Member Info for restingpilgrim

Thank you for your reply AGEOS it is much appreciated

I have a question which I hope Ageos may be able to answer if this post does not disappear down the list before he sees it.

In the Crux video he speaks of a possible useful by product at around 29 minutes in and it occurred to me that this may be some sort of clay based product ( I have mentioned Kaolin before) as I have looked up some stuff on sandstone on the web.

The reason I ask is that if we process a billion tonnes of the ore for example and it is around 6% TiO2 and we are getting 67% out that would be around 4% or 40 million tonnes and thus there would be around 960 million tonnes left. I wondered if it contains some sort of clay by product even if it is of low value per tonne it could still be a significant income stream.

I know Sean later said some sort of metal in the video but from other reports he has said that there is very little deleterious material to be extracted.

I also note that he said they were looking at process flows in the testing that may be tweaked to be more beneficial.

Sorry to be a pain, You have provided us with some very useful and clear information which is much appreciated.

Do not worry Manlord I found it on the Empire website . It is just a few thousand

Manlord do you have any idea of what the trading is like on the OTC in the US I see the price is around 74 cents as per the Empire site

I suggest if anyone is in doubt about the availability of funding to actually opening the mine after the feasibility studies are complete and worry about dilution have a look at another Tungsten play which has released an RNS today. Tungsten West has had a a letter of interest from the US offering up to 95 million dollars of funding, That company only has a market cap of just over 20 million pounds and is looking to reopen a mine in Devon.

I am sur that Empire will be able to get funding without a big increase in share capital especially looking at the jurisdiction and the size of Pitfield

Another exceptional RNS which should allow those looking to sell at 50p to get out today.

I will hold on to mine

Skint Architect I think the main by product will be Kaolin though there may also be something else they can extract and sell from the gangue . Pretty sure it is not copper as no mention has ever been made of it in this ore

I would also point out that the Thomas prospect area was not 0.3km that was just the area that was drilled at 100 metre intervals and thus the area most likely to be suitable for a measured estimate. The area of Thomas to be prospected did though increase from around 11 to 13 square km

MrBB I believe that they still think there is copper there and it is more towards the Northern end of the system. Shaun mentioned this in an interview I saw on Youtube . Obviously with the discovery of these huge titanium deposits they are concentrating on commercialising those at present.

There are also other licences that they hold which will have to be explored to see if they hold anything worthwhile

Thank you for taking the time to explain things in detail AGEOS

@cevodniya

Dom Perignon and lobster for lunch today ?

To me the thing that stood out was that the over 6 per cent exceeds the previous 4.8 to 5.9 per cent in the ore and it extends over a greater area as well to what was previously estimated. We also have a huge 3.6km central area which I am sure will be the target for the first mining

Hoping for Foinavon and a hundred bagger myself @shepdave

Considering the recent drilling programme for the MRE produced over 5000 samples to be tested and the drilling was only finished at the end of June do we still expect to see the results of this in August or will it extend into September.

I see the February drilling results were only reported at the end of April and that was 1148 samples surely there is a limit to the amount of samples the lab can process in a day

I think it just the market makers doing their thing because buying has been fairly solid and there has been no recent news as we await the results of various testing and also the MRE. Then today there were a lot of unknown trades including Cevs buy but if you look at the share trades a large deal of 650k shares went through at around 12.43 which I assume was a buy and maybe put a bit of a halt to the slide.

I know this is Rio Tinto who have a lot more resources than Empire but it just goes to show what a good country Australia is for a mining company,

This is an Iron ore mine but it went from zero to 43 million tonnes production in a year using a lot of autonomous equipment.

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

leisurely the valuation would normally be done on a shorter time frame ahead based on how much profit is expected over next few years. you would only produce enough to keep a balance between supply and price to be achieved. this is why shaun refers to enough supply for150 years. hopefully thsi will mean that there would be dividend income to be achieved for a few generations of your family . for example if thomas and cosgrove were to have a proven resource of 2.5 billion tonnes of ore in the weathered cap. over 150 years that would mean around 16.67 million tonnes of ore a year on average but it would also mean that there is also be a lot more underneath the weathered cap as we know it goes down for at least 400 metres as the drill holes have found. to be honest if this is not taken over you could have generations well into the future thanking you for buying and holding these shares.

valuations could be attempted based on the amount of profit expected per tonne of ore in the ground and discounting it as manlord has kind of tried in the past if you do that the numbers get very big very quickly and they do not even take account of the whole of pitfield. you would need to take a kind of gross profit and deduct all manner of costs and do a sort of discounted cash flow as well. it will take some smarter minds to get stuck in to this who have vastly superior programs than we can afford but i have no doubt once the big funds/miners do the calculations they will be rushing to buy shares and we will see a price many multiples of the current price.

for instance even a back of a *** packet calculation of a proven resource at 2.5 billion tonnes of ore and then say 3 dollars a tonnes basic value would give 7.5 billion dollars and that could mean a share price 25 times the current one.

it will be a while before we get to a proven resource but the mre expected soon is the first step along the way

Having had a look more into our new hires it is interesting that they have recruited someone with Tronox experience, This is because Tronox is a miner that feeds the ore through its own systems to produce TiO2 . This seems to be the plan at Empire as well and I think that Empire will be able to do it on a more cost efficient basis than Tronox because their main ore source is Ilmenite which they have to smelt to extract the product as well as ship the ore to the smelting plants whereas I believe that Empire will do the processing nearby, Despite this Tronox seems to do it with decent margins.

I am sure that not only will we have a huge amount of ore but we should be able to make a very decent return from processing it,. I have run some numbers trying to rough guess what could be made and the potential numbers are huge but I have no expert knowledge so could be a long way out.

I am really looking forward to the MRE and to progress over the next year where the number crunchers will be able to come up with some realistic numbers ( I have no doubt there will looks of shock and plenty of double checking going on).

Hopefully the recent drill holes back up a good TiO2 content as well as a good MRE number to be followed by funding potential. The better the news and the higher the share price will mean less dilution needed for existing holders as well as potential government backing.

It would be good to be looking at having two mines open at Thomas and Cosgrove in a few years whilst knowing they still only represent a small percentage of the Pitfield area

Kenmare sells the ore to customers who process it. I believe that Empire will extract far more value as the plan is to produce a TiO2 product so its is no where near its max value. Also Pitfield is likely to have many times the amount of Titanium in it than Moma as not only is there more tonnage (fingers crossed) the ilmenite at Moma is between 3 and 5 per cent titanium

These are just my opinions DYOR

Manlord I watched them again as well and I noted that Shaun Bunn said in one that some holes had been drilled as far as 400 metres deep and were still showing mineralisation do you think that will be reflected in the MRE