Member Info for Manlord

@Grampyan,

The fact that the maiden MRE has already reached the Indicated category is an excellent result. An Indicated Resource CONFIRMS a HIGH LEVEL of geological confidence and provides a solid foundation for mine planning and economic studies. It means the data density and consistency are already strong across the deposit. The next phase of drilling, supported by the Western Australian government, is designed to both expand the resource and upgrade parts of it to Measured. This continued work will build on what’s already a world-class discovery and is expected to further enhance both the scale and confidence of the project.

This isn't going anywhere and is now the primary titanium real estate of the planet! It's a phenomenal result and only the beginning of where Empire can go. We're right in the middle of a critical minerals crisis, and we have the largest amount of low cost, high purity, safe country supply of one of the minerals, with strong ties to the main countries who need supply. This is now a LT play and I'm looking forward to hearing an interview or seeing his presentation in HK.

Its truly exciting.

ML

Well done to everyone for sticking the course.

Ignore the noise and enjoy the ride!

You all deserve this!

ML

While titanium is a critical mineral with strong strategic demand, global geopolitical developments, trade policies, and export regulations could influence market access and timelines. Our diversified potential offtake agreements, supportive partners, and Australian jurisdictional stability help mitigate these uncertainties but they must be noted.

All of these considerations are standard for a high growth, development stage mining company. None are fatal flaws, rather, they are part of the natural trajectory of transforming a discovery into a major, multi-billion dollar operation. Being transparent about these factors demonstrates both diligence and credibility, and reinforces confidence in the leadership’s ability to navigate challenges while capturing the extraordinary strategic and financial opportunity that Pitfield presents.

I hope everything outlined above puts the investment case and extraordinary potential of Empire into clear focus. The team has delivered exceptional work to date, demonstrating both technical skill and disciplined execution. I fully believe Pitfield represents a monumental titanium discovery, high grade, near surface, and strategically located with long term scalability. The combination of a Tier 1 location, ESG-aligned development, conventional processing pathways, and robust leadership positions us not just as a compelling exploration story, but as a rare opportunity to participate in the transformation from discovery to major producer.

@Ageos, if you’re reading this, whilst I won’t be posting in here with any regular frequency, I do hope to see your technical analysis in due course. As we have no alternate method of communication hopefully I’ll come across your thoughts soon enough.

GL to every “genuine” holder here. I wish you all well and thought sharing my post from Telegram group might assist you.

Ignore the noise and enjoy the ride!

ML

These factors collectively make the project not only a high value resource but also a strategically attractive partner for both retail and institutional investors.

Not to finish on a sour note, but we do also need to mention the challenges and things to consider as investors. While I clearly believe we are exceptionally well positioned, it is important to be transparent about the challenges that naturally accompany the transition from explorer to developer and, eventually, producer.

Like any company moving from exploration to development, we will require additional funding to progress projects, complete the MRE, carry out detailed engineering studies, and ultimately advance towards production. This is entirely normal, no world class mining company has grown from a £1m - £2m MC explorer to a multi-billion dollar operation without capital expansion. The company’s current strong cash position, disciplined financial management, and tax rebates significantly mitigate risk, and any future raises will be executed strategically to maximise shareholder value.

Titanium markets are well established but can exhibit volatility depending on global supply and demand dynamics, including pigments, titanium sponge, and aerospace alloys. While Pitfield’s high grade ore and low cost, conventional processing routes provide a strong margin buffer, pricing fluctuations remain a factor to monitor. Long term trends are positive, with demand for titanium rising globally, particularly in defense, aerospace, and specialty materials.

Any large scale mining project faces operational risks such as permitting, environmental approvals, metallurgical challenges, and logistics. Our Tier 1 location, long established farmland with clear titles, and supportive government framework reduce these risks considerably. The project also benefits from experienced operational and technical leadership, strong ESG practices, and independent validation through the MRE and metallurgical programs, so again, Beverly Hills for me ✅

CTD....

Pitfield remains one of the most exciting and strategically positioned titanium discoveries globally, and while we might feel it’s taken 2.5 years to get to where we are now, the market has only just begun to wake up to that reality in the overall context. In mining terms, we have been lightning quick, trust me.

Environmental studies at Pitfield began in Feb 2025 under Cathy Pritchard, with ongoing support and coordination from the local community. These studies focus on minimising environmental impact, assessing local flora and fauna, water management, and rehabilitation planning. Empire is committed to responsible development, strong ESG credentials, and operating in line with both local community expectations and international best practice. Cathy is very experienced and I believe she brings a monumental level of credibility to anything she gets involved with, based on her reputation within the industry 🍃🌳🌺 You don’t move it, unless you can replace it. She’s a very conscientious individual from what I gather ✅

Moving to our TiO2, it is exceptionally high purity at 99.25%, allowing conventional processing, which supports sustainable production with minimal technological risk. The sheer tonnage at Thomas Prospect and across Pitfield means decades, if not centuries, of ore production are possible, providing long term operational and economic sustainability.

Given the quality, grade, and purity of the ore, offtake agreements with major global producers such as Chemours, Tronox, or equivalent companies are entirely plausible. Even conservatively, using pigment or titanium sponge pricing, the potential market value can be conceptualised as: tonnes of high-grade titanium × price per ton = multi-hundreds of billions of dollars 💰✅

This illustrates the scale of the opportunity while maintaining focus on responsible, ESG-aligned production.

CTD....

Empire’s share price has had an extraordinary run, from around 5p to 80p followed by a deliberate sell off and fear-driven cooling period back to the mid-30’s and now a strong, stable consolidation around 50p. That stability speaks volumes. The weak hands are gone, the long-term conviction holders remain and YTD this company is 618% up, 1250% up the last two years. People can say the trend is downward, yes, maybe over the last 4 weeks but zoom out and get the real picture of where we’re heading 📈

If the MRE confirms what the data and drill results have consistently indicated, Empire moves from speculative discovery into defined resource. That is a big, thick line in the sand! Which side of it will you be on?

Personally I have followed this story closely from the start. I have seen dozens of companies on AIM over the years, but SB stands out. He is methodical, trustworthy (IMO) and does not chase the short-term hype game, in fact he avoids it at all costs as we have seen with him cutting ties with all non performing assets or finance draining projects. Does that mean he will never misstep? Of course not, but he has built a track record of execution and integrity, one which I’ll support until that might change.

For me, the next few weeks are about validation. The Ignite event in Hong Kong, where SB is set to present, may well coincide with the release of the MRE, and it would make sense. Empire skipped Diggers and Dealers because there was nothing new to tell. IMO you do not fly across the world (10 hr flight from Perth and almost 5,000 miles) unless there is something significant to showcase. Maybe I’m putting 2 and 2 together and getting five, but I would rather be early on 5 than late on 10. Either way, the news is coming in the next 2 weeks so it’s of little importance.

CTD....

In terms of financial health, we remain well funded with cash in hand of just over £6m as of June, sufficient to complete the MRE, ongoing metallurgical testing, and further development. This is a very strong cash position, particularly when considered in context of the company’s disciplined approach to expenditure. On top of that, we benefit from tax rebates that effectively return almost 50% of all development linked expenditure. As Shaun has confirmed, this applies to nearly all of the company’s current spend. Put simply, cash burn immediately is effectively halved, which adds tremendous leverage relative to the work programs being undertaken.

It is worth emphasising that Shaun and Greg run the financial side of Empire with extreme rigour. Over the last 3 to 4 years, there are multiple examples of just how tightly he manages costs, including travel, accommodation, and operational expenditure. This is not a lifestyle company in any sense, it is a highly disciplined, focused development business. Investors and market observers need to consider that Empire operates very differently from many other AIM listed companies. Decisions about the company should not be clouded by historical performance patterns or experiences with other AIM shares. Everything points to a team fully committed to maximising value, controlling risk, and delivering tangible outcomes for shareholders ✅

Titanium has moved from industrial metal to critical mineral status. It is not just about paint pigments anymore. Aerospace and defense applications are surging. Titanium sponge and alloy demand is projected to rise sharply. Western nations including the US, UK, Japan, and Aus are actively seeking secure supply chains outside of Russia and China.

This shift puts Empire right in the slipstream of global strategic interest. It is not unrealistic to imagine future government or private partnerships in this space, particularly given Australia’s deepening critical minerals links with the US through AUKUS funding.

CTD....

That kind of leadership and project delivery experience helps to de-risk developments and build genuine investor confidence. Clearly, Phil sees the opportunity here at Empire, and his decision to join is a strong endorsement of both the team and the asset ✅

On top of that, the appointment of Michael Tamlin as Marketing Manager is another very strong addition. He brings decades of experience in resource sector marketing and commercialisation, most recently managing lithium product strategy and pilot developments at Neometals Ltd. His expertise in positioning and promoting complex industrial projects will complement Phil’s operational depth perfectly.

With both Phil and Michael in place, we now have a very strong mix of operational experience, strategic marketing insight, and technical leadership, exactly the kind of balance needed to take Pitfield confidently through its next phase of development.

Finally, a word on Shaun. He remains, in my view, one of the most trustworthy and credible leaders operating on AIM (I’ve just this week seen the other side of this with another share, some here are involved with that company too and know what I mean 🙄). That doesn’t mean he’s perfect or that everything will go exactly to plan, no one can guarantee that. But what we can say is that Shaun has built a clear track record of delivering on promises, maintaining transparency, and focusing on value creation rather than noise. And in this market, that level of integrity and steadiness counts for a lot, in fact it’s EVERYTHING on AIM or any other market.

It is not flashy management, it is quietly competent, technically credible leadership ✅

CTD.....

As I’ve pointed out multiple times, one of the company’s greatest assets is its team. Shaun Bunn, deeply technical, steady handed, and transparent. His measured communication style and focus on science over hype are exactly what the AIM market rarely gets but sorely needs. Add to that a board and advisory group packed with experienced geologists, metallurgists, and exploration specialists who have each worked in, built, operated, acquired or sold world class assets.

But it’s not just Shaun. Empire also has some really experienced and capable people on the ground, people who make things happen day to day. Narelle Marriott, Andrew Farragher, and their head of PR, Arabella Burwell, are all hugely capable professionals who have been instrumental in maintaining the consistency, quality, and credibility of Empire’s communications and plan execution.

Not to mention the attraction and securing of Phil Brummett as NED, which has added a huge layer of experience and credibility. Phil’s career is extraordinary, over 40 years in senior roles with major global mining companies like Freeport-McMoRan (£65b MC), Lundin Mining (£10b) and Newmont (£85b). He’s been directly involved in multiple major corporate transactions and high value projects across copper, gold, and base metals.

As President of Freeport-McMoRan’s African division, Phil led the offtake at the Tenke Fungurume copper-cobalt mine in the DRC, where Freeport invested over £2b in development, a project central to significant corporate transactions and substantial shareholder value creation. He was also directly involved in the sale of the Candelaria copper complex in Chile, which Lundin oversaw and which was acquired for £1.8b in 2014. Later, as Executive Vice President of Projects and Operations at Josemaria Resources, he advanced the large copper/gold/silver project in Argentina that was ultimately acquired by Lundin for £625m, again delivering strong shareholder value 💰📈

CTD....

Pitfield is also backed by hard science, not hype. The CSIRO, Australia’s national science agency, is actively supporting metallurgical and mineralogical understanding of our ore. Snowden Optiro, global independent consultants, are preparing our Maiden MRE (my guess Tuesday but could be 2 weeks away 🤷🏻‍♂️), a crucial third party and fully independent validation step that should put hard numbers around what many already suspect, Pitfield’s scale could and should be world class. Drilling results have consistently shown remarkably consistent titanium mineralisation over vast areas, with extremely high grades, well enough to make processing simple & straightforward as has been said by SB.

Our market cap currently sits around £354m, still microscopic compared to Majors, but in terms of our peers such as Sovereign Metals (SVML) graphite and rutile project, MC around £223m, Kenmare Resources (KMR), mature ilmenite producer, MC around £274m. By any logical comparison, Empire’s valuation should dwarf both in time, and does not yet reflect its potential resource scale, grade, or strategic position. I’m fully expecting us to next step towards the likes of IperionX (IPX), titanium and advanced metals, MC around £1.8b but please do not use them as a guide to similar economics as our business is essentially a unicorn discovery and as such has many advantages but with that, we also attract naysayers who have to see before they can believe.

I would also like to cover off any potential thoughts of the MRE already being priced in. One, we reached 84p and are now at 50p. Anything that may have been priced in has probably long since left the building, especially after the huge drop which not only saw normal profit taking, but also scalped fearful investors to the bone. There has been no material rise over the last month, just consistent stability and consolidation in the 50p range which I now expect to be huge support and a strong base upon which to build.

The MRE is far more than a confirmation exercise or a reissue of the assay data we saw three or four weeks ago (I keep hearing this, and it’s wrong). This is where everything comes together, the scale, continuity, grade, tonnage, and independent verification from Snowden Optiro. It is the point at which the discovery steps into defined resource territory, something that institutional investors, strategic partners, and even potential acquirers require before they can formally engage. It converts potential into measurable value, speculation into science.

CTD....

The region benefits from robust infrastructure, including established roads, electricity, and rail networks, enabling cost effective development and operation. Pitfield itself is located on long established farmland that has been cultivated for hundreds of years, meaning there are clear land titles and no native title or aboriginal heritage disputes, reducing legal and permitting risk significantly. The locals are already employed at the Three Springs talc mine which brings valuable operational experience, technical expertise, and local knowledge that can directly benefit Pitfield. Their familiarity with mining processes, exploration techniques, and project management in similar geological settings will accelerate development timelines, reduce operational risks, and support efficient scaling at Pitfield. Leveraging this experienced workforce positions Pitfield to capitalise on Empire Metals’ proven capabilities while maintaining high standards of safety and productivity.

The local community provides access to a skilled workforce, supporting exploration and future operational requirements. Employment and economic benefits are welcomed locally, strengthening social licence to operate and fostering community support.

Overall, this Tier 1 location ensures a low-risk, high-efficiency operating environment. Coupled with Australia’s world-leading mining governance, resource endowment, and supportive industrial and energy infrastructure, it positions Pitfield as a project with unmatched strategic and operational advantages. It’s why we often describe it as the “Beverly Hills” of mining, a jurisdiction where major resources can be developed safely, sustainably, and profitably, with minimal geopolitical or operational uncertainty.

With these benefits and Government alignment, titanium and critical minerals are now front and centre in Australia’s industrial strategy, reinforced by the Future Made in WA initiative and the broader AUKUS critical minerals partnerships.

https://www.bbc.com/news/articles/cgr589k5yleo.amp

CTD.......

Over the last 18 months, Empire has transformed from a small exploration outfit into one of the most strategically positioned critical mineral developers in Australia, and arguably one of the most undervalued. Yes, undervalued!

What we have at Pitfield is not another early stage hope story. It is a globally significant titanium system, high grade, massive in scale, near surface, and with mineralogy that SB has said aligns perfectly with existing commercial processing routes. It is not about inventing new technology, it is about unlocking supply at scale, with the purity, grade, and logistical access that existing and future titanium markets demand.

Pitfield Titanium Project, near Three Springs, WA, is a 70/30 JV between us (70%) and Century Minerals (30%). The relationship with Century Minerals is extremely positive. The Century team are completely supportive and allow Shaun and his team to drive the business forward in a passive but fully aligned manner. It must also be noted that the Century tie-up, while some may have had initial questions or concerns about their participation financially, actually plays a big and very strong part in circling the wagons against any potential hostile takeovers or lowball bids. We should not underestimate the strength and value that this JV brings in terms of stability and protection for shareholders.

We benefit from a truly Tier 1 location in WA, near the ports of Geraldton, providing direct access to world class export infrastructure. This proximity allows for efficient, low cost shipment of product to domestic and international markets, a critical advantage for a large scale titanium operation like we’re planning.

Australia’s mining jurisdiction is globally recognised for its stability, regulatory transparency, and pro-mining government policies. WA, in particular, offers consistent support for critical mineral projects, including secure land tenure, reliable permitting processes, and strong alignment with industrial strategy initiatives like Future Made in WA.

https://treasury.gov.au/policy-topics/future-made-australia

CTD.....

In for 7m+ shares.

Not as much research done as I would have liked but enough to intrigue me.

More work necessary this weekend. GL

ML

IAmHoping,

There’s not a lot on offer with this LSE BB. Many great people in the background, but unfortunately the thread has become the home of multiple trouble makers and immature adults.

It’s gone well past the point of frustration, it’s now just a sad reflection of AIM, full of quite nasty people, fully focussed on tearing other’s investments down with little fact, no detail and an unwillingness to back up their comments with calculations or data.

It’s clear now that the best thing to do is leave them claw at each other like the rodents they are.

@all - If you’ve done your research, go with your gut instinct and have no regrets on whether you buy or sell Empire Metals Ltd.

For an easier life, it’s ciao for now folks 👋🏼

ML

“Today's events have proved me correct, although I'm sure most of you ignored me and some may have mocked me for my stupidity. The sp did drop, just as I said it would. It wasn't a lucky guess.”

Sorry Minor, what’s your point? I’m not sure anyone ignored you or mocked you, but what were you expecting “us” to do with your prediction?

Given it wasn’t an icky guess, are you suggesting to us that you can predict the SP close, 24 hours in advance each day?

ML

If I had an ounce of respect for you, I’d take your NAV calculations to task but I’m tired of trying to debate with chimps.

Filtered.

ML

Tim,

Stop embarrassing yourself. You and the others repeating yourselves over and over are just looking silly now. We can’t answer questions that don’t have answers available. That’s investing and only time will tell, but stop asking these daily.

6:23 in the clip, now stop saying it’s not independent.

https://youtu.be/GTlhxCTlWsw?si=kTIduciHcdmxueFb

ML

UKM,

I think anyone new to Empire or considering an investment should take a few hours to go back to May 2023 and from that point on, read the RNS’s and link them to his interviews on YT with Proactive Investors, Total Market Solutions with Sarah, Crux Investor with Matthew etc.

What almost all people here can vouch for is Shaun’s integrity, ambitions and how he executes those ambitions.

It’s the only way to get a feel for what we have here IMO.

Not you, not I, nobody can outline it in enough detail to do Pitfield justice.

ATB

ML

Hi IOG,

It’s just a pity we have to waste time doing it 🙄

The scary thing is these people walk amongst us daily. A truly sad existence and a futile exercise here, given we have a very strong investor base and plenty of people to put them in their place.

ML

Bobbyballbag,

A man with such intuitive knowledge and a keen need to share misinformation as subtle errors when setting up an account today is truly wonderful. I especially like the softly, softly approach clearly thinking “these guys won’t know” 🤦🏻‍♂️🤣

“Firstly where is the finance coming from as cash in hand only stands at some 3 million which is surely massively underfunded for the scope of this project”

This is entirely the wrong question, what you should be asking is “what is the current annual cash burn rate?”

Contrary to your statement that Empire is sitting on only £3m in cash, the company’s own reporting shows a balance of £6.3m as at 30 June 2025. In the last financial year (FY2024), Empire reported a loss of £4.09m, which is a useful proxy for its annual cash burn. That puts the company’s burn rate at roughly £4m per annum.

When set against a market cap of approximately £407m, that annual burn equates to around 1% of enterprise value. In other words, the funding requirement is modest relative to valuation so you’re absolutely wrong about that. This means we can cover our costs with very limited dilution if and when we chooses to raise, and we’re under no pressure to do so.

A key point you also chose to ignore, for a development stage exploration company, raising capital is not a negative, it is the business model. To suggest that a company aiming to become a world class titanium producer should somehow “never raise cash” or “raising cash” should be a concern, is completely unrealistic and disingenuous on your behalf. Any investor who doesn’t understand that shouldn’t be investing, let alone be involved in the mining sector.

The real positive is that Empire will raise cash from a position of strength. Once the MRE is out, this is not a company begging the market “to keep the lights on.” It will be well on the way to becoming a globally significant titanium project that institutions and strategic partners want exposure to. Empire will have multiple funding avenues open I can assure you, whether through equity, strategic offtakes, JV partnerships, HNWI project finance or Australian govt support.

Just to avoid any confusion as we wouldn’t want you posting more inaccuracies now would we now,

Cash balance today: £6.3m, not £3m

Burn rate: ~£4m annually (~1% of market cap)

Market cap: £407m, meaning fundraising power is very strong.

Cash raises are not a weakness but a natural and positive step in building a major mine.

Empire’s challenge is not survival. Its challenge is managing interest and maximising value as Pitfield moves through resource definition and development.

We also have a significant challenge with utterly pathetic individuals trying to run the stock down thinking this board is full of idiots. Thankfully, that’s not the case.

ATB

ML