high-grade product that potential customers can actually test, assess, and start looking to partner up.

On top of that, bringing Canaccord on board as broker is a huge boost. They’re a serious name and will add weight to not only bolstering government support for Pitfield, but also the ASX listing, where people genuinely value early stage, world class discoveries and development stories like Pitfield. The more ties we have with Australia, the better imo.

And yet this board and others are plagued by people focused solely on creating doubt and negativity, by throwing out utter rubbish hoping it gets picked up by those less experienced. Surprise, surprise.

It’s becoming very apparent that those with conviction and a LT mindset might just have to ride this storm of s**t and reappear when clearer skies are on the horizon.

ML

“Being this wasteful with cash is no surprise for a company that has –95% SP on Google MAX”

That’s your giveaway line. The company has never traded at that so called “MAX” price, anyone who’s actually been here for more than five minutes knows that chart includes legacy entities, share consolidation and decades before Pitfield even existed. Quoting that number as if it’s relevant shows you’re new, inexperienced, and haven’t done even the most basic research. If you were actually in this company, you’d know the MAX chart is utterly meaningless in context.

So, no, hiring a third broker isn’t some wasteful panic move or lowball takeover setup. It’s a sign of maturity and positioning. If you want to make a point, make it based on facts, not baseless, negative conjecture with little thought or knowledge.

Another user in the bin.

I had 2 people filtered up until Empire went on its 2025 run, now up to about 15, what is it about a developing company with huge prospects that attracts such idiocy?

So frustrating to see so much garbage posted here.

ML

Katinka, you remind me of Element, someone who pretends to know what they are talking about, but clearly and obviously does not.

So let’s actually break down what you’ve said because just about every point in that post is way off the mark.

“A third broker on the payroll of an exploration company that just released its maiden MRE”

That’s exactly when a serious developer adds a broker, once the story moves from speculation to defined resource with a plan to confirm ore reserves. The maiden MRE isn’t the finish line, it’s the starting position. Empire will bring in extra market reach, more coverage, and better access to capital before the next value steps like metallurgical work or a dual listing. Not afterwards!

“Soon they’ll need to raise cash just to pay broker fees”

Total nonsense. Broker retainers are pocket change compared to drill programs, test work, or metallurgical campaigns but a man of your expertise should know this type of information. Empire have £11m on hand so cut the BS negative statements, do you think investors here are stupid They’ve clearly got enough to advance the project and broaden their market representation and still have plenty on the pot to progress through ‘26 with ease.

“They’re too early-stage for this to be sensible”

Wrong again, they’re at precisely the point where professional coverage actually starts to matter. When you’re heading toward pilot-scale testing and moving into a tier where institutions, analysts, and potential partners and buyers start watching, you want visibility. Waiting until after the PFS would be backwards but again how do you not know this, but post here anyway? Empire are about to produce a high grade product and they need to launch it! Every company worldwide bigs up their latest and greatest next product, Empire are no different.

“Why would a company pre-pilot, pre-PFS/DFS need 3 brokers?”

Because different brokers specialise in different things, institutional reach, retail depth, regional exposure, international placement. If they are planning for an ASX dual listing (which we are), you need brokers positioned across multiple markets. That’s called preparation for the Australian market.

“Unless they think the project isn’t that good and want to force a takeover”

Right, because obviously the best way to hide a weak project is to hire more brokers, release a resource estimate, and spend months on metallurgical verification and pilot plant production. Christ you cannot be serious!

CTD….

So Katinka, you reckon the LC has already played out and did so within half an hour of the MRE RNS dropping? Wow - that’s got to be a record. A one day LC from 80p to 40p 🤦🏻‍♂️.

Honestly, you can’t make this stuff up. If that’s your level of analysis, no wonder you’re seeing doom in every drill plan. It’s classic forum overreaction dressed up as expertise.

You’ve also singled out one tiny line in today’s RNS about this drilling phase being funded, lectured everyone on what they should be doing, and yet haven’t done a shred of actual research or posted any real world figures, given you finished with “this work program is funded by placing cash” and saying where is the next funding is just blatant rubbish. You are also clearly new around here and have zero experience with this company to suggest Empire are prone to overselling speed? Are you joking? This company hasn’t missed a single stated deadline in close to 4 years, not a single one.

And btw, diamond drilling costs around $200/m - $250/m. 10 holes for 1,000m comes in at roughly $250k (best estimate) and would include logging. The company’s sitting on about $11m. Do the maths, before you lose your credibility.

Anyone writing walls of text without even checking the basics shouldn’t be schooling others on market theory. The level of commentary here sadly fallen off a cliff, but like the recent SP.

You have to laugh!

ML