Member Info for restingpilgrim

I thought this MRE was supposed to be launched with a big fanfare to highlight it. I know they have supposedly been at conferences and in Hong Kong but so far I have seen one interview when we would normally see several for a normal RNS release.

For long term holders this is just another day on our journey. I was expecting this to rise today on the RNS as it is another derisking of the project and also points to a huge future from my basic analysis. The report is very long and I urge people to read the whole RNS as there i an awful lot of information provided within it. I would not expect larger investors to suddenly show up and start buying as no doubt they will want to do their due diligence and number crunching before taking steps to invest.

I am still hopeful that as the numbers get crunched we will move up towards the billion dollar valuation we are hoping for by the year end.

I also expect more clarity to emerge during 2026 with a plan for production and funding hopefully heading towards mining beginning around 2028

Ondayrodders they actually give a sales figure of 2500 dollars a ton FOB they also give processing costs of 40 dollars per tonne and elsewhere it suggests a 70 per cent recovery rate. Taking a 5 per cent TiO2 this would be roughly 30 tonnes of ore to produce a tonne of TiO2 . There would be a 20 dollars freight cost to get the TiO2 to the port and also a 2.5 per cent royalty to pay on the selling price but it would indicate around a 50 per cent gross profit margin.

The numbers are huge and even if we value each of the 2.2 billion tonnes of ore at low dollars the numbers are huge. And that is only a small part of Pitfield.As I have said before a generational asset.

I expect this to get lost in the maelstrom but C'est La Vie.

Remember when options are bought they have to be paid for and also create a tax liability so often a number of shares will be sold to settle monies outstanding. Whoever did the option buy already likely has a far bigger tax liability than the current price would imply .

I am sure that people are losing the run of themselves . A lot of people were saying we had gone too far too quickly and now we are getting a correction to more realistic levels based on the current stage of development and no MRE IMHO.

At the end of the day we have given up our gains of last week which were substantial and why it is normal to feel wtf but when you look the share price was 52.50 pence at the end of August which was a decent run up during the previous Qtr from around 10p at the end of May.

It is hard if you only bought in recently but as others have said the share has had drops before I myself bought in first at 14p and watched as the share dropped to below 6p over the next year but I kept topping up when I could and averaged down.

The fundamentals have not changed and it looks to me that most days the buys are holding up well and market makers are like estate agents in that they only make money when a deal is done so they will do what they can to make deals happen. There was a period earlier in the year where there were good buys and the share price fell and some days where there where more sells and the price held up.

People need to do what is best for them if that means taking a profit then so be it but I like others have a longer term view and will hope to get to my target over next 2 to 3 years. I have more gamble than some people and to be honest if you do not have gamble in you AIM is probably not the place to be buying in the first place.

DYOR and go look at AGEOS and Manlords posting history read the RNS again and watch the interviews.

Get a Hobnob ( I can get a better biscuit now!) a cup of tea and relax

For anyone interested in what interests the directors have in the shares of the company you can find their holdings and also the amount of share options in the Directors' Report on page 6 of the December 2024 accounts. Page 47 Note 17 gives details of share options and warrants in place .The accounts are available on the company website under the Investors shareholder documents drop down

I am glad SPC32 is not doing the MRE !

Aimgainer I will let Cev correct your spelling but I will point out that your ownerships add up to more than 100 per cent

As per Degiro the director holdings are

Greg Kuenzel 3858578

Shaun Bun 2211111

Neil O Brien 2094444

Peter Damouni1309614

If I remember rightly Phil Brumit was given 2 million of share options as well

Rest assured that directors interests are in line with shareholders and this will not be sold off unless they view it as a very fair offer

Slappy Shaun Bunn has 2211111 shares not 100k I am not sure if this includes all share options . Do not rely on this site for share holdings

Slappyfpv

The directors hold shares in the low millions

Actually all of Chids wording could have been reduced to " He is not the Messiah he is a very naught boy"

whereas us "believers" say Always look on the bright side of life!

I for one just see this as part of the journey. We need to remember we are still in the early stages and have a little way to go before production even commences at Pitfield. Things are advancing quickly and indeed much quicker than normal for a mining prospect but there are still things to firm up before opening the mining area. I have been delighted with the way the share seemed to get recognition of what is in play but it has risen sharply in the last few weeks. We have had positive news but I was a little shocked at the prices being achieved after all most people were saying they were hoping for a pound by Christmas after the MRE and the way it was going it looked like we would exceed that before the MRE was even delivered. I myself hope to be in here for at least another 2 to 3 years minimum.

After sitting through the last 18 months getting plenty of "your investment has fallen 10%" notices I have not lost faith and used the drops to average down and put in as much as I could afford.

I remember Cev when he was saying 10 million shares were enough but he kept the faith and kept investing to where he has over 13 million shares and that is some swing he has had today! We are still ahead nicely this week and ahead a lot over the last month.

We have an excellent team at Empire and we have had some very good work put in by Manlord and Ageos explaining the potential here. No doubt there may be other days like today but I am sure that in the end we will get past the trolls and make the promised land

I agree with you Mankord the numbers are huge and I think a lot of psycology is involved when we try and calculate a potential value as we kind of say that is way to big so I must be very conservative and still the numbers are huge.

It will be good when we get the MRE and feasibility studies done. I am sure at that stage some institutions will crunch the numbers and use their AI programs and will pile in as they will not doubt the numbers

This is an interesting video with regards Rio Tinto Pilbarra which has a lot of automation

https://www.youtube.com/watch?v=IgeHOZHkAOU&ab_channel=SkyNewsAustralia

Well when I tried to do some rough calculations I used Tronox to compare and they make around 15 per cent net profit. I figured that Empire would be closer to 25% due to simpler and cheaper processing methods. I took the 3 billion and multiplied that by 25% to get a net profit of around 750 million dollars. I actually based my production estimate on 33.5 billion tonnes of ore being processed at 6% TiO2 and 80 per cent extraction rate .( I know that currently they are looking at 70 per cent but I expect them to improve upon that as time goes on) My estimated turnover was 3.05 billion dollars based on a conservative average selling price of final product at 1900 dollars a tonne. I did all this a few weeks ago. This is very similar to the 10 per cent of 30 billion that Manlord says they expect to do and I did not have that in mind when I calculated it

I did not do a P/E estimate but your figure of 6-8 seems low to me when they could scale up to higher production especially if they go on to develop Cosgrove and Thomas

These were just my rough calcs looking for instance at the Rio Tinto Pilbara which processes 43 billion tonnes a year from scratch

Doc83 where are you getting the Kenmare figure from. I took the figure from their latest set of accounts 159.6 million of product revenue and 47.2 million EBITDA as per their 6 months accounts

https://wp-kenmare-2024.s3.eu-west-2.amazonaws.com/media/2025/08/2025-08-20-KMR-H1-2025-Results-announcement-1.pdf

Hi Doc83 the recent accounts from Kenmare to end of June show a margin of 30% EBITDA on around 160 million dollars of turnover. I believe that we will have a higher margin final product and do not believe our extraction costs will be higher

The good thing about the recent rises is that they are backed by decent trading volumes

Thank you Manlord for the update. I am sure we appreciate the effort from both yourself as well as Shaun and Arabella to keep us updated.