Member Info for McShooter

The discovery rate here is holding up really well at MB01-S and today’s results reinforce the potential for MB01-S to comfortably exceed 1Moz in the upcoming updated MRE.

Catalysts are lined up, not long to wait for the final holes and the Q3 resource statement. Very positive !

Big big step forward here — it’s not just high grades anymore, they’re now hitting them consistently across a wide area and from surface, which really strengthens the scale and credibility of this whole project.

Jeez that 112 g/t spike is huge, but more importantly the drilling is starting to show a proper system with continuity. Feels like it’s moving from “interesting explorer” to something that could actually turn into a real resource.

Add in the fact they’ve got more results coming and cash to keep drilling, and it looks like they’re genuinely de-risking it step by step rather than just hype drilling. Noice !

Yep and not the first time the board are doing this. Going back recently we’ve seen….

* 18 Dec 2025 – Robert Smeeton

* Bed & ISA (millions of shares, ~0.28p)

* 18 Dec 2025 – Claire Bay

* Bed & ISA (millions of shares, ~0.28p)

* 18 Dec 2025 – Multiple directors (same announcement)

* Bed & ISA transactions as part of ISA rebalancing

* Mid-Mar 2026 – Eileen Carr

* Sold 2,200,000 shares @ 0.30p

* Bought 2,200,000 shares @ 0.30p into ISA

* Mid-Mar 2026 – Claire Bay

* Sold 967,742 shares @ 0.31p

* Bought ~965,500 shares @ 0.31p into ISA

* 21 Apr 2026 – Eileen Carr

* Sold 1,500,000 shares @ 0.34p

* Bought 1,500,000 shares @ 0.342p into ISA

Quality RNS - the company has now proven there’s a large, high-quality titanium deposit right near the surface, rather than just hoping it’s there. The grades are strong, the mineralised zones are thick, and it shows up consistently across multiple drill holes, which all points to something that could be mined efficiently and profitably. Because it’s so shallow, it would likely be cheaper and easier to extract, and the high-quality data they’ve collected means they can now move closer to actually developing a mine. On top of that, they’re already funding a much bigger drilling programme, which suggests confidence that this could grow into a significantly valuable resource rather than just a small find.

ORR – MB01-N finished strong !!!!

Last hole delivered the standout:

• 56m @ ~1 g/t from near surface

• incl 14.6m @ 2 g/t

• incl 2m @ 3.1 g/t

Also hit:

• 21m @ 1.22 g/t

• 9m @ 0.87 g/t

System now proven over 700m strike and still open. Importantly the gold starts very shallow, which suits open-pit style mining.

JORC expectations?

MB01-N exploration target was 370k–605k oz and these results pretty much support that range.

Most realistic expectation is now about a 400k–600k oz maiden JORC. Add that to MB01-S (870k oz) and Mbe should quickly look like 1.3–1.5Moz project !!

Next up:

• MB01-N JORC in Q2

• 2,500m drilling at MB01-S to grow that resource further.

Things that stands out in this drilling:

1️⃣ Much thicker mineralised envelope

That 56m zone is wider than most of the MB01-S intercepts.

2️⃣ Gold right from surface

Several holes start mineralisation almost immediately, which suggests the system could bulk out upward.

3️⃣ Structure looks larger

They’ve already confirmed 700m strike and it’s still open, and MB01-N sits along the same mineralised corridor as MB01-S.

4️⃣ Vein style

The sulphide-telluride veinlets in sheared dykes often form large, stacked systems, not just narrow veins.

In simple terms:

MB01-S might end up being the starter resource, while MB01-N could grow into the bigger bulk-tonnage zone.

So undervalued here !!

Yep that wasted 30 seconds this morning !

Reminder - we are building a world class asset.

- Ongoing drilling results confirming scale and grade

- Regular assay updates from new holes

- Metallurgical testwork results (process optimisation)

- Updated / expanded Mineral Resource Estimate

- Pilot-scale titanium product validation

- Scoping study initiation

- Early feasibility study progress

- Environmental and permitting updates in Western Australia

- Potential strategic partnerships or offtake discussions

That’s the pathway: prove size, prove processing, prove economics, attract partners, Boom 💥

I agree — and recent updates from Oriole Resources make this even more compelling.

JORC upgrade incoming, drilling continuing in Q2, ESIA already approved, and the Exploitation Licence expected this quarter — that’s a major de-risking sequence. The PEA AISC around $1,200 looks very strong at current gold prices, and milestone payments from BCM International should further strengthen the balance sheet.

At ~$15–20 per in-ground ounce, the valuation gap versus peers like KEFI Gold and Copper and Orosur Mining is hard to ignore.

If they execute, the rerate potential is obvious.

Of course EEE isn’t producing yet, so the story and investor confidence are everything right now. Being part of a government-backed North America critical minerals mission — presenting at PDAC and meeting US investors — does a few important things:

• Raises Empire’s profile with the right money and potential partners.

• Positions Pitfield as part of the US–Australia supply chain push — a big strategic theme given global tensions like in Iran.

• Makes EEE more likely to attract funding or offtake interest, which they need to move toward production.

This isn’t about selling metal today — it’s about building credibility and investor interest ahead of production, which is exactly what any developing miner needs.

Overall, the tone’s positive: BSF’s tech IP is now being commercialised in real products, with tangible market traction and a roadmap for future growth.

He specifically mentions lab-grown leather as a great strategic opportunity, calling out its cruelty-free nature, lower water use, more consistency and the potential to create materials animal leather simply can’t match. 

They’ve finished the 3,000m maiden programme at MB01-N on schedule, and the early holes look solid, with some genuinely strong multi-gram intercepts. That supports the idea that MB01-N should convert from an Exploration Target into a proper JORC resource, which is the key value unlock here.

BCM has now officially earned its 50%, so the earn-in conditions are met and the project funding risk at Mbe is reduced. Six holes are still to come, but once those land they’ll move straight into a maiden resource estimate for MB01-N, which could add meaningful ounces to the existing 870koz at MB01-S.

Plus, step-out drilling at MB01-S is already fully funded for Q2.

So overall — operationally on track, partner locked in, resource growth coming. Now it’s about how big MB01-N actually comes out once the resource is published.

This sp is ridiculously low for what they have.

The 10 hole drill at Thomas is due in Q1 so not long.

Todays news means we are entering a high-impact news phase. The largest, fully funded drill programme at Pitfield is underway, targeting both resource growth and higher-confidence Measured & Indicated tonnes — exactly what us and the market wants to see next. Drilling finishes by mid-April, assays and updates follow, and an upgraded MRE is expected in Q3 2026, creating a clear pipeline of catalysts. With only 20% of the system drilled so far, the upside from expansion at Cosgrove and confidence upgrades at Thomas is a key update. This is the transition window where exploration success converts into development credibility and that’s typically when re-rating momentum builds.

This is globally significant titanium, yes still early, but massively undervalued imho.

Another box ticked. MB01-N keeps delivering, the system is bigger and still open, and the maiden JORC is closer. This supports Mbe shaping up as a scalable gold district. This is so undervalued !!

for anyone that didn’t see, claire bay’s 27/1 ************* interview is a must-watch, she again highlights the strong, continuous gold mineralisation, confirms five holes still to report, and outlines how the programme is building toward a maiden resource. she also flags the potential for mb01 north to rival mb01 south and touches on step-out drilling plans. full interview is on the ************* website, not youtube.

Yep my $13/oz valuation is deliberately conservative, based on Oriole’s attributable, post-farm-out resources (1.23 Moz). That’s the portion we can call “banked” today.

The additional exploration targets and speculative upside are not yet guaranteed. Once drilled and confirmed (which they will imo), they should easily push the value much higher, meaning my current number already underscores tangible value while leaving significant upside on the table.

Hey GG - yep my $13/oz valuation is based on Oriole’s 100% share of the current 1.33 Moz JORC resource and does not reflect farm-outs. Adjusting for the 50% MBE farm-out, likely 0.5 Moz at MB01‑N, and 40% of 155 k oz in Senegal, Oriole’s attributable resource is still ~1.23 Moz. This represents tangible, banked assets, while the fully speculative upside—from 100% CLP projects and step-out drilling—could add significant additional value, potentially millions of ounces.

1.33m is the 870k at MBE-S and 460k at Bibemi

At the current SP, the market cap is only about £17m after warrant dilution. That values its existing 1.33Moz JORC resources at £13/oz, before any value for MB01-North, where our drilling has delivered strong grades and a 370–605koz exploration target with a maiden resource due soon. Even conservative peer comparisons imply a materially higher valuation that must see a re rate here.

Empire has now de-risked Pitfield from a processing and product standpoint. This is a major step toward commercial status.

• High-grade concentrate: >34% TiO₂

• Strong recovery: ~70% overall

• Simpler flowsheet: lower capex and opex

The new low-temperature acid leach route is a potential game changer, offering lower energy, simpler equipment, and better economics.

Empire also now has multiple product pathways — pigment, TiCl₄ and titanium metal feedstock — making Pitfield strategically valuable to major industrial players.

With pilot testing, engineering and a Scoping Study now underway, Empire enters a news-driven re-rating phase.

Bottom line: Pitfield is moving from concept to commercial reality — and the current share price does not yet reflect this progress.

Key points:

“16.10m at 2.49g/t Au from 152.40m

including 1.00m at 28.60g/t Au“

“along strike continuation”

“confirmed to at least 160m vertical depth”