Member Info for Manlord

Just to pull things into focus here, the current 1.1 billion tonnes we're targeting at Thomas (my assumption size and calcs) with an average grade around 5% TiO2 (hopefully higher) gives us an estimated 55 million tonnes of contained TiO2.Now, to value that today before the August MRE or any economic modelling, we have to go by the in-ground value of the mineralised ore, not the TiO2 itself. So I've used a conservative figure of $15–$30 per tonne of ore (based on early assumptions of recovery potential and marketability), that puts the value of Thomas in the ballpark of $16–$33 billion give or take a billion or two. That's just on the ore itself, not refined product or concentrate. But here's the important bit, once Shaun & Co deliver the maiden MRE, and we get a proper handle on the metallurgy, recovery rates, processing flowsheet, and the broader economic model (CAPEX/OPEX), that's when we'll be in a position to assign real monetary value to the 55 million tonnes of contained TiO2 (again my rough estimates of Thomas prospect @40m deep) at that stage, depending on the end product, whether it's a TiO2 concentrate, pigment grade or sponge material we'll be working with much stronger revenue figures IMO. That could push the valuation significantly higher, especially if recovery rates and processing costs are favourable.So for now the $15–$30 per tonne ore value gives us a solid early stage estimate. The real upside comes when we start plugging that 55 million tonnes into a flowsheet and the likely economic model that will be produced. That's when things get really serious.

I'm fully open to any suggestions or corrections with my calculations so feel free to tell me they are way off!

Even if I'm 50% wrong, the numbers are still enormous.

ML

While we wait for the main man himself, just running the rough numbers here and assuming the 1.1 billion tonnes of mineralised material (Thomas) is vaguely correct with another assumption of an average TiO₂ grade of around 5%, we’re potentially looking at 55 million tonnes of contained TiO2.

Even on a conservative valuation, say a recoverable value of $15–$30 per tonne of ore once mined and processed, that puts the in-ground value of Thomas alone in the $16–$33 billion range (and that’s before we even consider any extensions, scale-ups, or the broader Pitfield system of 32b tonnes).

Still early days of course, and a maiden MRE will start to bring shape to it but the scale, both geologically and commercially, is already looking like something monumentally impressive.

Reposted:

I have to say I’m really encouraged by the scale of the current drilling prospect, 11 square kms is no small patch of dirt. From peer exploration sites and projects, that’s a seriously large footprint, and it speaks volumes about the scale of the system we’re sitting on at Pitfield. We’re not chasing narrow veins and as SB has continually said, “this is about proving up a regionally extensive, titanium rich mineralised system, most likely amenable to large-scale, low-strip, open-pit extraction.

For context, most early-stage drill targets are lucky to span a couple of squared kms and we’re working on a zone that could swallow up Hyde Park and still have room for Canary Wharf (It’s massive!) That size gives us room to properly test the geometry, continuity, and grade across multiple structures and if the grades hold up across that area (which should be 5% - 8%) the tonnsge potential becomes extremely compelling. It also sets us up well for eventual resource definition and any strategic discussions that might come our way. The bigger picture here is really starting to take shape.

Now that we’ve zeroed in on the Thomas prospect, which covers that 11 square kms area, the scope of what we’re targeting is starting to look very real. If we scale things conservatively, based on Empire’s previously referenced 32b tonne exploration target across the broader Pitfield system, which I’d estimate covers around 100 square kms of prospective ground, then Thomas alone could account for around 3.5b tonnes (Ageos I need you here).

Again basic calcs give us a volume of 11,000,000 square metres of surface area, if we apply an average mineralised thickness of around 40 metres (based on what we’ve already seen), and apply a density of ~2.6 tonnes per metre cubed, we’re looking at a ballpark of 1.1b tonnes. That’s just a conservative estimate which doesn’t even factor in extensions, higher-grade zones, or anything deeper than the 40m 😮.

The 124 AC and 40RC totalling almost 11k metres of drilling is now fully focused on Thomas, with the aim of delivering a MRE by August. If continuity and grade hold across that footprint (and all signs point in that direction) we could be looking at a very meaningful resource here. The scale is big, the system is laterally extensive, and now it’s just about proving it up with the drill bit 🤞🏼

Not long until the majors MUST step up and take official and publicly communicated notice of Pitfield and Empire

CTD…

Hi Cev,

The maiden JORC MRE will be based SOLELY on the Thomas Prospect.

The RNS said it was chosen due to extensive, high-grade titanium mineralisation within the near-surface, in-situ weathered cap.

Total holes: 164

124 Air Core (AC) approximately 6,700m

40 Reverse Circulation (RC) approximately 4,000m

Total drilling approximately 10,700m

Drill area: 11.4 square kms (grid: 5.2km × 2.2km)

Average depth: AC ~54m RC ~100m

Duration will be 4–5 weeks, with lab results expected by Aug 2025

Previous high grade intercepts @51m at 7.88% TiO2 from surface

57m at 7.48% TiO2 from surface

54m at 6.90% TiO2, including 8m at 9.03% TiO2

The exploration target covered Thomas & Cosgrove but the maiden MRE is only for Thomas

26.4 to 32.2b tonnes at 4.5 to 5.5% TiO2

Weathered zone subset: 4.0 to 4.9b tonnes at 4.8 to 5.9% TiO2

This represents the 20% of the overall mineralised system you mentioned.

My previous posts about valuations or the potential figures for the MRE were based off Thomas only @11.4 square kms.

Hope that helps.

ML

Re; Lassonde Curve, 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 🌎 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.

Taking a break now, see you at next RNS.

Not sure if my image will post.

ML

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Hi RP,

Yes it’s quite something.

It’s 40km x 10km and the mineralisation has been traced down 5kms, it’s drill tested, 202 holes (22,000m of drilling) with every metre in every hole confirming mineralisation. It’s an extraordinary discovery and accounts for 1/3 of the world’s total reserves.

Nice to see the warrants being exercised.

Circa 70,000 exercised shares at 6p and another chunk of 690,000 at 10p, so the company got about £73k in total. These were broker warrants, most likely from a past placing or in lieu of payment.

From the company’s point of view, it’s a positive. We’re getting cash in the door without a fund raise or taking on debt. Yes, there’s some dilution, but with around 690 million shares already in issue, this adds about 759,000 new shares, which is only around 0.11% dilution. That’s not even worth discussing.

The fact that brokers are exercising warrants at 6p and 10p when the current share price is 19p shows there’s confidence and momentum. They wouldn’t do it unless they believed in the direction things are going.

For full transparency, the only potential downside is if the brokers flip the shares into the market but I’m sure that’s not what this was about.

Overall, a good sign. Shows earlier backers are now converting and the company is moving forward. Long may it continue.

ML

Tim, it’s called consolidation and it’s exactly what I’d hoped to see here, needs more time to be confirmed but it’s positive after the recent rerate.

In fact it’s actually a very good thing. The SP is basically taking a breather, digesting the recent gains, and letting recent buyers / traders take profits (they can only sell once) without crashing the price. It’s a cooling off period where buys and sells are more balanced.

What’s really important is that if it happens when volume is slowing down (still higher than current daily avg) means there’s no panic or selling pressure. If people were nervous or turning bearish, you’d see that reflected in big red days with heavy volume, but if that’s not happening, so its a very healthy sign.

This sideways movement should also help build a bit of a base at the new level, which can act as support going forward. I’m seeing this 19p range as the previous 9p range with 22p being the 12p resistance that some will have experience with over the first 4 months of the year. If the fundamentals continue to offer significantly positive results and data, the stage is set for the next leg up.

I’m expecting these fundamentals to not only continue to be positive, but rather exceed what the market expectations are. Ideally we’d have a few days of this type of price action to confirm consolidation but let’s see how it plays out. The closer the company come to releasing the planned MRE, the more the pressure will build. Those like myself, that believe the Empire story won’t be selling a single share.

The risk V reward ratio keeps being staked in rewards favour with every de-risking RNS.

DYOR

ML

The MiningNews Select Australia 2025 event is scheduled for 1-2 July and will be held at Crown Perth, Western Australia.

It’s a 2 day, investor-focused conference highlighting under-the-radar mining opportunities, particularly in critical minerals. With over 30 junior and mid-tier companies and more than 400 investor meetings planned its timed alongside the Future of Mining Australia 2025 event, also at Crown Perth, offering broader networking and strategic sessions. Empire will be very busy over the two days as our PR increases.

ML

Courtesy of Embers L from Empire Telegram group.

Rewards don’t come easy, and everyone’s resolve will be tested. Trust your gut, and hold on tight. It’s going to be a very exciting future ahead for everyone involved with Empire.

HTTPS://youtu.be/ewU9K2mAqgY?si=Zj29hFfELjbJSmxi

ML

I’m 43 today 👴🏼 and as you can imagine it’s been a very good lead up to that point.

Text book back test this morning with a lovely recovery. The sellers can only sell once and the base strengthens with new blood holding for gains…………which they’ll get!

I’m spending the day with my loved ones so this once in a generation discovery can look after itself for 24 hrs.

I know I’ve said this multiple times through ups and downs, but here we are at 18p, unless something materially different is communicated via RNS to what we now know, sit on your hands and relax. The journey up, down and sideways is irrelevant to investors, it’s the destination that matters! 📈

It’s important to remember, Shaun Bunn who has been 100% transparent, professional & truthful this last 3 years, told us this only last week.

"Each milestone continues to de-risk Pitfield, both technically and geologically. The results to date have only strengthened our conviction that Pitfield is a once-in-a-generation discovery. As we progress towards commercialisation, our commitment to unlocking its full value has never been stronger. We look forward to another transformative year for Empire."

GLA

ML

Mining magazine just did a full write up on Empire.

ML

A 4th member had been added to my filtered chat.

Like night follows day, the trolls follow rises.

Not even one post with merit or a query that could be discussed openly. I’m sure you’ve noticed an increase in this type of post over the last week. Sadly, Empire’s success will create more of this.

This type of mentality is rooted in regret and envy. Instead of acknowledging their own hesitation or missed opportunity, these people project their frustration outward by attempting to discredit the company and its investors. This happened right on cue the last time we saw the rise to 14p (Jan 24) and it was so very obvious back then too. Remember they said we couldn’t process our ore? Yeah well now it’s 99.25% pure and where are those guys now? Nowhere to be seen.

Their negativity isn’t based on objective analysis, rather a pure desire to see the share price fall, giving them a second chance to buy in at a lower level. It’s a defensive, emotionally driven mindset that resents others’ success and seeks to manipulate sentiment rather than admit personal missteps. At its core, it’s a toxic blend of bitterness, self-interest, and insecurity, disguised as skepticism. They also won’t just tell you once, they will say the same thing over and over all day.

Watch out for it folks (especially new investors) as it’s an age old tactic. I’ve seen it on every single share that has been on a positive run over the last 15 years of trading.

Read the RNS’s, watch the interviews and trust your gut. The genuine holders here have seen it happen and now sit in the high teens, rather than being scared out in single digits and chasing the ups and downs. Anyone who tells you they sell at the top and buy at the low (which they do constantly) is a liar.

In far more important news, we executed over 1000 trades for the first time ever.

ML

And don’t expect every day to be blue!

We are now in the sights of all types - day traders, investors, Unscrupulous buyers / sellers & the MM’s have a job to do also.

Expect to see it all happen, but just be prepared and stick to whatever target you have in mind.

The intro day increases have been nice to see, but this is about the bigger picture. The destination is the focus point, not the journey to get there.

ML

Hi Vizhy,

I don’t actually know the lead time to determine the avg MC on AIM is but I’ve seen examples where it’s days to 6 months but I do know a one day spike won’t cut it.

The formula used is;

MC = (Stock Price × Number of Shares Outstanding).

The average market cap over a period (e.g. 5, 15, 30 or 90, 180 days) is calculated by taking the daily market cap (closing stock price) and averaging it over the specified number of trading days.

We’re heading towards £150m and I can only give my personal thoughts on the trades being punched over the last week.

There are far too many large round trades IMHO to be just PI’s buying. They are being done in blocks and continue to happen morning time, allowing for some sellers to kick in and then going again in the afternoon, seemingly not really concerned about buying at 15p, 18p or 20p +.

I think it’s stake building (cannot confirm) from II’s or significantly larger entities than you & I based on what I’m seeing. I’d expect to see a TR1 in the coming days / weeks.

ML

For clarity;

Extraction costs are expected to be far lower than peer companies based on easy strip, low energy, soft rock ore.

ML

Aimgainer,

SVML is £225m MC.

On every possible metric Empire is a better play.

Grades

Tonnage

Extraction Costs Lower

Power required lower

Infrastructure better

Location better

Ore better

This has at least £150m to go before it’s even considered “fair value” on what we know right this minute.

Add in the world biggest & best MRE - all bets are off at that point.

ML

F1driver - same to you.

AIM does still have many very decent people around.

ATB

ML

Thank you Islandgirl.

Classy post and a sign of your character. Good luck with your own investments.

ML

Fantastic update.

Good to see Empire have recently engaged with the federal government to confirm assistance timelines, and they’re satisfied with the purity of the product received so far, with expectations for even higher quality in future samples allowing for the sales channels for the highest value product (titanium metal / sponge). Hundreds of kilos will soon be distributed to potential buyers and partners. The Thomas Prospect, with its exceptional grade and potential for over 100 years of mining, is now the primary focus. Discussions are ongoing with major mining companies, who are reportedly shellshocked and stunned by the scale and quality of Pitfield. Sean’s next immediate step is to continue drilling in order to deliver what he believes will be the world’s biggest and best titanium mineral resource estimate, an achievement that is, in itself, extraordinary. He is also aiming to have a pilot plant operational by year-end, and overall momentum is very strong. Yesterday’s update is “the tip of the iceberg” and it’s a very exciting time for Empire. He also states not to underestimate how important the geopolitical and critical minerals situation is, confirming for me that the FED government will be all over this.

Shaun is a man of his word as we know! The real take away was that some people were saying you can’t make titanium, he knew we could and proved it in a short time and people now need to realise we are on to something very special with this ore body.

Game on.

ML

Downstream titanium players like Perryman, Toho Titanium, AMG Titanium. These firms process titanium metal, not pigment, but high-purity TiO2 can be feedstock for Ti metal too. This would be fully dependent on the final Pitfield mineralogy and impurity profile of our concentrate.

Australian Toll Processors / Midstream Developers

Smaller private players might be interested in setting up beneficiation or upgrading plants. With government co-funding or local processing incentives, could they JV with Empire? We’ve seen similar with Northern Minerals style partnerships or even METS engineering groups.

Finally my primary hope would be to get the full support of the Aus government with a critical minerals fund approval. It would support our strategic goals and development plans. We would qualify for funding support, especially if we had already secured an offtake. They wouldn’t be a partner per se, but could unlock all of our infrastructure requirements and cover a lot of the CAPEX requirements.

The ideal path now which I’ve probably gone on about too long recently is that we secure a JORC resource, prove a simple, low-cost processing route, engage (if not already) with Tronox, Iluka, or Chemours for offtake/MOU. Raise capital with Aus government and go alone or trigger JV/takeover (must be fair value) based on de-risked economics of Pitfield.

Lots of options and all open for debate. Again just musing……

Roll on the next pieces of news, we are now definitely entering arguably the most exciting period in the company’s history.

ATB

ML