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SB said "We are going to be bringing out a very comprehensive flow sheet in the coming weeks". that was 3 weeks ago and in the interview SB seemed extremely optimistic about the outcome. I think one of the reasons, if not the reason why the sp has been stuck in the 30's for so long is that there has been no or very little news on the flow sheet, with release of positve results and I see no reason why they shouldn't be the last string holding the sp back will have gone and the sp should take off.

So anytime between now and early July with the added bonus of more results from the drilling campagne....what not to like?

Manlord, although I am sure you are right in giving the pilot plants a 70-75% chance of success the very fact that Empire has gone ahead with a very large drilling campaign which will produce more bulk ore samples for the pilot runs seems to me that they are supremely optimistic of the outcome, after all there was no need to to start drilling until after the results if they were in any way unsure and could have saved a deal of money

Empire is drilling a few holes on the western edge of Pitfield up near mt. Scratch, this is near where there were some historical copper mines including Baxters mine with 20 to 30% copper. (most copper mines are 1 to 3%). Although none of the mines around there were particulary large some were profitable. It is possible that empire will find some copper and if its in any quantity will announce it and that could send the sp skywards. Mind you they are not looking for copper so they would have to be incedibly lucky and I'm afraid that its pretty unlikely. One can always dream.

No it won't mean the issueing of new shares, its a dual listing and existing shares will be traded on both asx and aim

Dusty, Very little or no competition as velta mines Iluminite, and in Russia. Empire will easily be able to undercut them assuming that people still want to trade with Russiawhen we come into production

Empires total projected costs are around $40 p/t that includes mining and processing to get high purity tio2. this is 50% and more lower than an Ilumenite mine to get to the same product, for instance Kenmare Resources. About 95% of titanium mines are Ilumenite. This is what SB means when he says he'e going to disrupt the industry.

Dusty

Both those compnies have hit heavy mineral sands, although large in size they are difficult and expensive to process, unlike Empire which really has a unique find

What AI says:

This FT revelation strengthens the case for Empire Metals' Pitfield titanium project (2.2Bt resource, 99.25% TiO₂ purity) as a prime candidate. Titanium is a U.S.-designated critical mineral, and Pitfield's scale/low-cost profile matches EXIM's "secure, stable" criteria. Empire's OTCQX listing, U.S. marketing (e.g., DoD/Boeing), and Australian Critical Minerals Facility pursuit position it for LOI eligibility—potentially $200–500M+ in the next tranche. No direct confirmation yet, but Jovanovic's timeline suggests announcements soon. Watch EXIM's Q4 updates or Empire's December scoping study for catalysts

Also the is the start of drilling at Thomas

Maybe an update on processing shortly as we haven't had one for nearly 7 weeks, might do the sp a power of good

No you 're not, SB has stated that he wants to accelerate commercialisation so a JV is the way to go

In a post-MRE interview on October 13, 2025,Shaun Bunn discussed the project's appeal to potential partners, stating that the MRE's scale and quality "positions Empire to engage with major industry players" for development. This means that SB is actively now looking for either a financial partner or a JV or what he likes to call a "strategic partnership".

If its not forthcoming then on my calculations he will be looking to issue more shares early 2026 bearing in mind we have 2 drilling programs coming up one at Thomas, which is imminent and again at Cosgrove over the New Year.

So there may be some rather good news before Christmas.

Nothing is fixed but the possible upcoming news within the next couple of weeks are from the Ignite Summit and LME Week which could yield investor feedback.Now that Cosgrove is de-risked investors will start to pump money in especially as the SP is a bargain.

.Metallurgical and Pilot-Scale Updates are definitely a possibility.

Drilling program due to start soon at Thomas

Dusty

I'm happy that you are happy to be wrong, now sod off

You are right, they will be queuing up trying to make deals not least the Americans, one of the reasons why Empire entered the OTCQX index, to make us more accessible

Right from the start when Empire realised what it had its done everything by the book to create a monumental mining company. By that I mean it has hired all the right people from marketing managers, consultants, environmental experts and so on.

After the MRE which has de-risked the asset amid global titanium shortages(e.g., for aerospace/EVs) and is undervalued vs its peers, this makes it absolutely ripe for a buyout or JV. There is a possible third way and that is going it alone but that would require a great deal of funding which could be got either from shareholders(unlikely) a loan (expensive) or government funding(possible).

Apparently, last May there was an offer of a JV from a consortium and I remember SB saying as such on camera in one of his speeches in London around June, he obviously turned it down.

I'm absolutely certain a buyout and/or JV is on the cards and Empire is too big to ignore and is ripe and ready, it will probably be between now and Mid 2026 before we know but there will be rumours and signs like institutions taking a stake but it will happen

This has happened a few times here before, a good RNS and the SP dips or little response, but every time it has lead to a steady rise within a few days, I expect it to happen again.

You are really not very bright

It was perfectly civil until you showed up

Ctd.

Potential Challenges and ConsiderationsJV Complications: Century Minerals' approval is key; if uncooperative, the major might need to buy Empire first and then negotiate.

Market Timing: With Pitfield's MRE imminent (Q3 2025), a major might wait for this catalyst to justify a higher price, or move pre-emptively to lock in value.

Costs and Risks: Due diligence can cost millions; deals often include break fees (1–3% of value) if Empire shops the deal elsewhere. Titanium market volatility or permitting delays (e.g., indigenous agreements) could derail it.

Examples from Similar Deals: Juniors like Kaminak (acquired by Goldcorp for $520M in 2016 pre-feasibility) or Great Bear Resources (sold for $1.8B pre-resource) show majors pounce on high-potential projects. In titanium, Iluka's acquisitions of mineral sands assets illustrate the process.

In summary, the process emphasizes confidentiality, thorough evaluation, and regulatory navigation to ensure a smooth transfer. A major would likely engage Empire directly post-NDA to explore interest, positioning Pitfield as a strategic asset for long-term titanium production. For specifics, consulting legal/financial advisors is essential, as deals are highly bespoke.

Hope this is helpful