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What’s happening now is that the bigger picture Ageos outlined is starting to come into view, and the market might only just be catching on.

Let’s see how this pans out but my gut tells me Phil Brumit & Neil O’Brien are feverishly targeting all opportunities for our ultra rare, high grade, easy strip, low extraction cost 99.25% pure product.

ML

Initially Ageos flagged the potential significance of the high-purity anatase TiO2 at Pitfield, at a time when most of the market including myself hadn’t yet appreciated what that meant. Fast forward to now, with the recent confirmation of the 99.25% TiO2 product, and we’re finally starting to see just how many applications there could be and the implications of these.

The key point he highlighted was that anatase is a rarer and a far more reactive form of TiO2 and as such Pitfield is now the largest, highest-purity deposits of its kind anywhere in the🌎.

It also looks like that will be extremely important because anatase is increasingly being used in new and emerging industries that go well beyond the traditional pigment market.

Some of the potential uses might seem futuristic but I would imagine they are already with us now (I still have to check how mainstream they are but they are in testing / usage).

Things like self-cleaning antimicrobial coatings for buildings, hospitals, and transport systems. These type of coatings use sunlight to break down bacteria, viruses, dirt, and pollution, and are already being used in parts of Asia and Europe on things like windows, tiles, and pavements (again I need to do more reading about this). There’s also a growing role for TiO2 in solar panels, including new types of transparent panels that can be built into glass. On top of that, anastace is touted as a material that can be used in the next-generation batteries, especially as a safer and more durable replacement for graphite (imagine that 💰).

There are also environmental benefits which again are in full focus across all industries these days, let alone mining. The TiO2 coating helps purify air and water by removing pollutants which some cities in Asia (always the leaders) are testing these processes to improve air quality and reduce Nox from cars / transport.

As he mentioned the CSIRO worked with Iluka researching anatase as a potential alternative to rutile, which has become harder to source, especially from environmentally sensitive mineral sands deposits. That work now connects directly to Pitfield, where CSIRO has been involved in analysing samples this last 18 months. IMO their presence is a strong sign of the strategic interest in this resource, and possibly government-level backing similar to what Iluka received for its rare-earth refinery project ($1.25b in 2022 + $400m in 3024 non-recourse loan under the Critical Minerals Facility to support the build-out of the refinery).

All of this points to a much bigger opportunity for Empire than just selling into the TiO2 pigment market. If they move in the direction of supplying material for advanced coatings, energy tech, and environmental solutions, there’s a chance to become a critical supplier to a range of high-growth, high-tech industries.

What’s happening now is that the bigger picture Ageos outlined is starting to come into view, the market might only ju

Upcoming milestones, why they matter and expected lead times.

Scaled-up testwork on 70t bulk samples which would be proof of scalability by producing commercial product samples. (Q3 ‘25)

Final refined titanium product with premium market-grade concentrate (Q3/Q4 ‘25)

Industry engagement, JV or off-takes. If we get validation by a major or strategic investor interest, the market will take that as a big sign of confidence (Anytime).

Positive MRE would de-risk the project significantly and would offer a financial valuation and hugely important metrics of commercialisation of Pitfield (late Q3 / early Q4).

AIM-100 inclusion meaning additional institutional and fund volume and investment (Sept ‘25).

Sale of Eclipse gold project consolidating our efforts to Pitfield and likely cash injection. (Anytime).

ESG / Critical Minerals Grant or govt. supports which given Titanium is on many critical minerals lists should be something the WA and federal governments in Australia actively support and engage with Empire (Anytime).

ASX Dual Listing where Empire could attract additional institutional money and a more sophisticated retail mining investor. As our MC grows, it might be a necessity. (Anytime)

Early framework agreements or MOU with end-users for paint, pigment, or aerospace companies to evaluate titanium feedstock suitability and again offer validation of our product. Chemours or Kronos would be ideal (Anytime).

Permitting and ecological studies (flora & fauna). These baseline environmental studies have been quietly underway since February 2025, led by Narelle Marriott. It’s a key de-risking move and part of Empire’s long-term development strategy and provide insight into the permitting pathway and further establishing Pitfield’s long-term commercialisation (anytime).

Infill drilling update which hopefully gives us specific orebody geometry further de-risking & assisting with future mine planning.

Plenty to receive updates on and of course a bolt from the blue RNS is always possible.

ML

Having said all that and referenced the pitfalls of investing, the reason I genuinely believe this stock has the potential to reach the pounds isn’t based on blind optimism or hope. For me, it’s about a confluence of factors that align into what I think could become a perfect storm.

Firstly, I’m expecting a positive MRE. But it’s more than that, I believe in the board and the people behind the project. The global backdrop is also becoming increasingly favourable as critical minerals are front and centre in the race for supply security, and the macro setup is shifting. Commodities and the broader resources sector have been under pressure for a prolonged period, just look at the Bloomberg Commodity Index, which is still significantly down from its 2022 highs. History suggests these cycles always turn, and when they do, they turn hard. That reversal "could" be well overdue?

Specifically on the MRE, the consistency and continuity of grade across the Pitfield project, and particularly at the Thomas and Cosgrove prospects, is one of the strongest I’ve seen in a pre-resource-stage company. Every metre of every drill hole at Thomas has intersected mineralisation. That’s a huge statement in itself. And now that drill spacing has been tightened, logic and geology would suggest that continuity is more likely to be confirmed, not less. While nothing in exploration is ever guaranteed, the statistical probability of widespread inconsistency or patchiness now seems low. That’s not opinion, that’s the science speaking.

I understand that some investors need to see it in black and white within the MRE before they commit, and that’s absolutely fair. But as with all investing, those who wait for certainty often do so at the cost of the greatest returns. That’s the risk/reward balance we all have to weigh.

For me, I’m already positioned because I believe the fundamentals, the geology, and the macro are all aligning. That’s why I’m targeting the pounds with very little interest in the daily SP fluctuations (outside of certainly having fun watching it rise towards even moderately fair levels).

DYOR

ML

Hi PD,

No problem at all. Happy to help.

I do think it's important to reference that one of the inherent challenges of communication on a BB is the absence of tone, facial expression, and context, which can lead to misinterpretation. When replies are text-only, a single word or short phrase meant positively or neutrally by one person can easily be read as dismissive, sarcastic, or even hostile by another. This lack of emotional nuance makes it easy for intentions to be misconstrued, especially in high-stakes or emotionally charged environments like a BB, where people are already influenced by personal hopes, fears, and frustrations. I've fallen victim to it myself on both sides. While these boards can be incredibly helpful and collaborative, they’re also reflections of human nature complete with all its misunderstandings and sensitivities. It’s a reminder that sometimes, what’s read between the lines says more about the reader’s mindset than the poster’s intention.

I'm holding for pounds & other might be holding for 50p / 30p (and sold today for example). When they say they sold, some might think they are being negative but in fact that sale might have been driven by necessity or a fear of losing valuable profit (maybe they we're burnt badly before - someone mentioned H&W earlier and rightly so). Risk tolerances, age profiles, living circumstances, health (we saw that last week with TitanKnight who had to sell a portion to fund surgery), fears all come into play.

There has just been a post of the Empire telegram group from someone saying that he's pretty much all in here but not blind to the fact something bad can happen. This is the real world and at any minute things can change, so EVERYBODY needs to have their own individual targets and if you hit them, I would suggest you sell and bank every single penny you had targeted and we're presumably happy with at the time of setting the target. If this goes to 95p for example and then drop to 45p (numbers pulled from thin air), people who bought at 90p will be unhappy with the SP performance and that is just a fact of investing. They will rightly shout I'm down 50% and it's not good enough. This is an individual game and everyone must treat it as such, but I would stress that if we can all do it with respect and understanding, it will be a far nicer BB to peruse.

An example of shareholders seeing massive declines instantly isn't always on AIM. Here are some examples of caution.

BP oil Spill in the Gulf of Mexico 2010 (-36% ~ $44b)

Ratners Jewellery 2009 - CEO on an earnings call said as a joke that "their earrings were cheaper than a prawn sandwich but that the sandwich would last longer" £500m collapse

Rout 2009 - -67% in a day (£28b) after it announced the biggest corporate loss in UK history.

Steinhoff 2017 - CEO resigned and company admitted the FC was involved in accounting irregularities and they lost 60% in a day.

DYOR

ML

Hi PeakDread,

There's no answers to your 2 main questions as if anyone knew that we'd all be millionaires by 25. We do all ask these questions and of course can give opinions from our insights, beliefs and instincts however, it's only you who can make that determination. I was once under educated (in terms of buying shares) as has everyone when they start but the only advice I can give you is read the RNS's, read the articles, contact the company if you need information or want clarity on anything. then and only then should you be willing to part with your hard earned.

Here's the water, but it's up to you whether you want to drink it or not. GL.

PREVIOUSLY POSTED:

The reason I have that figure (€100m) in my head is that Shaun had said to me that many II's or funds cannot and will not engage with us until we’re at this level or above.

With a £100m market capitalisation (now £200m) it will open doors to institutional investors. Many institutional investors have minimum market cap thresholds to ensure sufficient liquidity and stability in their investments. I know the thresholds can vary but reaching the £100m mark is often seen as a significant milestone that can attract interest from larger funds and institutions.

Market cap now into a new territory, moving from micro-cap to small-cap status. The market size has also increased to 150,000 meaning the maximum number of shares a MM will quote to buy or sell at the best price. It's a good reflection on MM commitment and liquidity / depth.

As liquidity has improved and we should also see the spread begin to thin over time. With the new rating we can of course entice some additional funds with our new index eligibility. It's also a psychological milestone which on AIM being a growth focused market can enhance our overall reputation.

We do need to stay above £100m for a certain period of time and will be reviewed regularly whereby if we stay above, we stay on the list of companies that funds are allowed to invest in, or we are removed from the list. It will be calculated on an average price and does not include spikes. It must be sustained.

We're only on the border of it now (now well past it) and no guarantee to stay above it but it is something to keep an eye on as we move forward. It has every chance of snowballing from here (which it did).

We are now in the AIM100 (top 100 companies based on MC where the next review takes place the first Friday of August IIRC) and once EEE are added, they become a company that must be bought by passive funds under mandate for tracking accuracy and replicating the index. Some AIM focused investment funds will ONLY invest in AIM100 companies for governance reasons.

It's clear to me that when we hit £100m, that's exactly what happened here as retail investors alone didn't add £100m MC in my opinion. Again, some may say it is pure retail until a TR1 appears. If it appears you lower the risk and the reward. ML

It's a claim that has raised eyebrows among some, but this week, Empire reported production of a product assaying at 99.25% titanium using its conventional beneficiation, leaching and refining processes, making it ideal for pigments and other downstream uses.

A 70t bulk sample will be used to generate finished product samples for marketing purposes.

Metallurgically, the next step is to see if kaolin can be floated off from the associated clays, which would substantially reduce the waste stream and produce a by-product.

Bunn thinks Pitfield will find plenty of willing buyers, given the global market for titanium was worth around US$24 billion last year and is expected to reach $54 billion by 2034.

As Bunn says, there's no better place in the world to find a deposit like Pitfield than WA's Mid West region. It offers access to road and rail infrastructure, export facilities at Geraldton, and access to abundant gas and wind energy.

It's no surprise Empire is considering an ASX listing given market support for mining.

As evidence for that support, Empire is trading up 1350% since making its Pitfield discovery in 2023.

Titanium is classed as a critical mineral by governments around the globe for its use in technology, aerospace, medical, and industrial applications, given it can withstand extreme environments without compromising structural integrity.

Not surprisingly, supply is dominated by China, which last year produced 3.3 million tonnes, with Mozambique in second place today, producing 1.9Mt of ilmenite.

Australia is already the world's fourth-largest exporter of titanium minerals, shipping 200,000tpa of rutile and 400,000t of ilmenite.

Given the geopolitical environment and a reliance on low-quality ilmenite, there's plenty of support for new and simple supplies of titanium from stable jurisdictions.

And yes, titanium, first discovered in 1791, is named after the mythological Greek Titans for its exceptional strength-to-weight ratio.

Empire will be presenting at the MiningNews Select Australia 2025 conference on July 1-2 at Crown Perth, Western Australia.

Right back to work with me. Hope some of that gives us some fat to chew and of course it goes without saying that we still have many boxes to tick along this discovery and development path, but for anyone new to this share, I can confidently say that Shaun Bunn is a man of his word and from what I've seen, he is the man to lead this company into a new phase of value creation.

Will the SP rise in a straight line? No it will not and there will be people who buy in and after a period of time they will be down, but it's about the big picture and the long game. People were going crazy at 7p saying "I can't believe I bought at 10p etc.....perfectly normal investor psyche, but you must remain focused, and those that did are glad now. This certainly isn't finished for investors, it's only just beginning.

DYOR

ML

The world is struggling to meet demand for titanium as traditional rutile supplies dry up, but two emerging Australian discoveries targeting less traditional minerals could be game-changers.

Rutile is the premium product to process, given its high titanium grades, but it accounts for just 5% of global supply. Ilmenite dominates the market but needs to be upgraded to synthetic rutile before it can be used, so is substantially less valuable and more costly to process.

Enter the anatase resource emerging at UK-based Empire Metals' Pitfield project in Western Australia and the leucoxene-dominated Muckanippie finds in South Australia, owned by Petratherm and Marmota.

Given the demand for titanium shows no signs of fading, and Australia's low sovereign risk, the nation may be on the cusp of the third big titanium paradigm shift after ilmenite mining started in the 1950s and the discovery of the WIM-style deposits in Victoria 40 years ago.

Empire has largely flown under the radar with Pitfield in Australia, but it was one of the best-performing stocks on London's AIM last year. It has ambitions to drill out what managing director Shaun Bunn told MNN could be "the world's largest titanium discovery".

"This is a giant unicorn. This is not a fairy tale. This is real. This is an amazing discovery," Bunn said.

Pitfield is a "Mt Everest-style inverted deposit in a sedimentary system" that contains an exploration target for the Thomas and Cosgrove prospects of 26.4-32.2 billion tonnes grading 4.5-5.5% titanium.

The prospects represent 20% of the Pitfield system, but the exploration target equates to around one-third of the world's known resources of titanium today.

Included is an initial target, the weathered sandstone that covers the deposit from surface to 40m where there is a target of 4-4.9Bt at 4.8-5.9%.

Since drilling began 18 months ago, every hole has been mineralised from surface.

"It's a hydrothermal system. It's not an igneous rock or mineral sands, and I have to stress that. There are no contaminants because the host is sandstone. This is a very unique deposit," Bunn said.

Pitfield is dominated by anatase, which has been considered an uneconomic style of mineralisation because it's primarily been studied in Brazil, where it is bound up in phosphate discoveries. But anatase and rutile are basically the same at a chemical level, Bunn explained.

"It's not a difficult orebody and not expensive to process using conventional gravity recovery and flotation acid digestion to bring out the titanium," Bunn, a metallurgist, said.

ctd...

Engaging directly with end users will allow us to refine the processes to meet industry demands (already high percentages and SB says increasing isn’t an issue) ensuring that our titanium products are not only of the highest quality but also tailored to the evolving needs of global markets. By securing key partnerships, we will be creating a direct pathway from extraction to commercialisation, maximising value at every stage.

Another game-changing factor is the natural weathering of the ore, which significantly simplifies extraction and dramatically reduces acid consumption. This advantage translates to lower operational costs, reduced environmental impact, and a streamlined production process giving us a distinct advantage over traditional titanium producers. Our extraction methods are based on well established, proven technologies, ensuring reliability and scalability as production ramps up.

Having successfully tested our processing flow sheet at a bank scale level, we’re now accelerating toward full-scale production. The upcoming months will see us producing substantial product volumes, strengthening our ability to attract top-tier strategic partners and reinforcing our position as a leader in the titanium industry (SB said he sees no reason why we won’t be a major!)

Looking ahead, the BoD are evaluating multiple high-value opportunities, including the potential to produce titanium metal, a sought-after material that can command prices of up to $10,000 per tonne. Given the project’s strategic importance, federal government funding may be available to further support its development, another potential advantage that could accelerate our growth.

As we advance toward the feasibility study phase, the focus remains on optimising recovery rates, achieving industry-leading purity levels, and refining impurity rejection processes. By taking a results-driven approach, SB is ensuring that every aspect of production aligns with the highest industry standards. Later this year, a comprehensive economic assessment and valuation will be presented to the market, further solidifying confidence in Pitfields immense potential.

The fantastic news from the latest interview is that Pitfield benefits from a remarkably straightforward permitting process, thanks to the project’s location within an existing farming community. With no native title or Crown Land constraints, the mgt team are working closely with local farmers and indigenous groups to facilitate a seamless licensing process.

The combination of a favorable regulatory environment, strong community relationships, and a private land location means that we could fast-track development and achieve production far sooner than conventional mining projects, and what some people might think.

Financially, the company is in an exceptionally strong position.

ctd..

We have certainly made a truly historic discovery with Pitfield. A Colossal titanium deposit estimated at 26 to 32 billion tons of ore, officially the largest known titanium deposit in the world.

This discovery is not just significant; it is transformational. With a fairly unwavering commitment to rapid development, the BoD are preparing to unveil an ambitious yet highly achievable development plan that could reshape the global titanium industry & our pockets also 💰

Our breakthrough has captured the attention of investors worldwide, particularly in the US, Europe, and Southeast Asia, where titanium plays a vital role in aerospace, defense, and high-tech manufacturing. Recognising the immense strategic value of this project, we have taken proactive steps to facilitate international investment, including the recent listing on the OTC market.

We have strengthened our leadership team with key board appointments (Phil.B etc.) which further solidifies our position as a dynamic force in the industry.

We have already conducted extensive drilling with over 200 holes drilled confirming the vast scale and consistency of mineralisation. With a sharp focus on defining a JORC-compliant mineral resource estimate, SB is strategically prioritising high-grade zones to maximise efficiency and profitability. The easily accessible weathered cap of the deposit represents an immediate opportunity, setting the stage for a swift and cost-effective mining operation.

Rather than simply touting the sheer size of the deposit, SB seems laser-focused on commercial success. The company’s strategy is clear IMHO, identify the highest-value areas, expand the resource base through further drilling, and seamlessly transition into scoping studies, pilot plant development, and full-scale feasibility assessments. The momentum behind this project is undeniable, and every step is and has been meticulously planned to ensure maximum returns for us shareholders, Century & the Three Springs community.

One of the most exciting aspects of this project is our commitment to producing pigment-grade titanium dioxide, a premium, high-value product that far surpasses lower-grade intermediates. What sets this project apart is the extraordinary purity of the ore, which contains minimal impurities. This unique composition allows for significantly simplified processing, reducing costs while ensuring superior product quality which is an undeniable competitive advantage in the titanium market.

To fully capitalise on this opportunity, we are actively exploring vertical integration and strategic partnerships, positioning the project at the forefront of innovation.

ctd......

Capex. looking at potential partners, investors, acquirers and supporters, the following companies came to the forefront.

tronox holdings (nyse: trox)

A vertically integrated tio2 pigment producer with upstream mines in SA and AUS (Cooljarloo). they already own chandala synthetic rutile plant in WA and are experienced with ilmenite/titanium feedstock processing. they have publicly stated interest in securing new feedstock and are a top candidate for JV or strategic offtake imo.

Iluka resources (asx: ilu)

Australia’s premier mineral sands producer focusing on rutile, zircon, and synthetic rutile. they have recently pivoted into critical minerals at Eneabba, showing appetite for innovation and value add. would they want to diversify tio2 sources and support a novel sedimentary model? they could also be a buyer or toll processing partner.

Lomon Billions (China)

top 3 global tio2 pigment producer with recent rapid growth and have been extremely aggressive in securing feedstock. although Chinese, they may pursue a strategic investment to secure non Chinese supply to support their global customers. i know that sounds strange but they are already doing similar deals globally so why not us?

Chemours (nyse: cc)

ex-Dupont, us-based pigment heavyweight that again has stated public concerns about Chinese dominance of feedstock. they could seek long-term, low-impurity, non-Chinese source ti02 but would likely want an offtake deal, not a mine.

Kronos worldwide (nyse: kro)

Smaller tio2 pigment player heavily reliant on external feedstock. They could be interested in an exclusive offtake or partnership focused on supply diversity.

Rio Tinto (nyse: rio / asx: RIO) via GIT or RBM.

Huge producer of ti slag and titanium feedstocks via qit-fer et titane (Canada) and RBM (SA). they currently face operational/reputational risks at RBM mainly around security issues. a move to WA with Pitfield would offer the security they want based on our geography. a long shot for acquisition, but not entirely impossible.

Kenmare Resources (lse: kmr)

Produces Ilmenite, rutile, and zircon from Moma mine in Mozambique. they are well versed in bulk soft sand operations and exporting to pigment producers. they might be interested in expanding operations to tier-1 jurisdictions like Pitfield. definitely a good strategic fit as a buyer or merger candidate imo.

ctd……..

I’m trying to narrow down our future potential business opportunities and have compiled a list of most likely courses of action for Empire, this is not exhaustive and more musing than anything definitive. My head says to look towards USA due to our recent listing and our latest NED appointment (Phil Brumit is a huge player) but it could be from anywhere across the globe given there is a new western directive to find an alternate to Chinese controlled supply.

Over 50% of TiO2 feedstock and over 60% of pigment production is now China dominated. Western pigment manufacturers want secure, non Chinese feedstock and we could step into this role.

As Pitfield is not your usual TiO2 deposit in terms of make up, it could produce feedstock at scale with minimal drilling/blasting and reduced energy input which is a massive operational advantage versus traditional hard rock mines or mineral sands.

Pitfield is soft rock, sediment hosted, high grade, and massive in scale. This should allow a low-cost, high-volume production of TiO2 feedstock, ideally suited to pigment manufacturers increasingly hungry for stable, sustainable supply (again non Chinese).

I believe the market will wake up to Pitfields advantages, mainly being…….

• Cost Efficient & Sustainable

• Reduced CAPEX and OPEX.

• Potential for low energy processing, especially if simple beneficiation is sufficient.

• ESG-friendly given with low radioactive elements.

• Scalability with a globally significant resource, and early results point to massive tonnage.

Whilst pigment supply is of course a possibility, based on SB’s statements, I’m of the opinion that our primary goal is to become a premium feedstock supplier that could supply direct shipping ore (if grade and metallurgy allow). Early monetisation would be a huge tick box for Empire and if SB could lock in an offtake with the likes of Tronox, Chemours, Lomon Billions, it would add confidence and derisk us hugely by showing a guaranteed demand.

Alternatively we could of course JV and partner up with a group that builds or provides processing infrastructure, similar to what Iluka did at Eneabba by finding a downstream partner with capital and tech on tap.

We could also receive a strategic investment or direct sale to a major like Kenmare, Iluka, or even Rio Tinto/QIT. They might invest or acquire the project outright, given the scale and potential simplicity of Pitfield and whilst I see us going alone as the most lucrative, a major taking us out at fair value would remove all risks and fill our pockets (profit is profit at the end of the day). I’m still not sure TBH as both have pros and cons.

We could end up toll processing and shipping semi-beneficiated material to a 3rd party facility avoiding the need for massive downstream CAPEX, particularly as we’re near Geraldton and Kwinana ports.

Next up could be an injection from the Labor government with grants and tax incentives which would unlock infrastructure and ca

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