Member Info for Manlord

Well I’m in so let’s see if I can get the volume I want at this 150p range.

Thanks for the assistance and advice.

ML

That suggests to me that this MRE is likely to be a much more advanced piece of work than the maiden MRE, and not simply a larger number at the bottom of the page which I think will take the market by surprise based on what I’m seeing / hearing.

SB hasn’t ever really missed a firm deadline set so his July guidance actually looks quite reasonable. If anything, it suggests to me a much more mature and efficient resource modelling process can be achieved vs. what was available during the maiden MRE phase.

Based on all that I’m saying MRE RNS comes in the next 42 - 57 days 😁

Tick tock

ML

Just looking back at the timelines from last year, I think it’s a useful framework for us to work from in respect of the incoming MRE upgrade.

The 2025 drilling campaign commenced on June 2nd and was completed on July 8th (36 days). From completion of that drilling to publication of our maiden MRE on Oct 14th was a further 98 days. In total, from the first drill turning to publication of the maiden MRE took 134 days.

What is important though is that the 98 days after drilling finished, Empire and their consultants (Snowden Optiro) were building everything for the first time. They had to validate and interpret the drilling data, complete geological modelling, establish domains, determine grade continuity, build the resource model, undertake estimation work, carry out QA/QC reviews, complete independent checks and sign offs, and then prepare all of the supporting documentation required for a JORC MRE.

This year is different IMO.

The 2026 drilling campaign commenced on Feb 17th and completed on May 5th (77 days). Whilst the drilling programme itself was larger and more extensive, the key difference is that the resource framework already existed so we’re not starting from a blank canvas again. The geological model exists, the resource estimation methodology exists, the domains already exist, the QA/QC systems are established and SO are fully au fait with the project.

Now it doesn’t mean the work is any easier as there’s still a huge amount of data to process, particularly if Thomas is being upgraded in confidence and Cosgrove is being incorporated more meaningfully into the resource, but it is an update to an existing model rather than the creation of an entirely new one.

If we simply applied the same 98 day post drilling timeline as per last year, a completion date of 5 May would point towards an MRE around 11 August. However, SB has already guided the market towards July, which suggests either the work is progressing faster than last year, or significant portions of the modelling and interpretation have been running in parallel with drilling, and of course if we can knock off some time based on the experience gained last year, July feels entirely achievable. If I had to put a date on it, I would probably be looking somewhere around the 3rd or 4th week of the month.

The reason I say that is because much of the groundwork was already completed in 2025. We are no longer proving that Pitfield contains a giant titanium system, we’re essentially refining it, expanding it and increasing confidence with it.

For me, the biggest point is what sits behind all the data. Thomas has now been drilled on a much tighter basis, Cosgrove has been expanded significantly, and we know the team have been feeding geological, metallurgical and mine planning work forward in parallel.

CTD…

I had looked earlier and searched Panther Metals but nothing showed up.

I’m on Telegram with EEE & UOG.

Thanks

ML

Thanks for the prompt reply Oileiches.

ML

Guys,

I know questions like these can sometimes come across the wrong way, and occasionally the response is “why don’t you just do the research yourself?” That’s fair enough but I’ve just spent the last hour going through the annual report and company material because I’m looking at Panther as a potential investment (£50k to £100k).

I’m actually seeing quite a bit that I like. The Winston opportunity in particular appears to offer a potential route to cash. That said, before I commit I’m just looking for a secondary sense check from those of you who know the company far better than I do.

A couple of areas I’d appreciate some help with:

Funding position, my understanding is that the last raise was earlier this year. What is the general consensus on the current cash position and expected runway?

Cash burn, from what I’ve read, Panther still appears likely to require funding until Winston reaches a stage where it can contribute financially. Is that a fair assessment, or am I being too conservative?

Winston timeline, what do LT holders see as the key milestones over the next 6–12 months that could materially change the valuation?

Risks, what are the biggest genuine risks that existing shareholders are watching most closely? Metallurgy, permitting, funding, timelines, something else?

Please don’t take the above as criticism. Quite the opposite. If you have a quick look through my posting history, you’ll see I’m not someone who turns up on forums trying to create awkward debates or spread negativity. I’m simply trying to do proper due diligence before committing capital. I’ve made some very rewarding investments over the years, currently up x35 on Empire Metals with circa 1% of SiC, multiple copper, gold, silver, O&G, and nuclear investments also but there’s something I like about PALM.

I’ll continue reading and watching some of the mgt interviews over the coming days, but if what I hear from knowledgeable holders marries up with what I’m already seeing, there’s a very good chance I’ll be taking a decent position this week.

Appreciate any constructive feedback. Thanks in advance.

ML

We weren’t up 4% yesterday!

And we’re not down 4% today.

ML

AIM always wants everything immediately with gamblers galore but mining project development just doesn’t work that way.

What we should be watching for now is fairly simple. The updated MRE only weeks away, the scale which should reach a 5Bt JORC compliant resource with measured reserves which is key, and the quality of the resource, I’m hoping for close to 6% grade now, up from 5.1%. We will see progress on continuous piloting, product validation, end user engagement and we’ll find out just how quickly Pitfield can start moving from a mammoth geological discovery into a clearly defined commercial business model.

That is where the real value will be created, not in impatient commentary and certainly not in suggesting a new, mega scale, world class mining project should be meeting unrealistic expectations of being online quicker than it takes to open a corner street coffee shop.

The market rewards successful projects, not rushed projects.

Take a look at almost any major mining operation in the world today. They weren’t built by cutting corners, rushing metallurgy, taking the first offer on the table or chasing the quickest route to production. They were built through years of optimisation, testing, refining, engineering, product development and commercial engagement. The operators took the time to understand the resource, improve the process, maximise recoveries, improve product quality and ensure they were targeting the highest value markets possible.

Nobody looks at those operations today and complains they spent an extra year optimising the flowsheet or refining the product. They look at the billions of pounds in value created, the decades of production and the enormous cash flows generated as a result of getting it right.

That is the difference between getting into production and getting into production properly. The shortcuts are forgotten, but the mistakes last forever.

DYOR

ML

Interesting article and one I think many shareholders across the mining and CM sector would benefit from reading.

A fantastically clear representation of the reality of project development. Something some here (ADVFN) should try to digest and fully understand before making unjustified comments. Here we have a strategically important Aussie critical minerals project, backed by $2B in govt support, existing infrastructure, an experienced operator, national significance and strong political backing, yet it still experienced a 50% cost blowout and a 2 year delay.

Now just take a moment to think about that! This is a project the Aussie govt clearly want to succeed and it has had a level of support that most developers could only dream of, yet delays still happened, costs still increased and the path to production was far from straightforward.

That puts a lot of the commentary we occasionally see here around Empire into perspective. Some investors seem to expect SB to discover one of the world’s largest titanium systems, define billions of tonnes of resource, optimise an entirely new processing route, complete continuous piloting, produce product samples, engage end users, secure offtakes and financing, then somehow do all of that without a single delay, adjustment or refinement along the way. It’s actually laughable when you think about it.

Mining doesn’t work like that and this article reinforces exactly why SB is doing what he’s doing. Continuous piloting, product development, engagement with potential end users and ongoing optimisation of the flowsheet are not signs of a project standing still, they are clear signs of Pitfield progressing through the normal development cycle.

The other point I found interesting was the role of govt support. It’s clear that private capital was not prepared to fund the project at the time so govt capital moved in because the strategic importance outweighed the short term commercial uncertainty. 3 years later and commodity prices have improved hugely and the original strategic decision is now looking increasingly justified for those who had the foresight to fund it.

That feels fairly relevant to me when you consider the direction Aus is moving towards. As we know, CM’s are becoming so important, govt support mechanisms continue to evolve and we know Empire were selected as part of the Aussie CM delegation earlier this year. We also know SB has repeatedly referenced producing product and engaging with end users as quickly as possible. The take away is that patience (which many have none of) remains the most important part of investing in a resource development like Pitfield. A project with almost $2B behind it still required years of additional work, and with that I’m certainly not going to lose sleep because we’re taking the time to get the metallurgy, piloting and product development 100% right before we progress to the next stage.

CTD…

Https://www.linkedin.com/pulse/case-study-eneabba-rare-earths-refinery-john-saunders-0mopc?utm_source=share&utm_medium=member_ios&utm_campaign=share_via

ML

Another week ticked off and, for me, the chart continues to look extremely healthy, by simple view as I’m not a chartist in any way.

I often see references to a six month lull or things being delayed and presented as a negative. Personally, I see the exact opposite.

If we look back over the last 12 months, Empire has delivered a SP increase of approximately 244%. Following the price discovery period during September, October and November 2025, when the market was trying to establish a fair value for what had become a completely different company, the SP has largely spent the last 6 months consolidating those gains.

To me, that is constructive because rather than giving back a large portion of the re-rating (started at 8p) we have spent months building a strong base in the low to mid 30s while the company continued to advance Pitfield behind the scenes. Looking at the shorter term chart, the simple view is also encouraging with the SP flat over 6 months, up over 3 months, up over 1 month and up over 1 week.

What makes that even more interesting is that this is generally considered a relatively quiet news period. Optically that may be true, but in reality the company is busier than ever. Resource modelling, metallurgy, mine planning, piloting preparations, ASX preparations and ongoing drilling work are all progressing in the backgroud and as June begins next week and brings us another step closer to the updated MRE and ASX listing, 2 events that many investors including myself view as significant catalysts, so it would not surprise me at all to see investors continuing to position themselves ahead of those milestones.

For me, the chart is doing exactly what I would hope to see by consolidating and building support whilst preparing for the next phase of project development.

Have a great weekend all.

ML

All took place in Q1

https://www.linkedin.com/posts/empiremetals_eee-activity-7440345587557785600-dlSQ?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

https://www.linkedin.com/posts/empiremetals_eee-activity-7437782697957163008-Z5Ya?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

https://www.linkedin.com/posts/department-of-energy-and-economic-diversification_westernaustralia-investandtradewa-dmpe-ugcPost-7437333745851944960-lVFW?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

https://www.linkedin.com/posts/empiremetals_what-a-pdac-2026-the-last-few-days-have-activity-7435264435822231552-dsy1?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

https://www.linkedin.com/posts/davidmichaelau_recapping-our-first-day-in-toronto-good-ugcPost-7434433712647458816-O4ff?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

https://www.linkedin.com/posts/critical-minerals-association_the-cma-uk-is-delighted-to-welcome-empire-activity-7426188066006085632-zg1K?utm_source=share&utm_medium=member_ios&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA

ML

Shares still now available at 7.5% discount to the 40p funding last October and only 5.7% above the avg funding price of the entire £15m from Oct / April totals.

If anyone felt aggrieved by not being offered the chance to take part in either funding round, now is your chance to essentially be get involved at the same level.

The big backers were given the opportunity to average down and rightly so IMO, but knowing they would have been given certain levels of BoD expectation in SP throughout 2026 coupled with further expected (not guaranteed) key business and economic metrics of Pitfield, you’d have to assume it’s a good risk v reward ration buying anywhere near here.

AIMHO

DYOR

ML

All part of the game JT! You once you have a core holding it should matter little.

I’m hoping Cannacord Genuity update their last target from Jan 9th. So much more value adding news and de-risking to come. One must assume, the target should increase as our development also does.

Reminder of their previous call on Empire.

“Canaccord starts Empire Metals with 62p target, flagging upside from Pitfield titanium project

Canaccord Genuity has initiated coverage of Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) with a 'buy' recommendation and a 62p price target, implying material upside from the current share price of 44.6p, as the broker highlights the scale and quality of the company’s flagship Pitfield titanium project in Western Australia.

The initiation centres on Pitfield’s potential to become a long-life, low-cost producer of high-value titanium dioxide products, positioning Empire as an emerging player in critical minerals supply chains.

Canaccord describes Pitfield as a “unique, large-scale and high-grade” deposit, underpinned by an October 2025 maiden mineral resource estimate of 2.2 billion tonnes at 5.1% TiO₂, containing 113 million tonnes of titanium dioxide.

Crucially, the broker notes that the existing indicated resource alone could support an initial 30-year mine life, reducing long-term resource risk at this early stage.

Valuation is driven by a net asset value approach, reflecting the project’s development status. Canaccord estimates an unrisked NAV of 124p per share on current shares outstanding, before applying a conservative 0.5x NAV multiple to derive the 62p target.

The broker flags that even after allowing for future equity raises to fund development, a fully diluted NAV of around 82p per share still points to significant upside from current levels.

Operationally, Pitfield is expected to progress through several catalysts in 2026. These include further drilling to upgrade and expand resources at the Thomas and Cosgrove prospects, bulk metallurgical test work, and the delivery of a scoping study in the second half of 2026.

Canaccord believes these milestones should sharpen visibility on process flowsheets, end-product selection and project economics, all of which are key for investor confidence.

Looking further ahead, the broker models first production around 2030, with full run-rate output from 2031. On its assumptions, Pitfield could deliver EBITDA margins of more than 50% once operational, reflecting favourable grades, shallow mineralisation and the potential to produce a premium anatase-grade pigment.

Risks remain material, particularly around funding, process optimisation and titanium pigment pricing, which underpins the “speculative” nature of the rating.

Nevertheless, Canaccord argues that the combination of scale, jurisdictional quality and exposure to strategic metals leaves Empire Metals well placed to re-rate as the project advances”

Less than 8 weeks until MRE upgrade!

DYOR

ML

Aussie broker says Aussies are buying where possible but they are very excited and looking forward to the ASX listing where demand is already gathering.

Unconfirmed of course but no reason to doubt his feedback after 2-3 years of being straight down the line.

ML

Https://www.linkedin.com/posts/cgt-exploration-originalstartup-ugcPost-7464923609401036800-5Sv2/?utm_source=social_share_send&utm_medium=ios_app&rcm=ACoAAAf7tiYB_f_0iCqUItGnPP3DD_AmTXPhyQA&utm_campaign=copy_link

ML

Hi Doc,

Based on the current assays of the first 88 holes with Thomas drilled first I’m expecting them in the coming days.

At Cosgrove, I believe these will be reported in June.

ML

Brilliant analogy Mark 😄 I do love to see them in fairness.

You’ve nailed it and you’re right, far too many impatient investors seem to be out there every second day with a trowel, digging up the roots to see if anything has sprouted, without realising they just killed their growth.

Thankfully we’re no amateur back garden project. SB is the head gardener, Greg Kuenzel is keeping the potting shed finances in order, Narelle Marriot is out checking the soil quality and mineral content, Andrew Farragher is the meticulous one with his garden notebook and measuring every row and recording exactly what is growing where, Phil Brummit is the wise old hand leaning over the fence keeping an experienced eye on “Pitfield Plants” and Michael Tamlin is the one proudly inviting the neighbours over to admire what is being grown and telling them why this garden might be a bit special 😄

Let’s hope you’re also right with the ASX sunshine, upgraded MRE rainfall, and pilot plant fertiliser all arrive right on cue for a very healthy flower show later this summer.

ML

Piggy,

The one time I try to be slightly negative and you hit me with facts and positivity!

Right circle the wagons 🤣

ML

*for me it isn’t that mining becomes uninvestable overnight*

Link not allowed but google Australian CGT changes July 2027 to find one of many articles.

Also pasted this in but all capitals were removed. Apologies I’ve no idea why.

ML