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 100m, with tests down to 400m, showing district-scale continuity and high purity.

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

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

• No overburden or waste, enabling low-cost mining and straightforward beneficiation.

Processing and product development

• Achieved up to 77% recovery in flotation and 98% leach efficiency, with concentrate grades regularly hitting 30% TiO2.

• Process flow sheet is simple, using conventional technologies, with atmospheric leaching and minimal iron content reducing waste and acid consumption.

• Can produce both anatase and rutile pigments, and easily convert TiO2 to titanium tetrachloride for metal production.

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

• Continuous piloting and engineering studies are planned for early next year, leading to feasibility and commercialization decisions.

Market positioning and strategic advantages

• Pitfield offers a high-purity, low-carbon alternative to ilmenite, with natural anatase and rutile feedstock.

• Titanium is a critical mineral for aerospace, defense, medical, and pigment sectors, with growing demand and tightening supply.

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

• Strong government engagement and support, with access to critical minerals funding and strategic partnerships.

• Dual listing on ASX is planned to attract institutional investment as the project advances.