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 has confirmed ore body continuity to over 400 m depth, with no waste material encountered.

• Approximately 700 million tonnes of the resource is now in the indicated category, with ongoing drilling to upgrade more to measured and indicated.

• Focus remains on expanding and upgrading resources at Thomas and Cosgrove, targeting high-grade, near-surface zones.

• Diamond drilling at Thomas is underway for geotechnical, density, and metallurgical data to support mine development.

Processing and product development

• Test work shows up to 77% recovery in flotation and 98% leach efficiency, with concentrate grades regularly reaching 30% TiO2.

• The ore is low in iron and free from problematic elements, enabling a straightforward, low-cost beneficiation and leaching process.

• The process flow sheet is simple, using scrubbing, flotation, and gravity separation, with flexibility to produce both rutile and anatase pigments.

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

• The project can produce high-purity feedstock suitable for both pigment and titanium metal markets.

Market positioning and strategic advantages

• Titanium is classified as a critical mineral by major economies, with growing demand and tightening supply of high-grade feedstock.

• Pitfield's high-purity, naturally upgraded ore offers a low-carbon, low-cost alternative to ilmenite-based supply.

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

• The project benefits from excellent infrastructure, proximity to port, and access to green energy sources.

• The 70/30 joint venture structure ensures majority control and operational leadership.