Empire Metals (EEE) Investor update summary

Project progress and strategic positioning

• Pitfield project in Western Australia has advanced rapidly from exploration to development, evolving into the world's largest known titanium deposit with an estimated 26.4–32.2 billion tonnes at 4.5–5.5% TiO2 and exceptional grade continuity.

• The project benefits from strong federal and government support, simple bulk mining, and proximity to infrastructure, skilled workforce, and planned green energy hubs.

• Focus shifted to the weathered cap zone, containing 4.0–4.9 billion tonnes at 4.8–5.9% TiO2, offering high-grade, easily accessible ore suitable for low-cost strip mining with no overburden or blasting.

• Board and technical team expanded, bringing significant mining, processing, and finance expertise to support growth and project development.

• Staged development approach aims to de-risk the project and achieve strong economic outcomes.

Market opportunity and competitive advantages

• Titanium market valued at $23 billion in 2022, facing global supply constraints, rising demand, and geopolitical risks, with titanium classified as a critical material by major economies.

• Pitfield targets high-purity anatase and rutile, aiming for premium-grade products suitable for aerospace, pigment, and metal markets.

• Ore body is free of deleterious elements, enhancing product value, processing efficiency, and reducing costs and carbon footprint.

• Project is strategically located near major ports, power, and green energy hubs, offering a direct, high-purity alternative to traditional ilmenite-based supply chains.

• Largest known titanium discovery but trading at a fraction of peer valuations; 2025 catalysts expected to drive significant re-rating.

Technical and processing achievements

• Extensive drilling (117 holes, 17,692m) confirms vast, high-grade mineralization with low levels of deleterious elements.

• Achieved 92% TiO2 purity in initial product, with plans to refine above 95% for premium applications.

• Processing route leverages simple, low-energy steps: attritioning, screening, gravity, and flotation; acid leach achieves over 90% dissolution of anatase and rutile.

• Bulk samples collected for scaling up test work; plans to produce hundreds of kilos for industry engagement and pilot plant design.

• Conceptual flowsheet enables efficient, low-energy production of high-purity titanium dioxide for pigment and metal markets.