Member Info for Manlord

SPC

I wouldn’t worry about the “shorters”!

As only 2 days ago you said there is far too much uncertainty over the MRE and that you didn’t like what you were seeing in the MRE.

Is there now something that you’ve seen in the MRE that has removed your uncertainty, which caused you to sell out your holding? Has the uncertainty been removed because the SP has reversed?

I apologise in advance if your words are just being misconstrued but the level of flip flopping opinions on this BB is staggering.

ML

Muck, Darbs, Pott, Ademcg, doc,

Great posts.

Recommend and good to see some actual useful information.

Keep it up as it’s nice to see and read your thoughts 👍🏼

Was today the bottom? Who knows, but you can’t hold something with such a strong story down for long. It will be Xmas before we know it, spring soon after and fast forward to that point, the SP could be levels above as we close in on ore reserves. Once that is in the bag, there’s no turning back!

Plenty for genuine LTH’s to look forward to.

ML

Hi O G E C,

Post recommended. Sensible, knowledgeable opinion backed up with detail and analysis. The kind of post that sparks constructive discussion and debate, which is exactly what the BB should be about.

On the other hand, Stevey, post not recommended. One liner, no detail, no analysis, and repeating yourself multiple times within minutes of each other. Certainly not helpful to anyone on the board.

I again find myself wondering how grown adults think it’s normal behaviour to rattle their keyboards like 14-year-old teenagers offering nothing but incoherent nothingness. It’s bizarre.

Now to the SP, it’s certainly been a surprising reaction, but at times like this I think the only thing to fall back on is logic and fundamentals. For me, trying to play the market or second guess investor psychology isn’t something I’m comfortable doing, and it rarely pays off long term in my experience.

Having gone through the MRE data and all available financial indicators, I can’t see anything other than a very strong foundation here. The quality of the asset hasn’t changed, the scale remains exceptional, and the strategic positioning couldn’t really be better. From that standpoint, nothing material has weakened, it has strengthened. When Ore reserves are confirmed, there’s no turning back at that point.

It’s easy to get caught up in short term volatility, but I’m more interested in what’s likely ahead, particularly around potential government financing and partnership developments which seem increasingly plausible given the critical minerals context and the fact that the company plan and objectives are is right on course.

So while it’s disappointing to see the price where it is, I can only go with what the data and fundamentals tell me, and they still point in one direction. This remains a serious opportunity in my view, bigger and better than it was when we had the exploration target RNS.

I don’t know who is selling or why, but can only assume it’s to lock in profit at this stage. Not a lot else to say as the latest company RNS was excellent in my opinion.

ML

Brilliant BK and you’re 100% correct.

I’m making the assumption that anyone who would or does make contact with CEO’s is indeed genuine, moderately researched and reasonable in their discussions.

ATB mate.

ML

And just to be clear, I’ve spoken to roughly 30 CEO’s and SB is the most impressive to me on a number of fronts.

Was he the most polished and interview professional I’ve seen? No, he wasn’t but he has really stepped up into the role.

Has he been the most transparent and honest? Yes he has.

Has he done everything I would have liked to see happen? No he hasn’t but I’d be naïve to think any company will just do what you hope all the time.

Has he stood over deadlines? Absolutely without fail.

Does he engage with shareholders? He does, and should be commended for doing so, a lot don’t and I can tell you a lack of engagement and transparency can be a killer on shareholder morale & belief.

Overall, I think he’s the right man for the job and in the areas of the business where he might not have the skill set required to maximise opportunity, he has no ego, and no problem acknowledging those deficiencies and gets the right expert employees to focus on those important areas.

I can’t overstate enough just how important having a credible, trustworthy, reliable and engaging company leader is.

Take care

ML

Hi Blueboy,

I have made contact with pretty much every CEO or MD of every company I’ve invested in or am invested in.

Email first, phone afterwards and now in the modern era, teams call.

I only purchased another share 2 weeks ago (UOG) and have already reached out to the CEO and have had discussions already.

I’ll be honest, I never understood why so many people don’t make contact to ensure their hard earned money is being managed in the right way.

Good luck BB.

ML

Won’t be posting regularly here guys because the sheer level of amateur noise being bleated by some very unpleasant types is making the board fairly useless in terms of actually learning anything, but having said that, just know I haven’t gone anywhere, nor have I sold anything.

More really that I can’t offer any more than I have to date, so if it isn’t assisting anyone then why post. Something others should be mindful of.

So anyway, I had a really good exchange with Shaun Bunn this week following the release of the MRE, and it’s clear just how significant this step is. The team are genuinely delighted with where things stand, it wasn’t just another update, it’s was a key milestone that moves Pitfield firmly down the path towards commercialisation.

Shaun made it clear that having a globally significant MRE changes everything from a market perspective. It now opens the door for a completely different calibre of interest, institutional investors, fund managers who previously wouldn’t have been in the picture are now starting to take notice. The company’s marketing work this week, and ongoing, is all geared towards that next stage of growth. There is plenty of fanfare going on in the background.

He couldn’t go into detail on strategic matters, but I came away with a very strong sense of confidence but to be clear, I’ve always had this confidence so no real change for me. There’s an extremely capable and highly motivated board, a strong advisory team, and a technical group that’s absolutely relentless in pushing things forward. The focus is on value creation, not noise, not speculation, and the team is clearly looking at both the near-term milestones and the long-term opportunity with real confidence and belief.

He also touched on the broader exploration work, including Cosgrove. These are relatively modest programmes but strategically very important, they’re about deepening the geological understanding and giving flexibility when it comes to future infrastructure location planning!

That is a very big indicator to me of just how far ahead they are in their minds and daily remit, than most investors are here and elsewhere losing their minds over the intraday movements.

And just to add my own two cents, I wouldn’t be getting hung up on the day to day share price. What’s happening behind the scenes is what will ultimately dictate the direction of travel here. If that’s profit taking, trading, or someone moving on, good luck to them. Everyone plays their own way as can be seen from the wide variety of opinions.

But personally, I’m here for the long term. That’s my only focus, and everything I’ve seen and heard this week just reinforces why I’m staying exactly where I am.

GLA & enjoy your weekends.

ML

Oh and if we were able to produce sponge metal at $6000 per tonne, our gross margin explodes from $1.985b to $11.15b and margin % rises from 30% to 71%.

Please feel free to check and verify my calculations as one wrong figure can kick it off by millions.

ML

In terms of our production scsle, 2.618mt per year is huge, global pigment TiO2 production is around 8mt per year so Pitfield could represent roughly 35% of current global pigment output if fully ramped up.

Annual revenue would work out at about $6.545b gross margin so overall Pitfield looks very strong in terms of margin compared to industry averages for peer operations. ✅

I’m not an accountant (Engineer by qualification) so I’m sure there are some additional costs (subsidised canteen with freshly squeezed OJ for the employees etc 😂) so please don’t hold me to the last red cent of the figures. I wouldn’t want it thrown in my face in 48 months if we only make $5b gross revenue.

All for £310m MC.

Do the maths & I actually think Century will take shares in lieu of their 30% giving us full control of the 100% so I have not accrued any reductions in figures above on that basis but feel free to do so given it is of course possible they retain the 30% all the way through.

GLA

ML

Andy, this is how my calculations were formulated.

Total ore = 2.2bt

Avg grade = 5.1% TiO2

That means each tonne of ore contains 0.051t of TiO2 in the ground.

With a 70% recovery rate you only get 70% of that 0.051t

0.051 x 0.70 = 0.0357 of TiO2 recovered per tonne of ore so essentially 1t of ore gives 0.0357t of TiO2 product.

To make 1t of TiO2

1 / 0.0357 = 28.01 = 28t of ore required.

Cost per tonne of ore

Mining and processing = $40 per tonne

Transport = $20 per tonne

Total = $60 per tonne of ore

28 tonnes of ore x $60 = $1,680 per tonne of TiO2 produced.

Royalty = 2.5% of $2,500 sale price = $62.50

Total cost per tonne of TiO2 = $1,680 + $62.50 = $1,742.50

Sale price = $2,500 (modest pigment price)

Margin per tonne = $2,500 − $1,742.50 = $757.50

So each tonne of TiO2 sold leaves roughly $758 of gross profit before any capex (hopefully funded by Australian govt) or tax.

So what do we have at Pitfield, well from the RNS we have 2.2bt contained TiO2 (5.1%) = 112.2mt.

After 70% recovery = 78.54mt of saleable TiO2.

Revenue = 78.54 mt x $2,500 = $196.35b

Total operating cost = 78.54 mt × $1,742.50 = $136.9b

Approximate project gross margin = $196.35b − $136.9b = $59.45b

If the 2.2bt deposit averages 5.1% TiO2 and achieves 70% recovery the system could yield about 78.5mt of saleable TiO2.

At a $2,500 price and roughly $1,742.50 total cost that implies around $59.5b in potential gross profit before capital and taxes showing just how economically advantageous a monster low cost, high grade deposit like Pitfield will be 💰

Annual production assumed over a 30 year mine life in the RNS is 78.54mt / 30 = 2.618mt of TiO2 per year.

Revenue per year at $2,500 per tonne is 2.618 mt x $2,500 = $6.545b per year

Operating cost per year at $1,742.50 per tonne is 2.618mt x $1,742.50 = $4.56b per year.

Gross margin per year

$6.545B − $4.56B = $1.985b per year.

Having looked online the typical operating costs for mining and processing titanium range $50 - $150 per tonne of TiO2 depending on grade recovery and logistics

Transport can add another $50 - $150 per tonne depending on distance to port.

While Pitfields total cost of $1,742.50 per tonne of TiO2 seems high (I calculated costs for a SALEABLE tonne of TiO2, not just ore rock), this is still extremely low given mineral sands projects struggle to break even at $2,500 per tonne.

With a $757.50 margin per tonne or about 30% of sale price, it is very strong as many existing peer competitors have thinner margins especially smaller or lower-grade projects with high energy & processing costs (ilmenite) or 95% of the current supply.

CTD….

Hi AimGainer,

I have to say I’m very confused by your latest posts. Would you care to explain to us why you’ve had a complete U-turn in the last 48 hours? You’re now saying there are far better opportunities. There’s nothing happening and nothing due with Empire. Shaun needs to swallow his pride. We don’t have funding. We don’t have a plan. We need a major urgently. We need to make cash. It’s too expensive and millions needed for a pilot plant. Pretty much anything you can think of to be negative about Empire.

I’m just a bit confused because you said all of the below within the last three weeks. I might be ultra positive but at least I’m consistent in my views.

“Artic, last week we were heading for £1…now we have to rebuild back from 30p,I really think that there’s more to this drop,it looks like a concerted attempt to slow down the runaway share price…it won’t put me off I won’t be selling!”

Something has clearly put you off!

“brilliantly put! anybody holding a decent amount of Empire shares will be laughing in the next year or two”

Did you not fancy laughing?

“Plenty of flustered people here today and I’m guessing they are the ones looking for a quick in out profit post MRE,some of us are here for the gold watch!”

Did you not want a gold watch anymore? Actually you told us it’s now silver you want.

“so we’re not getting all worked-up, my profits will be massive here in a the not too distant future… nothings changed,we are sitting on literally centuries of high quality Titanium in Australia…not an unstable country that’s at war every 5 minutes.”

I guess you didn’t need those massive profits anymore either?

“Cev,I’m now in here for the long run”

Does Cev know you’re not going to be around, best to let him know as he’ll be upset.

“Honestly,I just can’t see Empire going it alone and l can’t see the Australian Government sit by watching them go at it with a bucket and spade. We already know that the MRE will be breathtaking,so giving Rio Tinto or another major a slice of the pie and build us the golden pilot plant…then we can get the dam thing up and running”

You might enjoy sticking around to see it happen AG.

“I’m going to hazard a guess and say that come the MRE Empire will announce a JV with a major, Empire will then negotiate a free run on the pilot plant as part of any deal”

None of us get it right all the time, I wouldn’t worry about it.

“As long as they salivate over £2…then I’d be happy.”

Only £1.55 to go until until salvation time 🤤

As I said, consistency is key. Right enough time wasted here today. ATB to genuine holders.

ML

Not much room left in the green box but I’ll squeeze you in Golferboy!

Off to irrelevancy you go!

🟩

ML

It’s become very evident that some shareholders in this company are nothing more than pure gamblers and chancers, and have already today confirmed they have very limited knowledge about what they’re investing in. That’s fair enough but their clear lack of understanding will bounce them from success to failure on nothing more than luck.

If people feel that that type of advice or opinion is valuable, then that’s ok. However, myself personally, I will always try to share the real world data rather than conjecture, bluff and bluster, which, as we’ve seen today, is in great supply, unfortunately.

Now, moving on.

I’ve been waiting to see some proper discussion on the technical and cost assumptions buried in this RNS, but unbelievably, two full days of trading have gone by and not one mention of this section anywhere. It’s like everyone’s focused on the headline numbers and completely overlooking what actually underpins the strength of the project.

These tables were clearly shown in the RNS and are as important as the headline figures. The cost structure and assumptions for Pitfield are extremely good in context. The total ore cost of around $40 per tonne of rock is modest for any bulk-tonnage project like Pitfield. Most titanium or mineral-sands mines operate at far higher mining and processing costs, so this points to a low-cost, large-scale titanium project.

The assumed processing recovery of 70% is realistic at this early stage. It is not aggressive but solid, showing that the company is being conservative rather than overly optimistic. If future test work improves that recovery figure, the economics would strengthen further & SB expects this to be the case.

The TiO2 price assumption of $2,500 per tonne is also sensible. It sits within the mid-range of long-term pigment grade prices and is certainly not inflated, sponge is even more expensive. Using a moderate price helps ensure the model passed the independent “reasonableness” test.

Transport at $20 per tonne to Geraldton is low and reflects the project’s favourable logistics. The 2.5% royalty is standard for WA and does not impact margins in any meaningful way.

When you combine the low operating cost base, decent process recovery, short haul distance to port, and a strong market price assumption, the overall picture is extremely positive. It suggests that even at conservative inputs, Pitfield shows clear potential to be commercially viable. These figures back up Empire’s statement that the project has strong prospects for eventual extraction.

In summary, the numbers are both credible and attractive — low mining and processing costs, manageable transport distance, reasonable recovery, and a realistic sale price. Taken together, they present a very encouraging early-stage economic profile for Pitfield.

Not a single mention of this across all platforms.

I’d run the numbers but sure who’d read them 🙄

ML

Oh dear,

You lost me at “I don’t need to know anything about mining” yet you give people on here valuations statements of the company.

Ladies & gents, he’s all yours.

ML

As expected.

You have no valuation or understanding of mining.

You have dramatic headlines and hindsight, nothing more.

This is why we need to go to the ASX.

ML

Has anyone else noticed the increased level of posts from certain people who only this time last week were pushing for ATH and are now posting constantly about the company having almost zero prospects? Welcome to AIM, where people can do a flip 180 in a heartbeat.

I will say one thing: whilst my expectations post-MRE have not been realised, this is a reflection of market dynamics rather than anything fundamentally wrong with the company. Over the past days and weeks, many people have invested significant time and energy in sharing insights and trying to understand the RNS updates. The company’s news has been positive, SB has confirmed this, and fundamentally the project has been de-risked significantly. All indicators point to a strong and valid update.

In hindsight, some may try to use the share price outcome for clout, of course, they are free to do so, but it is, realistically, a very uneducated view of the situation. The market is the market, and while it may behave illogically at times, that does not diminish the fundamental validity of the company’s progress or the integrity of the work shared here. The same was said at 10p when we dropped to 6p, I can’t hear anyone trying to take people to task over that period of time share price performance? It doesn’t suit their narrative and therefore it won’t be brought up. Only the short term negative SP will they discuss. That’s not investing, that’s hindsight grandstanding.

Anyway…….

Hi GolferBoy,

I note with interest your assertion that the company is currently overvalued at 70p. Given the definitiveness of such a statement, it naturally implies a comprehensive and rigorous analysis underpinning your conclusion. One might reasonably expect this to include, with specific regard to Empire Metals, a detailed assessment of the Pitfield resource size, grade, TiO2 content, density, continuity, product quality, and any other material characteristics relevant to the valuation of high-grade titanium projects.

In the spirit of intellectual thoroughness, and out of a genuine concern that I may have overlooked some critical facet of your methodology, would you be so kind as to share the precise metrics, formulae, and assumptions employed in arriving at your valuation?

I, like most I’m sure would appreciate detailed figures linking these calculations to the company RNS’s as that would provide invaluable clarity not only to myself but to the wider audience interested in rigorous, evidence-based assessment.

Thanks in advance.

ML

Marsw, Doc et al,

Of course we could try to outsmart the market and try to trade it, given today’s interpretation pre 8am, a trader I am not 🤦🏻‍♂️as I would have bought on that news.

Ultimately, I think you’re right and the company is in a far more de-risked position than it was yesterday. Did it translate into the SP? Nope!

But we have seen this before and you can be sure Shaun is surprised and disappointed with the SP after they have delivered what I’m assuming he knows is a huge milestone for Empire. He was frustrated in early 2024 as the SP hadn’t caught up to what he knew at that time, I’m certain we are at another junction where he will feel the same, I know I do.

Maybe we will see a delayed catch up in the run to Xmas? Maybe it will be Q1, Q2, whatever it is, it won’t be 50p in the future.

I can listen to the experts who run the company or I can listen to random people with no expertise or industry knowledge. I don’t see much of a decision to make here.

ML

You've confirmed for not only me but for everyone else that you have zero credibility, zero self-respect, but most of all, you're just a pretty nasty piece of work.

No matter anyone's differences, I'll stand up and be a man about it. Did I expect the SP to rise? Absolutely I did and am I surprised we're at 50p, absolutely I am, if you want to present that as anything other than me not calling the SP correctly today, then that's up to you. Do I think we'll be at 50P or anything under a pound in the future, no i don't and I'm convinced that we'll be trading at well over £ in the future. I'm a long-term investor and only time will prove me right, you're a little troll who throws insults at anyone who was expecting a positive response to an overwhelmingly positive company update, that some people failed to see and sold into, so be it and you can try to take credit for todays dip, i'm sure I wasn't the only person who read the RNS and thought, that's good news and I think we'll see a decent rise" but you use that as if you have done something positive for this BB and I have somehow done something negative.

However it's pointless trying to engage with you, as all have found out here to the BB's determent. You couldn't even be a man yourself and say "Sorry about that, I was wrong" - You're not a man, you're not a person who deserves any respect and that's exactly why the majority of all members here show you zero respect and have you filtered across the boards. I haven't mentioned you for over 6 months and yet you have managed to alienate everyone here but keep saying I'm driving this lack of respect for you? You are deluded and it's clear that you have personal issues that need serious attention.

Back on filter you go, such a sad little man.

ML

Thanks to a fellow member on Telegram, it has been pointed out to me that you made the following comment about me earlier today.

"Yes, but your position here is very relevant to me, and my investment. There are 2 types of harm to investments, Trolls, and manipulation. I see, hear and remember all your words. Like your mockery if UKOG punters not so long ago but now your in for 7m+ shares. Which can be mistrued as a punt, at that valuation is roughly £1.5 million, your current EEE is worth roughly £1.6 million so you are clearly wealthier than Cev, or have sold some here? I personally think he sold some shares here, i imagine the £0.21p price on post for 7million plus shares equates to Roughly £1.47 million plus.

Last time he announced his shares, and average his investment was worth 1.6 million around the 30p mark."

You don't remember anything I say Dusty, because your mind is fixated on me. I agree though, there are two types of investor that harm investments, trolls and manipulators. I'm neither but you for sure are one.

If you had an ounce of self-respect or if you're the man you say you are you'll clarify that you are 100% incorrect with everything you wrote above. I bought 7m shares "UOG" for about £12,000 not UKOG which you said I did for £1.4m pounds. Your mistakes and claims are dangerous Dusty, and can steer people in the wrong direction. If you want to follow me around the forums, that's up to you, as again I have zero interest in anything you do, but do not attempt to sway opinion in here by making completely false allegations and suggesting I have sold any of my holding because I purchased a share you have made up in your head.

It's not on and I'm not here for it! I don't engage with you, I don't have any interest in you, and you're free to do whatever you wish, but do not start false rumours about me or any other investor. I have given more time and energy to this share than anyone out there, I haven't sold one single share in this company, and you are certainly not going to tarnish my reputation by filling these boards with lies. Opinions are fine, and you're entitled to them but not blatant lies!!!!

MOVE THE F**K ON!

ML

Hahaha Doc,

Let me guess, the company have released an RNS confirming an indicated resource which now rubber stamps Pitfield as having high confidence levels in the worlds largest Titanium project, in the middle of a critical minerals crisis to which we have the hold of the lowest cost, highest grade safe jurisdiction supply with strong international relationships with the likely buyers and somehow Dusty the Emptyhead has blamed me for it :-)

Please remind him, he became irrelevant to me about 6 months ago but it is truly entertaining to know that he wakes up beside his wife each day, but the first thing he thinks about is me :-)

Apologies, but I'll have to leave you all to suffer him as usual. I see our other troll Jane has even managed to fall out with him. It's comical at this point but at least we can laugh about it.

Now moving on to company related discussion, I'm expecting the post 10am sanity to show up and we can then focus on what the company have confirmed - anyone trying to belittle what has been RNS'd today is probably best ignored. However, better than that, if any of them would like to back up their thoughts with detailed analysis for everyone to review based on what they read this morning, that would be more helpful and guide us through their opinions. That's the acid-test of any genuine person. We can all throw out catchy headlines, but only a few can back them up but either way, if people think anyone here can dictate the direction of travel in a £400m+ MC company by posting their thoughts on a lunatic forum.........................................hmmm :-)

Chat soon all and GL.

ML