Interview with Shaun Bunn, Managing Director of Empire Metals Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-titanium-discovery-could-deliver-10x-returns-4641

Recording date: 6th February 2024

Junior explorer Empire Metals has made waves with its recent discovery of high-grade titanium mineralization at the Pitfield project in Western Australia. Initial drill results reveal extensive near-surface deposits that could be amenable to simple and low-cost processing methods.

As Empire Managing Director Shaun Bunn stated recently, “We’re not a low-grade sand mineral operation or a complex hard rock mine. I think we can define a fairly simple processing route now.”

This combination of scale, grade, and potential cost profile makes Pitfield a prime takeover target for titanium developers looking to secure supply. For investors, it also provides leveraged upside to rising titanium demand and prices.

Last December's 40-hole, 5,718m drill campaign intercepted broad mineralized zones. Significantly, Bunn notes, “every hole from top to bottom [was] in titanium mineral.”

High-grade intercepts begin at surface and extend beyond 400m depths. Three diamond holes encountered over 300m of continuous mineralization grading up to 26% titanium dioxide.

With the immense mineral system confirmed, Empire has moved to metallurgical testwork and flowsheet development under newly appointed Process Development Manager Naurel Marriott.

The goal is to devise a simple beneficiation process leveraging the high natural density of titanium minerals found. This may involve low-cost gravity and magnetic separation before final upgrading.

To lead these efforts, Empire has recruited two industry experts with over 72 years of cumulative experience specific to titanium. Initial lab and pilot testing over the next 6-12 months will pinpoint the optimal recovery process.

Rather than expend effort on a formal resource estimate at this stage, Bunn’s priority is to demonstrate commercial viability. Within 18-24 months, he hopes to have an on-site pilot plant operating.

As Bunn explains, “let’s not try and drill this thing out and have a JORC resource because that doesn't answer the fundamental question - how do we get the titanium out and what do you make once you understand that?"

With positive metallurgy results, the timeline from demonstration plant to development could be compressed. The recent $3 million financing provides a runway through these studies.

For investors, Pitfield represents a unique entry point to the titanium space, just as supply shortages are forecast. As the world moves aggressively toward decarbonization, titanium will be one of the metals most critically in demand across green energy and EV applications.

In Pitfield, Empire controls what may shape up as the most significant undeveloped titanium deposit globally. The next 6-12 months will go a long way in quantifying just how significant.

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View Empire Metals' company profile: https://www.cruxinvestor.com/companies/empire-metals

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