Empire Metals (EEE) investor relations material

Project overview and resource highlights

• Pitfield Project in Western Australia hosts a globally significant titanium resource: 2.2Bt at 5.1% TiO2, containing 113Mt TiO2, with high purity (>99% TiO2) suitable for premium pigment and metal markets.

• Extensive drilling (382 holes, 32,265m) confirms exceptional grade continuity and a multi-generational mine life, with mineralisation open at depth and significant expansion potential.

• The in-situ weathered cap contains 1.3Bt at 5.2% TiO2, enabling low-cost, simple mining with no overburden or blasting required.

• High-value anatase and rutile minerals (>90% TiO2) are present, supporting direct feedstock for titanium pigment and metal production.

• The project is advancing with a 41,250m drill program and an updated Mineral Resource Estimate planned for Q3 2026.

Market dynamics and strategic positioning

• Titanium is a critical mineral for aerospace, defense, medical, and renewable energy sectors, with demand outpacing supply and premium-grade feedstocks in short supply.

• The global TiO2 market is valued at $20B (2025), with a 3.4% CAGR projected from 2025–2030, driven by coatings, aerospace, energy, and medical applications.

• Supply is constrained by reliance on low-grade ilmenite, which requires energy-intensive processing, while high-purity rutile and anatase are scarce.

• Geopolitical factors and trade restrictions are disrupting supply chains, increasing the strategic value of new, reliable sources.

Processing and sustainability advantages

• Pitfield’s ore allows for low-energy, conventional processing (scrubbing, gravity, flotation, acid leaching) to produce >99% TiO2 with minimal waste and lower CO2 emissions.

• Metallurgical tests achieved 99.25% TiO2 product with high recoveries (77% rougher, 90% cleaning stage) and efficient acid leaching (98% dissolution).

• Low Fe2O3 content reduces acid consumption and eliminates bulk FeSO4 waste.

• The project’s high-purity, direct shipping ore offers a cost and environmental advantage over traditional titanium sources.