Member Info for restingpilgrim

I would have felt better if the placing was to a new set of shareholders rather than existing ones. We know that existing shareholders have confidence but as you say m1k382 they have been doing the rounds and it would be nice to see confidence coming in from elsewhere.

I believe the piloting will end with the final methods of producing product which we will agree with potential customers adapting the flow sheet as we go and also hopefully making improvements to the recovery rates . I believe we would then open a mine and processing plant at either Thomas ( most likely) and then Cosgrove as a second mine. Remember that Pitfield is vast and so it will not in my opinion be one mine but several across it as the ore is validated as suitable for commercial extraction. As the mine areas can be stripped and processed relatively cheaply the amount of ore being processed can be stepped up using cash flow rather than huge initial capital expenditure requiring a huge dilution of shareholders, We may also be able to get funding without resorting to share issues to raise capital if all looks good to the governments wanting a secure supply of Titanium. I also hope that an initial mine can possibly be opened in what is a fairly quick timescale compared to other operators especially as Pitfield is in a great area with existing infrastructure. This year will likely show how quickly Pitfield can be commercialised and I look ahead hopeful of a successful outcome.

Manlord I have looked back through it is an AGEOS post on 7th April regarding Platts says 360000 to 400000 as an initial production target

Manlord with regards the potential production figures one of the presentation links that was posted had a figure for expected production once things are up and running. I am sorry I cannot remember which one and I do not have a note of it. Off the top of my head it was between 300 and 400 thousand tonnes of product. which would make the 12mt of ore processing a possibility

Rustyrat1970 I also think that when the options are exercised it causes a tax liability which is why you often see options exercised and then most of the shares then sold as most people do not have the cash sitting around to pay the liability. I have not looked into it so DYOR.

I do not expect there is anything else in it other than the fact that SB may want to make the most of the options and is thus deferring them as he expects the price to be higher in a couple of years.

I also wonder when the bonuses that were allocated recently are getting paid as they were compensation for share options not allocated it could be that the bonus is not paid immediately but has been deferred.

Thank you very much AGEOS

The overview comes under the Operations section

PIGGYfarmer the 20 per cent is a figure from the Empire website. Under the overview there is a statement that Thomas and Cosgrove cover 20 per cent of the known mineralised footprint.

I would assume that although they say it is 40km x 8km not all of it is mineralised or mineable. For instance in the MRE they refer to areas that were nature reserves I think

I think a lot depends on what they believe is in the rest of Pitfield. If they believe there are other mineable resources then I do not see why they could not do a joint venture on on say Thomas or Thomas/Cosgrove which only represent around 20 per cent of the whole. They could then go on to do other work on the rest of the licence hopefully with more upside. I do not think it has to be just a take over a joint venture or go it alone.

Big Kahuna I personally believe that your numbers are too high and I also hope that by the time they need to raise it will be into 2026 and with a bit of luck alternative means will be available and if not the share price will be higher and thus the dilution would be less.

Even when it comes to opening a mine because it is a surface mine it will just be a case of stripping and then extracting the ore which as I said before the MRE suggests will be shovels and trucks. The flow chart will show the ore needs to be crushed and then processed to extract the TiO2 but even things like the acid can be recycled. I really do not believe there would be the need for huge capital expenditure that we see in other projects. Even if it is 100 to 200 million dollars that could only be a relatively small dilution by the time it is needed, Also when we see the sums being thrown at other projects by governments it would be silly for them not to target such a large project such as Pitfield. In fact I believe that if we had to raise funding on our own that that would be an ideal time to go for the ASX listing and thus provide the shares for trading on that exchange

Big Kahuna it has already been said that no pilot plant will be needed as they can use facilities that already exist in the area.

I would also point out that the company is valued at 270 million and so a 5 million raise would only be equal to around a 2 per cent dilution.

Golferboy they have very few staff so I would not see that burning cash too quickly total admin expenses were 2.2 million in the last accounts in the year to May. They have taken on a couple more staff but cash has only gone from around 7 million to a recent quote of just over 6 million and also I would expect some cash to come in from the exercise of warrants and options . They also get rebates with regards to the drilling expenditure and as they move forward to open the mine I expect them to switch to a different scheme which also helps. Shaun Bunn has discussed this in interviews.

I would imagine with the cost advantages and the proposed flow sheet that Empire have they would be better off doing a JV as I could not see the capital expenditure being that excessive relative to the expected turnover. In all honesty I would imagine that putting so much material in to the market the initial problem will be finding enough customers to take it hence the recent appointment of a marketing manager even though they are a way off from large scale production. The MRE says that the proposed extraction method will be shovels and trucks which could be leased to keep cash outlay down. It is significant that they also say that the pilot plant does not have to be built and they can use existing local infrastructure.

It is also that a third party is going to set up a facility to process Empire ore without some sort of long term supply

Just a waste of time trying to post anything constructive on this site. It just gets buried by green boxes and pointless posts

Rogb Shaun Bunn has spoken in past interviews about turning the TiO2 into "tickle" (TiCl4) and then shipping that product to buyers as well as dealing with the TiO2 users.. One would hope that if there is support and with the generations of mineable ore that a titanium sponge producer or even a titanium metal producer might build a plant of some kind near by especially if funding was available. This would again likely lead to a much cheaper cost of production and also a "greener" product due to a much lower carbon footprint especially with the hopeful energy source being from the Hydrogen plant being built nearby.

Also I see that you refer to Manlords profitability estimates which I had not seen, I have to say that as was pointed out to Manlord previously by Golferboy this was discussed on the day of the RNS about the MRE. The figures used by Manlord have a clear error in them with regards to the costs involved which in fact means that that they have a material error in them with regards the potential profit but the good news is his figures are too low.

Golferboy the MRE again it tells you why they are drilling more holes. There are several reasons one of which is to increase the resources included and also upgrade the indicated to measured but another reason is so that they can use it to decide where to put the infrastructure that will be needed. It will also help with the mine planning.

There is an awful lot of information in the MRE other than this is how much we calculate we have for starters

Davieboy144 they are due to release an updated MRE mid 2026 which is expected to include measured at Thomas.

I agree 5X5Croire I looked at the 641mt of ore area on Cosgrove and thought that allowing for 70 per cent extraction and 30 years of production that one mine could show around 3 billion a year gross profit on average using the 2500 dollars selling price. This would not even allowing for improved recovery rates or better product being used to get a better selling price over time.

I think Kahuna may be right in so far that the numbers could be too big for people to take in and so it does not reflect in the share price.

I remember some months ago Manlord posting a calculation trying to get a value for the ore in the ground based on the level of measured indicated and inferred, I think he was basing it on per tonne for the ore . Now we have an MRE of 113mt of TiO2 not ore but TiO2 and even allowing for a 70 per cent recovery say 79mt just in the top weathered zone (and plenty more to come) the company is valued at approx 5 dollars per tonne of the TiO2 when it has a low processing cost and a potential profit well in excess of a 1000 dollars per tonne.

Also said that an upgraded MRE is due to be published by mid 26 so it seems to me if people can hold on that over time the true value may be achieved. Each person must do what is best for them and their need but I for one really look forward to this getting "noticed" by key players who through their power can chase away the trolls and manipulators.

It is still shocking to me that this is back down into the low 40s . I know the commercialisation has to be shown but with the quantity and quality of the site I am shocked at such a low value is put on the current MRE especially as it could be doubled within 9 months and even then will only cover the surface area and less than 20 per cent of Pitfield

I have had a good look again through the MRE report today and there is a huge amount of information to digest within it. I have made a good few notes for my own purposes but I have no expertise. It will be great if AGEOS comes along with his analysis at some stage in the future .

This did stand out for me

“ It is important to note that the Maiden MRE presented herein is constrained by only the current number and density of drill holes and not currently by geology or extent of TiO2 mineralisation.

Additional resource development drilling is planned that is fully anticipated to both enlarge this maiden MRE but also provide for more higher confidence category tonnages, including both measured and indicated categories. This maiden MRE provides, without constraint, the basis for the preliminary engineering and economic studies that are underway.”

Also says that despite 380 holes drilled they think they have found the western edge of the mineralisation but not the Northern Southern or Eastern edges.

The MRE does not cover all of Thomas or Cosgrove. Further 10 square km of Cosgrove to be drilled as well as infill drilling to upgrade the current MRE. This MRE only deals with 2.9 square km of Cosgrove put of 20 square km. It also concentrates on the weathered zone.

This MRE deals with just 30 to 50 metres in depth and they have drilled much deeper holes, They have holes drilled of 200 metres which have an average of over 6% TiO2 from surface to the end of the hole.

When you look at the area in Thomas which they highlight as being a possible mining area which could last around 30 years the numbers are huge on their own let alone any increase in areas they could open.

Also thought it interesting that it talks about drilling done near Pitfield which showed copper present up to 1280ppm and a drill was even done on Pitfield which showed copper at lower levels all near "Baxters Mine" Some auger work on a 7km long strike area also showed copper and silver present.