Member Info for Manlord

Q) Shaun, if we were to dream and forgetting the current Empire Mcap position, where do you personally see this company going and what value would / could you attribute given the potential?

A) Shaun laughs and says “What a question” Look we’re confident we’ll get the Titanium, we’ve enough testing and research to conclude that. Kenmare is the closest but they are mineral sands and have a value of $400m. We have something considerably more interesting and valuable. The Titanium market is currently £22b annually with a growth of 2.5% YoY and rather than majors coming for us, we would be a major. 10%-15% of the £30b market is a big number and with 32b tonnes JORC exploration target already confirmed we are in an exciting position is all I can say.

I missed a number of my planned questions relating to copper, employee incentives, renumeration, bod share purchases and 2 particular queries on the day to day work roles of Narelle Marriott (process development manager) & Arabella Burwell (business development) but we had run over the hour and I didn’t want to take up any more of his time as it was the evening in Perth, Australia and Shaun had just completed his workday.

I would finally like to clarity, just because these updates can sometimes be taken as gospel or with a pinch of salt, that all the above is my own interpretation of our discussion and as I would never record someone, I had to scribble notes and key words at a fast pace whilst still trying to maintain a degree of conversation and replies. Please make your own conclusions on the above, read every previous RNS, watch every presentation TWICE and then and only then decide what’s best for you. That’s what I’ve done.

Has anything above given us anything we weren’t already told via RNS, no not really, but my take on the meeting is that Shaun is extremely confident, capable and not in the slightest bit worried about day to day SP fluctuations when he and the team are focussed on the long-term success of Empire by building strong foundations and a step by step plan to production.

I’m all in ladies and gents, and will be supporting the team all the way through this very exciting opportunity.

ML

6 of 6

Q) Is it possible to explore the old mines just west of Cosgrove (outside licence area) to see if our weathered cap continues?

A) 2 licence applications were already in place for that area, 1 was then subsequently removed by the person applying leaving just one. We are aware it and would like it for one reason only, but we don’t see it offering any real value, but we would be interested to ensure no cowboy companies encroach on our project in any way. We take our due-diligence very seriously and we always try to future proof all areas of our business.

Essentially it’s like buying the land around your seaview property, not to build more, but to ensure you wake up to those seaviews, rather than some builder obstructing your views with a new 5 story apartment block.

Q) How are Empire as a company ensuring they integrate into the local area without any issues.

A) I was presenting at the Three Springs Shire Council meeting last week, it entailed a detailed discussion on the journey that’s ahead for Pitfield. David Parker our commercial manager was also in attendance with Carrie Pritchard our environmental manager). The relationship with the local councillors and community is strong. Following on from the meeting Empire Metals attended a local charity golf event (in full company attire) and had a really good day meeting farmers, councillors and community members. It was Carries first golf outing, but I never got to ask Shaun if she was over or under par 

Q) Are you aware that GSA Capital Partners have taken out a small short position on Empire?

A) I’m not aware, but please send me the details. Looks like people are starting to take notice of us (details were sent to Shaun after the meeting)

Q) Shaun, in previous presentations, we had images with a Russian association showing MIG jets & rockets on Empire documents. Our target market is trying to disassociate themselves from all Russian links and it would be best to remove all these links where possible.

A) Absolutely agreed, stock images were used but it will be noted and not used again to outline “uses of Titanium”.

ML

5 of 6

Q) Gerald Colamarino – Is he involved with Empire and if so what’s his relationship with the company?

A) Yes, we do have a relationship with him. We have paid a small consultant fee and he is on an agreement to prepare, present and potentially attend any future company meetings. For those that are not aware, Gerald created the series of short videos on Titanium which you will have seen on the company Linkedin page and our website recently. He is the MD & senior consultant for TiPMC Consulting. They deliver analysis, perspectives and insights in the Ti02, pigments, mineral mining and chemical industries. He has 45 years of international experience at DuPont, Iluka Resources (Yes Iluka ) & Bloom Energy. He combines strategic and creative thinking to deliver practical solutions for worldwide clients. At DuPont, he achieved significant cost and working capital improvements and delivered more than $300M in new revenues.

Great to have him onboard given his ties with Iluka and industry expertise. The number of industry experts who now want to be involved with Empire is extraordinary.

Q) Shaun, Might I suggest that if all goes according to plan (I had to make that assumption on many queries I had) that the board discuss the opportunity of you becoming the company CEO, and not the current position of MD? I personally believe it would not only demonstrate confidence, but having a bonus / incentive scheme associated with any new CEO role would also align your interests with those of us shareholders. This would also be on the basis of share price appreciation prior to any role change, thus being well deserved.

A) Theoretically, if the company progress to where we believe it will, then this would of course be considered. The beefing up of the board would be needed to manage all the additional elements of a producer compared to an explorer so the level of independent non-exec directors and compliance would naturally increase also, all in line with a company performing and trading at higher levels than we do currently. Again, all in an ideal situation but yes is the answer.

Q) Enterprise Metals recently took up a license with Century on an adjacent property to ours, will this act as competition for Empire with Century or in terms of loans / grants from available sources?

No, this isn’t an issue, and we reviewed the opportunity as we have first refusal on certain Century areas, we didn’t feel it was right for Empire.

ML

4 of 6

Q) Having been extremely bullish on creating a fully integrated mining, processing & refining company, I feel that there are 2 main concerns that investors have (extraction confirmation and funding), in terms of funding, how can we minimise shareholder dilution and build a strong institutional investor base or institutional funding provider. I'm referencing the Australian Government / Export Finance Australia / UK Brokers and Australian brokers if an ASX listing was ever introduced.

A) SB is not worried about funding, the company have had many offers from UK brokers (£millions) if we want it and he has turned them down as he said before. He agrees that the objective is to increase our high-nett worth holders but did say we have a strong shareholder register (circa 15%) via Australia & Hong Kong (Oberon etc), those holders are long and come from ex-mining backgrounds who made their money in the 80's, 90's and 00's. The one challenge with AIM is that we really need to be at £100m+ MCap for true investment. The big boys are ready go but when they invest, they invest big money (£2m - £4m is peanuts to these guys) but we have some very specialised employees to manage this area of our business (Peter Damouni & David Parker) who are heavily engaged with this topic. Again as per the recent presentations, 3 of the biggest, most reputable brokers in Perth have been knocking on our door having seen all our company announcements but as he said, no concerns about immediate funding, agrees on the overall strategy and will manage requirements as and when they arise. Assuming we reach where we want to, and burn rate increases and funding required, we have avenues for initial grants, followed by long-term, high value, low interest loans but couldn’’t answer if pre / post test plant leadtime (Iluka got $1.25b non-recourse loan from the federal governments critical minerals facility for a rare earth refinery at their Eneabba zircon mine in WA) but did make sure to say that retail investors are the primary consideration for him and the BoD (That's a huge statement of intent for me personally and his motives appear to be very genuine). Make of that what you will.

My view on that is I believe brokers are well aware of Empire but investors are not. This is good news in my opinion as we haven't exploited that investor base and being a more mature investor, fully clued up on mining, exploration and development, would offer significant uplift if we did ever exploit the opportunity. It's not as if we have to find more company updates, we just have to tell the story to a whole other pool of investors who might appreciate what we have more than the current investors who know about us. SB did mention the example of an Aussie explorer who went from pennies to pounds recently and sees no reason why we couldn't do the same in time (if things go according to plan – can’t remember the name sorry)

ML

3 of 6

Discussion as follows; I'm paraphrasing all answers below, to be very clear and for the avoidance of doubt, Shaun & myself verbally referenced that MAR guidelines & framework were to be fully considered and respected during the call. Both agreed and we started the meeting. At no point did we stray beyond or even get close to grey areas and I honour these regulations implicitly when communicating with Empire MGT or any company I hold.

Q) How are the MGT and executive team getting on?

A) The team are getting on very well and had just the day before had all the key technical team members in a 6 hour workshop where they discussed the current plans, objectives and fully aligned on the company roadmap ahead. Shaun is extremely happy with the team that has been gathered and made it very clear, most were handpicked which he and the BoD had targeted due to their expertise, work ethic and overall ability to perform and deliver at the highest levels.

Q) How far advanced are we with the processing / extraction, mineralogical & metallurgical studies?

A) Things are progressing well, and he is looking forward to updating the market on the GEO-chemistry of our weathered cap. As he pointed out and conveyed during the last presentation, he is very encouraged by what the team are seeing from the initial test-work samples collected. Those samples collected will be lab analysed to see exactly what type of product we will produce, bulk testing continues covering gravity separation, magnetic separation and floatation separation. Essentially Shaun is confident that whenever the next market update is ready to be communicated to us, we will have a much better understanding of what we have. I was happy enough with that and will await the details of what the above means when we see it.

Q) Have the BoD considered a dual-listing with entry to the ASX? The reason I ask is based on my view that AIM is full of broken dreams and promises and I think that has hampered us somewhat where people have many examples of projects not being what was promised. Whilst our project appears to look phenomenal, I worry that some think it's "too good to be true".

A) I can understand that view and can tell you that the board have discussed many options including dual-listing, previously with a small team the focus was on AIM and the new found Ti02 project, the board have a strategic focus on doing whatever they feel is best for shareholders' and if they feel they have the team, time available (due to team getting bigger & technically stronger) and it makes sense to do so, then all market options will be reviewed in detail, assessed and actioned if agreed that route is best for Empire.

2 of 6

ML

Afternoon all,

I'll be honest, I was heavily debating whether to post this or not given our resident snake has made it his business to ruin this board with his mental instability, but as has been said before, I would now urge all genuine members to completely ignore the deceitful liar and try our best to get this board communicating like it did before he escaped from the mental institute. Refusing to acknowledge his existence is the only way forward but that’s up to each individual to decide.

It’s not my ideal Sunday spending 2.5 hours on LSE but seeing as the overwhelming majority of people here are genuine, decent people I have summarised my meeting with Shaun below and I hope you find it useful and informative.

The meeting took place on Thursday morning 9am. I had prepared a presentation with an introduction and explanation of my current holding, my thoughts on the company performance over the last year, my views on the last few months, and expectations and hopes for H2 of 2024. This was to set the scene and be very clear with Shaun as to where I stand before I ask and say what I did. My intention here was to ensure that all my views were taken in a constructive manner and not as criticism.

I confirmed I was very pleased with the developments made over the last 12 months, was disappointed by the market reaction over the last few months, but explained in my view that the maturity and psyche of the average AIM investor isn't quite like a main market investor. I hope you know what I mean by that comment, and it is not a direct accusation of current holders of Empire, but those who hop in and out and most certainly have taken part in some cash calls, forward selling and dumping after achieving 10-20% gain. This isn't the ideal situation and I'm not a fan of it which I told Shaun.

1 of 6

ML

Months & months now of the most toxic board on LSE.

Absolutely shameful! But alas, no shame at all.

The entire board has been decimated, nothing of value added, nothing of value discussed, not even slight ramping by holders which you’d expect by being holders 😂, no open debate, no thoughts, just a complete an utter bollix of a human talking to himself under the newfound guise of “a helpful & polite chap”.

I’m truly embarrassed for him & feel for anyone who has to deal with such obtuse, deluded character each day, the saddest individual ever experienced in 10 years here………TEN YEARS!

It’s not normal behaviour, should never be accepted & in the complete destruction of a once very good board, we have confirmed it won’t & hasn't been accepted.

No matter our different views on investing, Empire & all related topics, it’s comforting to see almost every member here feel the same way, the way decent, honourable & generally normal folk feel.

Take care for now all. Hopefully this board will become a place to learn & share as it was previously, but for it’s not even worth dropping in to look.

Fully invested, still absolutely confident & supportive of the plans set out, sold nothing, going nowhere and hoping this lull is ended soon with some very positive news.

ATB

ML

The very best of luck with your purchase Oxlaide.

I'm very confident that you'll see reward from the current price in due course, as we all hopefully will.

Have you been involved with Empire previously or is this your first foray into Titanium?

GL

ML

Cev,

Myself & yourself didn’t hit it off at first however upon further reflection we have absolutely an understanding.

You like me previously are getting dragged into debate that’s offering you zero benefits.

Save your breath! You have some incredible insights, best not to waste it on those blind to logic mate.

ML

Funny that our friend Mr.Archer never mentioned Empires relationship with the CSIRO when he so conveniently had a detailed write-up on us hours after our 40m weathered cap Rutile RNS 🤔

Having said that he’s right in his comment today on SVML when he referenced “working alongside the famous (in the mining world) Australian Government scientific research entity CSIRO.”

Well yes Mr.Archer, we could have told you that as we’re working with these experts too, only they along with the research scientists are clambering to be involved with our unique, unicorn titanium deposit, the worlds largest by a factor of………….erm……………LOTS!

With every day that passes, we get closer & closer to the execution of our plans.

Time will fly here & it will be Christmas before we know it, sitting back, nice & relaxed, watching the action from afar with a quiet confidence that all holders have a distinct possibility of generating serious capital returns.

One post a week here will suffice, but worry not, SB & Co. are expediting their work, with a clear action plan & coordinated efforts across multiple areas, all with a focus on proof of concept & production.

Looking forward to the next series of company updates, who knows, we might even get an unexpected red dot outlining positive news on something none of us were expecting.

GLA

ML

Hi Cottill, OD3OD,

Nobody knows who buys or sells and the reasons for doing so.

Personally I’ve had to sell shares at points in time when I didn’t want to, funding a house purchase at the time. The timing was all wrong but it had to be done.

Another thing is, what constitutes a LTH? For me, it’s not 2 years and I can tell you with no uncertainty that plenty of LTH’s would love to have averages at 2p / 3p. The only ones that do are those that had the courage, conviction & available finances to do so when nobody else wanted the shares in years gone by.

If a LTH is in fact a LTH, they wouldn’t have much interest in selling right now as that would have defeated the entire purpose and belief that made us LTH’s. 200,000 shares isn’t a lot if the truth be told compared to shares in issue so it could be for any number of reasons, and potentially nothing to do with their belief in where the SP will go. Remember there have also been some very big purchases lately well in excess of 500,000 + shares. Why are they buying? Again, nobody knows either way.

Has the SP been disappointing since the very positive RNS on rutile weathered cap? Yes it has & I for one would never have thought it would drop to 8p.

Have the fundamentals improved since the very positive RNS on rutile weathered cap? I personally believe so and bought another 200,000 shares this week on that belief. I have another £20k in dry powder if the SP drops further on weak holders selling on zero negative news (That’s the time to buy in my experience)

Would I have been better off selling at 12p and buying back in at 8p? Well it would have given me roughly £200,000 additional shares or profit but I can’t see into the future. Yes, you’ll have some very disingenuous characters saying “I told you so” or “I knew it” but the truth is nobody knew what was going to happen and it could just have easily gone up and we wouldn’t have been surprised.

If people want to be right for the sake of it & remember it’s only at one particular moment in time, then leave them to it as that offers no value to anyone. Will they be so vocal in 6 months time if the SP is 50p (nominal figure used)? Who knows but that’s the LT view I have and I’m hoping SB & Co. get to prove everything they are confident of doing. SB is very confident btw!

I’ve seen dips where we should be worried, this isn’t one IMHO & I’m treating it as a significant opportunity to take advantage but please note I have zero interest in making 10% - 30% here so my strategy is one of assessing the fundamentals, taking a LT view (years) and accumulating where possible for maximum reward. I don’t trade and have no interest in chasing rainbows.

Plenty of value adding news to come so it’s relax & wait for me.

Each to their own & DYOR. Enjoy your weekends all.

ML

Hello father of Jake 😂

Not a problem.

I’ve been in contact with pretty much every CEO of every company I’ve put my hard earned into. Some have been good, some bad & some so so.

If I like what I hear, I say so and I buy & support.

If I don’t I say so, sell but don’t post negatively afterwards. An example of this would be when I spent 4 years in BMN talking to the CEO and sharing with all fellow investors.

I wasn’t particularly happy with the direction of travel on BMN for an 18 month period and decided to sell. I did so letting people know and the reasons why, wished everyone well and 6 months later the company went from 4p to 50p. I was obviously disappointed after supporting them for so long but rather than being spiteful I took my medicine, learned some lessons which I applied here during difficult times, mainly that a decreasing SP doesn’t necessarily mean it’s bad news & an opportunity exits to buy more shares. I missed out on £300k in BMN but the first thing I did was congratulate all the people I had got to know over those 4 years. One particular member made over £2m and contacted me directly to offer me £100k as he felt bad and said the only reason he invested was because of me & my sharing of info. I didn’t take him up on his offer but we’re still very good friends to this day.

As I said before, we’re all here to make money, if we can achieve that but not trample on people in the process, that’s the cream on top.

I honestly don’t know why more people don’t reach out to the board of directors, I’ve found most to be very accommodating and happy to chat.

Anyway, thanks for the comment.

GL

ML

Hi LH / Mr.Archer,

I have spoken to Shaun and discussed your articles, posts & went through your latest comments on the day of our last RNS and from the horses mouth;

“He doesn’t know you guys & has never met you”

“He has no idea why your attacks have become so personal to him or the company”

But most importantly, in relation to your main theory, you don’t know what you’re talking about!

I’d suggest you call Shaun & he he’ll have no problem explaining the last point in detail.

It’s all well and good arriving in here and trying to spread FUD, it would have been quicker & less hassle for you to contact Shaun himself at any point in the last 3 months to ask the things you keep posting but we both know why you haven’t done so 😉

ML

Courtesy of Saracen on ADVFN.

“Empire presented to over 120 guests last night at the Shares Magazine Investor Evening”

ML

Hope this is going well and if anyone here did attend this evening, please let us know how it went if and when you have the time to do so.

Cheers

ML

Dusty,

Ageos has posted the most detailed & comprehensive post in the last 2 weeks for which everyone is grateful & was posting their thanks for his contribution along with associated queries & thoughts.

Within minutes of him posting you have started a thread with my name in it, in an effort to bury his post and yet again try to derail any momentum of educational posts.

Back on green box filter because you’re boring me now. No more replies to you because to do so is actually dragging me down to your level which is lower than a snakes belly, sorry your belly.

Bye

ML

Nice try Dusty,

I’ll post it again if you want me to?

I have never removed or deleted any posts I’ve made, not one but I’m absolutely certain you have reported my post or contacted LSE directly and had it removed given it outlined how much of a snake you are.

I applaud your efforts but it changes nothing, you have the respect of nobody.

Bye

ML

Not one other member of this board would ever even consider, let alone ask their wife to post disruptive messages on a BB. To even admit that you did this is embarrassing beyond belief.

Yet again, it just confirms what we all know.

Snake!

ML

27m 40s

Working in Oz isn’t hard, new environmental manager hired (C.Prichard formerly Newcrest) & she already taking to farmers & land owners.

26m 20s

Roadshow coming NON-FUND RAISING and looking forward to talking face to face and discussing Pitfield. Focussed on mineralogy & processing news updates so everything is going on that now.

Phenomenal update.

The doubters can say what they want, this is the best opportunity on AIM right now FACT!

ML

Having no shares in Empire and this interview hitting the airwaves must hurt, badly 😄

The confidence shown from Shaun here is outstanding. Ignore all the pathetic noise & stick to the facts below.

6m 12s

“So people who think Titanite is difficult to process, well clearly it isn’t”. That’s some statement from Shaun based on the fact the Titanite has been weathered into Rutile in top 40m.

7m 15s

Generally the average of Ti02 is 1%, we’re 5 times better at 5.5%, it’s extraordinary & it’s soil, so anyone saying otherwise is talking rubbish”

8m 30s

This thing is incredible, a fully integrated mine to final product operation and we will make it on-site.

10m 10s

We have a clear idea of what we can make. The chloride producers need feedstock, and they are scarce. Pitfield is the answer and we’re focussed on filling that niche with low cost, low energy consuming, low co2 product. Hard rock miners need to use high amounts of energy to offer the same product.

12m 10s

We couldn’t be better located, 150km from port, connected by rail with power, water & accommodation. We are very fortunate.

14m

The weathered cap is already ti02 mineral. How do we separate the valuable materials to the ones we don’t want? That’s where our focus is now. We are CONFIDENT that we have a processing route for the titanium bearing mineral. Once we’re there, we’ll take the concentrate through to a final product.

16m

Where would you rather be if you wanted a low cost world supplying producer for 150 years? We’re offering a big opportunity to shareholders & investors to join us. This is a disruptor, this is a game changer for the titanium industry.

18m 10s

We have £3.4m in the bank, we’re fully funded and this is not a rattle the can exercise. We have access to titanium industry experts or icons / gurus if you like. Ms. Marriott is going to add a lot of value to the process development route. She’s exceptional. The CSIRO have worked in the titanium focused industry for years and scientists are asking to work on this project because it’s a once in a life time opportunity never seen before.

20m 30s

We have focus, we as a company have grown, and clearly have the most extraordinary titanium project in the world.

22m

Several tasks running in parallel, one thing that can be accelerated with great confidence is the JORC compliant MRE. We can the directly compare Pitfield to other projects around the world. If you took the top 10 countries with titanium reserves (US Survey), they are combined not as big as Pitfield. We don’t compare to other mines, we compare to combined world reserves.

23m 30s

We will hopefully show the world that we can produce final product from fully integrated Pitfield project. At that point we don’t need any partners. We’re doing the work next 6-12 months and setting the bar higher & higher, delivering on our promises.