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The only other thing I would point out Manlord is that I believe that your 1.1 billion is maybe low as the area drilled is bigger than originally planned and also Ageos figure is higher.

It also only applies to the Thomas area and I would expect a Cosgrove MRE by easter 2026. I am not sure but I think the Cosgrove drilling area may be larger.

The amount of titanium will also need the TiO2 content to be high across the whole are of the weathered cap. The MRE is also only likely to be based on the weathered cap and we know the TiO2 goes a lot deeper even if it is at lower but very commercial percentages.

I also see that the June RNS says the area to be drilled was 5.2km by 2.2 km . I would imagine that they had the rigs hired for a given length of time and if they finished the original grid early they extended the grid to 5.2km by 2.6km to take the chance to explore further

The June RNS announcing the drilling campaign at Thomas said that the lab analysis was not due to be finished until August. I would maybe expect the results to be released in one go.

Surely the drill plan would have been done to allow the MRE to e calculated and then at a later date follow up with infill holes to firm up a proven resource. It will only be the samples that have been sent to the lab and I presume the rest of the drill cores will be stored as they were in February and then used as needed to extract TiO2 for supplies and for processing works.

I assume also they went for Thomas as it had the higher average for TiO2 at 6.2 per cent and would give a higher MRE which could be followed up by the later Cosgrove drilling program. I expect that when they are added together it will go from wow when the Thomas MRE is produced to WTF when Cosgrove gets added.

I would expect further drilling programs across Pitfield over next few years to further expand it.

Heres hoping the averages are staying strong in the current program which will lead to the huge initial MRE

It is also worth noting that the area surveyed was 5.2km x 2.6km so that is 13.5 square km

Empire Metals expected 3rd Quarter and 4 the quarter 2025

Sample ore from Feb 2025 core samples at Thomas and Cosgrove being processed to produce TiO2 for giving to potential end users. Hopefully this should also give us an indication of how good the extraction rate is ie how much of the 5-6 per cent of product we can extract for processing to a final product

|Drilling program at Thomas is finished and core sample will be sent to labs for processing and we should have an idea of TiO2 content in those by end of August.

Data fed into a MRE for the 11.3km area at Thomas ( weathered cap only) expect MRE early Qtr 4 as data will need to be assessed and I assume checked by official approver.

I would expect some sort of info with regards to what types of businesses may be interested in taking final product.

Post MRE some sort of negotiations with regards to grants and loans from government that may be available to help site get to production.

Drilling program at Cosgrove to be started Q4 for input into a MRE for that area per RNS 28th April 2025

Details on how to expand the flow process to a large scale operation should also be worked upon

Finalised environment study with regards to area to be mined ( I believe a lot of the area is currently farmland) and discussions with regards sacred land

Ageos if the Ytrium is also available nearby would you expect some sort of partnership with a technologically capable Japanese company to build a processing facility in the Pitfield / Three Springs area ?

This video from 15 months ago explains how land would be acquired if mining licence is obtained and also mentions a nearby site that got funding for a cracking plant for rare earth minerals.

obviously we have moved a long way since then with regards managing to produce a product f4om the ore but I thought it might be worth a look to some new potential investors

section starts at about 7 minutes in https://www.youtube.com/watch?v=RPATw2giHJw&ab_channel=TotalMarketSolutionsLTD

Do not forget that Australia is well ahead of us. 10am in UK is 5pm in Perth . I do not know what times the conference is on but if it is day time hours it is likely day 1 is done by now

Barno61 they have a US listing but from what I understand if a US broker wishes to sell the shares they have to buy them first as no new shares were issued for the listing. The last US trade was done at 20 cents . You can see this in the Empire Metals web site

I think this was always going to get a pull back but even after that this is still well ahead over the last week and up a lot in the last month.

For me the next catalysts are likely to be how much TiO2 we get from the 70 tonnes of drilled samples (which can be sent to potential buyers for testing) and also the lab info on the current drilling.

Then we will be waiting for the MRE

UK loopholes are no good when you live in Ireland !

Only option is to move to a country that has no CGT for a period of time which I myself am hoping I have to do in a few years time

I have notice over the last few days as well as the late Unknown trades there has been several 50k and 100k buys that are coming in near the close as well

Manlord I would not expect any news on the grants or government support to arise until after the MRE . I know Shaun says they are in touch but I would not expect anything until the resource is firmed up and a plan is in place for a trial plant etc, One would hope for the potential offtakes and product plans would be in place by then as well. Therefore I would say maybe late Q3 or Q4 for the MRE and then maybe Q4 or Q1/2 for any amounts of government grants to be announced even though support may be acknowledged sooner even if no amounts are given.

Thank you Ageos a very interesting read. I had read of the solar panel technology in one of the articles posted the other day but it is good to see this is just part of the story. If I understand correctly most of the worlds current reserves are rutile and this means our anatase Titanium Dioxide will not only be in high demand it will allow the advancement of lots of new technological products.

With regards to this I am pretty sure Sean and the Board have plans on how to develop Pitfield and we are currently taking the steps to bring this to fruition.

Different aspects can we worked on at the same time it is not as though one thing has to be done before other stuff can be looked at. The recent RNS has proved that a very pure product can be produced from the ore at Pitfield and it was not so long ago that people were saying that it could not be done.

We have shown we can produce the product that can be shown to potential end users and so now the question is how much is there of it and can it be proved up for the MRE which is what the current drilling programme is for. Once this is complete I am sure that they will look to move to get the funding sorted for trial plants etc and put plans in place to get a mine open ASAP. Remember they have recruited a number of new staff as well with specific targets in mind.

This has moved a long way in the last year and I am sure will move a long way in the next as well, For such a large mining project it is all happening at a decent pace I believe.

Any traders who got involved this month is likely very happy with results they have achieved and being the nature of the way they trade will sell up and move on and maybe keep an eye for other trading opportunities. Long term holders like me will also be happy with the way the share has gone this month. At the same time even long term holders will have a price they will sell at and be happy with their profit. Each to their own but I feel that if the share drops it will not be too far as it has come to much wider attention now and I think people will use price drops to top up as many have done over the last year.

At the end of the day the only price that really matters is the price you buy at and the price you sell at . All of the in between is just the journey between the two.

Best of luck to all no matter what their priority

i am very happy with the consolidation after the recent large move up. like others i have put what funds i could into this over the last year am delighted i did. i look happily at my gains and hope the whole thing comes to fruition i over the next few years for me to live a more comfortable retirement. not sure how the large holders here cope with the enjoyment when a 1p rise equals a nice six figure gain for them and yet we are looking and hoping for figures in the pounds.

yes we all know the potential here just looks unreal and we can but dream but as the old saying goes" you can lead a horse to water but you cannot make it drink". i have also pointed this share out to some people and spoke of the potential here but " they are still doing their research" and looked ****ed when i pointed out it had doubled in price since i recommended it to them

Here is another piece that may be of interest. One point to note is that they say the expansion of the Titanium market is being held back by the lack of availability of premium grade titanium ore. We can only hope that the MRE when it is released will alleviate any concerns on that score.

I am sure that if larger amounts of Titanium are available the price may come down and also it will mean it can be used in more applications and thus we could see the market expand even quicker than expected.

https://www.precedenceresearch.com/titanium-market

The beauty of the recent RNS is that at 99.25 per cent Tio2 it would require less processing to get it to a state where it could be turned in to Titanium Chloride for the production of sponge. It also has very low contaminates which makes it very good as a pigment product.

Surely with this all means less energy is required to produce a final product. An ideal situation to me with the all of the great local infrastructure would be some sort of production facility tie up with a producer on/near site as we would have plenty of product to be able to supply them and also have the ways to export it from nearby ports. If the product can be produced on site it would have a lower carbon footprint as the product would not need to be moved around the world to be processed.