RE: Genuine Question ML / Cev et al22 Sep 2025 11:52
Hi Ademcg,
Re; Lassonde Curve;
We’re transitioning from the “Delineation” phase into “Development / Pre-Feasibility” phase. This is a crucial point where our value should begin to rise significantly if technical and fundamental milestones are delivered (MRE).
A common misunderstanding about the LC and I’ve seen it here a few times, is it’s not a direct measure of cash flow or profitability, it’s a model of market valuation SENTIMENT over time, especially for junior companies like ourselves but with 1 big difference. If we end up proving we have 1/3 of the world’s titanium reserves, then we would have a game-changing, structural shift in both valuation and market perception.
As we heard from SB, titanium is critical for aerospace, defence, green technology, pigments and EV’s.
If we control approximately 1/3 of world reserves, we would transition from a junior exploration company to a strategic global player, likely too important to ignore.
Governments, end user direct supply or majors might enter the picture via off-take agreements, JV, or buyout.
The market would value Pitfield like a major and at that scale we would get valued on long-term future cash flows rather than speculative potential.
II’s are more likely to enter, and the company would attract broader analyst coverage as we’re seeing that already (mining journal article last month).
Our valuation would move away from the typical LC decline (the last bit) and instead begin to resemble those of established long-life producers such as Iluka, Tronox, Rio & BHP.
Even as a single asset company, the scale of Pitfield means it could support multiple open pits, satellite operations, or processing hubs. This would effectively transform us into a multi-decade, multi-phase resource base with project diversification within a single mineral system.
Controlling 1/3 of the world’s titanium reserves would allow us to influence global supply dynamics and potentially exert pricing leverage. It also opens up the possibility of vertical integration, such as pigment processing, sponge production, or strategic partnerships in Ti02 defence manufacturing (the list is endless tbh).
In this scenario, the typical post-production valuation dip that affects smaller resource companies would likely flatten or even be replaced by a second value re-rating. We could end up resembling a major producer (given time & SB sees no reason we can’t) with a long-term growth profile based on reserve expansion, vertical integration, and international strategic importance given we have a critical mineral on our hands.
We’re in a good position no doubt, but we still have boxes to tick. If ticked successfully, we decouple from the LC and create our own upward curve.
DYOR & ATB
ML
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