Member Info for Manlord

Empire Metals is on the cusp of redefining the titanium supply landscape with what is now emerging as one of the largest undeveloped titanium deposits globally. The Pitfield Project, which Empire holds a commanding 70% stake in, spans a vast 40km x 8km mineralised system, and even the current Exploration Target of up to 32.2B tonnes represents less than 20% of that footprint. What's most striking is not just the scale, but the exceptional grade continuity, low impurity profile, and the discovery of a naturally occurring high-grade anatase zone near surface, all of which point to a low-strip, scalable mining proposition.

With the Company now advancing bulk metallurgical testing, flowsheet design, and preparing bulk samples for end-users, we are entering the critical de-risking phase. A maiden MRE is expected soon and could act as a major valuation inflection point.

Unlike traditional titanium sources reliant on heavy mineral sands and complex, capex-heavy processing, Pitfield’s weathered cap mineralisation offers a potentially cleaner, simpler path to high-purity TiO2 products. Gravity and flotation test results are already returning very promising recoveries, and acid leach tests indicate titanium dissolution rates exceeding 90%. The ability to produce a TiCl4 intermediate could place Empire squarely in the sights of downstream partners across pigments, aerospace, and strategic metal supply chains.

The wider context also cannot be ignored as titanium is classified as a critical mineral by Australia, the US, EU, UK and Japan. Empire’s project is located in Tier-1 WA, a region known for its political and regulatory stability, skilled workforce, and existing infrastructure. In fact, the site benefits from road, rail, power and gas infrastructure already in place, vastly improving the project's economics and timeline.

From a valuation perspective, the Pitfield weathered cap alone justifies a base-case equity value of £250 million easy, with further upside from MRE confirmation and the rest of our license area. Let's not forget about the copper too, that hasn't just disappeared and Pitfield has the chance to be a multi-commodity, multi-generational area of worldwide mining significance.

Overall, Empire Metals is methodically checking the boxes: vast scale, high-quality mineralisation, growing technical confidence, and a clear path to commercial product development. With exploration upside, potential offtake or JV interest, and the backing of strong macro tailwinds including critical mineral designation and possible government incentives, the road ahead looks extremely promising.

GLA

ML

Pocholo (Poch) Aviso – Hydro‑metallurgist

An experienced specialist in titanium dioxide product development, with prior roles at Tronox and BHP’s Kwinana Nickel Refinery. He will manage product optimisation, flowsheet design, and market pathway evaluation .

These two latest appointments were part of a strategic expansion of Empire’s in‑house technical team, coinciding with the launch of bulk metallurgical testing to advance the Pitfield project toward feasibility stage. It shows a distinct level confidence to employ in areas that are dependent on a positive MRE result.

Strategic Considerations & Future Outlook:

Q20: What are the opportunities for partnerships or JVs?

A20: Potential downstream partners include pigment producers or titanium metal manufacturers seeking secure, high-quality feedstock. JVs could help fund development, provide technical support, and secure offtake.

Q21: Could Empire be an acquisition target?

A21: Given Pitfield’s scale and quality, Empire is well positioned to attract interest from mid-tier or major mining companies or chemical groups aiming to diversify titanium feedstock sources.

Q22: How will Empire finance development?

A22: Initial development funding is expected via potential government grants and strategic partnerships to mitigate dilution and execution risk. Equity raises are also fully expected until any government association is confirmed. This area will get extremely exciting post MRE 9assuming positive outcome).

Q23: What are the timelines to production?

A23: Typical lead time post-MRE is 2-3 years to production, depending on permitting, financing, and construction. Pitfield’s infrastructure and mining method could shorten timelines relative to peers and I had previously suggested 1-2 years given all the favorable advantages we possess.

Q24: How does Empire address ESG considerations?

A24: Pitfield’s low-impact strip mining, minimal overburden, clean product with low impurities, and responsible water and land management align with best ESG practices and customer demands.

Q25: What is the biggest risk for Empire currently?

A25: Execution risk around resource delineation, feasibility, funding, and market price volatility. However, ongoing technical progress and market fundamentals provide confidence.

Technical and Market Deep Dive:

Q26: What are the key chemical processes involved in titanium pigment production?

A26: Sulphate and chloride processes are the two main methods. Pitfield’s feedstock is suitable for both, enhancing market flexibility. Sulphate is more tolerant of lower grades; chloride requires high-grade rutile or synthetic rutile but Shaun has clearly and explicitly told shareholders and market commentators that we are only going to use commonly used processing techniques with the simple metallurgy we have at Pitfield.

CTD...........

Peter Damouni – Non‑Executive Director

Peter Damouni has over two decades of corporate and investment banking experience in natural resources, and has played leadership roles in TSXV and LSE-listed companies . He chairs the Audit and AIM Compliance Committees also and brings a strong background in equity and debt financing, corporate strategy and shareholder value creation.

Arabella Burwell – Head of Corporate Development

Arabella Burwell leads Empire’s corporate development in the UK and internationally. She previously served as Senior Director of Corporate Development at GoDaddy (NASDAQ-listed) and was a Partner in Capital Raising and Strategic Partnerships at Hannam & Partners in London and South Africa . She was instrumental in driving the company’s recent OTCQB quotation and broader funding initiatives.

Carrie Pritchard – Environmental Manager

Carrie Pritchard has more than 20 years of international experience in environmental management, regulatory approvals, mine closure, and contaminated‐site remediation. She has led environmental and stakeholder engagement work across Australia (WA and Victoria), New Zealand, and contributed to projects in Malawi and Greenland.

Andrew Faragher – Exploration Manager

Andrew Faragher is Empire’s Exploration Manager. A veteran former Rio Tinto geologist with over 25 years’ experience across multiple commodities (copper/gold, base metals, uranium, iron ore, bauxite, diamonds), he led the discovery of more than 5 B tonnes of iron ore in the Pilbara and managed exploration teams in Canada and Australia. His responsibilities include exploration strategy, project evaluation and technical leadership of field geology programs.

⸻

Narelle Marriott – Process Development Manager

Narelle Marriott, formerly a senior process engineer at BHP and most recently Process Development GM at Hastings Technology Metals, joined Empire as Process Development Manager . She leads flowsheet development, metallurgical testwork and scaling up high‑purity TiO₂ production processes for the Pitfield project.

Other Titanium Experts

Empire also recruited two senior titanium consultants with deep specialist experience to support Pitfield’s metallurgical and strategic development. Dr. Trevor Nicholson and Mr. Eugene Dardengo were appointed as senior titanium industry specialists to bolster Empire’s Technical Advisory Committee. Together, they contributed over 72 years of collective experience in titanium processing and extraction, providing high-level advisory support as the company transitioned into flowsheet design and evaluation stages for its Pitfield Titanium Project .

Alan Rubio – Study Manager

A seasoned engineer with over 28 years of experience managing mining and feasibility studies across the resources sector. He will lead mining scenario assessments, infrastructure planning, and economic studies to drive the project development plan at the Pitfield titanium project

Other Projects and Assets:

Q16: What is the status of Empire’s Walton copper-gold project?

A16: Walton is an early-stage exploration asset in a prolific VMS belt with promising geology but requires further geochemical and drilling work.

Q17: What about the Eclipse gold project?

A17: Eclipse is an advanced-stage gold exploration project near a historic mine, with recent drilling confirming high-grade mineralisation and potential to expand, but likely an impending sale of this asset will be realised later this year or into 2026.

Q18: Tell us about the Austrian projects – Rotgulden and Schonberg.

A18: These precious metals projects have historic high-grade intercepts and extensive exploration completed. Currently held at minimal cost, they offer optionality for JV, sale, or further exploration.

Management and Governance:

Q19: Who are the key leaders at Empire?

A19:

Dr Neil O’Brien – Non‑Executive Chairman

Dr Neil O’Brien is a PhD economic geologist and former SVP Exploration & New Business Development at Lundin Mining, retiring in 2018 after nearly four decades in global exploration and corporate strategy . Based in Canada and the UK, he has led exploration across six continents, specialising in discovery and evaluation of giant mineral systems. At Empire, he serves as Non‑Executive Chairman, chairs the Audit and Remuneration Committees, and also provides senior technical advisory services, with his firm, MOAR Consulting Inc.

Shaun Bunn – Managing Director

Shaun Bunn is a Perth‑based metallurgist with over 35  years’ experience in international mining, from grassroots exploration through feasibility, financing, construction and operations . Previously Senior VP Projects at Hummingbird Resources, he now leads Empire’s management and is steering the development of the Pitfield titanium project in WA, leveraging his deep domain expertise in processing, development and project delivery .

Greg Kuenzel – Finance Director

Located in London, Greg Kuenzel is a chartered accountant (ICAEW), holding a Bachelor of Business degree, and brings decades of corporate finance and accounting experience within AIM-listed resource companies . He began his career in audit and corporate services in Perth before relocating to the UK in 2003. Greg has served on the board for around 15 years and owns roughly 1% of the company .

Phil Brumit – Non‑Executive Director

Phil Brumit joined the Empire board with effect from 1 February 2025. He brings over 40 years of experience in mining engineering, project management and operations, with senior leadership roles at Freeport-McMoRan, Lundin Mining and Newmont Corporation . His appointment expands Empire’s strength in operations, metallurgy and large-scale mine development expertise.

CTD....

Valuation & Market Context:

Q10: How is Empire Metals currently valued?

A10: Valuation is based on a peer-derived EV/TiO2 multiple of $5.9/t applied to the mid-point of the weathered cap Exploration Target, discounted 60% for execution and financing risks, resulting in an attributable valuation of approximately £291m. Current MC is £175m so undervalued in terms of what we do know currently and a discount of 60% is certainly leaving us with plenty of scope to increase.

Q11: What peers are used for valuation comparisons?

A11: Peers include junior titanium explorers like Sovereign Metals, Sheffield Resources, Titanium Sands, Capital Metals, and Petratherm. There have been some recent posts by myself outlining the SVML & Kenmare comparisons and valuations.

Q12: How does Pitfield compare with these peers?

A12: Pitfield’s size and high-grade mineralogy place it favorably, though longer development timelines and capital requirements mean a higher risk discount is applied currently as noted above.

If SB & Co. can achieve what they fully believe they can and Pitfield’s potential is fully confirmed and commercialised (looking for customers as we speak), we could far exceed Kenmare’s / SVML's current valuations.

Scenario 1: Conservative & unrealistic estimate IMHO.

If we could prove our resource with similar mining economics to KR whilst ramping up operations, a market cap of circa £290 million is absolutely nailed on.

Scenario 2: Mid-Range Estimate

If the MRE is even a fraction to what is indicated, then we could reasonably reach £300 to £400 million MC.

Scenario 3: Optimistic Upside

Given Pitfield’s vastly larger resource and higher titanium dioxide grades (5%+ TiO2 vs. Kenmare’s 2.6%), and if we can demonstrate economically viable extraction and scale operations beyond Kenmare’s current production, it could surpass £750 million MC.

Scenario 4: Billion-Dollar Potential

If we fully confirmed everything we hope we have (all data suggests this) and we develop Pitfield into a full-scale, globally significant titanium producer, the sheer size of our resource could warrant a MC in the multi-billion-pound range.

For reference, leading titanium producers globally have market capitalisations ranging from £1 billion to £5 billion, depending on scale and profitability. If Pitfield were to reach full production capacity, a valuation north of £1-2 billion would not be unreasonable IMHO.

Q13: What are the main risks to valuation?

A13: Commodity price volatility, execution risk (feasibility, permitting, financing), equity dilution, and competition for capital are key risks. Commodity price deterioration could delay or deter project development.

Q14: What is the outlook for titanium demand and pricing?

A14: Global titanium demand is expected to grow at ~3.7% CAGR to 2030, driven by pigments, aerospace, and emerging critical minerals needs. Supply constraints from depleting mines and geopolitical tensions may

Q6: How does Pitfield’s mineralogy impact processing?

A6: The presence of high-grade anatase and rutile with low deleterious elements allows production of premium grade TiO2 products suitable for both sulphate and chloride pigment processes, as well as titanium sponge applications.

Q7: What infrastructure advantages does Pitfield have?

A7: The project is located near Geraldton Port (160 km), with good road and rail access. It also benefits from connection to high-voltage power and natural gas pipelines, facilitating cost-effective mine and plant development. The town of Three-Springs is already highly supportive of mining and the local Three-Springs Talc Mine (12kms east) employs a healthy number of town locals estimated to be between 15%-20% of the town. It's the largest talc mine in the southern hemisphere and the second largest in the world and produces 240,000 tonnes of talc annually.. Mining is not frowned upon here and Pitfield is viewed as a significant opportunity for the town, the district and WA in general.

Q8: What are the environmental considerations?

A8: The strip mining of the weathered saprolite cap minimises environmental disturbance compared to deep underground mining. The low impact mining approach aligns well with ESG expectations of investors and customers.

Q9: What are the next key milestones for Pitfield?

A9: Upcoming milestones include the maiden JORC MRE (late Q3 2025 assumed), completion of bulk metallurgical testwork, initiation of Pre-Feasibility Study (PFS) with a potential to skip straight to FS, and progressing towards securing development funding and strategic partnerships.

CTD.........

Obviously there have been many posts by myself & others here all lost over time but I think it's about time a full Q&A was provided. I'm not a mining professional in any manner, nor is this investment advice. I would also urge people to correct me in anything you feel is wrong or that I have left out. This is purely an opportunity to review and assess the current position of Empire before a fairly significant piece of news is due to land.

I'll try to keep the thread connected so please do not reply to this thread until I have completed it. Thanks.

The Pitfield Titanium Project:

Q1: What is the size and grade of the Pitfield titanium deposit?

A1: Pitfield covers approximately 40km by 8km with mineralisation extending to 5km depth. The Exploration Target ranges from 26.4 to 32.2B tonnes grading 4.5% to 5.5% TiO2. The weathered cap alone contains an estimated 4.0 to 4.9B tonnes grading between 4.5% and 5.9% TiO2. There have been intercepts significantly higher in grade however we now await the MRE to confirm grades and continuity of resource across the entire area.

Q2: When is the maiden JORC-compliant Mineral Resource Estimate expected?

A2: The maiden Mineral Resource Estimate (MRE) is planned for release in Q3 2025 (generally agreed by most investors to be late Aug / early Sept). I anticipate and Empire MGT seem confident that it will confirm the substantial resource size and grade, based on excellent continuity seen in drilling and sampling to date.

Q3: What are the key mineral phases in the Pitfield deposit?

A3: The deposit’s weathered cap is dominated by anatase and rutile, both high-purity titanium minerals containing over 90% TiO2. These minerals are highly sought after for pigment and titanium metal production due to their superior properties and low impurities.

Q4: What is the mining method planned for Pitfield?

A4: The weathered cap layer is soft, friable, and near surface, ideal for low-cost strip mining without blasting or significant overburden removal. This greatly reduces capital expenditure and operating costs compared to hard rock mining as has been outlined by Shaun Bunn (MD of Empire) multiple times. Compared to already profitable peers, we are in a very good position.

Q5: What is the current status of metallurgical testing?

A5: Extensive metallurgical testwork, including gravity separation, flotation, and acid digestion, has shown promising recovery rates (60-80% in gravity separation; >60% in flotation). Acid leach tests achieved 95% dissolution of anatase and rutile and we recently confirmed a 99.25% pure product from lab tests. Ongoing bulk testwork aims to produce concentrates for potential off-take partners.

CTD..........

@MeanS

You’re not late to the party!

You’ve arrived just as the coals are being put on the BBQ. Food prep taking place and soon to be cooking.

ML

DavidOBee1,

I think you're right here for sure.

The GGP drop after the presentation has spooked a few and we had rainbow chasers with EUA yesterday. Plenty of 100% incoming talk yesterday and I saw 1 particular investor plough in to take roughly 7% only to see an 11% drop today and now sitting on a loss when he could have sat still. This particular speculator has said this himself so I'm not having a go at his strategy but he's not happy today and now trying to find a way out and a way back in to Empire. Luckily for him, the GGP drop has offered him a chance to get back into EEE. Funny old game.

The 25p to 30p mark is where we will hover but the anticipation will build in August and like a switch it will flip one day before the MRE is due and you'll see 10% - 20% days as people jockey for position. Lets not forget that its the quietest time in the markets as everyone is on holiday. Its notoriously quiet and things only start picking up mid-late August ordinarily.

Sit back relax, ignore the daily ups and downs as they are inconsequential "if" you are an investor. Leave the daily movements for the speculators & traders.

See you soon where 25p will again likely be a distant memory, just like the 10p area is now and we had many people talk of being unhappy and panicked they were down 15%-25%, but are now 150% up (those who had the common sense to read the market correctly) Its just a point in time, of which is no interest to me personally.

GL if you're trying to generate more shares for yourself by buying the dips and selling the rises, not for me personally.

ML

Apologies, one correction.

The environmental studies have actually been ongoing since Sept 2024, not January 2025 as per my last post.

https://www.lse.co.uk/rns/EEE/environmental-studies-to-commence-at-pitfield-31n1ayqdvovmi4o.html

ML

Once all of that’s cleared, and before any construction or digging starts, you’ve got to lodge a project mgt plan, that’s the final safety and operations document that has to be approved.

Timeline wise, once you’ve got the MRE, you’re “generally” looking at around 18 to 36 months to get through the native title, environmental work, approvals, and planning and depending on the complexity of the project and whether you run things in parallel or not.

While the typical timeframe from MRE to full mining approvals in WA ranges from 18 to 36 months, it’s my opinion that Empire could significantly accelerate this process. Unlike many resource projects, Pitfield isn’t a complex underground mine, it’s a shallow, near surface “dig and dump” operation with minimal processing, often referred to as an easy strip project. We’re not talking about drilling hundreds of metres down or dealing with a complicated ore body. Add to that the fact there’s no known native title over the area, strong existing infrastructure including road, rail, ports, water and gas, as well as skilled personnel locally available, and you’ve got a uniquely favourable setup. Given all of this and the possibility of moving straight to a feasibility study off the back of the JORC MRE, I believe a more realistic development window for Empire sits closer to 12 to 24 months for us to be mining, rather than the standard 18 to 36.

I don’t want to project an unrealistic timeline, but going by everything we do know, SB is conscious that expediting the project is of the highest importance as has been demonstrated since day 1 of the titanium find.

All the above of course based on the assumption of a positive MRE result.

Happy to hear if anyone thinks differently and given we have a few mining directors on this and other platforms, maybe someone with more hands on experience can confirm or contradict my views.

ML

Hi PD,

Typically, the general process to move things forward and actually get into mining is fairly structured. It’s my understanding that first you get your exploration licence (currently what we have) that gives you the right to explore the area and that usually runs for up to five years. During that time, you’re doing all your drilling, sampling, geophysics, mapping, trying to prove there’s something of value in the ground (basically everything we’ve been doing the last 3 years).

Once you’ve got enough data, you normally put together a JORC compliant MRE and that’s basically your formal statement of how much material is there, how good it is, and whether it looks commercially viable (basically everything we’ve have been doing the last 2 months). That’s when you’re in a position to apply for a mining lease (Q4 2025 IMO).

The mining lease application itself goes in under Section 74 of the WA Mining Act. That includes a set of coordinates, mine plan or at least an outline of your intentions, and proof that you’ve got the financial and technical capability to actually develop the project. You don’t always need the full mining proposal at this point, it can come later but the more detail you’ve got, the smoother it goes. Given what we know, I’d expect us to have a considerable level of data and info to provide the full plan.

At the same time, you’ve got to go through native title clearance if there’s any claim over the area. That usually kicks off a process through the National Native Title Tribunal, or sometimes companies just negotiate directly with the relevant group. Either way, it has to be done properly. From what we know, the land has been farmed for over 100 years so this shouldn’t be an issue for Empire.

Then there’s the environmental approvals. You’ve got to submit a mining proposal and a mine closure plan under the environmental protection act , and that needs proper studies done on flora, fauna, water, dust etc. Depending on the scale of the project and the environmental sensitivity, it can either be handled by DMIRS or referred to the EPA for more scrutiny. Carrie Pritchard’s been across the flora and fauna work for a good six months now, so baseline environmental data is well underway. From there, it’s a case of submitting the full environmental approvals that include the detailed mining proposal and mine closure plan, along with dust, water, and waste management. That probably adds a number of months unless something unexpected comes up.

Around that time most companies will start working on a FS, sometimes just a SS or PFS, to put real numbers around costs, mine life, and infrastructure. That’s not a legal requirement for the mining lease, but it’s essential if you want to raise money or start talking to offtake partners for example. AGEOS has recently provided some very detailed comments on this topic and the likelihood of us skipping straight to a FS.

CTD..

[url=https://ibb.co/20D6bVhb][img]https://i.ibb.co/fVhSc6Fc/IMG-3570.png[/img][/url]

ML

I’ll try again apologies.

https://discoveryalert.com.au/news/western-australia-investment-plan-2025/#:~:text=The%20budget%20includes%20%248.9%20million,securing%20Western%20Australia's%20economic%20future.

ML

thanks to andrew from the empire telegram group for sharing this article this morning. it actually ties in nicely with a few of the points that were made last night around the wa government’s commitment to mining and associated industries, particularly the big picture around empire and the pitfield project.

the overall investment package shows how serious wa is about creating a value added future around critical minerals which includes titanium. it’s not just about mining anymore, it’s about building out all the supporting industries such as training, energy, transport, and manufacturing. that whole setup aligns strongly with where we’re planning to go. they’re not just exploring, they’re already working on processing pathways, potential end-uses like pigment-grade titanium and battery material, and getting ahead of future hydrogen opportunities too. that main wa strategy actually reinforces the logic behind pitfield’s potential to be multi-faceted in terms of new tech and potential products to market.

one thing that stood out was the mention of the eis funding being increased from $9m to $18m. i looked into this last night and even as of now, there doesn’t appear to be any formal confirmation of that new funding but as i said, it is expected this year (maybe i’ve just missed it so if anyone has a link, by all means please feel free to confirm and share). so while it’s mentioned in the media, it’s not yet something we can apply for. and tbh, i would have expected we would benefit most from knowing what’s involved with the pilot plant costs and process flowsheet details being confirmed first, before we would apply as it’s too early to know these figures. as said, we previously secured around $110k from the last round of eis support, and they put that to use through the last drilling campaign. if and when that new eis funding is formally announced, we would be in a strong position to benefit again as we’re already advancing our development program which demonstrates a proven track record of delivering on what we say we’re going to do.

so while the funding piece is still a bit unclear, the direction of travel is clear, wa is actively trying to create an industrial base around its critical minerals, and pitfield is aligned with that from every angle.

thanks again andrew and happy to hear alternate views on this topic.

*************empiremetals/22738

ml

Strategic interest.

ML

You’re bang on with that summary Darbinator, and it’s encouraging to see how clean the path is looking.

If you don’t mind I’d like to build on your excellent points. We do indeed hold the EL’s and therefore we are certainly in pole position for a mining lease application under MA1978. Nothing in their public releases suggests anything but full compliance so far.

The MRE is absolutely key and fairly imminent. SB has been very deliberate with our data collection, and the previous use of EM data to target titanium-rich zones was a masterstroke. Based on the last RNS and interview wording, it’s clear they’re confident not just in getting to JORC, but in showing scale and grade. The scale of alteration zones across multiple kilometres puts this into serious Tier 1 territory if & when the numbers land.

Let’s not forget that with Century holding 30%, any final mining licence would likely formalise and firm up JV rights too, possibly the point where we start to see real valuations get attached to Century’s share and, by extension, EEE’s 70%. That alone could be a trigger for major rerating once the MRE confirms the value in the ground.

Titanium is now a critical mineral under Australia’s own list, and Ageos has been referencing the critical minerals production tax incentive. If the project qualifies (it should), it could attract very favourable treatment (potentially equivalent to 10% of eligible downstream capex). That kind of incentive further enhances the economic case in any mining proposal.

We have also taken real steps to get ahead of environmental and heritage issues, and the appointment of Carrie Pritchard is a big part of that. She joined as Environmental Manager in April 2024 and brought over 20 years of experience in project development, EIAs, mine closure planning, and stakeholder engagement. Her past roles at Newmont and e3Scientific speak volumes, but more importantly, she’s already hands on with Pitfield, overseeing early botanical/faunal surveys, conservation mapping, baseline monitoring, and direct engagement with local landowners, government, and indigenous groups. So we’re not waiting around for compliance work to begin, it’s actively happening under a proven operator.

Given all that, and the fact the land has been historically used for farming (with no known heritage restrictions flagged to date), the path forward from an environmental and permitting perspective looks well managed and proactive, not reactive. WA has a strong track record of supporting strategic minerals, and titanium has the added bonus of not being viewed as a dirty or contentious material in ESG terms. Even with that, our Ti02 has the lowest % of deleterious material I’ve come across worldwide.

I’d only add that all signs point to EEE being several moves ahead of what they’re releasing publicly. This MRE could unlock the domino chain of licence application, formalised JV terms, valuation discovery, and strategi

Australian R&D Tax Incentive which we continue to benefit gives us a 43.5% refundable tax offset on all eligible R&D expenditure. Given how much of our current and near-term work falls under metallurgy, process design and refinement, this is a significant help. When we move forward with the pilot plant, as long as it’s structured around eligible R&D activities, we can continue to claim under this scheme. Again, the key point here is that we can’t claim EIS and R&D on the same line items, it’s one or the other.

I think this could work for us post-MRE and pilot plant as we could continue using the 43.5% R&D tax incentive for the process development and refinement work. Should the WA EIS relaunch in 2025 or beyond, we can choose it to co-fund large capital items, knowing those costs can’t overlap with R&D claims. Longer-term, CMPTI could significantly offset our operating costs during the processing years once we meet the criteria outlined by Ageos, but once we’re producing refined titanium from Australian facilities it should be attainable.

In summary there are currently no new programs that replaces the EIS in WA. EIS is still the only state scheme offering co-funded support for exploration, and no alternative exists at present. We can’t use EIS and R&D on the same costs, but applying them separately at different project stages makes sense. The upcoming CMPTI provides added incentive for progressing into full-scale processing. Together, these mechanisms would help us manage costs, reduce dilution, and support value creation as we advance beyond the MRE.

If anyone’s tracking updates on WA EIS timing or hears about new state exploration funding, it’s worth flagging that here ASAP.

I think a lot of people forget just how all the above currently assists with our “cash burn” rates. SB runs a tight ship, so much so that I’m not sure I’d travel economy from Aus to Europe or the states, would you?

He has shareholder interests in his mind at all times. How many AIM CEO’s do that? 20%? 10%? Either way, it’s a low number and thankfully he’s at the helm. I’m hoping the suggestion of him becoming CEO (post MRE) are acted upon.

ML

Thanks Ageos.

It’s been almost 5 months since I last discussed this topic with Shaun.

A reminder of that discussion which covered the various different incentives for us going forward, especially with the MRE around the corner and with early discussions already underway about the pilot plant and downstream processing.

We can’t double-dip with EIS and R&D incentive i.e. we can’t claim both WA EIS grant funding and the Australian R&D tax rebate for the same work, only one or the other applies depending on the activity and source of funding. So we’ll need to decide which route best suits each cost line if A) we continue to use the R&D tax incentive, B) A new round of EIS grant is launched which I’m told is likely in late 2025 or C) like Ageos has presented the CMPTI is taken up by Empire.

In terms of the now closed EIS, it refers to the “Exploration Incentive Scheme”, which ran on a six-monthly competitive cycle from 2022 to 2025. It was designed to co-fund innovative drilling and early-stage exploration projects. We were awarded $110,000 under this scheme in early 2024 to support the diamond core drilling program, which was part of the metallurgical and MRE preparatory work. That was a good example of how it can reduce upfront spend without equity dilution.

The 2022–2025 cycle has now ended, so there’s nothing currently open for new applications. That said, the WA government is expected to renew or reconfigure the scheme in some form beyond 2025. If and when that happens, we should be in a strong position to apply again, particularly if we’re entering the pilot plant or early-stage processing phase. These kinds of grants are especially useful for funding capital-intensive development work that still sits within the technical de-risking phase, like process piloting or metallurgical refinement. That kind of activity fits well with the objectives of the EIS.

It’s worth noting that EIS funding tends to focus on discrete programs, so if we were to go for it again, we’d probably want to isolate a specific work package or drilling activity rather than trying to claim across an entire development plan but who knows.

At present, there is no direct replacement for EIS in WA’s mining support framework. The EIS (including its Co‑funded Drilling and Geophysics Programs, as well as Energy Analysis rounds) remains the primary state government initiative for co-funded exploration activity. The most recent rounds (Round 30 and upcoming Round 31) were announced in early 2025, the next application window opens around August 2025 for co-funded drilling and geophysics programs. 

Other WA programs like METS Innovation or broader industry support schemes exist, but none offer direct co-funding for early-stage drilling or process pilots in mining. So until a new scheme is launched or another program emerges, the EIS remains the go-to route for exploration grants and there’s no equivalent available right now.

I’ve spoke to Shaun about this for 2 years now (as have others here and at investor meets), I’m not saying it needs to happen right now, but it does need to happen at some stage. Again, for clarity, we do not need to be on ASX to receive approval of government funding or grants but it couldn’t hurt us being there.

Right, phone off, 72 hours of golf, enjoy your weekends all. Chat soon.

ML