Empire Metals (EEE) Investor update summary

Project advancement and strategic positioning

• Pitfield is the world's largest known titanium discovery, with an estimated 26.4–32.2 billion tonnes at 4.5–5.5% TiO2 and exceptional grade continuity, transforming the company from junior explorer to major project developer.

• The ore body is sedimentary-hosted, allowing for bulk mining and simple, scalable processing, supported by strong technical and management teams.

• The project benefits from proximity to infrastructure, green energy hubs, and strong government support in Western Australia, a tier-1 mining jurisdiction.

• Targeting high-purity anatase and rutile minerals (>95% TiO2) for premium-grade titanium products suitable for aerospace, pigment, and metal markets, leveraging a naturally occurring, low-contaminant resource.

• Pitfield represents about a third of the world's known TiO2 resource, with clean ore free of deleterious elements and offering a direct, high-purity alternative to traditional ilmenite-based supply chains.

Market context and competitive advantages

• Titanium is a $23 billion market with strong demand for pigments and metal, and no substitutes for TiO2 pigments; titanium is classified as a critical material by major economies.

• Geopolitical risks and supply constraints, especially from Russia and China, create opportunities for Western-based producers.

• The company’s ore contains high-purity minerals, offering a competitive edge in supplying high-value feedstock for the titanium industry and reducing reliance on scarce rutile and energy-intensive processing.

• Achieved a 92% TiO2 product on the first attempt, aiming to refine this to 95%+ for premium markets.

Technical and operational progress

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

• In-situ weathered cap at surface contains 4.0–4.9 billion tonnes at 4.8–5.9% TiO2, suitable for low-cost strip mining with no overburden or blasting.

• Processing pathway established: simple attritioning, gravity, and flotation yield >90% TiO2 concentrates; acid leach achieves >90% dissolution of anatase and rutile.

• Initial test work shows over 90% recovery of anatase and rutile via acid digestion, with ongoing scale-up to produce bulk samples.

• Recent drilling yielded 84 air core holes and large bulk samples, supporting scale-up of test work and future product marketing.