Member Info for Prospector

The next important update will be the petrography and mineralogy results, but this time for the high grade weathered cap. This information is due very soon and will confirm exactly what we have in the top 30-40m.

Oldslow, they won't be dealing with anything below the weathered cap (top 30-40m) for many years - only when the rutile/anatase bearing ore is exhausted, so may as well forget about that for now. Particle size is important as well as opacity and light absorption, but there are many industry applications for all kinds of properties. The next analytical document will provide confirmation of what we actually have.

ART, don't forget about the results of lab testing to separate rutile/anatase from gang materials and measure the proportions/purity of the remainder. Then after that, further purification with various acids, etc. Shaun said in the Zaks Traders interview that he expects some news from that over the coming weeks and months.

Zaks Traders Cafe...

https://zakstraderscafe.com/interview-shaun-bunn-managing-director-empire-metals-3/9617/

Zaks Traders Cafe...

https://zakstraderscafe.com/interview-shaun-bunn-managing-director-empire-metals-3/9617/

It might, but a lot of this depends on government funding for the pilot and a JV would be the last option. It would be silly to go into a JV at this stage and when they could get full government funding because they would have to give away too much equity - it would be a bad business strategy given the nature of the project. For example, they don't need to do hundreds of expensive and deep diamond holes like some other types of projects. I don't think serious investors would look at it like you suggest, only short term ones trying to get a quick return perhaps.

Puzzler.

The benefit of having a JV partner is usually that they also bring necessary expertise and resources to the development, but may want a large percentage (look at GGP 70%). In Empire's case however, SB is confident that they already have that incl. in-house experts, government and University scientists. So, it is probably better at this stage to get as many investors on board as possible without giving away control. Later this year or early next year when the pilot plant design is advanced enough, the need for government funding, other funding, or equity /JV (or a combination) will be the focus.

The roadshow is aimed at attracting large investors to participate in the journey.

I saw an interview recently where Shaun said he would keep the market updated during this process, and from the snippet below, it looks like each separate stage in the overall process flow will be evaluated. I am expecting multiple mineralogy and metallurgical reports over the next 6 months or so.

From the latest RNS.

"Mineralogical and metallurgical studies are underway on bulk metallurgical samples, collected from the diamond core recovered from DD23TOM001 and DD24COS002. The bulk samples are representative of the fresh bedded sandstone hosted mineralisation and the near-surface, strongly weathered zone of mineralisation. This testwork programme will include ore characterisation as well as testing of various unit processes for mineral separation and titanium extraction from the minerals."

We will find out soon enough because this information must be known before the simpler processing plan is published.

Investors still remain unsure about the commercial value of titanite, so if around half of the TIO2 (avg. 5% of mass) in the top 10m is rutile or anatase, then its a hell of a lot - so there's approx. 4.5 billion tons of TIO2 bearing mass at over 5% TIO2 in the top 30-40m. It's not that there is anything wrong with titanite, but the route to proving commercial value is a bit complicated.

The resource estimate is based on TIO2 content, not rutile/anatase content.

The key to this resource estimate is a definitive confirmation that the weathered cap does actually contain the expected amounts of rutile and anatase, and that could come in the next few weeks or sooner.

Yes well, the following statement from the RNS indicates that the finding is not confirmed or certain, and so many will wait until the final results:

"Preliminary mineralogical assessment of the strongly weathered mineralised sandstones indicates an abundance of these natural titanium dioxide minerals, comprising around half of all titanium minerals present by mass, and ongoing studies will provide a more comprehensive understanding of the mineral assemblage, including the relative proportions of rutile and anatase.".

I believe proof that we have rutile and anatase in workable proportions will be a key catalyst as will the extraction process economics. It's sitting right at surface in a non-refractory material, so I don't see difficulties extracting it. Both rutile and anatase are in demand BTW.

The discovery of titanium dioxide (rutile/anatase) in the top 40m of both target areas came only 3 weeks after higher grades were logged. Lab analysis is on going, so expect more details to drop shortly.

Riceyboy84, when all investors expectations have been proved the share price will have already quadrupled.

The expenditure for the last financial year was £2.8 million, which covered 2 drill campaigns at Pitfield and various other activities. This year, there was 1 drill campaign and the addition of a number of staff. The cash should be enough until the end of the year, but the intention by SB is to get government funding before that since the pilot plant plan should be well advanced by then. There is also an effort to gain cornerstone investors in the company and that will get easier as the metallurgical and mineralogical studies provide more details. Either way, if a placing is needed for some reason, the dilution will not be much.

Something else that should be noted is the transparent nature of EEE's communications. For example, how many AIM companies publish their current cash position? We have 3.43 million cash as of 7th June.