Member Info for Manlord

Speaking of the Bellagio Fountains Atom,

I had a splendid dinner with my better half & our mothers on the Lago terrace last Sunday evening before seeing ‘O’ by Cirque De Soleil.

Both highly recommend if you get the chance!

ML

Stake building for sure. Another 1.5m delayed trade at 9.99p

ML

Scenario 1: Conservative & unrealistic estimate IMHO.

If we could prove our resource with similar mining economics to KR whilst ramping up operations, a market cap of circa £200 million is absolutely nailed on.

Scenario 2: Mid-Range Estimate (Matching Kenmare)

If the MRE is even a fraction to what is indicated, then we could reasonably reach £300 to £400 million MC.

Scenario 3: Optimistic Upside

Given Pitfield’s vastly larger resource and higher titanium dioxide grades (5%+ TiO2 vs. Kenmare’s 2.6%), and if we can demonstrate economically viable extraction and scale operations beyond Kenmare’s current production, it could surpass £750 million MC.

Scenario 4: Billion-Dollar Potential

If we fully confirmed everything we hope we have (all data suggests this) and we develop Pitfield into a full-scale, globally significant titanium producer, the sheer size of our resource could warrant a MC in the multi-billion-pound range.

For reference, leading titanium producers globally have market capitalisations ranging from £1 billion to £5 billion, depending on scale and profitability. If Pitfield were to reach full production capacity, a valuation north of £1-2 billion would not be unreasonable IMHO.

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

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

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

All for 10p per share!

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

Update: all written 2 weeks ago so the very best of luck with this bid & potential next offer.

We’re hoping over on EEE that we will follow a similar path to you guys being a successful company.

DYOR & ATB

ML

Project Status:

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

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

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

Comparison Summary:

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

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

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

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

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

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

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

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

If SB & Co. can achieve what they fully believe they can and Pitfield’s potential is fully confirmed and commercialised (looking for customers as we speak), we could reach or exceed Kenmare’s current valuation.

CTD….

From 2 weeks ago when I was trying to compare Kenmare (which I like) & Empire Metals (EEE which I’m in) but highly relevant now based on the update today.

My thoughts on Kenmare Resources on LSE.

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

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

Resource Estimates:

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

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

Production and Grades:

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

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

Project Status:

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

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

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

Empire:

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

Resource Estimates and Grades:

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

CTD…..

As RobSaunders flagged….

https://ukinvestormagazine.co.uk/kenmare-resources-shares-surge-on-takeover-approach/

ML

Scenario 1: Conservative & unrealistic estimate IMHO.

If we could prove our resource with similar mining economics to KR whilst ramping up operations, a market cap of circa £200 million is absolutely nailed on.

Scenario 2: Mid-Range Estimate (Matching Kenmare)

If the MRE is even a fraction to what is indicated, then we could reasonably reach £300 to £400 million MC.

Scenario 3: Optimistic Upside

Given Pitfield’s vastly larger resource and higher titanium dioxide grades (5%+ TiO2 vs. Kenmare’s 2.6%), and if we can demonstrate economically viable extraction and scale operations beyond Kenmare’s current production, it could surpass £750 million MC.

Scenario 4: Billion-Dollar Potential

If we fully confirmed everything we hope we have (all data suggests this) and we develop Pitfield into a full-scale, globally significant titanium producer, the sheer size of our resource could warrant a MC in the multi-billion-pound range.

For reference, leading titanium producers globally have market capitalisations ranging from £1 billion to £5 billion, depending on scale and profitability. If Pitfield were to reach full production capacity, a valuation north of £1-2 billion would not be unreasonable IMHO.

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

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

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

All for 10p per share!

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

DYOR & ATB

ML

Project Status:

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

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

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

Comparison Summary:

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

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

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

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

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

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

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

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

If SB & Co. can achieve what they fully believe they can and Pitfield’s potential is fully confirmed and commercialised (looking for customers as we speak), we could reach or exceed Kenmare’s current valuation.

CTD….

From 2 weeks ago but highly relevant now based on the update today.

My thoughts on Kenmare Resources on LSE.

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

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

Resource Estimates:

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

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

Production and Grades:

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

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

Project Status:

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

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

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

Empire:

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

Resource Estimates and Grades:

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

CTD…..

Bunn has been very open about the company's hopes to replicate the Tronox flow sheet and create a finished product for customers.

"It's very much part of our vision. Of course, the hard reality of life sometimes gets in the way of that, but doesn't stop you from aspiring to it," Bunn said, pointing to the fact the company has access to green energy, being next to a wind farm and having access in the future to a hydrogen hub being created in Western Australia.

"Making titanium products, not concentrates, but an actual titanium sponge metal, for instance, or a high-value pigment, is an energy-intensive process, and if you've got low energy costs, you have a distinct competitive advantage," Bunn said.

Tronox became the sole owner of the TiWest venture in 2012 after it acquired Exxaro, its JV partner.

It operates the sand mine at Cooljarlo and processes the ilmenite, rutile, leucoxene and zircon blended sand material at the Chandala processing plant, just over an hour away by truck. That material is then separated in a dry mill and trucked to Kwinana, which produces TiO2 and can then be sold directly to paint companies.

"We have a flow sheet, and we're marching our way down, and we've ticked several of those critical boxes," Bunn said. "We've proven we can concentrate up the minerals. We've demonstrated that we can leach the titanium out of those minerals. We're going towards making a product. The flow sheet is coming together".

Empire shares were trading at 9.25p/share on Monday, up 30% from the start of the year.

ML

For those with no MG subscription. Courtesy of Chris on Empire Telegram group.

Empire Metals continues to move down its flow sheet as it prepares a major drilling campaign across its Pitfield titanium project in Western Australia.

The drilling targets priority areas containing thick, strongly weathered zones of high-grade titanium mineralisation, which have been identified from previous Reverse Circulation and Diamond Core drill holes and show average grades of over 6% TiO2 and intervals as high as 18% TiO2.

"We are dealing with minerals that are 80%-90% TiO2 in situ, as opposed to, say, ilmenite, which would be 60%TiO2 at best, so the weathered zone has really now become our critical focus," managing director Shaun Bunn told Mining Journal.

"We realised that we needed to get back to site and drill further, and the decision was made to drill with air core. The air core (AC) was chosen because it's cost-effective - we can make 80 odd holes for the cost of a handful of diamond holes," Bunn said.

AC drilling is a cost-effective and efficient drilling method that uses compressed air to flush cuttings out of the borehole. It's commonly used for shallow exploration projects. AC drill rigs enable large quantities of metallurgical bulk samples to be collected quickly and cost-effectively.

The planned campaign consists of 84 AC drill holes, for a total of 4,340m drilled. These holes will test the extent of and bulk sample the high-grade zones of titanium mineralisation that were recently discovered within the strongly weathered cap covering this giant, titanium-rich mineral system. This AC drill program will be funded from the company's existing cash reserves.

Bunn added that the drill campaign will give the company multiple tonnes of bulk metallurgical samples spread across 60 hectares of mineralised zone. 

"This will give us kilos and kilos of product to ship around the world and start getting people to test it," he said.

"That - in terms of a company in its early development phase and trying to develop a flow sheet - will change the market perception enormously," Bunn added.

Bunn said the market perception of the resource would take some time, but the conversation was starting to change with titanium being earmarked as a critical mineral by the US, UK and Japan.

"People are really waking up to titanium now, geopolitically (...). But the metal supply chain is very much strongly controlled by the Chinese and the Russians," he added.

"There's a lot of geopolitical tension in the industry that's creating the need for a Western supply," Bunn said.

Flowsheet

Bunn and his partners are keen to showcase how quickly the company is moving through its flowsheet, which continues at a rapid pace. Several of the initial process stages are now tested and proven to be effective for recovering anatase and rutile, the most abundant titanium minerals encountered in the mineralised weathered cap

CTD…..

HTTPS://www.mining-journal.com/bulks/news-analysis/4409896/empire-moves-titanium-flow-sheet

PR increasing nicely.

ML

Going to take a break from here again guys, I often feel that my contributions can sometimes (maybe always 🤷🏻‍♂️) seem a bit rampy and the last thing I want to be accused of is misleading anyone into buying & it not working out.

Whilst I’m personally very confident, this is of course an investment, and by it’s very nature, investments go up and they can also go down.

With that in mind, I’ll leave you all to it & catch you after SB’s presentation in a couple of weeks.

👍🏼

ML

So Dusty,

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

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

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

All for under 10p per share!

DYOR & ATB

ML

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

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

If SB & Co. can achieve what they fully believe they can and Pitfield’s potential is fully confirmed and commercialised (looking for customers as we speak), we could reach or exceed Kenmare’s current valuation.

Scenario 1: Conservative & unrealistic estimate IMHO.

If we could prove our resource with similar mining economics to KR whilst ramping up operations, a market cap of circa £200 million is absolutely nailed on.

Scenario 2: Mid-Range Estimate (Matching Kenmare)

If the MRE is even a fraction to what is indicated, then we could reasonably reach £300 to £400 million MC.

Scenario 3: Optimistic Upside

Given Pitfield’s vastly larger resource and higher titanium dioxide grades (5%+ TiO2 vs. Kenmare’s 2.6%), and if we can demonstrate economically viable extraction and scale operations beyond Kenmare’s current production, it could surpass £750 million MC.

Scenario 4: Billion-Dollar Potential

If we fully confirmed everything we hope we have (all data suggests this) and we develop Pitfield into a full-scale, globally significant titanium producer, the sheer size of our resource could warrant a MC in the multi-billion-pound range.

For reference, leading titanium producers globally have market capitalisations ranging from £1 billion to £5 billion, depending on scale and profitability. If Pitfield were to reach full production capacity, a valuation north of £1-2 billion would not be unreasonable IMHO.

CTD…….

Comparison Summary:

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

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

Project Development: Kenmare is investing in long-term projects, such as the Nataka transition, to sustain and enhance production. We are focused on exploration / development activities to validate and quantify the potential of our deposit.

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

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

CTD…..

Empire:

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

Resource Estimates and Grades:

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

Project Status:

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

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

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

CTD…………

Putting personal issues aside, and in an effort to help everyone I’ll share my previously communicated comparison to Kenmare. SB did a comparison too and we ended up agreeing that Empire has potential to be multiples of Kenmare (That was when they were £400m MC 12 months ago.

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

Resource Estimates:

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

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

Production and Grades:

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

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

Project Status:

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

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

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

CTD……..

Hi Grampyan,

You’re absolutely right & that has been one of the challenges of trying to do a peer company comparison.

We are a totally unique deposit but certainly with distinct advantages over some peer companies.

Again my rather crude attempts to offer a rough ‘potential’ valuation are based off best estimates & extremely wide ranging margins of error, but even the most conservative appraisal has Empire multiples of current MC.

ML

Hi Ageos,

Many thanks for the reply.

Fully understood & I along with many others will look forward to receiving your views as and when that’s suitable.

Take care

ML