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Huge readership which will certainly boost visibility of the company. Empire were named first in a list of their latest newsletter.

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.

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….

With those diamond hands, I smell crypto off you 😂👍🏼

ML

As the heading says! Phenomenal.

We’re currently nailed on to be included on the automatic buying for the AIM100 index.

We’re in the eye of the perfect storm 📈

ML

Nice work Danno!

Always a great moment when that first 💼 lands.

Well done

ML

other titanium plays on the constant drip! market seems to be showing us that it now believes empire are the real deal and could shake the titanium industry to its foundations!not my words, shaun's words 18 months ago.

now where my ***** gone 😂

ml

Hi PeakDread,

It sounds like our unicorn deposit will provide an opportunity to conduct some classic predatory pricing doesn’t it 😄

There are plenty of examples where a dominant player controls the market for a material or commodity, then deliberately crashes the price to levels others simply can’t match. The aim is to drive out competition, then regain control once they’ve cleared the field. China did the same with rare earth metals in the early 00’s by dumping them on the market at rock-bottom prices, killed off external producers in US & Aus, then tightened the taps once they held most of the cards.

As for the titanium side of things, we don’t need all 32 billion tonnes, especially considering that’s just 20% of the tenement scoped so far. I think that’s why Sean is laser-focused on the Thomas prospect. It’s got everything going for it, high grade, high purity, easy strip, low-cost extraction (TBC but SB has said we have significant advantages over peers), proper infrastructure, and crucially, it’s aligned with demand. The titanium market is set to a $30b industry by 2030 (now circa $23b) so it makes sense to target the stuff that’s going to be cheap to extract and highly usable, so again without putting too much emphasis on the importance of the upcoming MRE, most unicorn finds always seem too good to be true in the beginning, just look at Escondida & BHP.

The deposit was sitting in plain sight and always resonates with me when looking at Pitfield, the deposit was extremely shallow, high grade, high tonnage, making the discovery story almost near-mythical, or “too good to be true”.

Imagine being an early buyer with that mine?

https://youtu.be/FhO0cYWJNFc?si=-l0hsVGQ_LhJdzrP

ML

I think you’ll get depository shares if you don’t have a broker than can transfer to an Australian account.

88E also have experience with this don’t they?

ML

Hi Gagiemo,

I’ve specifically discussed this with Shaun twice in the past, the first time we didn’t have the resources to seek an ASX listing and tbh, as we had only found Pitfield, the full focus needed to be on that.

The second time (maybe 3 months ago when I met Shaun & Arabella) I referenced it again, it’s certainly a possibility, we now have the resources to apply, we’d meet criteria, much more sophisticated mining investor there (no offence to AIM) and my preferred route would be a dual listing.

The below is taken from my previous post on Telegram.

Empire as a publicly traded company listed on the AIM market would be required to inform shareholders if it applied for a dual listing on another exchange, such as the ASX (Australian Securities Exchange). This obligation arises from the regulatory requirements of AIM and broader principles of corporate governance & transparency.

Process:

1) AIM disclosure rules

*AIM-listed companies are subject to the AIM Rules for Companies, which include a requirement to disclose information that could affect the company’s share price or be of material importance to shareholders.

*A dual listing may be considered price-sensitive information, as it could affect the Empires liquidity, share price, or strategic direction. Therefore, Empire would need to issue a Regulatory News Service (RNS) announcement to inform shareholders.

2) Material Change or Decision

*Applying for a dual listing often reflects a significant strategic decision, as it can involve additional compliance requirements, costs, and potentially new opportunities for raising capital. Shareholders have a right to be informed about such significant changes.

3) Shareholder Approvals

*Depending on Empires Articles of Association or specific corporate governance policies, a dual listing might require shareholder approval at a general meeting, especially if it involves issuing new shares.

4) Continuous disclosure obligations on ASX

*If the application for dual listing proceeds, Empire will also become subject to the ASX’s continuous disclosure obligations, which require prompt announcements of material information. This dual obligation reinforces the need for transparency from the outset.

Communication Process

* Empire typically communicates such decisions through:

1) An RNS announcement

2) Updates at shareholder meetings or annual general meetings (AGMs).

3) Details in prospectuses or explanatory materials related to the ASX listing.

By keeping Empire shareholders informed, they can ensure compliance with AIM regulations & maintain investor confidence.

ML

Re; Funds buying in

Just a few points for anyone following Empire Metals now that the market cap has pushed above £137m –140m. This is a key level because it brings the company into range for institutional investors who often have minimum thresholds (like £100m previously discussed here in the last 10 days) in their mandates before they can even consider buying in.

When a company crosses that line, it opens up the door to a new pool of buyers, particularly small-cap growth and natural resources funds. These funds don’t just pile in all at once though. They’ll typically watch for increasing liquidity and analyst coverage, and they’ll often wait for a clean entry point like a catalyst-driven breakout (MRE?). But once the cap and volumes are consistently there, it becomes a lot easier for them to start building positions.

As for how they actually buy, it’s not like retail. Institutions don’t usually just slam market orders in. They’ll work with brokers to build positions over time using things like dark pools or algorithmic trading. This lets them accumulate without pushing the price too hard. Alternatively, they might buy a decent chunk directly from an early holder or insider off-market, but only if that’s available.

Linked to that and an key marker for us is that Empire isn’t officially on the AIM 100 index right now (as far as I can see from the latest data), but with a MC around £140m, it’s getting close. The AIM 100 is updated quarterly (March, June, September, December), and inclusion is based mostly on full MC ranking. You’ve got to be in the top 100 on AIM, have sufficient liquidity, and at least 5% of your shares in public hands.

The important thing to note is that the snapshot for the June review would have been taken place on the first Friday of the month, which was the 6th of June this year. At that point, Empire wasn’t yet above the £100 million mark, so it wouldn’t have been considered for the June rebalance. That means the next opportunity for inclusion would be the September review, using snapshot data likely taken in early August. So if Empire holds or pushes higher and volume stays healthy, it has a realistic shot & you can be sure SB is well aware of this key marker.

Inclusion in AIM 100 is a pretty big deal and it usually triggers AUTOMATIC buying from index funds and raises the company’s profile even further.

After AIM 100, the next level up is really moving off AIM entirely and onto the main market of the LSE. That’s where we could see ourselves on the FTSE SmallCap. To make that kind of jump, you’re talking about MC’s starting from around £250m to £300m for SmallCap entry. So while breaking into the AIM 100 is a big milestone and opens up access to more institutional capital, the next big leap is a main market listing and scaling towards that £300m+ mark. It’s a different ball game but no reason we shouldn’t be able to achieve that at some point in the future

Good to see that multiple members of the Executive Board of Empire are currently presenting across Europe, Asia, and Australia. I noted from a post shared earlier today by the company on LinkedIn that GK is currently in Europe, and one of the slides in the photograph carries the heading: “Pitfield, the worlds largest known titanium deposit” & “Titanium deposit with exceptional continuity” underneath in bold red text.

Given that the upcoming MRE is designed to confirm and define the quantity and quality of the Pitfield deposit, it is my humble opinion that the geological data collected and the density of drilling, should be sufficient to support at least an Indicated, or potentially even Measured, classification, or a combination of both.

The work already completed, and some still ongoing for example;

Aerial magnetic surveys

Auger drilling

AC drilling

RC drilling

Diamond drilling

Mineralogical studies

Geological mapping and logging

Metallurgical test work

All of the above have been undertaken to build a robust geological model and provide the highest level of confidence possible.

With respected consultants like Snowden Optero involved, I genuinely believe we can hold realistic expectations that the forthcoming results may be very positive, hopefully delivering real value for us shareholders.

ML

Same goes for your NT, good luck.

Whilst being down isn’t the ideal start, in the grand scheme of things it’s almost irrelevant, as you’re most likely joining the company at what could turn out to be a very shrewd move in terms of timing.

The MRE and associated news updates, along with potential “out of the blue” RNS’s are only around the corner.

ATB

ML

The very best of luck with your investment NP.

Delighted to hear that after 3 days of DD, you felt the company had enough about it to invest your hard earned.

Not entirely sure I’d agree with this board being the most articulate however, it’s been pretty good the last 3 months 👍🏼 (private joke sorry)

ML

ML

Tim is now number 5 into the filtered list.

Strange how the filtered list only grows when the SP is rising. Must be a coincidence.

ML

Thanks Pott.

This is AIM and certainty is expensive but rarely for sale in the market.

ML

And if you don’t believe me (which you shouldn’t 😄) as MyTeethItch shared (thanks), the market is starting to think in a similar manner.

Compared to peers (grades, jurisdiction, tonnage, likely extraction costs, lack of deleterious contaminants, infrastructure, govt support etc.) we are significantly undervalued and that’s the time to buy IMHO.

Again, I speak for myself and what works for me might not for others.

https://mol.im/a/14816575

ML

The bigger picture, for me, is that titanium is rapidly becoming one of the most strategically important critical minerals. Aerospace, defence, renewables are sectors that aren’t just growing, they’re being restructured to favour secure, sustainable supply chains. Pitfield can play a central role in that future.

And yet, I believe the market still hasn’t priced in the full scale or potential of what we’ve discovered. Our current market cap doesn’t reflect the quality of the asset, the progress we’ve made, or the strategic relevance of this project. That’s where I think the real opportunity lies for us as shareholders. Today’s SP is nothing compared to what’s ahead IMVHO.

We’re in a rare position indeed, we have an exceptional asset, growing technical validation, financial support, and a team with the capability to execute. I believe the upside potential is significant with the kind of long-term rewards that could be multiples of where we sit today.

We’ve set the foundations. Now we’re entering the value-creation phase. I think we can achieve something extraordinary at Pitfield and we’re ready to move boldly toward commercialisation.

There’s enough info there to get your teeth into. Still unknowns TBC, but that’s all ahead. If you believe the previously confirmed spaced out consistent grades will be consistent at shorter intervals then burst on.

If you think the geology will spit out high, low, high, low then sell or wait. You’ll either have the opportunity to buy lower, or not at all or you’ll buy in at a significantly higher price.

I placed my bets a long time ago & Shaun has delivered. My belief is he and the BoD are set to deliver yet again, but on a whole new level.

DYOR as it’s up to you.

ML

Another very bullish RNS from Shaun & Neil confirming 2024 has been a truly defining year for us. We’ve taken Pitfield from a promising exploration story to what is now confirmed as the world’s largest undeveloped titanium system. The scale we’ve uncovered is almost beyond belief, a JORC Exploration Target of up to 32.2 billion tonnes at 4.5–5.5% TiO2 is simply remarkable, but just as important is the simplicity and quality of what we’ve found.

We’ve identified high-grade anatase and rutile mineralisation right at surface, with a clean titanium dioxide feedstock with over 95% TiO2 content. This can be processed without smelting (keeping costs low Vs competition), using conventional methods, which gives us the chance to develop a low-impact, high-margin operation with strong ESG credentials. This positions us perfectly for the future of the titanium market.

We’ve already produced a 91.7% TiO2 product from early metallurgical testwork (Shaun confident it can & will be increased) and we’ve brought in the right expertise with process, environmental, commercial, and titanium industry specialists to rapidly advance the project which we are seeing with our own eyes! With £7 million currently in the bank, we’re financially well placed to move through our next set of key milestones & they are significant milestones.

I think one of the most exciting developments now is the growing belief, based on input from AGEOS, that we may indeed be in a position to deliver not just an initial resource, but a measured mineral resource estimate (See start of this thread for details). A measured MRE would give us an unusually high level of geological confidence this early in the development cycle, something few companies achieve at this stage. It’s a strong technical foundation and a potential fast-track route to commercialisation.

We’re already aligned with that trajectory.

Today’s RNS confirms we’re “pushing rapidly towards defining a significant MRE and moving into preliminary economic analysis or even a pre-feasibility study”!

What AGEOS is seeing in the data appears to match our internal progress and that alignment gives me even greater confidence that we’re on the right path.

We’re not just sitting on a giant unicorn deposit, we’re making the right moves to bring it to life. I think the groundwork BoD have laid is positioning us to transition from developer to producer much faster than many would have expected (including the market which is quickly understanding we’re the real deal). That in turn opens up real commercial optionality whether that’s full-scale development, strategic partnerships, or even potential offtake discussions in the very near term.

From Ageos

Continued:

Superimposing the intended drill program map onto a 'solid geology map' [ie showing inferred subsurface structure] reveals that the weathered mineralised cap extends E, N and S over the lower strata of the Mount Scratch Siltstone sequence, and to a lesser extent westwards over the Enokurra Sandstone/Arrino Siltstone succession. Consequently I anticipate that the continuity and mineralogical consistency of the weathered cap may vary along the E-W axis but far less so N-S. However, assuming that the mineralogical characteristics identified and proven in the area already drilled and assayed, is replicated on average throughout the whole area targeted, the impending MRE would total 1.662 billion tonnes [ 11.4 sq km is 38 x the 0.3 sq km previously drilled]. ML's “ballpark” total of 1.1b tonnes of ore is therefore rightly described as a “conservative estimate”.

Extrapolation from an ore tonnage to the quantities theoretically obtainable at the various stages of processing through to final product are, as outlined in my 16.03.2025 and related posts, complex, but quite justifiable, as all of the critical elements have been demonstrated as achievable and most are already in place as established industry practise. The awaited results of production scale testing and of large-scale product development trials will provide the data on which to base such metrics but in the meantime the 'ballpark' estimations provided by ML are both justified and indicative of the numbers we can expect.

AGEOS

From Ageos

In view of the comprehensive posts by Manlord in response to the recent [02 June] RNS regarding the forthcoming “Major Drilling Campaign targeting Maiden MRE” , there is little I need add except to endorse the general tenor of ML's assessment as this being a significant, although anticipated stage, in the progress towards commercial exploitation of this globally important mineral resource. ML rightly emphasises the variable bases of some of the estimated tonnages and consequent product volumes he calculates, but this should not detract in any way from the 'ballpark' magnitude of those figures. I am in contact with many colleagues in the mining geoscience community, world wide, who view the Pitfield Prospect similarly.

With regard to the Thomas Prospect, the 28.04.2025 RNS reported an 300m x 1000m area drilled and subsequently assayed at an average of 6.20% TiO2 to an average depth of 54m. The proven continuity and uniformity of mineralisation throughout the weathered cap deposit allows calculation of a 43,740,000 tonne ore resource within that area and to that depth, with confidence [300 x 1000 x 54 x 2.7sp g].

The area now targeted for drilling is 5.2 x 2.2km, ie 11.4 sq km, much more extensive than that I had anticipated but no doubt based on near-surface sampling to supplement the limited assay date from previous exploratory, mainly RC drilling, on the E, N and S borders of the expanded area. Note that the 5 most southerly E-W lines of alternating AC and RC drill holes are within the previously unexplored E70/5876 licence area, thus satisfying an important “minimum exploration” requirement necessary for long term retention of that licence. E70/5876 extends over the eastern two-thirds of Pitfield, whereas all exploratory work to date has been confined to the less extensive western E70/5465 licence area.

TBC

The reason we value the ore in the ground and not the TiO2 content at this stage is because it’s too early to value the estimated 55m tonnes of TiO2.

Once we’ve got the maiden MRE in hand and follow-up metallurgical work completed, particularly if it includes a processing flowsheet, recovery rates, and the early economic modelling (CAPEX and OPEX) that’s when we’ll be in a position to start putting a proper value on the actual TiO2 content (55m tonnes estimate based on just 5% TiO2, hopefully as high as 8%) in the ground.

The MRE defines the resource that gives us

• The total tonnage

• Average grade (say, 5% TiO2)

• The classification of the resource (Inferred, Indicated, measured etc.)

It tells the market what we’ve proven to be there based on the drilling completed.

Metallurgy and flowsheet work then show us what form the titanium is in, an anatase rich titanium and how easily it can be separated and processed. This is also where we learn the expected recovery rate, which could be in the range of 70–90%, depending on the material. We had 78% from flotation with 95% dissolution but we should expect higher on both with results out soon.

This part shows what we can actually extract, and what we’re likely to produce, be it a concentrate, pigment or sponge.

From there, we get the early-stage economics, CAPEX, processing costs per tonne, mining, infrastructure and transport costs (OPEX)

This gives us a rough sense of what it would cost to build and run a viable operation.

Once that’s all done, then and only then can we start talking properly about market pricing and revenue potential, whether we’re selling a TiO2 concentrate at, say, $600 a tonne, or even going higher with pigment grade $3000 a tonne or grade 2 titanium sponge at $6000 a tonne.

From that point, we’ll be in a position to model things like NPV, IRR, payback periods, and ultimately assign a realistic valuation to Pitfield, including on a per-share basis.

Hope that explains the current valuation of ore as it’s too early to value the end product but the economics could go upwards in valuation of the 55m tonnes of ti02 at Thomas prospect. If recovery increases, if the grade goes to 8%, if it’s sponge we’re producing then my numbers are way off in a good way. I’m being conservative.