Member Info for Manlord

Hi Gem,

I don’t have to put up with it, for the last 5 weeks or so l don’t even see it!

Wanaka latest imbecile (3 in total) in the green 🗑️

If not for your post, I wouldn’t even know the circus acts were talking about me. Tell them I said hello & hope they’re doing well.

Enjoy your weekend Gem.

ML

Thanks Fuzzy.

I've updated that now on ADVFN & Telegram just in case anyone is seeing it for the first time.

Thanks

ML

Tribeca Future Facing Commodities Conference Singapore 2025 with Shaun.

2nd video down.

HTTps://www.resourceconnectasia.com/resourceconnectasia-interviews

ML

And for clarity, If this investment went down the drain, it would affect me just as much as everyone else.

Whether you have 50000, 500000 or 5m shares in Empire, it’s all relative to the individuals circumstances.

Far from being one sided, I’ve offered my thoughts on the “cons” of Empires current status as a company and will always be keenly watching, because if I see a company act or behave in a manner that I’m not happy with (fundamentally/ financially), I’ll unfortunately but comfortably take my stake off the table as I haven’t got money to burn.

If you have sensible comments to make, I’m all ears but this buy low, sell high with every SP movement over the last 18 months is utter BS.

Empire is up 1005% in 5 years

394% in 2 years

60% in 6 months.

That will do me just fine and will outperform any gambler with 90% of the risks removed.

GL

ML

That’s a pathetic argument!

You love dropping in here, strutting around like the Temu Wolf of Wall Street, spinning tall tales of buying every dip and selling every peak with the precision of a psychic conman 🤦🏻‍♂️

I’d hazard a guess you check your portfolio on a cracked iPhone while eating pot noodles in your mother’s attic.

Meanwhile, genuine investors build wealth by staying invested, not by chasing unicorn trades like some slot-machine junkie 🎰

As you’re claiming to constantly be buying at the bottom and selling at the top, you’re either deluded, dishonest, or soon to be broke. Feel free to trade your weekend beer money but you’ll soon likely be nothing more than a cautionary tale, the rest of us, well with discipline but mainly not pretending we’re smarter than the market, we hope to have a success story.

I’ll stick to the long-term investments!

ML

Yet another fantastic contribution from you Wanaka.

How do you manage to put together such insightful and detailed analysis?

Your post history is shocking in terms of meaningful debate.

ML

2025 YTD:

JORC Exploration Target (June 2024): Estimated 30 billion tonnes at 4.5–5.5% TiO2 for Cosgrove and Thomas, covering

Seeing as it’s very quiet here, I thought it was a good time to do a YTD review and offer my own personal thoughts on the current status of Empire. Please feel free to comment, dispute, agree, or critique. I’m happy to hear alternate views. I’m hoping this can form the basis of a quick summary for any new investors who I believe will be looking into us over the next 3 months (assuming a positive “measured” MRE is communicated within that time frame).

Who are Empire?

Listing: AIM-listed (London Stock Exchange: LON: EEE) and OTCQB-quoted (US: EMPLF).

Industry: Resource exploration and development, primarily focused on critical minerals like titanium.

Primary Focus: Developing the Pitfield Project, a giant titanium-rich mineral system in Western Australia.

Other Assets: Additional exploration projects in Australia (Eclipse, Walton, Stavely) and precious metals projects in Austria.

Joint Venture (JV): Empire holds a 70% interest in Pitfield, with Century Minerals Pty Ltd owning 30%. The JV was amended in April 2024 to include all minerals, simplifying ownership and development.

What’s the primary focus for us?

Location: Mid-West region of Western Australia, 313 km north of Perth and 156 km south of Geraldton, near Three Springs. The project benefits from existing infrastructure (roads, rail, port access, power substations, gas pipelines) and proximity to a planned green energy hydrogen hub.

Scale: Covers 1,042 km² across four exploration tenements. Airborne surveys conducted in late 2023 identified a massive anomaly (40 km x 8 km x 5 km deep), indicating a globally significant titanium discovery.

Mineral System: A sediment-hosted, hydrothermal system with high-grade titanium dioxide (TiO2) mineralisation, primarily in sandstone beds. Recent discoveries include anatase in the weathered cap (50m – 70m deep from surface) and titanite in deeper bedrock.

Key Prospects: Cosgrove and Thomas, each over 7 km in strike length, with thick, high-grade, near-surface TiO2 mineralisation.

CTD…..

Hi guys,

I have a summary which I have tried to post twice now with no joy. I’ve written it out and keep trying to break it up into bite size chunks meeting the characters remaining criteria but it kept cutting my post off on the same word every time.

As it looked like I was clogging the board I reported my own post asking admin to clean it up.

I’ll try again but please forgive me if it happens again. It’s the first time it has ever happened so not sure what’s going on.

ML

Empire Metals Ltd (OTCQB: EPMLF) an exploration and resource development company with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia. Shaun Bunn, CEO and Managing Director of Empire Metals, along with Gregory Kuenzel, CFO and Finance Director, join us to share insights into their new project in Australia, which positions the company to broaden its industry presence globally as demand for Titanium continues to rise.

https://www.otcmarkets.com/podcast/otcqb/episodes/538da2de-a4d5-439f-a856-147455677251?utm_campaign=OTCQB+Podcast&utm_source=facebook&utm_medium=social&utm_content=1744211263

ML

“A titanium project developing a pathway to metal located in Australia will attract federal funding”

Why doubt SB now.

https://youtu.be/PaW5ogVnI9Q?si=pB2hDnG_ZueHFG1r

ML

Good Luck with your investment Mr.Loon 👍🏼

ML

Ask and he shall appear 😄

Apologies, our posts crossed.

Best to listen to Ageos as he’s more experienced and far more au fait with the processes than I am.

ML

Future cash flows from production (hopefully we get there & we own the whole thing but maybe I’m being naive?) and then discounted back at a risk-weighted discount rate (5–10% from what I’ve come across).

This is more precise than in-situ value, but requires a lot more data.

Analysts often benchmark junior miners against EV/oz (gold), EV/lb (copper, nickel) and EV/t (lithium, rare earths). They compare a company’s enterprise value to the contained metal in the ground, adjusted for resource category (measured, indicated, inferred).

If a company is trading well above 10% of in-situ value with no feasibility work done, it could be overpriced and again if it’s well below 3%, the market may be pricing in potential fatal flaws (jurisdiction, metallurgy) but as I said earlier we appear to be in a good position on those fronts.

I’m not the expert so would hope the likes of Ageos could put meat on the bone when next here.

Enjoy your Sundays.

ML

thanks cev / aim,

sorry not much detail behind my post last night but i was finishing off a bottle of red 😄

to put some context on this 3% - 10% valuation we can look at empires specific position. remember this is my own interpretation and others might see it differently and discount heavier or less. nobody is right or wrong as the mre hasn’t been completed.

the “in-situ value” essentially means the theoretical gross value of the ti02 at pitfield.

in-situ value = resource tonnage × grade × recovery × commodity price.

now we can all *** packet calculate this, but we must remember this is before considering recovery, costs, capital, environmental factors, permitting, lead times, etc. that’s why it gets discounted so heavily in valuation.

from my research and previously mre’d companies (different minerals) a 1% to 3% valuation is typically associated with exploration companies.

i’d argue we are certainly past that point & sb said we are now a developer and the upcoming jorc compliant mre would be more 3% to 5% (indicated / inferred). when feasibility studies are completed i would expect empire to be valued at 5% - 10%. as we near production it will certainly be more than 10%.

the jurisdiction risks cover things like the rule of law, political risk, permitting timelines but as we’re in a tier 1 mining area we can “assume” we’ll not be discounted heavily on this area of the valuation.

in terms of our metallurgical complexities all the markets want to know is can it be extracted easily (highly friable, no overburden and easy strip) and does it require exotic processing (simple processing with well understood and currently used technology) so i think we’re good here too.

when we look at infrastructure access, is it a remote location? (no). is there road? (yes), rail (yes), power (yes), water (yes), ports (yes) so we’re good here too.

ti02 is a slightly more difficult commodity to assess compared to gold for example. gold tends to get higher percentages due to market familiarity and liquidity. lithium, copper, nickel are also strong now given battery demand & it appears ti02 will follow that route of familiarity over the next 5 years.

market sentiment plays a big part in the valuations. obviously in bull markets, valuations push higher and conversely in bear markets, discounts widen.

ctd……

ml

Ok so there’s no fixed ratio on JORC MRE Vs MC but a ballpark “rule of thumb” is often used.

Market Cap = 3% to 10% of the in-situ value.

Of course the 3% or the 10% would depend on factors like stage of development, location, metal type, grade, infrastructure, jurisdiction, management team, permitting, commodity prices, etc. but I’d say we tick many of those boxes.

The JORC MRE is due in June (SB said that didn’t he?) as far as I can remember.

If it’s anything like what we expect, the figures are monumentally outrageous so I think there is a lot of things going to change for Empire, all of it assisting our valuation.

ML

A good question from a fellow investor (Nigel) over on Telegram.

Nigel:

“Are there any potential hurdles or blockers that anyone can foresee?”

Me:

I do struggle to find “issues” or “major hurdles” but If we were to look for these I guess you could also say…………

The current figures communicated represent an exploration target, which is an initial estimate of the deposit’s potential size. Further detailed drilling and analysis are required to convert these targets into JORC-compliant mineral resources and reserves, confirming the deposit’s economic viability.

The project also aims to produce pigment-grade titanium dioxide, necessitating high recovery rates and purity levels. Achieving these standards requires extensive metallurgical testing to ensure that the processing methods are efficient and cost-effective. Any unforeseen complexities in ore processing could affect production timelines and costs.

Advancing from exploration to production is capital intensive. In September 2024, we raised £2.5 million through an oversubscribed placing to fund ongoing work at Pitfield, bringing cash reserves to approximately £4.8 million. While this bolstered our financial position (I’ve given my thoughts on cash burn earlier), substantial additional funding will likely be necessary as the project progresses. Securing this funding (grants / low interest loans) on favorable terms is crucial and may be influenced by market conditions and investor sentiment.

The project’s location within an existing farming community and the absence of native title or Crown Land constraints suggest a more straightforward permitting process. However, navigating environmental assessments and obtaining necessary approvals remain critical steps. Any delays or unforeseen regulatory hurdles could impact project timelines.

The titanium market is influenced by global demand, technological advancements, and geopolitical factors. Fluctuations in titanium prices or shifts in market demand, especially in key sectors like aerospace and defence, could affect the project’s economics / profitability.

Developing the necessary infrastructure for mining operations, including transportation, energy supply, and water resources, is essential. Any challenges in establishing this infrastructure could lead to increased costs or operational delays.

I believe our strategic approach and recent developments are extremely promising but as you have asked, maintaining a balanced perspective by acknowledging these potential challenges would be pertinent. Continuous monitoring of Pitfield’s progress, market conditions, and any changes to the regulatory landscape are advisable and crucial in assessing its long-term viability and success.

With a risk-reward balance of 85% Vs 15% in favor of the upside (my assumption) this is about as good as it gets in terms of calculated risk for those willing to act.

For me that’s about as bearish as I can mus

Apologies Pott,

The SP is irrelevant in some ways.

I should have said “all for £75m MC”

Under any metric, this is grossly undervalued compared to our peers & what we have in the ground.

I’m certain it will be realised in the not too distant future.

ML

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. With capital raised last year and a solid cash reserve, we are well-funded for the next phase of drilling and test work. This financial strength ensures that we can continue executing our ambitious plans without the immediate need for additional funding, further reinforcing investor confidence.

The market’s response has been overwhelmingly positive, reflected in a relatively strong SP performance and growing strategic investments. The BoD’s ability to consistently deliver results has earned the trust of investors (certainly me anyway) partners, and industry leaders alike. With every milestone achieved, Empire are demonstrating the capability to transform our world-class Pitfield deposit into a major, long-term titanium production powerhouse.

By 2026, SB expects to have made substantial progress, with key developments including negotiations for land acquisition with the local farming community and the submission of mining license applications in Western Australia. Given the project’s scale, importance, and strategic positioning, financing and development efforts are expected to accelerate, potentially leading to one of the most expedited mining project timelines in recent history (Name a quicker development?)

SB is very clear, we’re not just developing a mine, we’re driving an industry revolution. With an unparalleled titanium deposit, cutting-edge processing capabilities, a strategic approach to commercialisation, and a world-class leadership team, we are poised to disrupt the global titanium market like he said we would 18 months ago. By offering superior-quality titanium at lower costs, we are setting a new industry standard and positioning ourselves as a dominant force in the future of titanium production.

All for 12p - Need I say more?

DYOR

ML

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.

CTD……