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On a separate note, I’ve been thinking a lot about a potential ASX listing for us, and in my view, it makes perfect sense, not just from a capital markets perspective but because of the wider strategic positioning we’re stepping into.

The world has completely changed when it comes to critical minerals. In the last few days Trump has announced he’s going to reinstate tariffs on Chinese rare earths including lithium and scandium which has reignited the narrative around resource security, supply chain independence, and the West needing to control its own inputs for defence, energy, and tech. Titanium sits right in the middle of that conversation. The message is clear, governments are no longer willing to rely on imports from adversarial or unstable jurisdictions.

We’re developing what could be one of the world’s largest untapped titanium systems, in Aus, one of the safest and most mining savvy countries on earth. That combination, scale, location, and timing puts us in a very rare bracket of companies.

The ASX fully understands this type of company. They’ve just seen lithium and rare earth stocks go on big runs in the past few days alone, off the back of that tariff news and renewed institutional interest in strategic commodities. Australian investors back this sort of scale early, and with serious money.

A dual listing would put us right in front of that audience, funds, family offices, HNWI’s, all of whom are actively rotating into critical mineral exposure. And more than that, it opens the door to regional offtake partners and capital pools that are aligned with LT development of Pitfield.

We’ve already seen a fundamental re-rate in our valuation but if we move onto the ASX and start telling this story to the audience it was made for, we’re only at the beginning IMO.

If anyone is new here and has missed my thoughts on this previously, I fully believe the ASX understands mining. far better than AIM and has a much more sophisticated type investor. Exploration companies routinely re-rate to £500m–£1bn valuations when the right ingredients are in place, scale, strategic relevance, and momentum. That’s exactly where we’re heading and Aussie institutions and HNWI’s are tuned into the critical minerals narrative, particularly titanium, lithium, rare earths, etc.

By listing on the ASX, we’d be aligning ourselves with the capital, increased exposure and additional partnerships that IMHO will be crucial as we move from discovery/development towards commercialisation.

This isn’t about chasing hype or a quick move. It’s about putting ourselves in the right markets at the right time and making sure we’re fully visible to the players who are going to matter as titanium continues its transition from niche to strategic.

CTD……

Currently sat in front of a very large screen, pint in hand with the Open ⛳️ for the next few hours - it’s what Fridays are for 😃

Assuming the SP remains as per currently sitting, it’s been a phenomenal 4 weeks performance.

Those who were here in 2024 know that we spent the best part of the last 18 months trading between 6p and 14p (mainly at 10p) with the odd flicker of excitement but always reverting to that 10p range. Looking back now, that period was one of quiet accumulation and very slow realisation with market trying to figure out what we actually had at Pitfield.

Then came the recent move from 10p to 30p in the space of a few weeks. Not hype-driven, not fluff, just a revaluation based on a clearer understanding of the scale and significance of what we’re sitting on. And now, interestingly, we’re consolidating and consolidating tightly. We’ve been hovering between 28p and 31p for the last 3.5 to 4 weeks. That tells us quite a lot in my view.

This clearly isn’t a pump and dump, nor is it retail froth. The sharp money got in, the fast money likely took their slice on the way up, and now we’ve got a base of shareholders who in the majority understand the real potential here, those who are looking 6 to 18 months down the line, not 6 to 12 hours 😂

I personally believe we’ve seen a shift in the type of shareholders now present. We’ve attracted and should continue to attract conviction buyers, people who know how rare a project like this is, especially in a stable Tier 1 jurisdiction with grades & tonnage at extremely high levels. For me, this isn’t about near term revenue or quarterly results (it never has been short-term for me), it’s about the sheer scale, global strategic importance, and the fact that titanium is becoming a key resource in a world where supply chains are being redrawn and critical minerals are being prioritised. That’s what’s being priced in.

The market is fairly valuing what’s been proven so far, but we haven’t even scratched the surface in terms of monetisation. There’s no MRE, no offtake, no JV and yet the price has tripled in a month. That alone should make people sit up and think because what happens when those things land? Yes, you’re correct! WHEN they land we again enter another price discovery period and if the land with positive data and figures, well………..📈

We’re in a calm, confident consolidation phase right now and I was hoping this would be the case when we first saw the rise. No panic selling and no major volatility. The market has taken a breather, digested the latest move, and is now waiting for the next trigger (MRE or bolt from the blue).

I’m past hoping, I’m now believing and thats that’s a very different place than where we were this time last year.

CTD…….

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 reach or exceed Kenmare’s current valuation.

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 £200 million is absolutely nailed on (already there so my estimates were and proved conservative from Feb).

Scenario 2: Mid-Range Estimate (Matching Kenmare)

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.

In summary, I believe KR have a pretty clear pathway to growth, with a potential MC of up to £750 million in the coming years if their projects are fully optimised.

For ourselves, assuming full confirmation of our titanium deposit potential, we could realistically achieve £750 million in market capitalisation, with a long-term upside (2030 & beyond) of circa £1 to £2 billion if we go it alone and develop into a major titanium producer which is what SB has set his target sights on. He said he sees no reason why we can’t hold a 10% to 15% market share of the titanium industry (again 2030 was mentioned). As Pitfield contains 32 billion tonnes of inferred ore at significantly higher grades than Kenmare, a valuation in the multi-billion-pound range is not out of the question if we can prove economic extraction and secure long-term production agreements with buyers of pigment & sponge.

If we can succeed in scaling our operations, we have the potential to not only match (near term), but far exceed Kenmare’s valuation, placing us among the largest, if not the single largest titanium producer globally.

All for under 30p per share!

Again, whilst we have a long way to go, the team appear to know what they have & if they can continue to advance the project as they have since May 2023 where we had a lot of important items to be clarified & confirmed (now almost fully confirmed), the upside is far in excess of any downside.

DY

Project Status:

We’re conducting detailed geological studies and drilling campaigns to delineate the extent and grade of the titanium mineralisation and although we’re flying at light speed, it’s still in the early stages, with efforts focused on confirming the resource potential and economic viability. SB has all but shown us the final product in a glass jar (his words last week).

Mining Method: Pitfield is characterised by a weathered cap that is soft and friable, making it amenable to low-cost, open-pit mining methods. The nature of the deposit should allow for efficient extraction of titanium minerals.

MC: As of today, we have an MC of approximately £62 million.

Comparison Summary:

Operational Stage: Kenmare operate an established, producing mine with a defined resource base and ongoing expansion projects. In contrast we’re in the exploration / development phase, working to establish a JORC compliant MRE and assess the feasibility of future mining operations.

Resource and Grades: Kenmare has substantial proven reserves with ilmenite grades averaging 2.6%. We however, have an extraordinary 32 billion tonnes of inferred ore, with titanium dioxide grades exceeding 5% average & far higher in some areas of Pitfield.

Project Development: Kenmare is investing in long-term projects, such as the Nataka transition, to sustain and enhance production.

We are focused on exploration / development activities to validate and quantify the potential of our deposit.

Mining Methods: Kenmare utilises dredge mining in artificial ponds to extract titanium-rich sands, a method suitable for their deposit type. SB plans to employ open-pit mining techniques given the soft and friable nature of the weathered cap at Pitfield, facilitating low-cost extraction.

KR’s market capitalisation is significantly higher than us right now (4 times higher), reflecting their established operations and revenue generation which is understandable. It’s only a matter of time before we 100% confirm the economic viability of our enormous, world class, industry disrupting resource and I believe our valuation will skyrocket.

I personally see a future whereby if KR can successfully transitions to the Nataka ore zone and optimise their production efficiency, their Manx could increase significantly. If they can maintain a stable production growth, their MC could grow to £500-£600 million.

If titanium mineral demand rises (doubling by 2030) and prices strengthen, Kenmare could exceed £750 million IMHO.

CTD……

Reposted from late Feb and don't have the time to update sorry.

I was asked about my thoughts on Kenmare Resources on LSE.

SB did a comparison too and we ended up agreeing that Empire has potential to be multiples of Kenmare (That was when they were £400m MC 12 months ago.

Kenmare’s Primary Operations: They operate the Moma Titanium Minerals Mine in northern Mozambique, which has been in production since 2007.

Resource Estimates:

Ore Reserves: According to a December 31, 2023 report, the Moma Mine’s proved and probable ore reserves are estimated at 1.4 billion tonnes, grading 2.6% ilmenite, 0.17% zircon, and 0.06% rutile. This equates to approximately 37.8 million tonnes of ilmenite, 2.4 million tonnes of zircon, and 0.8 million tonnes of rutile.

Mineral Resources: The total mineral resources, excluding ore reserves, are estimated at 7.5 billion tonnes, grading 2.2% ilmenite, 0.14% zircon, and 0.05% rutile, containing about 162.3 million tonnes of ilmenite, 10.7 million tonnes of zircon, and 3.5 million tonnes of rutile.

Production and Grades:

Ilmenite Production: last year , Kenmare produced approximately 1,008,900 tonnes of ilmenite, a 2% increase in 2023, due to higher ilmenite content in the heavy mineral concentrate and improved recoveries.

Ore Grades: The average ore grade processed last year was 4.17% total heavy minerals, a 5% decrease compared to 2023.

Project Status:

They are currently progressing with the transition of Wet Concentrator Plant A to the Nataka ore zone, the largest ore zone in their portfolio, containing 6.4 billion tonnes of Moma’s 9.0 billion tonnes of mineral resources. This transition is expected to secure production for decades and shareholders expect to maintain their position in the first quartile of the industry revenue-to-cost curve.

Mining Method: Kenmare employs a dredge mining method, utilising floating dredges in artificial mining ponds to extract titanium-rich sands. The dredged material is processed in Wet Concentrator Plants to produce Heavy Mineral Concentrate, which is then separated into final products.

MC: As of today they have a market capitalisation of approximately £264.21 million (was closer to £400m last time I did this comparison).

Empire:

Primary Operations: We are focused on Pitfield, which has shown significant potential for titanium-rich minerals.

Resource Estimates and Grades:

We have confirmed an enormous 32 billion tonnes of inferred ore at Pitfield, containing Ti02 at significantly higher grades than Kenmare’s Moma deposit, exceeding 5% in many areas. This places Pitfield as one of the world’s largest known titanium mineral systems as SB points out at every possible chance.

CTD

For me, this outfit bring hugely important benefits for us. Their in house expert team will be following and setting best practice and will almost certainly reduce or completely avoid any potential technical missteps in our flowsheet design. This ties in with SB saying we are going to fast track our metallurgical programs by using tried and tested approaches from similar projects and standard processes across the world. The RNS mentions they will support our pilot plant readiness by integrating advanced separation tech early on which I imagine is all targeting an indicated / measured MRE, so it certainly helps build a solid and fully defensible capital and operating cost model tied to the actual bulk test samples / results.

Overall, Strategic Metallurgy will add real technical muscle and external validation that helps de‑risk empire’s process pathway and reassure investors, II's, environmental stakeholders and the market that Pitfield is built on credible, scalable, and sustainable foundations. This RNS has been missed by the market IMO, but that's not unusual as we have seen many times before. Those who know, know. Those that don't, will do soon.

FROM GOOGLE:

When people talk about class 3 to class 5 study standards in mining or processing projects, they’re referring to a cost estimate classification system developed by AACE international, which is widely used in the industry to describe the level of detail and accuracy in a project’s cost estimates

A class 5 estimate is the very earliest stage, usually done when almost nothing is designed yet, maybe 0 to 2 percent of the total project design is complete. The accuracy range is really broad, usually from minus 50 percent to plus 100 percent. it’s mainly used for initial concept studies or scoping studies, just to get a very rough idea of whether a project is even worth considering.

A class 4 estimate is still early, usually done when only 1 to 15 percent of the design is complete. The accuracy improves slightly, typically in the minus 30 to plus 50 percent range. It’s used in early-stage feasibility or order of magnitude studies where you’re trying to compare options or start developing a ballpark budget

A class 3 estimate is where things start to get serious. This is typically what you’d expect from a pre-feasibility study. by this point, about 10 to 40 percent of the design work is done. The cost estimate is more reliable, usually with an accuracy of minus 20 to plus 30 percent. it’s detailed enough to make investment decisions, take to a board for approval, or even begin early financing discussions

Basically it means they will be supporting Pitfield all the way from the earliest concept right up to a stage where it’s ready for proper technical and financial evaluation. If we could reach class 3 would mean they’re ready to deliver reliable costings, process design, and flow sheet logic that external partners and institutional investors can actually trust. I

Overall, Pacolo will enhance the Empire MGT team, not just through expert processing knowledge but also by embodying the practical discipline needed to deliver an environmentally respectful, economically robust titanium project. His experience in titanium, rare metals, and sulphate systems places him in a key position to guide the transition from bench scale test work to a pilot plant that satisfies investors and regulators alike.

Strategic Metallurgy pty ltd.

They’re a small perth based metallurgical consultancy founded in 2010 with over 30 years of combined experience in minerals processing and project level advice. They work closely with owners and in-house teams to develop and improve processing flowsheets, manage testwork programs, and ensure studies match broader business and commercial goals .

Their services cover a full range of metallurgical tasks such as strategic and technical process reviews; testwork management (from lab through full-scale which is now crutial given we have nailed it at lab-scale), process development and design, hydrometallurgy, flotation, gravity separation, dense media, magnetic, pyrometallurgy and feasibility reporting and costing to class 3–5 study standards (I need to research this more as I'm not overly familiar with the standard - see basic info below). They also advise on technology valuation, due diligence, and board-level strategic planning .

Their senior team includes hands on experts, Gary Johnson (principal metallurgist), Mark Urbani (executive director, chemical and lab program specialist), and Nick Vines (executive director, optimisation to design expert) .

We have obviously partnered with them to provide oversight of the bulk scale metallurgical testwork and support transition from lab scale through process modelling, flowsheet design, and into pilot plant planning. That work is already under way with sample scrubbing, desliming, gravity separation and flotation on 80 tonnes of material, all critical for developing a scalable, efficient, and robust titanium dioxide process.

CTD..........

Pocholo (Poch) Avizo brings over 20 years of experience in metallurgical engineering across Australia, Southeast Asia, and the Pacific. Since 2023, he has worked as a senior process improvement engineer at BHP in Kwinana, focused on refining hydrometallurgical performance, efficiency, and cost controls, key to developing environmentally and economically viable flowsheets. He also served as a production superintendent, reinforcing his operational leadership capabilities.

From 2021 to 2023, he was senior process engineer at Tronox, (don't tell me these companies don't know about Empire) a company deeply involved in titanium dioxide processing. This direct exposure to titanium refinement technologies gives him a crucial edge in shaping Pitfield’s future metallurgical pathways, particularly around impurity control and sustainability.

In 2021, he served as Senior Metallurgist at Newcrest’s Lihir gold operation in Papua New Guinea, and before that, as technical advisor and process supervisor at Nui Phao in Vietnam, a world class polymetallic mine. His role there involved advanced flotation systems and gravity concentration for tungsten and fluorite, both of which require careful handling of process waste and by-products, directly supporting the development of environmentally responsible practices.

Between 2013 and 2018, Poch held various technical and training roles at the Nui Phao–HC Starck Joint Venture, helping to lead one of the world’s largest tungsten plants. This experience is especially valuable for Empire’s titanium ambitions given the crossover in handling ultrafine particles, selective recovery, and process water recirculation, factors closely watched by environmental stakeholders and presumably will be a key addition to the work being undertaken by Carrie Pritchard, our environmental manager, recently of Newmont Corp.

Poch also worked at Newmont and BHP, helping to design and troubleshoot nickel and gold operations, including high-pressure acid leach circuits. This technical base makes him highly familiar with regulatory sensitive operations and the mitigation of environmental impacts through circuit design.

At Sumitomo Metal Mining in the Philippines, he led operations in a laterite nickel setting, again showcasing his strengths in managing leach circuits and waste streams in sensitive ecosystems. His early experience developed a discipline around water treatment, chemical use, and site stewardship that aligns well with today’s environmental and ESG requirements, all of which have a strong starting point with Empire given our location, easy strip, easy processing, low deleterious elements etc.

CTD..........

It seems impossible to try to share quality information here without it being buried as usual. This is a day when we should be focused on the company updates, not wasting time bickering with people you have no interest in. For the love of Christ, will you all pack it in engaging. I'm really struggling to see the benefits of using this site right now. There should be no random replies and tit for tat over and over.

Alan Rubio

From reviewing his work profile and employment history, he has over 30 years of experience in mining and project development, with a consistent focus on study management and owner side leadership. From 2022 to 2025, he worked with Carnac Project Delivery on multiple pre-feasibility and concept studies, including tailings and water infrastructure which will assist Empire as his experience is directly relevant to Pitfield’s scale and environmental footprint. Prior to that, he led project planning and risk management efforts for Alcoa’s high purity alumina project, offering transferable insight into downstream processing and strategic site development.

At Northern Minerals (2019–2021), he oversaw the design, construction, and commissioning of a rare earths ore sorter circuit, demonstrating practical delivery of cutting edge mineral processing systems. At Savannah Resources, he managed the Mina do Barroso Lithium Project in Portugal, including financial modelling and consultant coordination, all skills critical to Empire’s evaluation and reporting cycles.

Earlier roles at Australian Potash, Sedgman, and DRA Global saw him guide scoping and feasibility work for diverse commodities including graphite, potash, and vanadium. Notably, his tenure at Northern Minerals (2013–2015) and Arafura Resources (2008–2011) had him lead major rare earths feasibility studies, giving him deep familiarity with critical minerals strategy, flowsheet development, and multi-stream processing facilities.

His earlier career included roles at Greenland Minerals, Hatch, WorleyParsons, and Bateman, where he handled major infrastructure planning, waste systems, and pilot plant development. Starting out in mechanical design and R&D at Drillex, he brings foundational technical understanding of drilling and equipment systems.

For Empire, Alan Rubio offers the full suite, from feasibility strategy, capital planning, third-party oversight, and end to end delivery experience in complex mineral projects. His appointment is a direct asset to advancing Pitfield through its next critical development phases and should not be looked upon lightly. The technical team now present with Empire are the Harlem Globetrotters of mining.

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

Hi Mibb, Moe et al,

REPOSTED

Re; Lassonde Curve LSE discussion;

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 & TR1’s)

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..

End of Repost

ML

Good morning,

Very strong RNS this morning and it really deserves a closer look.

First and foremost, they’ve now formally commenced bulk metallurgical testing and that’s not a small step. It means we’re well beyond early stage scoping, this is the kind of work that directly feeds into a credible, defendable MRE and a flowsheet that can be scaled and costed.

To bring in two high calibre technical specialists at this point in the timeline, just weeks ahead of a Maiden MRE says a lot to me. You don’t hire at this level unless you already have a high degree of confidence in the samples, the metallurgy, and the scale of what you’re sitting on. They wouldn’t be doing this if they weren’t already seeing the substance behind the hype.

Alan Rubio (Study Manager) has been appointed with almost 30 years of experience in project and infrastructure delivery across the resources sector. That’s feasibility level firepower being brought in before the MRE lands, not after. So it looks like we’re already gearing up to transition quickly into the next phase post MRE.

Mr. Pocholo Aviso (hydrometallurgist) is coming from Tronox and again worked at BHP’s Kwinana nickel refinery, so he’s someone who knows titanium feedstocks and downstream processing inside out. He’s not coming in to figure it out, he’s here to optimise what they already know works.

On top of that, Empire have now partnered with Strategic Metallurgy Pty Ltd, one of Perth’s most highly regarded metallurgical consultancies. They’ll be overseeing the bulk testing campaign and helping shape the flowsheet so again, serious external validation at a critical time.

Let’s not forget or ignore the pattern here guys, in the past 24 months, Empire has consistently attracted serious technical talent, geologists, metallurgists, process engineers, consultants, and now these two latest additions. This isn’t luck or coincidence. These are seasoned professionals with options, and they’re choosing to work with Empire Metals. That in itself speaks volumes.

For me (& Larry Laffer), this is another clear brick in the wall. We’re just weeks out from what should be a very significant MRE. Everything about this latest update points to a company that already knows what it has, and is preparing to show the market something serious.

Confidence building. Momentum growing. Just watch.

IGNORE THE NOISE

ML

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