Empire Metals (EEE) Investor update summary

Project milestones and resource update

• Achieved a maiden mineral resource estimate (MRE) of 2.2 billion tonnes at over 5% TiO2, covering only 20% of the known mineralized area.

• Drilling confirms the ore body extends well below 100 meters, with tests down to 400 meters showing continuous mineralization.

• Resource includes 113 million tonnes of TiO2, with nearly 700 million tonnes already in the indicated category.

• Ongoing drilling aims to upgrade more of the resource to measured and indicated categories, focusing on Thomas and Cosgrove prospects.

• Plans to expand drilling in early 2026 to further define high-grade zones and increase resource confidence.

Processing and product development

• Developed a process flow sheet and achieved up to 77% recovery in flotation tests, with concentrate grades regularly reaching 30% TiO2.

• Leaching tests show up to 98% titanium recovery, enabling atmospheric leaching without high temperature or pressure.

• Low iron content in ore reduces acid consumption and waste, simplifying processing compared to ilmenite sources.

• Flexibility to produce both anatase and rutile pigments, as well as titanium tetrachloride for metal production.

• Initial bulk pigment samples are being prepared, with a marketing manager hired to engage potential customers.

Market positioning and strategic advantages

• Pitfield is positioned as a major, high-purity titanium source, offering a low-carbon alternative to ilmenite feedstock.

• Strong government engagement in Australia, the U.S., and EU, with ongoing discussions for critical minerals support.

• Project benefits from excellent infrastructure, proximity to ports, and access to green energy sources.

• Recent GBP 7 million fundraise and GBP 11 million cash position provide funding for the next 6-12 months of development.

• Intention to dual list on the ASX to access broader institutional investment while maintaining AIM listing.