Investor update

Nov 28, 2025

Good morning and welcome to the Empire Metals Limited investor presentation. Throughout this quarter meeting, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time by the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press send. Due to the significant attendance on today's call, the company may not be in a position to answer every question it receives in the meeting itself. However, the company can review the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Shaun Bunn, Managing Director. Good morning to you, sir. Yeah, good morning and welcome to everybody on the call this morning. We greatly appreciate the attendance. It's a great turnout. We're just going to give an update on the current status of the Pitfield Project, and flag a few of the important milestones that we've achieved in the last six months or so. Maybe have a bit of a look ahead at some of the real value opportunities that we see just over the horizon. Obviously, disclaimer about forward-looking statements, but nonetheless, we're going to make some. Yeah, look, many of the Apologies. Okay. Sorry about that. Technical difficulties. I'm not sure where we cut out. Yeah, just to repeat myself, unfortunately, today we're going to look back at some of the major achievements that we've made over the last, say, six months or so, but highlight some of the big milestones that we also see coming up. I think it's a very important opportunity for us today to sort of give our shareholders and our investors a clear image and view of where we see the real potential lies for the Pitfield Project. Clearly, in October, we released our maiden MRE, a fantastic result, 2.2 billion tonnes, just over 5%. It is obviously one of the world's largest titanium resources reported. Keep in mind that this only reflects something like one-fifth, 20% of the surface area that we know the mineralization sits across. We don't often get to mention this, it also is only sort of cut down to around about 100 meters. It captures most of the weathered zone. It extends slightly into the fresh bedrock. What's really important to understand, of course, is that the ore body extends well down below that 100 meters. We have drilled. We've drill tested the ore body down over 400 meters. Clearly this resource that we're sitting on here at Pitfield is an absolute giant. District-scale event, exceptional grade, continuity between holes across the ore body, down the holes. It's been exceptionally good. I mean, it's basically no meter that we've ever drilled has ever hit waste material. It's all ore. We often talk about the fact that finding a giant ore body in Western Australia is a fantastic location from a mining perspective. We're only about 3 hours drive from Perth. I mean, it's incredible. There's many communities in the area. This is a wheat belt district of Western Australia, 160 kilometers away from an established port. We have excellent infrastructure. We'll go into that a little bit more. Certainly have a great government support. We talk about purity of the ore from time to time. We did announce earlier in the year, back in June, that we'd made a product, a pigment from the ore body, 99.25% TiO2 pigment. This stems from the fact that the ore, the ground is relatively free of any radionuclides. No uranium, no thorium, virtually no what we call color forms, which affect the quality of the pigment. The chrome, no chrome, vanadium's low, phosphorus is low. All the key things that affects, say an ilmenite source pigment are not a problem for us. Of course, the rapid pace of development that we've set from day one, an exceptional achievement, to be honest, to be able to come here just over 30 months from discovery and to have a mineral resource estimate plus a process flow sheet that we're going to now look to take into continuous piloting. I'm just going to hand over to Greg for the next couple of slides, talk about the market. Thanks, Shaun. Titanium is not just another industrial mineral. It's formally classified as a critical mineral by the U.S., the EU, the U.K., Canada. It is strategically important and has become an essential strategic metal for governments, for supply chains. It's essential because of its unique properties. It's strong, it's lightweight, it's corrosion resistant. It has properties that no other metal is able to replicate at any scale. It underpins advanced sectors of the global economy, including aerospace, defense, medical, energy, renewables, and of course, pigments and coatings. The key downstream sectors of aerospace, medical, defense particularly, have really moved their focus onto securing strong, stable, long-term supply chains. One of the biggest challenges with strategic metals is not just securing them, but securing them for a period of time that allows large aerospace producers or defense producers to plan 10, 20, 30 years in advance. Of course, the scale of Pitfield fits perfectly into those requirements. It is a product that is becoming more and more scarce. There is a shortage of high-grade natural TiO2 materials like rutile. Over 90% of the current world supply comes from ilmenite. Ilmenite as a feedstock is low grade. It uses a lot of energy to upgrade. It's dirty. It's a carbon-intensive process, and it's an expensive process. It needs significant upgrading, it needs significant energy, and this creates a major sustainability issue and bottleneck for downstream suppliers. What we have with Pitfield is a strategic opportunity because it contains natural high purity anatase and rutile within this weathered cap. We can potentially deliver a premium feedstock without the carbon, without the energy burden of ilmenite upgrading. It presents us to be in the position to supply strategic partners like the U.S., Europe, Japan, Saudi Arabia, and others seeking to secure a non-Chinese supply. The cost is a primary element here as well. Upgrading low-grade ilmenite is a very expensive process. As I mentioned, supply is reducing. However, we do see demand increasing over the coming years. The bulk of the $24 billion market size in 2024 is the pigment industry. We do see the metals demand growing over the next 5-10 years, particularly as countries and economic regions like the U.S. and the EU look at moving their reliance on supply from countries like China, Russia. We've obviously seen tariffs come in and have a major effect over the last 6-12 months. The EU brought in anti-dumping regulations in 2024. The market is growing, but supply of high-grade feedstock from safe strategic jurisdictions is reducing. Again, it puts Pitfield in a very, very prime position to be able to supply this strategic market. As a result of the strategic minerals elements, we're also seeing a lot of engagement with governments. We've been working very closely with the Australian government, both federal and state. We've already had a number of introductions from the government to two potential future suppliers. There's a real engagement process ongoing, not just with the Australian government, but with the U.S., with the EU, and all of these countries, all of these large titanium downstream producers are looking at working with their Western partners, strategic partners, to try and secure that ongoing supply. Yeah. Thanks, Greg. Greg touched upon this, and I think we'll just take an opportunity here to have a think about what we've actually seen on it at Pitfield. We mentioned that ilmenite is the dominant feedstock for both titanium and sponge metal. It is obviously a relatively common mineral found on beach sands and other heavy mineral deposits. Some of the ilmenite deposits like Rio's or the Norwegian Tellnes mine is hard rock deposits. Now, most titanium, as we have pointed out previously, starts as a low-grade ore, requires a very costly process, a polluting process, if you like. That's because of the iron content within the ilmenite. It really does have an impact when you have a mineral that is only about 50% TiO2, and the rest is iron oxide. Our anatase, our rutile in the weathered cap doesn't have that particular issue. It's already been converted by Mother Nature into TiO2. What we're dealing with is not only a district-scale giant ore body at Pitfield, very pure in situ, but it basically is one of the seven. It's a geological wonder of the world. Mother Nature has already converted the titanium minerals into basically a TiO2 mineral. Our challenge is how do we effectively separate that? How do we mine it, bring it out into a concentrate, and move that through a beneficiation process? We're going to have a look at how the circuit's coming together, the flow sheet, over the next three to four months. I'll go in a bit more detail shortly about that. I think the real value proposition here is that Pitfield is the better alternative to ilmenite to supply the market going into the future, and we have a multi-generational supply chain here at Pitfield. Infrastructure-wise, we've pointed out many times just how important it is to have a well-established access to rail, access to roads. Infrastructure's fantastic. The real key here is our access to green energy. One of the most important things about developing a titanium industry, particularly if you want to produce metal. By its very nature, the Kroll process, it uses an electric arc to smelt the feedstock down to be able to produce a titanium sponge metal product. Obviously, very high energy-consuming process. Having access to low-cost energy, green energy, wind, solar. We're looking at geothermal. We're talking to a group on our western border, if you like, in the area where the oil and gas industry has been established for some time. We know that there is a geothermal operation there being considered. That would be an absolute breakthrough for us to be able to use what would be the lowest cost and least carbon-intensive of all energy supplies. We're really excited about the opportunities that we have around us within this infrastructure area. We're talking to various groups about how we can access the Port of Geraldton, just 160 km to our north. The other key factor here is that the level of investment coming from both the U.S. and the Australian governments into developing a critical minerals facility. This project doesn't require huge investment for the infrastructure. Any monies that we can get from the various federal agencies really just goes straight into the project development. We don't need people to build us gas pipelines. We don't need rail to the port. It's an absolute great step up for us. We released our maiden mineral resource just recently. As I said, 2.2 billion tons. It contains 113 million tons of TiO2. Now, that's enough to keep any mine operating for well over hundreds of years. We're in a really powerful position already with our maiden resource. I'm going to talk a little bit more about our plans for drilling and drilling out this resource. The real important thing here is to flag that we've got nearly 700 million tons of that resource. Just about a third of it already has been brought into indicated. We're going to be drilling this resource out to bring it up into measured, and the majority of the resource will then be measured and indicated. Most of the resource tons sit down at Thomas to the south, as you can see on the image on the right-hand side there. Basically, that's the area that we focused on in our last major drill campaign. We're going to go back up to Cosgrove in the new year, and we're going to bring that up into the same sort of order of magnitude that we currently enjoy with Thomas. There is some plans to drill further to the south of Cosgrove and follow that high-grade trend down. That's going to be an exciting extension for us to have a larger optionality around two high-grade near-surface targets rather than just stick to the current main focus at Thomas. We talk about this weathered cap, and lots of confusion as to what we're actually referring to here. We've got 1.3 billion tons within this weathered zone at the moment within that resource. We plan to focus on the weathered cap, but the weathered cap extends down anywhere to 60-80 meters from surface. It's quite an extensive ore body in its own right. Now, the weathered cap is where the fresh minerals, the titanite minerals that we found at depth in the fresh sediments. This is where Mother Nature has already converted them into the anatase and rutile minerals that we think will give us the initial feedstock for a processing facility. We've got a very high-grade, very pure ore resource sitting there right at the surface. There's no overburden. There's no interburden. There's no waste to remove. We simply have to remove a bit of the topsoil and get straight into free-digging, highly friable ore. We've got a great prospect here to have a very low-cost mining scenario feeding a beneficiation plant. We've already announced previously what that plant might look like. Some of the test work that we announced a few months ago certainly was very encouraging. Looking at the mineral separation phase, we're getting excellent results now across our flotation technology. Basically, we're now looking at how we can optimize that. We're doing that in batch scale at the moment, but we plan to move into a continuous piloting process early in 2026. Effectively, what we're seeing is anywhere up to about 77% recovery in the rougher stage, nearly 80%, and about 90% of that gets caught up in the cleaning stage and pushed further into the flow sheet, if you like, heading towards the leaching stage. That's quite a highly efficient recovery for even a mineral sands operation. We are right up there with most of our peers that are operating in the mineral sands industry. The recoveries are very good. The grades of the concentrates are now becoming even more impressive. We're hitting the 30% TiO2 in concentrate marks on a regular basis. We're looking to upgrade that. All of the test work we've done to date on how to digest the concentrates and get the titanium out has resulted in very high leach efficiencies. We're getting about 98%, up to 98% of the titanium coming out of those concentrates and into our refining process. This is not a refractory ore. This is definitely something that is going to respond very rapidly to leaching. We don't need high temperatures. We don't need high pressure. As a consequence, we're now pursuing an atmospheric-type leaching process to bring the titanium out and then take it further forward into pigment refining. The last thing I want to comment about here, and one of our critical success factors, our advantages that I keep pointing to, is we have very low levels of iron. Our iron oxide in the feed when it comes into this stage is only about, well, it's less than 5% on many occasions. We don't end up with a very high acid consumption, and we don't end up with a large acidic iron sulfate waste product. That's one of the challenges that faces the ilmenite industry. The flow sheet is relatively straightforward at the moment. We basically are following conventional technologies. The likelihood is that we will end up with a run of mine ore stripping the weathered zone, a scrubbing process, no need to crush, no need to grind. Basically, you scrub out the material, break it up in a mineral tumbling machine. We de-slime that and basically have the choice then of either floating off a concentrate from the finer product and using gravity to coarsen up and win the titanium out of the coarser material. We may look to try and do a whole-of-ore float if that's more effective. Either way, we generate a low-mass, high-grade concentrate that goes into an acid leaching process, and then we move into purification. We remove all the materials or the by-products that we don't want in the final pigment. We might end up with a couple of different by-products from this process. Then what we'll end up with is a high-grade pigment that can either go to rutile pigment or anatase pigment, or we can convert that to titanium tetrachloride and take that through to the sponge metal industry. We still have lots of optionality. That comes from the fact that we've got a really pure feedstock. There's none of these really difficult-to-remove heavy minerals, heavy metals, and we don't have the uranium and thorium to deal with. It makes it much simpler to get to a final finished product. Looking ahead, some of the key things that we're currently drilling. We've announced that just recently. We have a diamond rig on site drilling out some of the Thomas prospect. I'll talk a little bit more about that, about why that is happening. Basically, it's an important part of us developing a higher grade, more confident MRE, so moving to measured and indicated at Thomas. We plan to continue to drill air core and RC holes at Cosgrove and to do further development around that particular resource target. That'll happen in early first quarter 2026. We're working on batch testing. We're optimizing the float conditions at the moment, and we're building up those tests so that we have a much bigger, dealing with tons of ore now to try and produce bulk mineral concentrates for further testing downstream. We are working through a number of digestion phases. In other words, what we're trying to look for, having developed a process route that is very effective for bringing the titanium out, we are looking at alternative digestion steps along the way so that we can target specific products. That might be to move towards the titanium tetrachloride route and to move towards metal production. All of that's happening over the next few months. We end up moving towards a continuous testing, a pilot testing phase, towards the end of the first quarter of next year. We are currently moving towards making our initial bulk pigment samples, and we've taken on a marketing manager with the view that that guy will be able to get out there, again, probably towards the end of the first quarter and start to talk to prospective end users, customers about what it is that they would like us to think about producing. All of those efforts, those studies, those developments, they will feed into what will become our engineering and economic studies that go into an ultimately feasibility study process and lead us to a decision to bring this project into commercialization. That's a big process pipeline ahead of us, but we're well-equipped to execute that. Got a great team. We're working really at accelerating this development. Capital structure. I guess the main point I want to highlight here is we recently did a GBP 7 million fundraise from existing institutional shareholders. With our existing cash balance of GBP 4 million, that's put us in a very strong position. Our group cash position, which was announced on the 30th of October, is GBP 11 million. Puts us in a very strong position to move ahead with the pipeline that Shaun's just been running through over this next 6-12 months. I'll just talk a little bit about the board of directors and the management team. Shaun's mentioned the progress we've made over the past 30 months. 30 months since the first discovery hole, which really is unprecedented if you look at exploration projects moving through discovery and into development. A big part of that is down to this just incredible ore body we have and the simplicity, but we couldn't have progressed it as quickly as we have without the board and particularly the management team. I think everyone knows Sean is a metallurgist by background. Neil O'Brien has spent his career discovering and developing these giant mineralized systems, and Phillip Brumit, who joined us recently this year, just has exceptional experience as a mining engineer in delivering major project development. Down in Perth where our operational team is based, Sean has managed, in a very short space of time, to bring together an incredible expert team. Look, a big part of that is, again, thanks to the location. Being three hours north of Perth, we're not dealing with remote locations where we have to try and go out and attract these experts in their fields. Part of the leadership team is on this slide. Andrew, our Exploration Manager. Alan, who joined us recently, who's undertaking the mining and will move on with scoping studies and into feasibility. Narelle Marriott, who's our Process Development Manager, who's been instrumental in putting together this very simple process flow sheet that allows us to make the most of this amazing deposit that we have at Pitfield. Michael Tamblyn, who joined us recently, who has just a wealth of experience in marketing and is very busy and will be getting very busy into the new year as we continue to engage with end users in the U.S., in Japan, in all of these global markets who are really looking for a new supply of strategic titanium. Yeah, thanks. Just to wrap up on this particular part of the presentation, we will be answering questions post the formal presentation or to explicitly try and address some of the concerns or queries that have come through. I think it's really important that we just stop for a minute and reflect, as I said, about what the true potential of Pitfield might be. We always talk about the fact that it's the largest discovery, it's the greatest discovery of titanium minerals ever reported. The scale of this, the continuity of grade, the chance to have a project developed in a tier one location that could run for hundreds and hundreds of years is. These opportunities do not come around very often at all. This is really a rare, unique discovery. Something that we obviously are very proud and pleased that we've been able to bring it to this stage of development. One of the most important things is looking forward. Now, we can celebrate success. We can celebrate our exploration activities. We can flag that we've made great progress on the process development. We've made products that will no doubt be of high value and very attractive for not only end users who might want the pigments, the major aircraft groups around the world that are looking for securing titanium metal, but also governments. The U.S., the Europeans, the Germans, the Japanese, even the Australians are now all looking at how federal governments can come in and help support build these critical mineral projects to secure what is a critical strategic metal. Now, as I said, these things don't come around very often. We've got to make every opportunity that comes across now that we can jump forward, make giant leaps, not just chip away at this. That's what we're focused on. We're really working at a rate that is phenomenal. We're going into piloting early next year, as I mentioned. We have several of the world's best metallurgical laboratories right on our doorstep. They can run tons of that now, tons and tons of materials through their piloting stage. We've got access to pilot technology. We've got access to scientists and key support structures. We're using all of these types of industry experts to try and push this project into something that we can very quickly then move to commercialization. Economic studies evaluate the capital and operating cost structures, show that it's going to be able to produce titanium pigment and metal at a much lower cost than our competitors. Untap that sort of hidden value, if you like, that we are still working our way towards. Lots of people would like us to come out right now and say, "This is our cost of production. This is our capital cost. This is our economic assessment of the ore body." We're not there yet. I know that's something that many of you would prefer that we could just suddenly produce a whole pile of economic statements. The reality is we have to go through this processing test period. We have to move into the continuous testing to show and validate our flow sheet. We'll be able to then very quickly consolidate that into our economic studies. I am looking forward to being able to come back in a relatively short period of time with a lot more clarity over the real opportunity that Pitfield represents. I'll leave you on that note. Happy to take questions as they come through. We do have some questions previously submitted that we'll also be able to respond to. Thank you very much for your attention. That's great. Well, Shaun, Greg, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions, and you can do so just by using the Q&A tab that's situated in the top right corner of your screen. But just while the company take a few moments to read the questions that have been submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboards. As you can see, we have received a number of questions. What I'll do is I'll just hand back over to you to run through the Q&A, and I'll pick up from you both at the end. Great. Thank you. There've been a lot of questions submitted. Quite a few around the same topic. Instead of answering each question individually, we'll probably group some of them up and hopefully cover everything off in sort of one answer. I'll jump in first. There's been a number of questions about share price, share structure, listing, intention to list on the ASX. I'll try and answer that as best I can. I think in response to a few of the questions in relation to the share price over the last couple of months, I guess what I would say is there's been no material change to our operational position, financial position or outlook. There has been some volatility in the share price. We remain very confident that this project and our strategy to advance it will continue to deliver long-term value to shareholders. We're not focused on trying to just jump at short-term share price movement here. We're focused on delivering. We've made tremendous progress in a very short amount of time. The momentum's been incredible. Having just done this fundraise, we are now fully funded. Our real focus is now on just continuing to keep this momentum going, continue to deliver and continue to deliver more value, which we have done over the last couple of months. There's been a couple of questions in relation to the ASX. Look, we have great respect for our AIM listing. We think the company has performed tremendously on AIM over the last two years. We have continually been one of the most successful AIM-listed companies. We've had very, very strong support from our retail investor base particularly, and more recently as the company's grown, from institutional investors. We maintain our intention to dual list on the ASX as we believe that as the company grows, given the scale, given the world-class nature of this deposit, given it's in a Tier 1 mining jurisdiction, exposure to institutional investment out of Australia and Asia will really be necessary to continue to drive this forward as we move into more of the development phase. We don't have any intention to move off AIM. We see the dual listing strategy as being something that will work as we continue to grow the company. We continue to look at that in the new year. Yeah. As Greg mentioned, we have multiple questions relating to the same topic. I'll just cover off on the drilling and exploration work that we're currently undergoing. Some of the questions on this related to moving the resource into a measured category. Others have asked about whether we plan to connect the Cosgrove, Thomas deposits into a single operational target. One question related to how will the diamond drilling we're doing increase the weathered zone or at least below the weathered zone at Thomas to increase the MRE? Basically, people are asking why did we choose to use diamond drilling in the first place. The simple answer on the diamond drilling program at Thomas is that's a really critical program for us. It really is focusing on not only just adding a few more holes to the database. It's focused on geotechnical sampling, which is important for our mine development. It's focused on establishing a better understanding of the ore densities as we go through the weathered zone into the fresh rock. Again, very important for us moving to a measured category. We're going to get further information about the average moisture contents, the water tables, but also it's going to generate some more metallurgical samples and ore characterization. A lot coming out of just these 10 holes in terms of our development plan. The real push, however, to extend the mineral resources that we have, and I mentioned in the presentation, a lot of the extensional work will be done up near Cosgrove. Cosgrove wasn't a very big part of our initial maiden resource, and I'd like to have the optionality. In other words, have at least two high-grade targets within our current development plan that are both of about the same order of magnitude and both give us a long life. Having optionality at this early phase is tremendously important. It helps us come up with optimized plans for infrastructure, access to rail, access to water resources, all those things that we're still working through early phase of development. Part of that drilling will extend the Cosgrove deposit, chasing a high-grade trend further to the south towards Thomas. I don't necessarily think we'll connect the two. They're 20 kilometers apart. The ore body obviously does run between the two at surface. At some stage over the future of this, no doubt we'll have a development plan that allows us to have multiple mines along that route. Yeah, the major push for us will be an air core and RC drilling campaign. Don't plan to start that until early next year. It's not the right time to send up the drill rigs at this point in time as the farmers are still moving through the harvesting phase. We'll hit the ground running pretty hard post-Christmas and get the drilling that we need to get measured and indicated resources for mine reserve calculations. Just jumping over a page. I might just jump in quickly. There were a couple more queries on funding. I covered off a bit in my previous answer, but look, that last fundraise we did, we're really happy with that. The GBP 7 million came in at a premium. I think it was a 15% premium to the price on the day we did it from three existing, very long-term, very supportive shareholders. We are very much focused on continuing to build our share register. As the company's grown, as the market cap grows, it now opens us up to talking to larger institutions, and in particular, institutions that have a much longer sort of time horizon here when looking at investment. Just the other thing I'll reiterate on the funding side of things, we mentioned it during the presentation, but the government support is just tremendous. You have Export Finance Australia. Australia currently has two critical minerals funds, one for circa GBP 12 billion, one for circa GBP 4 billion. The government of Australia and the state government are very focused on trying to establish these sort of tertiary industries in Australia. We've already had discussions. We have constant updates with these government bodies and as we particularly progress over the next six months, those discussions will continue to advance. Yeah, definitely. We had some questions come through earlier on, for instance, the tenements and our access to the ore bodies, particularly given this is farmland. You'll see in the picture there, basically open wheat paddocks that we're drilling through. One of the questions relates to how do we move forward with the farmers, the landowners. We have access agreements signed up with all the farmers where we're drilling currently and working our way through getting the further farms signed up to access agreements. Now looking for infrastructure and other sources, other potential access to water, for instance, in the area. How it works quite simply is that the farmers, they don't own the mineral rights, but they obviously own the near surface land. We have access rights to come on site and drill. That allows us to do our exploration phase. If we do decide that we want to develop an area that is covered by one of these farms, then we do have to reach a compensation agreement with the farmer. All of this is covered under well existing legislation. There's a process that everyone goes through. We can't be vetoed. We can't be told, "You can't develop the mine." It does get down to a fair and reasonable negotiation with the landowner if we want to take over part of his property. I think that's relatively straightforward. It's not an uncommon process here in Australia. One of the other critical things people are asking is, were there any areas within the tenements that, for instance, would require ministerial consent, reserve land? Look, we've got 1,000 sq km under tenement. The ore body itself runs over 300 sq km. I'm pleased to say that there are no reserve lands that correspond to where the ore body and the mineralization lie. There are areas of natural heritage importance. There are an area called the Yarra Lakes, which are a salt lake system on our east. That has certain value to the Indigenous land, the original owners, the Yamatji Corporation, who we deal with under the land access agreement. We don't necessarily have to enter into those areas and disturb areas that are particularly of sensitivity to those groups. There's no ore body there, so that's great for us and very easy to work with. No, there's no requirement here at Pitfield to do anything that would require sensitivity or disturbance to either the environmental areas or to the natural heritage type groups that we're constantly working with. I'll jump in. We had another question just in relation to the joint venture. Pitfield is a 70/30 joint venture. The 30% is held by a group called Century Minerals. We are the majority joint venture partner. We're the operator. Basically, what the agreement states is when a decision is made to mine, the joint venture partner will have the option to either invest in the project, either sell to us or be diluted. Regardless of that investment, Empire will retain the majority share and remain the operator under the joint venture agreement. Yeah. That's right. Some questions about products, a little bit more change of focus here, which is good. There was a question relating to and a very good question, I might add, to the TiO2 pigment product, because they're talking about different crystalline forms. In other words, what we're talking about is pigments can either be a rutile pigment or an anatase pigment. The crystal structure of the pigment, not what's in the ground. Curious enough, we've got an advantage over, for instance, the chloride pigment industry in the fact that chloride pigment production is always rutile crystalline. They can't produce an anatase crystal from that process. The sulfate pigment industry can, if they choose to, make an anatase pigment. They change the operating conditions to do that. They then can convert the anatase pigment to a rutile pigment. We have that optionality. At the moment with our sulfate recovery process, we have made an anatase-type pigment to date, but it's quite straightforward for us to be able to convert that to a rutile pigment, and we could actually be making both depending on what our consumers and customers want from us. We do have an actual competitive advantage because of our product mix. One of the other things that people have asked about in terms of product is how do you get the TiCl4 from that process? In other words, how do you get your titanium dioxide and change it into titanium tetrachloride? Well, effectively, that's how the industry does it now. Most of the feedstock that goes into a chlorinator is either rutile or upgraded smelter slag from, say, Rio and those guys who produce a high-grade TiO2 feedstock for the chlorinator. They're looking for generally feedstock that's up around about 90% TiO2. We've already shown quite clearly that we can easily make that. The only challenge for us is the particle size that we operate at is much finer. However, there are technologies to, for instance, to simply granulate that into a coarser product size that would then go into a chlorinator, if you like, which is a fluid bed process. It's quite straightforward for us to convert our TiO2 products. We don't have to refine them into a pigment that would go to paint, for instance. We can break out a product stream before we go to that level and convert it into something that we could convert to a feedstock to go to metal. That technology is well understood and is constantly being used around the world. We've covered those. There was questions relating to some of our other licenses, in particular the Eclipse project, the gold project that we were looking at when we first came some five odd years ago to Australia. We have made no secret that that project is non-core and that we would look to find a buyer for that particular project. That's a work in progress. Nothing to report at the moment. There is a lot of interest, of course, in picking up a gold project, given the gold price. I do anticipate us being able to execute a deal on that particular asset. There was questions relating to our other tenement at Walton. Walton is still one of the tenements we want to keep at the moment. We want to maintain that tenement in good order. We're not actively drilling at Walton, but we are doing surface exploration work and some planning to do some geophysics down the track. Basically, Walton is highly prospective for both copper and gold, and it's something that we want to keep an eye on. It certainly doesn't take away any of our focus at the moment away from the Pitfield Project. We're just going to have a quick look through some of the questions that have been put forward. I think we've probably answered some of those. I think that's pretty well covered. Yeah, I think so. Just bear with us for a second. There's a lot of questions coming through. At the moment, we can't actually. We will come back to the market with some answers to the questions that we haven't quite got a prepared response to. Part of that, of course, is that we have to be mindful of what's public information and already been released to the market. We are working on a number of important strategies that we will come back to the market early next year and discuss. Those will include how we advance the project in terms of partnerships and looking for support from either government. We talk about the government critical mineral facilities. There are others out there who are non-government groups that might want to participate. Users, for instance, might want to have a strategic relationship with us in terms of locking up supply. There's lots of opportunities down the track that I think we're going to start working on. The sooner that we can get our project to the stage that we're doing continuous piloting and can bring groups out to look at how we process, the better. That's a wrap. Perfect. Well, Shaun, Greg, thank you very much for answering those questions from investors. Of course, the company can review all the questions submitted today, and we will publish the responses on the Investor Meet Company platform. Just before redirecting investors, provide you their feedback, which is particularly important to you both. Shaun, I was wondering if I could just ask you for a few closing comments. Yeah, certainly. Well, obviously, we thank those who attended today and have given us your time. I appreciate that. It's something that we often encourage. Both Greg and I often talk about the importance of being able to respond to our shareholders, the investors, the questions that they have. We're always delighted to try and get as much clarity out there as possible. There is, as I said, a lot happening at the moment, a lot of work in progress. I appreciate your patience in terms of how we're going about this development phase. The reality is there's still some work to be done over the next few months to push through this phase and come back out in early next year with a very clear plan of how we're going to commercialize Pitfield. Thank you. Yeah. Thank you very much. That's great. Well, thank you once again for updating investors today. Can I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback on what the management team can better understand your views and expectations. On behalf of the management team of Empire Metals Limited, we'd like to thank you for attending today's presentation, and good morning to you all. Good morning.