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 and considered a rare, highly strategic asset for the mining industry.

• Titanium is critical for aerospace, defense, and high-purity applications, with strong government interest and supply constraints.

• The project benefits from a tier 1 mining jurisdiction, established infrastructure, and potential government support.

• The deposit is compared to other global mineral giants and is positioned for integrated mine-to-metal production, targeting both pigment and metal markets.

• Western economies seek stable titanium supply, with current growth dominated by China and a global titanium dioxide market valued at $23 billion (2022), growing at just under 4% per year.

Resource scale, geology, and exploration highlights

• The Pitfield system spans over 40 km north-south and 10 km east-west, with an anomaly extending 5 km deep.

• JORC Exploration Target is 26.4–32.2 billion tonnes grading 4.5–5.5% TiO2, representing over a third of global known titanium resources.

• Drilling confirms excellent continuity and high grades, with intercepts up to 154m @ 6.76% TiO2 from surface.

• Weathered cap at surface contains 4.0–4.9 billion tonnes at 4.8–5.9% TiO2, predominantly high-purity anatase and rutile, suitable for low-cost strip mining.

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

Metallurgy, processing, and development pathway

• Processing uses conventional scrubbing, desliming, gravity, flotation, acid leaching, and product finishing to produce >95% TiO2.

• Integrated mine-to-final-product operation is planned, targeting both chloride pigment and titanium metal (sponge) markets.

• Major milestones include achieving the exploration target, assembling a highly experienced technical team, and ongoing bulk sampling and upscaled test work.

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

• Engaging with industry for product testing, offtake agreements, and staged development to derisk the project.