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What i meant by that is EEE have a high grade, huge volume, close to surface Ti deposit and it seems that Cobra have something here that could be large and transformational.

Thanks Chaos and seems to be where EEE was sometime ago and looking to have a replicated situation.

Is there any timeline around MRE for Boland?

Interested in reasons for keeping this one Chaos and do you have an exit point?

Well said quite frankly and starting to wonder whether to come back and look at things in 6 months time as at what stage does this start reflecting the POG and the fundamentals like other gold producers on the london market?

Totally get that Jerry but the point of the post was a ballpark valuation with conservative numbers using EBITDA or FCF and why 12 was fair

Exactly my point and i think the PR on this company is poor and even the RNS today was not what i would expect from a company on the verge of being a multi bagger! Have a look at the results announcement from Empire metals to get a gist of what i mean. They have not responded to my email questions and no even acknowledgement of receipt.

Agree Tim or they are buying for a large player ready to pounce!

It is as it has now capped the price of Ithaca as at any time without any fan fare they can sell a 50m/100m tranche of shares at 10% discount the market. Bottom line is that this share is now capped and will just continue to be a double digit yield stock!

You would not think that GGP was second though!!

I do think if anyone follows Empire metals the Shaun MD of that company certainly knows how to PR that company and i would suggest our Shaun at GGP could learn a little from them. Both based in Perth!

Hi IV - I would suggest that 7 x multiple is a bit light compared with northern star which is 27bn market cap AUD and 2.2bn AUD EBITDA so circa 12 and why i used 12. Also on the UK market most producers are 20+ for PE.

I see an after market announcement of reduction in holding by bakers steel!

Considering the FS was done at $400 and what i would have thought was an excessive discount at 7.5% we are looking good for a material uplift in the FS and earnings going forward. Question as someone else stated is this will happen but it is a case of when. If anyone has watched the meteoric rise of empire metals that have gone from 10p to 71p today in the space of 4-5 months. I do wonder whether Tungsten will do the same thing once the funding is fully realised OR an offtake partner is announced. Any thoughts?

Hi Valuation - are you able to post that again - how many further shares are to be issued as i cannot find that.

Not sure they will have to do an equity raise for the funding and the LOI seemed to indicate that there was no subscription of shares attached.

One of the key development positive problems that Empire have is that the ore is close to surface even though it does go down so therefore costs to extract will be significantly less than an open pit miner initially.

I dont think funding will be an issue as will be surprised if we still own it with a large player eg BHP, Rio Tinto (although they are thinking of offloading Titanium assets currently) will buy the JV companies.

Until the MRE which will give not only quantities but i would hope based on the comment of a "big noise" on the announcement we will get pricing and valuations in ground etc.

One statement shaun made in one of the videos was developing the Ti product for the end user so effectively making full margin with no middle man which is what happens with the iron ore currently that gets shipped from oz to china for refining and then onsold by the chinese around the world.

For what it is worth if people like mining stocks keep an eye on an australian stock called West Coast Silver but interestingly they have a JV partner called Alien metals who have a free carry of 30% like the company with Empire. The interesting point i heard was keep an eye on latest lot of drilling as it was mentioned to me that it could be a silver deposit matching Bowdens or the large mexican deposits. The grades though when this mine closed in 2000 were 70 ozs to the tonne - yep you heard it right - they mined 1.2m ozs for 16000 tonnes of dirt and insane numbers and only 40km from Karattha up northern WA. Very speculative but worth a look for anyone interested.

300,000 ozs per year for 2026 calendar year

AISC 2600 aud per oz mid range on guidance

5000 aud per oz sale price - conservative

PE 12 and to keep it simple on FCF pre tax as all the above is conservative

Margin of 2400 per oz X 300,000 = FCF of 720m AUD * 12 = 8.64bn AUD / 670m shares = 12.89 aud / 2.06 conversion to GBP = £6.25 per share.

So 12 months on for that and hopefully we are doing 350-400k oz per year and then in 2028 calendar year we are above the 400k oz per year. Just so much to look forward too and catalysts over the course of next 3 years to see a price well above £10 especially if gold can hold that 5000 aud mark which currently we are over $400 more than!

Thanks Manlord - comment i had on the phone this morning is that if the deposit is proven to be as big as it is, the % content that high as stated and without the impurities that come with normal TiO deposits then this will be taken out!

Quepensa - in many ways i agree but the greedy side of me has done well on a couple other shares this week and has been selling them down and topping up here even more. I keep crunching numbers at 5000AUD an oz and 2500 ASIC with a PE 12 and i am still seeing a multiple from where we are today and those are conservative numbers as we all know. Even the PE is conservative!!! So at some stage the re-rating will happen and am hoping this year but at the latest it will be by Q1 next year when we get confirmation that Telfer is a 5-10 year more mine life. So all i can hope for is we see the gold price either hold steady above 3500usd OR keep climbing.

Thank you Spades and takes a stronger man to write a message like that. Due respect to you!

Lets hope that our day in the sun comes like Hochshild and Fresnillo as bizarrely Hochschild has had 2 shocking RNSs compared to our change of guidance and it is still rocking upwards!

Hi Manlord - thanks for your efforts but can i ask do you have a price point you are aiming for OR through your discussions with the company what you think the market cap could ultimately get too? I know that is difficult as there will be dilution of shares in due course and we also only own 70% but just be interested in whether you have a price in your mind. thanks again