Member Info for Scott22

The MRE is the first of a series of independent checks. It is coming soon. They had to drill the deposit and wait for the assays. Without that an independent assessment has no meaning.

Not too late for party. Buying before the MRE should be fine. I expect another leg up when that is released, then likely a little pullback to digest story and wait for next catalyst. Probably a better buy now than it was at 10 pence. Back then story seemed too good to be true. After the MRE most people will believe it is true and truly disruptive. In terms of scale, grade, ease of mining, major advantages in processing over ilmenite ( no smelting, heck even no crushing).

Sorry, bsd typo in my little blurb. Empire has produced 99.2% TiO2 in test samples and has moved to processing larger amounts of material and eventually toward a pilot plant. Way ahead of soverign and supported by robust processing expertise and facilities in Perth.

Rick Rule has been promoting Soverign for a long time. Also a huge titanium dioxide resource but rutile instead of anatase. BUT Empire has so many advantages! I have tried to get Rick Rule to comment on the differences but so far (to my knowledge) he has not mentioned Empire or made and compatative assessment. These are the inportant points in favor of Empire as a true disruptor.

1. Australia not Malawi. Infrastructure and jurisdiction vastly better.

2. Empire even bigger deposit though need the MRE,

3. Empire resource in weathered cap and is essentially gravel. Sovereign in clay and more water to deal with. Likely harder to deal with waste. Niether needs crushing.

4. Perhaps most inportant Empire ore is 5-7% TiO2 and very uniform from surface to 50 meters (and in some areas 100 meters). Soverign ore is 2-3% TiO2 at surface (lower grade) but concentration decreases with depth to low levels and ends at bedrock at about 20 meters. Lack of uniform grade makes processing much harder.

5. Empire had produced 92.2% sample with standard metallurgy. Soverign had produced samples over 95%, Both have relatively low deleterious impurities but Empire probably even better than Soverign.

6. Soverign also has graphite likely large amount.

Summary : Empire seems to have MANY important advantages, Jurisdiction, infrastructure, Uniform and higher grade ore that is easier to process, bigger volumes. One of these is not like the other and I would love to see Rick Rule (who knows Soverign well and is heavily invested there and frequently promotes it) comment on these comparisons.

1:100 minimal

1. Smelt it down and make it unstuck. 2. What's the big deal of smelting it like others?

It is stuck when in ilmenite - needs extreme temp and pressure and huge energy costs. It is NOT STUCK in pure TiO2 form, either rutile or anatase. No need for smelting. Cost to get pure TiO2 product is MUCH lower.

You have to look at it as what is the payback time for the growth capital to extend expand West Dome production and add production from West Dome Deeps (not even included in current projections of future Telfer output, since they do not have resource yet). Well it is in months. And actually the costs are being paid on the fly from current Telfer production, decreasing only a portion of previously anticipated 2026 cash flow. So it doesn't have to be "paid back" and production from those areas (and especially WDD) goes right to profits in 2027 and 2028. Just think of it as adding a new mine - the life of mine was 10 months when they bought it, so it would according to that be going dry end of September. And adding a "new" mine at incredibly low cost.

These are AFTER the revised guidance and the share price drop. In his most recent run through of his list of miners, shows his strong projections on Greatland and says "I've got a crush on Greatland." Then yesterday while talking about Westgold results he says "Westgold Resources. FY 2026 guidance. 365K oz at $1800 AISC. Cash balance of $235M. This Aussie8 is a thing of beauty. Almost as pretty as Greatland Gold."

Not that Don Durett is always right but I alway enjoy someone who shares my own enthusiasm about one of my favorites. More enjoyable anyway than reading through all the largely unsupported and unreasonable doomsday assessments. Check back in 1,2,3 years. Greatland is a great story. I have patience and am not worried about the share price action in the next few days or weeks. If anything the pullback from the Aussie listing offer price is a buying opportunity that has been gifted to us.

In "21" the dealer shows one card but the player knows both of his/her cards. It the dealer is showing a six and the player holds an Ace as the poster suggests, then the other card is likely a black Jack. Sean has already said publicly that he would like to set a world record for a resource. Now I don't know if he means a record for titanium or for any metal. But I can't remember a CEO with a pending resource talking about setting a world record. The resource is massive. This drill program has expanded the area of measured resource from 0.6 square km to 12 squre km.

Actually Andrew Forrest loves Shaun and totally admires what he has accomplished in the last year. As importantly so do Wyloo leadership Luca Giocovazzi and Joel Turco who have real respect and admiration for the entire Greatland team. Just take a listen to the Money of Mine Podcast of July 11.

Shaun had a great presentation today. He did not seem off. He seemed very on to anyone who has listened to him for the last year. Mining companies in a transition get knocked around a bit, it is part of it and he knows it. Much of the information that caused it is utter nonsense. Rick Rule says the norm for all of his long term major gainers his a 50% loss one or more times. This was nothing. The transition was brilliant. Worthy of a Foster's advertisement. If you think Shaun has a worry about his job that is absurd. On December 3rd 2024 Greatland was a pre-production junior miner wthat had retained only 30% of their amazing Havieron discovery. On December 4th they emerged owner of 100% of that discovery plus the Telfer Mine and Mill (the third biggest mill in Australia worth more than a billion dollars). By the way they had no debt and $178 million in cash. By the way they activated the second train at the mill in 4 hours and produced 200k ounces of gold in first 7 months and added $600 million in free cash flow. But there is more. On Dec 4 they got the Telfer Mine with life of mine of 10 months, quickly expanded that to 2 years, studied the Telfer mine and decided to spend about $300 million (half of what they earned in the first 7 months) to extend the mine life to maybe 10 years. This artificially increases the AISC as they expense this work -but it is already paid for. They will work some lower grade material opening up very good west dome open pit areas. The stockpile they got from Newmont turned out a little light (maybe 10% less grade). It cost them almost nothing and is already paid for. So they will produce 70K highly profitable ounces a quarter for one year until they bounce back up again and run steady to Havieron ore in 2028 at which time there is a step change in costs per ounce. They will also add higher grade west dome underground ounces which cannot be forecast. The transition to ASX was also brilliant with liquidity supplied by getting Newmont shares at a fixed price and distributing them to Australian market, along with a minimally dilutive small secondary. I have never seen anything remotely like this. I do not think another team could have pulled it off - there were connections with Wyloo and connections with Newmont management through previous Northern Star deals. Gold price was much lower. Tailing pond issue decreased sentiment. They had right of first refusal on Havieron. The whole thing was shock and awe to watch. The share price dipping for a few weeks on misunderstanding - is nothing . I think they (some commentators) misunderstand it because what has happened in the last year is so unbelievable.

Very nice, shows that the extra expense at Telfer in FY 2026 i actually buying a major extension of mine life, at a cost incredibly below building a new mine of the same size. It really has nothing to do with an increased AISC for 2026 production, it is just accounted in that manner.

The other important thing that I hope Shaun emphasizes. There are extra ounces of good grade in the Telfer West Dome underground. But they can't be included in reserves because they have no resource. These ounces also cannot be included in production estimates for the same reason. Yet a lot of dollars went there last quarter and even more next quarter. They contribute to AISC of current production but they are really being spent to add new highly economic (but currently invisible) ounces of production that will increase overall grade when they come on-line and will contribute to mine life extension.

The other thing I hope Shaun explains is that the cash for all this work for the future of Telfer mine HAS ALREADY BEEN EARNED. Greatland added over $600 of new cash in their first 7 months. They have no debt.

This is a pretty compelling story. A lot of what has been written recently is just wrong, IMO. I am buying the pull back. Confidently.

EEE posted Shard highlights on their X page. Does anyone have the share price targets?

Report Highlights:

✅Developing a district-scale titanium deposit in Australia

✅Exceptional grade continuity

✅Critical market demand and strong competitive advantage

✅Tier 1 mining jurisdiction

✅2025 catalysts: mineral resource estimate and end-product specifications to be confirmed in 2025

✅Strong base case valuation with significant upside potential.

Everything until then is likely noise.

It makes sense they will have a transition year to boost life of Telfer Mine from 10 months (at purchase), then 2 years (in March), and with these investments most probably 8-10 years, and counting. I want to build a position. I do not mind a cheaper share price. The prize is Havieron high grade and low cost ounces producing together for years with Telfer back at traditional grades (or higher with West Dome Deep).

Angelomartini: No titanium with Greatland - dual producer of gold and copper. For Titanium you have to go to EEE, Empire Metals, also of Western Australia. They have a massive resource even bigger than Soverign in Malawi. But Empire is better, Empire ore body is much larger and better with higher grade(5-7%) and 50 meters of consistent grade from surface rather than 20 meters with concentration maybe 2% highest right at surface and drifting down to very low levels toward the bedrock 20 meters below. Deposit is crumbly, less clay. Area is drier and easier to mine. There are fewer impurities, though both deposits are good. Empire metallurgy better with 99.25% purity of TiO2 achieved versus 95%. And I did mention Australia over Malawi for lots of reasons. Just writing this stuff down makes me want to buy more.

Zoros: So sorry about the name flub. Sean and Shaun and even Shawn seem to have become the go to name for mining company CEO's. I have GGP with Shaun Day but also EEE with Shaun Bunn and Osisko Development with Sean Roosen and Dolly Varden Silver with Shawn Khunkhun - and then of course former Agnico CEO Sean Boyd and new Vale CEO Sean Usmar. And there are dozens more. So I got got a wire crossed.

Https://www.youtube.com/watch?v=Aao5oY_ypIg

The whole interview is very interesting from lots of angles. The part about Greatland is from 18:36 to 35:30. The piece from 30:00 to 35:30 is particularly interesting about their analysis of the opportunity. It was not a sure thing and took some luck, some timing, and a dose of Wyloo. Greatland was pre-production and bought assets worth multiples of their market cap and emerged with no debt and a billion dollar a year free cash run rate. Of course there was major dilution to raise that kind of capital, but the upside opportunity was very asymmetric. Newmont retained 20% interest but half of that has already been unwound as part of the deal to move from AIM to ASX last month. And Wyloo has an option on the 10% that Newmont still owns, meaning Newmont is essentially out of it and there is no overhang from those shares. And Wyloo is very happy to have Shawn and Simon running the company and will likely remain an investor with no design to buy it or operate it. (but available to help in whatever way possible) . Wyloo is sitting on over $500 million of unrealized gains

A word about Greatland Resources and how that deal went down. It seemed improbable if not impossible that a pre-production explorer that had lost 70% of its major gold discovery (Havieron) to Newcrest (they retained 30% but also had right of first refusal) would some how buy back the other 70% from Newmont (after Newmont acquired Newcrest) and ALSO get another mine (Telfer) plus the 3rd biggest mill in Australia. They pulled that off on December the 4th and emerged from the deal with no debt, $170 million cash in the bank, and they hit the ground running with 90,000 ounces of gold produced in Q1 with $250 million free cash flow and a new cash balance over $400 million. Anyway Shawn Day (CEO) and Simon Tyrell (COO) had come from Northern Star - now Australia's biggest gold producer) and had preciously bought mines from Barrick and Newmont. They did a masterful job. But they were also backed by Andrew Forest (Fortescue Iron Ore magnate) through his Wyloo private investment arm. The reason I bring this up is a new great interview with the two guys who run Wyloo, who had invested in Greatland in 2022 before the Newcrest sale and stepped up and provided capital and clout to let Newmont know that Greatland could pull off a deal of this size. All the negotiations were by Shawn and Simon, but they got major help with the capital raise and essentially had a guarantee from Wyloo that it could happen.

Cevodtnia: The fact that you (or anyone) anyone would bother to make a reasoned counter argument to a posit that the moon landing is was faked is just a sign of our times. The fact that someone would post such a claim is absolute proof that they would not listen to any reasoned counter argument. Not worth the waste of time.