Member Info for Manlord

@Strike

Is that a serious question?

“ is there cash for drilling after January?”

ML

Delivery of high grade Ti02 to potential buyers.

SB knows exactly what’s ahead.

January will be here in a matter of weeks & yet some still do their best to play this down. SB could say he has sold $5m worth a sponge metal from Pitfield & some would say he should have got $6m sold 😃🤦🏻‍♂️.

This is all building to ore reserves with measured status for Pitfield with a high purity product produced. Roll on Q1.

ML

As we've seen over the last 6 months, but specifically this last month, the big story behind rare earths and other critical minerals is finally hitting home, and funnily enough they're not rare, they're just hard to process. China built its dominance not because it had all the deposits, but because it was willing to invest in the refining and processing when the West didn't.Now that tide is turning. Western governments are waking up to the reality that control of processing and refining is every bit as important as exploration. Through CSIRO and its various state and federal funding arms, Australia is right at the centre of that shift, and thankfully for us, the Critical Minerals Strategy 2023–2030 and related funding facilities, already backing projects with billion dollar non recourse loans (Iluka), show how serious the push is to build end to end capability, not just dig and export but process, refine, and own the full chain.That's exactly where we fit in.

Titanium might not be a rare earth, but it's a critical mineral, and what we've got at Pitfield is the right material in the right place at the right time. The deposit scale and geology are world class, and the jurisdiction couldn't be better aligned with what governments want to support next, clean, strategic, long life projects that anchor domestic capability.

I've said before that the MRE might have been the moment to kickstart government interest or even funding involvement, and it still might be. But on reflection, I think the real inflection point will be when ore reserves are confirmed, when we move fully from inferred to measured and indicated status, as planned for late Q1 into Q2 next year. That's when it becomes bankable in the truest sense with feasibility studies to back it up, and that's when government agencies, funds, and partners might really start to lean in.

So we've got a huge 9 months ahead of us, and any one of those steps could be the spark that drives a serious rerate from multi hundred million to single billion. The groundwork is all there, policy tailwinds, global demand, government support, and a deposit of genuine scale and quality.

China built its dominance over the last 25 years and it will take just 5 years to dismantle it, and when that happens, projects like ours will be right in the middle of it.

Patience will be rewarded here IMHO.

ATB

ML

Comes after most people have given up.

The market can shake out the impatient, but it generally rewards conviction. Stay grounded, stay focused, and let time do its work, because those who hold through the noise will be the ones telling the story at the other end.

ML

I know the last month has been particularly tough for many here. We’ve seen the share price rise to 80p, fall to 35p, and now wobble around as the noise grows, forward selling, funding worries, metallurgy doubts, placings, rumours of big people selling out. It’s been a real mix of everything, and not an easy backdrop for anyone who considers themselves a solid, long-term investor.

But I just wanted to say this, I’ve been there. I’ve stared at the minus sign on my portfolio. I’ve felt the same doubt and frustration. Yet the one thing that always steadied me was remembering why I invested in the first place.

If your reasons were based on the fundamentals, on what Empire is building, proving, and aiming to become, then that’s what you should be focused on. Everything else is just market noise.

Of course, it’s not pleasant seeing your portfolio value drop. But no share goes up in a straight line. Markets breathe in and out. Over the last 2 years, despite pullbacks and sentiment swings, this company has been on an extraordinary trajectory. What they’ve achieved since May 2023 is nothing short of spectacular, both technically and strategically.

Yes, there have been down periods. My own family members position was once down nearly 60%. But now it’s up around 150%. That’s how markets work, the pain comes before the payoff.

So, when you hear people saying, “Look what’s happened, it’s gone backwards,” remember that’s an easy and very lazy narrative when the price is lower than expected. We didn’t buy for next week, we bought for the future. The long term hasn’t even begun yet.

If you’re feeling a little wobbly, go back and read the interim and FY results. Read through the last 2 pages of RNSs. Remind yourself of what’s been achieved and where this is heading. The MRE was a huge milestone, no doubt about it.

Could you have sold at the top and bought back lower to build your pot? Sure, in theory. But in reality, those who say they do that every time are either very lucky or not being fully honest. They don’t mention the times they missed, or the risk they took chasing the bounce.

That’s not what this post is about. I’m not trading this, haven’t sold a single share, and have only been topping up. This is a note for genuine investors, those who believe in the fundamentals, the team, and the future.

Hold steady. The story is still unfolding, and I’m convinced time will prove that this period was simply part of the journey upward.

Remember every single previous funding price was tagged and went below that price before moving north in the weeks and months afterwards. EVERY SINGLE TIME!

So if you believed in Empire when you first looked into it & bought, trust that instinct, you were seeing what’s really there. Don’t let the noise shake you. The story hasn’t changed, only the BS chatter here has. Stay the course, hold your nerve, and remember, the real payoff always comes afte

Cev,

Don’t worry I won’t be engaging with such nonsense.

It’s a huge pity, but a bit like Ageos, I have no real further desire to try to convince anyone of my personal beliefs. I have enough things to keep me busy in life than to be concerned about what happens with Empire on a daily basis.

Am I happy and comfortable with my Empire position and investment? Absolutely, and I’m very excited to see how we progress through Q4 and into Q1 next year.

I can assure you, the recent funding and the buyers who took part in that funding call, are well clued up and have done their homework, similar to them, I’m expecting far greater returns than anything that will be seen or witnessed here in the intraday movements, whether up or down, of 2%, 5% or 10%.

Hindsight works both ways, the current price will be viewed as a gift in time which is why I’ll pick up what I can when I can. Unfortunately, trying to stay at 1% holding of total shares in issue won’t be possible. Even with 3 recent purchases, the 2.5% dilution (which is tiny) has me down to circa .8% of shares in issue.

Still though, .8% of a potentially world class titanium super power is more than enough to keep me happy.

ATB

ML

@Chid - Ordinarily I wouldn’t see your comment as you’re filtered but the site on my phone seems to be constantly reloading so it’s kicking me out of my login.

Let me be clear, I’m not a millionaire & have never once said I am. Everything I have is on paper and not crystallised - profits or losses are neither until your investment is closed.

I work just like anyone else here, and have 25 years left until retirement. Don’t show your laziness by making assumptions on matters you know nothing about.

Try to offer real advice based on facts, that way people might start listening to you. Not me though, as I’m happy as a LTH to await all that is coming.

My wife (2nd one) has savings, but €30k is a lot of money for her. She wanted to buy at multiple times in the last year but just never cared that much to close it out.

She now thinks it’s as good a time as any now that it has dropped. Funnily enough, she would prefer to buy when it’s in a negative SP period rather than when everyone is buying on blue days. I tend to agree and my history of purchasing confirms that.

I’m happy picking up shares as and when without much concern, world class, low cost, open pit, high grade, tier 1 critical minerals assets with a strong management team don’t come along often.

Nobody is being asked to buy, nobody is being asked to sell.

You’re in full control of your own investments and if you’re buying or selling shares based on anonymous posters views, well you’ll need a lot of luck being successful. I’ll stick to what the company experts are telling us.

ATB

ML (now logged in so goodbye).

Will be far more than people think it will.

https://www.lse.co.uk/rns/EEE/interim-results-vhq2a6qwgy1qz96.html

Read the company statements.

This has all the hallmarks of the 14p days (80p) and the 6p days (35p). People moaned & begged for daily news when it was dripping a few % here and there. It was months long but all gobbled up and back to the highs within 5 trading sessions. I can see the same here again with momentum & belief switch in an instant. Only this time, the company has derisked further and has a lot more funding to drive development. Only experience can navigate this period with ease, as one investor said to me today, "I'd love to be in a coma for 18 months & then wake up" - which was of course in jest. The company is in good hands, if you're here to see it play out, you'll do just fine. If you're here to trade and want to exit now to chase another rainbow, cut your losses with disappointment and all the best. All in good time so no issues here adding along the way in various tranches. Little bit here, little bit there. The wife even knows this as good as me, she wants €30k worth which will trigger at 30p (round number pick on her behalf) if it gets there. She'll see a €100k back which she has said herself "This is the same as last time" were her exact words.

ML

Post removed.

Well done everyone who took the time to report.

Bans will only apply once emails are sent to support@lse.co.uk outlining the comment and issue.

Takes 2 minutes but will make this forum at least have respectful debate.

ML

For clarity that article can be found by opening the reader and flicking to page 16

If you get stopped at any page before that, throw in any gmail address and it lets you proceed. I posted the content anyway earlier on this thread.

https://www.the-pick.com.au/magazines/the-pick-edition-25

ML

Slappy,

I’m wide to you! Just know that.

https://www.the-pick.com.au/magazines/the-pick-edition-25

ML

Team Expansion and Bulk Testwork Push Ahead

To keep the development engine humming, Empire has bulked up its team with key appointments: Alin Rubio (Study Manager), Pocholo Aviso (Hydro-metallurgist) and Michael Tamin (Marketing Manager), supported by their Perth-based consultant Strategic Metallurgy and Nashville, US-based TPMC Consulting. Bulk-scale testwork is now underway, with the company preparing for a development sample.

As CEO Shaun Bunn puts it:

“We can now demonstrate a highly efficient and environmentally responsible route to producing multiple high-value titanium products.”

Pitfield’s Potential Shaping into Global Supply Opportunity

Empire’s ambition is unmistakable: to create a new, efficient, and sustainable titanium supply chain from a Tier 1 jurisdiction. With strong shareholder backing, near-surface resource, and a fast-tracked development pathway, the company is fast becoming a standout in the critical minerals landscape — one that doesn’t just talk the ESG talk, but walks it in high-purity, low-carbon boots.

With the next catalysts being the maiden MRE and expanded metallurgical testwork, we won’t have long to see if Empire’s titanium dreams are ready to crystallise into tonnes and margins.

“The continuity of high-grade mineralisation near surface is particularly exciting for future mine development.” — Shaun Bunn

ML

Empire Metals: The Titanium Tide Turns at Pitfield

Pitfield is delivering some eye-watering grades: Source Empire Metals

BY STAFF WRITERS

Empire Metals (LON: EEE; OTCQX: EMLPF) has capped off a transformative quarter with a flurry of milestones that collectively tilt the dial from explorer to emerging developer. If there was any doubt the Pitfield Titanium Project was edging toward world-class status, the latest drilling, metallurgical, and corporate developments ought to put those doubts to rest.

First up, Empire has graduated from the OTCQB to the OTCQX Best Market, signalling a strategic push into the US investment community. While the upgrade might appear administrative, it unlocks greater visibility, liquidity, and a broader capital base at a time when the titanium narrative is gaining critical mass.

More tellingly, it positions Empire to court the kind of heavyweight investors who understand titanium’s place in decarbonisation and defence supply chains.

Pitfield Delivers Eye-Watering Grades

But this story isn’t about a listing shuffle — it’s about the monster under the surface at Pitfield. The company’s drilling blitz has now passed 32,000 metres across 382 holes, most recently drilling 10,136 metres at Thomas Prospect. The results? Some of the highest TiO₂ intercepts globally, including 98 metres at 7.05% TiO₂, and 44 metres at 7.87% from surface.

Nearly two-thirds of all holes averaged over 4% TiO₂, a figure that would cause most rutile producers to spill their coffee.

Pitfield’s mineralisation isn’t just high grade — it’s also continuous, and extensive, as seen in the Thomas Prospect, now defined as 3.6km x 6.1km = 61% TiO₂. This dataset will feed the upcoming JORC-compliant Mineral Resource Estimate (MRE), due soon. The scale and quality of mineralisation here could well place Pitfield in the upper echelon of global titanium projects.

Metallurgical Breakthrough Simplifies Path to Market

Meanwhile, the metallurgy — a frequent Achilles heel of unconventional titanium plays — has delivered what can only be described as a breakthrough. Fresh processing testwork confirms that the weathered saprolite responds well to mineral separation methods. Recoveries have hit 77% in flotation and up to 98% in acid-leach tests, culminating in a final product grading a staggering 99.25% TiO₂.

Environmental and economic credentials are strong too. Low acid and low noise levels mean this project could become one of the cleanest titanium operations anywhere, with markedly lower reagent and energy costs. In contrast to other energy- and waste-intensive hard-rock titanium deposits, Pitfield offers a cleaner, leaner upgrade path with higher yields and fewer contaminants.

CTD….

Https://www.linkedin.com/posts/empiremetals_eee-mining-geology-activity-7389975241168482304-jBQL?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

ML

Looking at the article you quoted, it doesn’t say approvals are unworkable, it says the framework is transforming. Every explorer in WA is navigating that shift, yet dozens of projects are still advancing through approvals but you won’t share those links will you Element? No you won’t because it doesn’t fit your narrative. Greater uncertainty doesn’t mean all companies are at an impasse, it means more scrutiny and better defined outcomes. If anything, companies that start aligning with those requirements early, as Empire and Kathy Pritchard are, will move faster once the new processes settle. You’re 100% negative with zero willingness to attribute any positives to what the company are telling us.

You’re welcome to disagree on valuation and timing, but stating that others need to be truthful when only one of us is discussing Empire specific topics, is ironic. No one here benefits from misleading anyone. What helps is recognising there are multiple development routes and a wide range of potential cost and time outcomes, not one fixed narrative based on worldwide general type mining analysis such as yours.

Do not come on here pretending that a single high capex, decade long build is the only option for Enpire. All the evidence from Empire’s own statements, their staged approach, and comparable WA examples simply doesn’t support what you’re saying.

Goodbye.

ML

Element,

This will be my last reply to you because it’s clear you refuse to acknowledge the SPECIFIC EMPIRE RELATED TOPICS and use only generic type, upper limit information.

You’ve built your entire post around the assumption that a $600m capex figure and a 10 year timeline are inevitable for Pitfield but that’s not supported by either precedent or by what the company or the board have actually outlined. Why not stick to Empire and discuss our actual situation because that’s the one you clearly are here to save people from?

The figure you’re quoting would be relevant only for a fully integrated end to end mining operation, with refining, fleet and export facility all in one. That dramatic and wholly irrelevant view is something that’s years away from being defined let alone funded but most importantly Empire have NEVER ONCE indicated such a model at Pitfield so why don’t you start being honest and stop misleading people here into thinking you know what’s ahead and the company leadership don’t.

What’s on the table now is a staged development approach, which drastically changes the number. Early stage piloting and product validation can be done for a fraction of that but AGAIN YOU KNOW FULL WELL ALREADY.

10 years is the upper bound for new mines starting from grass roots exploration through to full scale production with environmental approvals, infrastructure build, and commissioning. Pitfield isn’t that typical case as has been confirmed by Shaun Bunn (the guy in charge). It’s a large, low impact titanium project located on century old agricultural land with no heritage complexity and minimal waste by-products.

Yet again you refuse to stick to Empire and what the FACTS are with the Pitfield project, but why would you do that is the question? Why would you never post anything about the positives here? Why do you refuse to debate the items Shaun has confirmed this week interviews. They are not my words, they are the company words but you will not discuss them and for that reason this is my last reply to you.

The pilot plant route and staged processing is hoped to bring early stage product and revenue streams far sooner (again the interview this week) and that’s precisely why Shaun has been talking about continuous piloting and producing product rather than waiting a decade to build a deep underground mega mine which you keep referencing. It’s ludicrous for anyone to continue dialogue with such obtuseness.

CTD…..

Well fortunately for me I can see through your authoritative presented BS. However, on the basis that there are many new and existing holders who may not have as much experience or knowledge on the topics you’ve presented as negatives, it’s important to challenge your commentary, so where do we start with your claims…..

Firstly this idea that we need $600m to go it alone is entirely misleading, but you know this already. We’re not trying to build a giant conventional mine with a refinery and all the heavy capex that goes with it. SB has made it clear from the start that Pitfield is being advanced as a simple product operation, not a traditional mine. Our model is continuous piloting and scaling which means we prove the concentrate at pilot level and get it into end user hands and then scale production. It’s not 1 big multi hundred million dollar build. It has NEVER been suggested like you have framed it.

Your funding argument is also way off. It’s not just equity or debt. There are plenty of options before heavy capex is even discussed. Govt support via the critical minerals programmes in WA are far more likely and SB has clearly referenced that multiple times. Look at Iluka’s non recourse loan!!!! We could secure off take linked funding and even pre-pay pilot sales once the product is validated. The $600m is just utter nonsense.

You then claim that it’s a 5 to 10yr story. This is not a deep underground gold project, its near surface, easy strip with processing already being piloted in labs. The whole point of continuous piloting is to shorten that timeline by running, testing, marketing and scale up in parallel, not sequentially. You are not stupid so don’t pretend it’s anything other than a simple operation.

The idea that there’s no clear market is also blatantly wrong. Ti02 and metal sponge are already multi billion dollar industries. We are not inventing a new market, we’re providing a new low cost feedstock into an existing one. SB has talked openly about creating a clear value chain to high grade titanium products and has the marketing team already engaging with potential end users.

The buyout versus self build point is another one you’ve spun the wrong way. As I mentioned in my previous post, a buyout after validation could be a great outcome but it’s not the only one. The current approach keeps us in control until we’ve got hard data and market interest which means when the time comes SB can choose whether to sell, partner or go it alone from a position of strength, not weakness.

And finally the single asset developer scare story is lazy. Every explorer starts with one asset but Pitfield isn’t comparable to the likes of Horizonte or Hummingbird. Those failed because of high cost builds, very complex metallurgy and masses of debt. Pitfield is low cost, simple mineralisation and enormous in scale with a management team experienced in such matters.

Nice try Element.

ML

Hi Darbs,

From my perspective, choosing between a buyout, JV, or going it alone involves balancing risk, return, timeline, and personal circumstances. Nobody will have the same answer.

Going it alone obviously offers the highest potential upside for us, but carries the greatest risk, longer timeline, and more uncertainty, which can be harder to manage mentally when some might prioritise health and financial security.

A buyout would lock in value early but would likely underplay Pitfields potential, a later stage buyout after a DFS for example having triggered additional key milestones along the way could be more attractive than someone coming in now for example (unlikely until FS’s are done IMO). I do not want to give away the jewels too early no matter what.

A JV (possibly with a later buyout) provides a middle ground, meaningful upside, lower risk, shorter timeline, and a more predictable outcome in usual circumstances. It might suit people with moderate risk appetite, a focus on financial security, and an eye on longer term planning and offers a lot of comfort having the experience and expertise of a major. Again personal choice.

Overall, the JV route appears the best compromise in capturing upside without overexposing ourselves, but it’s hard to fully say one way or the other because we do have a unicorn here. SB is driving it on with a focus on putting us in the best position possible.

One thing I can tell you is that I won’t be selling until it all plays out in 1 of those 3 avenues in general.

I’m sure there are hybrid options also rather than just the 3 noted and Piggy is right, SB is 20 years or so older than me so could have a completely different view but I believe he could also retire in the years ahead and still allow and assist the company go solo. He’ll be well rewarded no doubt about it with a holding that continues to offer growth.

ML

Https://youtu.be/Bdlcla6TjLE?si=nFJSHSMcUTxzdOgT

Just watched this again and some very important points to take note of, especially as SB has demonstrated that he does what he says he’ll do.

When SB says the plan now is to get into continuous piloting and produce product, he’s talking about the next big step for us at Pitfield. What that means in simple terms is they’re moving from small lab testing into running a pilot plant that operates more like a real production facility.

Continuous piloting (my understanding) means we’ll be running the process on an ongoing 24/7 basis, not just in short test batches. It’s designed to simulate real world production, so they can test things like recoveries, throughput, and costs over longer runs.

This stage should then provide the technical data needed to design and justify a full-scale processing plant, but who knows as discussed previously we could do something with Iluka?

He says “ we want to produce product,” by actually creating titanium rich material during this pilot phase, something tangible they can send to potential customers or partners. It’s a clear way to prove product quality, consistency, and commercial potential rather than just talking about it on paper.

He also mentioned that he wants to get Michael, our marketing manager out to potential end users as soon as possible and that there needs to be a clear value line and chain to high grade products. His particular focus is on what he regards as the “Holy Grail” product, high grade titanium metal. He confirmed that he is currently discussing with the team how to accelerate and find the path to producing that high grade titanium metal which to me is the main focus.

This is a major step forward and securing an 12-18 month runway to achieve these milestones offers great opportunity for success. SB is essentially saying the discovery and lab proof of concept work are done, and now they’re ready to show they can make real product in a continuous process while targeting the ultimate high grade titanium metal.

Phenomenal opportunity, but I’ve said that for years so nothing new here.

ML

Well said Mavern - rec’d.

The Lassonde Curve is useful for showing a single deposit moving through discovery, FS and into production. Pitfield doesn’t neatly fit that model, it’s not a one off find, it’s a district scale titanium system with multiple possible growth pathways.

Unlike the standard junior that peaks in stage 1 then drifts until engineering, Pitfield has the potential for repeat discoveries across a huge system. Each new drill campaign keeps adding scale and quality, so ‘stage 1’ doesn’t end in the same way as with a smaller single deposit.

Our project is multi-faceted, enormous scale, strategic supply relevance, & industrial/critical minerals demand driven. That means we are more likely to keep building layer upon layer rather than peaking and fading, making the standard Lassonde cycle less applicable here.

Anyone referencing us and the LC being at ‘stage 1’ without context really doesnt know what they are talking about. I’ve seen some people say the drop from 80p to 35p which took place over a 48 hour period was because of the LC which is utterly ludicrous. An LC can take months / years to play out. If anything, that type of commentary oversimplifies a far more complex, multi-layered project to which we’re sitting on. It does not cover the dynamics that the standard LC template was designed for.

ML