Member Info for McShooter

This is a massive maiden resource for Pitfield :

2.2B tonnes @ 5.1% TiO₂ (113Mt contained)

High purity 99.25% TiO₂ product already proven

Simple mining — near surface, no blasting

Only 20% of the mineralised area drilled so far

Pitfield is a world-class titanium discovery. Pilot processing + commercial studies early next year.

Expect fireworks on the SP

I think MRE expectations need to be within the scale they have mentioned from 9th July announcement and this only being for MB01-S.

In the 9 July 2025 RNS, they announced a maiden JORC Exploration Target for the Mbe Project of 33–44 Mt at 0.77–0.95 g/t Au, equivalent to 0.82–1.34 million ounces of contained gold.

That figure covers both MB01-N and MB01-S, and was explicitly described as an Exploration Target — not a Mineral Resource Estimate (MRE).

Subsequent updates and interviews through September 2025 confirmed that:

1. The MRE now being prepared relates only to MB01-S

2. MB01-S represents around 60% of the total exploration target area and ounces.

3. The company expects a high conversion rate from the target to the resource but within that southern zone only.

Therefore, given these constraints, and using reasonable conversion assumptions from the exploration target to a JORC-compliant resource, the most realistic outcome for the maiden MRE at MB01-S is probably in the range of 0.4–0.6 million ounces of gold.

Always hoping more though

The base-case MRE (~500 koz attributable) would nearly triple the market cap from £12.7m → £34–35m, implying a share price around 0.9p — still below the peer-average EV/oz multiple used by Greenwood.

The bull-case (1Moz+ attributable) would value ORR at £56–78m (1.5–2.1p/share), which is 4–6× higher than current levels.

Even the conservative outcome (250 koz) could justify ~0.6p/share.

This MRE is imminent, rerate incoming

Couldn’t go last night but from this presentation and the latest interview with Clare Bay on Proactive, it’s evident Oriole is entering a pivotal growth phase. The maiden JORC MRE for MB01-S at Mbe, expected in Q4 2025, will initially cover only MB01-S, with a likely range of 0.8–1.3 million ounces of gold at 0.77–0.95 g/t Au. Mineralisation extends over ~500m strike by 550m width and remains open, highlighting the strong potential for future expansion into other zones.

Meanwhile, the Bibemi project continues to advance, with a 23% increase in its MRE and permitting progressing, providing a near-term development asset.

The key milestone for any newbies is the MB01-S MRE finalisation coming very soon from Forge International. This MRE is the crucial foundation and clear visibility of tangible resources plus leaving significant upside for the wider Mbe system.

Imagine if this actually takes off and they’ve got a top seller on their hands? Forget a little price bump, this thing could rocket. We’re talking a stock that goes from extinct fossil to apex predator on the market overnight !

Looking at their recent messages ….

Empire’s Sept 4 interim results confirmed the maiden MRE is ‘on track for release in the coming weeks’, with Shaun adding it is ‘on the cusp of delivery.’ A subsequent Sept update reiterated it remains ‘on track for October 2025’ while repeating the ‘coming weeks’ guidance. Multiple interviews through mid-September reinforced October as the target. The combination of phrases — ‘on the cusp,’ ‘coming weeks,’ and a stated October window — indicates the announcement could be released at any time, including as early as tomorrow. Maybe not but be prepared as any day soon.

With big shareholders locking up 35% of the stock for 6 months, it probably means a serious outfit is circling as a partner, and they want stability before doing a deal imho.

Fair point — patience has got us this far, but now isn’t the moment to switch off. The MRE is due in October, possibly next week, and could be the value-defining catalyst for Pitfield. With a globally significant titanium system of this scale and uniqueness, Empire is providing exactly the kind of story that can re-rate very fast when the numbers land.

Not long now all

Brilliant- Getting into the FTSE AIM 100 is huge for Empire — it puts us on the radar of big investors, makes the stock more liquid, and shows just how serious Pitfield could be. FTSE AIM 100 means Empire’s in the top tier now. More investors, more credibility — exactly what you want before building a world-class mine. Nicely in time for the MRE !

Oriole is in a stronger place than some give credit for:

• Mbe (Cameroon): Maiden drilling already hit both wide mineralised zones and bonanza grades. A maiden JORC MRE for Mbe-S only (≈60% of the 0.82–1.34Moz Exploration Target) is due early Q4 – just the first step in what looks like a much bigger system.

• Bibemi: Resource upgraded by 23% to 460koz Au (100koz in Indicated). Metallurgy shows ~85% recoveries and the Exploitation Licence Application is advancing, with the ESIA compliance certificate already in hand.

• Senala (Senegal): Exploration Target expanded to up to 650koz Au, in addition to the existing 155koz MRE. JV with Managem close to finalisation – they’re footing the bill for the next phase.

• Wapouzé: Licence renewed and pivoted to limestone with real commercial potential in Cameroon’s cement industry – could deliver non-gold income.

• Legacy upside: Turkish royalty (Muratdere) still live, with permits progressing.

And don’t forget – gold is over $3,700/oz. With multiple assets moving forward, Oriole isn’t a one-trick pony. The Q4 Mbe-S MRE is just the start

For the September 2025 review, the changes were announced on Wednesday, 3 September 2025, and were implemented at the close of business on Friday, 19 September 2025, taking effect from the start of trading on Monday, 22 September 2025. EEE not included this time.

However with our current market cap and post MRE, looks definite for December.

The MRE is due in Q4, so what do we expect?

Answer - Shaun and Empire’s public interviews/updates repeatedly stress to us that the company expects a “globally significant” maiden resource.

We have been told. Take stock, literally !

Interesting you’re saying you’re out now, Gus. Just curious – if you really held 32m shares before, as stated on 5 September, why sell the whole lot after all the previous positive comments? Feels a bit like creating a self-fulfilling prophecy… talking up the negatives while exiting completely. Would be good to understand the reasoning behind that switch

Key Highlights from Shaun’s Interview

1. Strategic Appointment- Michael Tamlin joins as Marketing Manager, bringing over 30 years of experience in commodities marketing. Bunn emphasized that this move is a “critical step” as the company shifts focus toward identifying potential markets and tailoring product development accordingly. 

2. Partnership with TiPMC - Empire Metals has extended its partnership with TiPMC, a U.S.-based titanium consultancy. Bunn described the partnership as providing “almost surgical precision” in understanding titanium markets. 

3. Upcoming Mineral Resource Estimate (MRE) - SB confirmed that the MRE is expected to be released in a few weeks, October 2025

He also said the recent share price drop wasn’t due to anything operational or financial: “there has been no material change to its operational or financial position” and that the Pitfield project is “on track” with its workstreams

So Michael Tamlin is the new Marketing Manager 🎉 — a metallurgist with 30+ years in critical minerals. He’s achieved major successes like leading the commercialisation of lithium hydroxide production tech at Neometals, guiding strategy at Galaxy Resources and Talison Minerals, and driving global partnerships across the metals sector. Now he’s set to apply that expertise to the Pitfield Titanium Project, strengthening product strategy and end-user engagement. With his proven track record and Empire’s partnership with TiPMC Consulting, this is a great appointment imho

Nothing major in Bunn/Kuenzel history—no scandals or legal issues. Management is experienced, and Empire is making solid progress at Pitfield. Maiden MRE is imminent, high‑purity TiO₂ results look great, funding is in place, and SP has been trending positive. Plus, the recent Director share purchase shows confidence—if there were serious issues, why would they be buying?

As the MRE ticks closer, titanium prices globally have been under upward pressure: strong demand from aerospace, automotive, and chemical sectors; constrained supply in certain regions; rising production and energy costs; and geopolitical and regulatory factors are all contributing to a rising price trend. Taken together, if the MRE confirms our basic expectations and this titanium demand continues, Empire Metals could see its valuation increasingly reflect its underlying asset potential. Good luck all !

Markets can move sharply, and today’s dip in Empire Metals is a reminder of how misleading short-term swings can be. A sudden fall doesn’t always reflect the true value or long-term direction of a company; more often, it reflects emotion, short-term speculation, or tactical trading by others.

The moral is simple: don’t be shaken out by noise. Those who sell in panic often hand their position to patient buyers who see through the volatility. Real value isn’t decided in a single trading session, and discipline matters more than reacting to fear.

Next time you see a sharp drop, remember: look at the facts, the fundamentals, and your own strategy — not just the day’s price chart

They recently raised £4.5m (May 2025), giving them a cash balance of about £6.3m (end June 2025). Their annual burn is around £4m, and they’ve got no debt. That gives them roughly ~19 months runway at current spend, so they’re well-funded for the near term. Stay calm and remember what we have here

Claire confirmed that Forge’s consultant has already been on site in August doing all the necessary checks for the MRE. The results from the last 4 holes are expected later this month, and that she believes the maiden resource will show a much larger scale than first thought, thanks to the high-grade results coming through. That interview was 2 weeks ago with the presentation on October 2. Hopefully champagne with the Canapés