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Hopefully Gold: The resource is so uniform and the material is so friable that they have shown similar concentrations in EVERY sample and have already validated air drilling for this project. The drill campaign was designed by the resource estimator after evaluating all prior drilling results (diamond drills, RC, and air drilling) which have already proven up a 0.6 km2 area. This information has all been reported as it evolved over the last 18 months. They will be able to expand the resource to the 11 km2 area (several orders of magnitude bigger) with this campaign. Worry about the limitations of air drilling in other context, simply does not apply here. Just read the series of RNS that the company has provided in real time as understanding of the deposit has been advanced. They are all on the corporate web site.

Other catalysts (I agree with all yu mentioned) ; 1. production numbers in Q2 which should precede Q2 financials - giving a two for one catalyst very soon. 2. new drill results at west dome deep, an important high grade Telfer addition. 3. New drill results at Havieron. Getting the final de-watering stage done and then moving down to ore body.

That was cruel

New shares trade 8 am Monday in London (pre-market). And then trade normally. New shares will not trade Monday in Australia. New shares trade 12 noon Tuesday in Australia which is before London market opens on Tuesday. I think that is correct.

EEE might peak after the initial resource. Even it drops back after that it could be brief, with second rise after feasibility study and final investment decision. Shaun Bunn is aiming at a world record resource. I am assuming if he is talking about a record for Titanium that means something bigger than Sovereign which has 1.89 B tons of ore (grade 1%) with 19.9 MT of contained rutile.

The resource estimate at Thomas will be much bigger than that! And there are major advantages for Empire like uniform deposit 50 meters deep (instead of 20 meters with concentration decreasing below first few meters). Plus overall grade at Thomas is 5-7% instead of 1%. Will be much cheaper to mine and process. Plus empire has achieved 99.25% product as compared to 95% for SVG. Plus EEE product is purer (one example is SVG has 1% iron though I do not know if that is important). SVG has Rio Tinto as active 19.6% owner with some board and technical positions. Eric Sprott and Rick Rule are heavily invested. Ian Middelmas is on board. EEE still has not partnered with any major mining company in that way. Phil Brumit is on the Board. Fahad Al Tamimi owns 25 million shares. Other investors are mainly London based funds and financial firms.

EEE has vastly superior location!

From SVG website: Kasiya shows widespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface. Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to the base of the soft saprolite unit to generally 20-25m depth where it terminates on the hard saprock basement.

The new shares trade on Monday on AIM but not until Tuesday noon on ASX.

No, the new shares trade Monday in London, then Tuesday mid-day in Australia. They put out those press releases for a reason.

Blamka: I agree it is always tempting to harvest any fast up move. But in this case, my reaction right from the very first time I heard the story has been "this is too good (and too strange) to be true". But every single piece of data we have seen since that time speaks loudly that this is indeed true. This is a massive and uniform high grade titanium deposit right at surface with no exact precedence on earth, with no contaminants and in a pure TiO2 form. And capable of routine processing to 99.25 purity without any of the expensive high temperature methods necessary to extract and purify ilminite, the hard rock form in which most Titanium is found. Anyway, since this is true good to be true and very strange, I plan to hold my shares and see what happens. Not diamond hands, but titanium hands.

Since EEE was 10-12 pence several things have happened:

1. Proof that standard (with no specialty expensive smelting methods) can deliver 99.25% pure TiO2 with no important contaminants.

2. Drilling now underway to expand area at Thomas prospect to be included in in the MRE from 0.6 square km to 11.4 square km. That expands the grid from the earlier Thomas grid by 20 times. The weathered cap (the target here) on the earlier drilling program contained 5 BT of 6% titanium, about 2/3 of that at Thomas. So the potential here is huge, more than 30 BT of 6% Titanium, with Shaun Bunn aiming at a world record resource in tons of ore and tons of contained metal.

3. That resource above will provide greater than 100 year mine life at globally significant levels of titanium production. With all material right at surface (strip ratio zero), and friable consistent ore that will not require crushing or grinding and can be mined essentially as a gravel quarry with a front end loader and dump trucks. There will be no need to keep hunting for more for many years, with possible exception of a few exploratory holes to hold their licenses.

Anyway after all that progress, it occurs to me that the shares are probably cheaper here at 22 pence than they were at 10-12 pence.

Operational excellence.

They closed the deal on December 4th as a pre-production junior.

They restarted the idled second train in three hours. Production ramped flawlessly in December producing significant cash. Then they beat all expectations in Q1 producing 90k ounces and generating A$250 million of free cash flow, a run rate of a billion dollars of annual free cash flow. While drilling effectively and in three months bumping the Telfer mine life from 10 months to 3 years. (all the way to Havieron production) . So they have gone from a pre-production junior miner to an elite mid-tier operator in less than six months. There is value in that. Quite incredible.

No trades today. No one willing to sell at price equivalent to London price, or even close. So SCH and Fidelity carry my shares on account balance as last trade of yesterday. So I had a good day but nice to see it on paper, or rather in the on-line account balance. Ask on SCH currently at $145.10 (not serious, 4 shares offered). Zero shares traded. Price 19 cents.

14 pence is 19 cents

18 pence is 24 cents.

My shares are stuck at 19 cents as last trade because no one will sell any EEE in US at 24 cents or even higher. I could likely by them at offer through the SCH international desk with a few extra fees. That is in addition to the $50 per trade charge, but that doesn't add much if trade is in tens of thousands.

That is the first clip, the tease. The rest comes within 24 hours, likely tomorrow. I was surprised they did this press release about 99.5% Titanium from a standard flow chart - on a holiday in Australia. So it will be good to have something brand new tomorrow, a video adding some color. Personally I cannot wait until EEE follows the Greatland path to a full listing in Australia with AIM shares flipped to depositary interests of the primary Australia shares. There are many advantages including inclusion in Index funds and also eligibility for purchase by pension funds. Empire has to grow up a little and get to higher market cap, but that could happen quickly.

The whole story has seemed too good to be true, right from the beginning. But it is true. When I first heard about the biggest titanium deposit in the world with a geology never seen on earth, with titanium of 6-7% and nothing else filling up a huge sedimentary basin right to surface, with resource bigger than the top 10 titanium producing countries - I found it hard to believe. And the titanium is in crumbled sandstone that they can mine with a front end loader and a truck. No blasting, crushing, or grinding. And then the titanium in the top 50 meters is almost all anatase or TiO2, much easier to process than hard rock titanium/iron compound ilminite. And by the way the CEO is a metallurgist and they quickly demonstrated pretty conventional flow sheet to 95% and not have improved that. To 99.5%!!! And by the way it is in Western Australia near Perth, probably the best mining jurisdiction in the world. Sitting there in plain site for a couple billion years. Anyway this has all been proved to be pretty much true, and at lightening pace. The implications are hard to fathom. Disruptive is an understatement.

And the is not the end of the magic by the way. How about turn on second train of proccong plant in three hours after signing, hit the ground running and deliver A $250 million in free cash flow from 90,000 ounces og gold production in first quarter. And by the way extend mine life of the legacy mine from 10 montjhs to over three years almost immediately, and lay out a plausible path to extending that to 10 years with some more drilling and engineering. AND then pull off a flip to ASX listing that will help release some of the value quicker.

Everything is in plain sight. Trust your eyes. I have no idea how high the shares could go, but I am very confident it is multiples of current price.

The shares maybe won't drop as much as other gild miners if the gold price sags. They have A$4200 puts for a couple of years, right through to bringing lower cost Havieron production on line. So hey are assured oof margin well over A$1000 an ounce. And the cost of that insurance is already baked into the AISC. It is very nice to have an ex-CFO as our CEO. The puts were purchased very cheaply at near top of gold pricing. The Ex-CFO expertise has been invaluable in many other parts of this complex financial evolution of the new Greatland. It is not easy for a junior to transition from holding on to 30% of the flagship project they discovered - to getting it all back, and also the processing plant (and an associated mine) that was poised to take the ore feed. And to have no debt after all that and monet in the bank. How could that even happen? Just give me a similar example.

Newmont cannot choose to simply let it roll, as Wyloo (Andrew Forester) has an option to buy 10 million of Newmont's 20 million shares at 10 pence. Those are nicely in the money. Forester seems to be coming out extremely well. His support was crucial in giving Greatland the financial backing to negotiate directly with Newmount.

Sean Day has spoken to this so directly. ASX has a requirement that they may require that the offer some shares to show there is market interest. They can ask for a waiver but it may or may not be granted. Sean has said that if they have to do an offering it will be 2.5% or less of the consolidated share count at the time of the listing. It is not a big deal. They will add some cash to the balance sheet. Dilution will be minimal. They may add a little boost to the shares by putting some in direct hands of new eager Australian buyers. Otherwise most of the shares will be in London initially (or a few, like mine in US). They will trade freely but market makers in Australia will have to build a book. London holders will get new Depository interests of the ASX shares (the AIM shares will be retired). Compushare will trade the ASX shares and the Depositary interests freely and they will be totally equivalent, with same symbol. Just watch, it will all go very smoothly. AIM shares and nomads will be in rear-view mirror. Thankfully.

The price is not entirely linked to gold price since they have put options at A$4200 for two years, giving them insurance that will carry them to Havieron mine production, which has AISC of US $818 and will have higher margin than Telfer production. Everything is brilliant. The current completion of the options deal is complex, but I think favorable for all. It reduces dilution by 127 M shares, probably better for the holders from tax standpoint, Has holders of 6p options being paid 6p for their options but buying 50% of quantity of their options at 12p. With some restrictions on sales through and beyond the ASX listing. So that reduces the dilution, reduces the cost outlay for the options since they are buying new 12p shares with the whole amount, and aligns the interests of these principals (including Mr. Day) with the common shareholders. Brilliant. I added more today.

Biggest gold reserves in the world. Australia and Russia tied for #1. Then South Africa, Indonesia, #5. Canada, China, and #7. USA.

Most of Australia's reserves are in western Australia. It makes total sense to have some exposure to Australian Gold producer, and Greatland jumped into that space with both feet less than 6 months ago. No debt and 1 billion of free cash flow in 2025. And many catalysts ahead including timely ASX listing and rapid development of the best new gold discovery in Australia, Havieron.

My gold investments are in Australia, Canada, and USA. Obvious from that list. But also obvious to have something focused in Australia, beyond just the majors.

What About Newmont?

If you're Newmont, you’re not going to bleed stock into the market through brokers— that would crash the price, and they want certainty, not chaos.

Instead, I personally expect block trades at fixed prices to large institutions—especially pension funds—who might take 1–5% chunks. That’s clean, controlled, and in everyone’s interests. The market makers would try to lowball Newmont in open market drips.

BUT: Don't forget that Andrew Forrest has a 10 pence option on half of the Newmont shares. Boy did that work out well for Wyloo. So Newmont won't have 20% of shares to dispose of, just 10%.