Empire Metals (EEE) Investor update summary

Project overview and strategic significance

• Pitfield is identified as the world's largest titanium mineral system, covering 1,042km² in Western Australia, a Tier One mining jurisdiction with excellent infrastructure and government interest.

• The titanium market is valued at $23 billion (2022), growing at nearly 4% annually, with stable demand for pigments and increasing interest in titanium metal, which is classified as a critical mineral.

• Western economies seek stable, long-term titanium supply due to import reliance and geopolitical tensions, as China dominates supply.

• The vision is to become a preferred supplier to high-value titanium metal and pigment markets, establishing a long-life mine in a stable jurisdiction.

• The Pitfield deposit covers over 40 km north-south and 10 km east-west, with an exploration target of 26.4–32.2 billion tonnes of ore at 4.5–5.5% TiO2, representing over a third of global known resources.

Resource and exploration highlights

• JORC Exploration Target is 26.4 to 32.2 billion tonnes grading 4.5% to 5.5% TiO2, with drilling confirming excellent continuity and high grades, including intercepts up to 154m @ 6.76% TiO2 from surface.

• Weathered cap at surface contains 4.0 to 4.9 billion tonnes at 4.8% to 5.9% TiO2, predominantly high-purity anatase and rutile, with no overburden and mineralization from surface.

• High-purity minerals are low in contaminants and suitable for low-cost strip mining.

• Over 117 drill holes have been completed, with ongoing drilling aimed at producing a JORC-compliant resource estimate soon.

• Bulk sampling and upscaling of test work are underway, with plans for industrial-scale testing and pilot plant design.

Processing and development pathway

• Integrated mine-to-final-product operation planned, using conventional scrubbing, desliming, gravity, flotation, and acid leaching to produce >95% TiO2 products.

• Flowsheet includes low-energy scrubbing, gravity/flotation, acid leaching, and product finishing.

• Targeting both chloride pigment and titanium metal (sponge) markets.

• Recent milestones include achieving the exploration target, assembling a world-class technical team, and appointing a new Non-Executive Director with major mining experience.

• 2024/25 focus on bulk sampling, metallurgical testwork, pilot plant design, and maiden resource estimate.