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Advancing one of the world's largest titanium projects in Western Australia Supplying the FutureHigh-Purity Titanium Dioxide for a Growing Global Market LON : EEE Corporate Presentation -March 2025
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LON : EEE 2 Thispresentation(“Presentation”)hasbeenpreparedbyEmpireMetalsLimited(“Empire”orthe“Company”)andmaybesubjecttomaterialupdates,revisionandfurtheramendment.ThisPresentationdoesnotconstituteanofferorinvitationforthesaleorpurchaseofanysecurities,nordoesitpurportto,setout,orrefertoalloranyoftheinformationaninvestormightrequireorexpectinmakingadecisionastowhetherornottodealinsharesintheCompany.ThisPresentationhasnotbeenapprovedbyanyauthorisedpersonpursuanttoSection21FinancialServicesandMarketsAct2000("FSMA")andisthereforebeingissuedforinformationpurposesonlytoaverylimitednumberofpersonsandcompanieswhoare(i)ifoutsidetheUnitedKingdomoroutsideamemberstateoftheEuropeanEconomicArea,personstowhomthecommunicationmaybelawfullymade;or(ii)ifinamemberstateoftheEuropeanEconomicArea,personswhoarequalifiedinvestors,beingpersonfallingwithinthemeaningofArticle2(e)ofProspectusRegulation(EU)2017/1129(asamendedfromtimetotime);or(iii)ifintheUnitedKingdom,personswhoarequalifiedinvestors,beingpersonsfallingwithinthemeaningofArticle2(e)ofProspectusRegulation(EU)2017/1129(asamendedfromtimetotime)asitformspartofdomesticlawbyvirtueoftheEuropeanUnion(Withdrawal)Act2018,andwhoare(a)personshavingprofessionalexperienceinmattersrelatingtoinvestmentswhofallwithinthedefinition"investmentprofessionals"inArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,asamended(the"Order"),or(b)highnetworthcompanies,unincorporatedassociationsandpartnershipsandtrusteesofhigh-valuetrustsasdescribedinArticle49(2)oftheOrderandanyotherpersonswhofallwithinotherapplicableexemptionsundertheOrder,or(c)personstowhomthecommunicationmayotherwiselawfullybemade(together,"RelevantPersons").ThisPresentationanditscontentsareexemptfromthegeneralrestriction(insection21FSMA)onthecommunicationofinvitationsorinducementstoengageininvestmentactivityonthegroundsthatitisbeinggivenonlytoRelevantPersons.IfyouarenotaRelevantPersonyoushouldnotrelyoractuponthisPresentationandinconsiderationofreceiptofthisPresentationeachrecipientwarrantsandrepresentsthatheoritisapersonfallingwithinthatdescription.ThisPresentationdoesnotconstituteandisnotaprospectusorlistingparticulars(undereithertheProspectusRegulations2005(asamended),theFinancialServicesandMarketsAct2000(“FSMA”)ortheProspectusRulesoftheFinancialServicesAuthority)nordoesitcompriseanAIMadmissiondocumentforthepurposesoftheAIMRulesforCompanies,aspublishedbytheLondonStockExchangeplc,andshouldnotbeconstruedassuch.Norepresentationorwarrantyorotherassurance,expressorimplied,ismadebyoronbehalfoftheCompanyoranyofitsrespectivedirectors,officers,employees,advisersoranyotherpersonsastothefairness,accuracyorcompletenessoftheinformationorestimatesoropinionsorotherstatementsaboutthefutureprospectsoftheCompanyoranyofitsrespectivebusinessescontainedinorreferredtointhePresentationgiveninconnectiontherewithandnoresponsibility,liabilityordutyofcarewhatsoeverisacceptedbyanysuchpersoninrelationtoanysuchinformation,projection,forecast,opinion,estimateorstatement.TheCompany’sNomad,S.P.AngelCorporateFinanceLLP(“S.P.Angel”),hasnotapprovedthePresentationasafinancialpromotionforthepurposesofsection21ofFSMAorotherwise.S.P.AngelisactingintheprovisionofcorporatefinancebusinesstotheCompany,withinthemeaningoftheFinancialConductAuthority’sConductofBusinessSourcebook(“COBS”),andno-oneelseinconnectionwiththeinformationcontainedinthisPresentation.Accordingly,recipientsshouldnotethatS.P.AngelisnotadvisingnortreatingasaclientanyotherpersonandwillnotberesponsibletoanyoneotherthantheCompanyforprovidingtheprotectionsaffordedtoclientsundertheCOBSnorforprovidingadviceinrelationtotheanyproposalscontainedinthisPresentation.RecipientsofthePresentationoutsidetheUnitedKingdomshouldinformthemselvesaboutandobserveanyapplicablelegalrestrictionsintheirjurisdictionwhichmayberelevanttothedistribution,possessionoruseofthePresentationandrecognisethattheCompanydoesnotacceptanyresponsibilityforcontraventionofanylegalrestrictionsinsuchjurisdiction.InparticularthisPresentationmaynotbe(i)takenortransmittedintotheUnitedStatesofAmerica,(ii)distributed,directlyorindirectly,intheUnitedStatesofAmericaortoanyUSperson(withinthemeaningofregulationsmadeundertheSecuritiesAct1933,asamended),(iii)takenortransmittedintoordistributedinCanada,Australia,theRepublicofIrelandortheRepublicofSouthAfricaortoanyresidentthereof,or(iv)takenortransmittedintoordistributedinJapanortoanyresidentthereof.Anyfailuretocomplywiththeserestrictionsmayconstituteaviolationofthesecuritieslawsorthelawsofanysuchjurisdiction.ThisPresentationcontainsconfidentialinformationregardingthecompany.YouracceptanceofthePresentationconstitutesyouragreementto(i)keepconfidentialalltheinformationcontainedherein,aswellasanyinformationderivedbyyoufromtheinformationcontainedherein(collectively“ConfidentialInformation”)(ii)notdiscloseanysuchConfidentialInformationtoanyotherperson,(iii)notcopythisdocumentwithouttheCompany’spriorconsent,and(iv)promptlyreturnthisdocumentandanycopieshereoftotheCompanyupontheCompany’srequest.ThePresentationmayincludeinsideinformationforthepurposesoftheUKversionoftheMarketAbuseRegulation(EU)No.596/2014whichispartofUKlawbyvirtueoftheEuropeanUnion(Withdrawal)Act2018(asamendedformtimetotime)(“MAR”)andaccordinglyrecipientsofthePresentationundertaketocomplywiththerequirementsofMAR.WithoutlimitingtheobligationsandrestrictionsimposedundertheMARandFSMA,byreceivingthePresentation,youagreethatyoumustnotdealin(orencourageanotherpersontodealin)theCompany’s(oranyothercompany’s)sharesorsecuritiesorbaseanybehaviouronsuchinformationuntilsuchinformationhasceasedtobeinsideinformation. DisclaimerForward-lookingStatementsThisPresentationmaycontainforward-lookingstatements.Thesestatementsrelatetothefutureprospects,developmentsandbusinessstrategiesoftheCompanyanditssubsidiaries(the“Group”).Forward-lookingstatementsareidentifiedbytheuseofsuchtermsas“believe”,“could”,“envisage”,“estimate”,“potential”,“intend”,“may”,“plan”,“will”orthenegativeofthose,variationsorcomparableexpressions,includingreferencestoassumptions.Theforward-lookingstatementscontainedinthePresentationarebasedoncurrentexpectationsandaresubjecttorisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthoseexpressedorimpliedbythosestatements.Ifoneormoreoftheserisksoruncertaintiesmaterialises,orifunderlyingassumptionsproveincorrect,theGroup’sactualresultsmayvarymateriallyfromthoseexpected,estimatedorprojected.Giventheserisksanduncertainties,potentialinvestorsshouldnotplaceanyrelianceonforward-lookingstatements.Therefore,althoughtheCompanybelievesthattheexpectationsreflectedinsuchforward-lookingstatementsarereasonable,theyaremadeonthedateofthisPresentationonlyandtheCompanyneithergivesassurancethatsuchexpectationsareaccurateorguaranteednorassumesanyobligationtoupdatetheinformationcontainedtherein,otherthanasrequiredbytheapplicablelaw.CompetentPersonStatementThetechnicalinformationinthisreportthatrelatestotheCompany’sexplorationprojectsandactivitieshasbeencompiledbyMrAndrewFaragher,anemployeeofEmpireMetalsAustraliaPtyLtd,awhollyownedsubsidiaryofEmpire.MrFaragherisaMemberoftheAustralianInstituteofMiningandMetallurgy.MrFaragherisemployedintheroleofExplorationManagerandhasbeenmanagingtheexplorationactivitiesforEmpireMetals.MrFaragherhassufficientexperiencethatisrelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitybeingundertakentoqualifyasaCompetentPersonasdefinedinthe2012Editionofthe‘AustralasianCodeforReportingofExplorationResults,MineralResourcesandOreReserves’.MrFaragherconsentstotheinclusioninthisreleaseofthemattersbasedonhisinformationintheformandcontextinwhichitappears.ThescientificandtechnicalinformationinthisreportthatrelatestoprocessmetallurgyisbasedoninformationreviewedbyMs.NarelleMarriott,anemployeeofEmpireMetalsAustraliaPtyLtd,awhollyownedsubsidiaryofEmpire.Ms.MarriottisaMemberoftheAustralasianInstituteofMiningandMetallurgyandhassufficientexperiencerelevanttothestyleofmineralisationandtypeofdepositunderconsiderationandtotheactivitybeingundertakentoqualifyasaCompetentPersonasdefinedbytheJORCCode2012.Ms.Marriottconsentstotheinclusioninthisannouncementofthemattersbasedontheirinformationintheformandcontextinwhichitappears.
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3 LON : EEE Empire Metals: Positioned for Growth in a Supply-Constrained Titanium MarketDeveloping the Largest Known Titanium DiscoveryThe PitfieldProject (70% JV) is adistrict-scalediscovery withexceptional grade and size WesternAustralia PitfieldProject~1,042km² PerthTier-1 Locationof Western AustraliaAccess to infrastructure, skilled workforce, and government support Scalable, Efficient Development PathSimplebulk miningwithconventional processingsteps for high-value products Experienced Leadership TeamProven expertise in mining, processing, project development and finance to drive success Strong Re-Rating PotentialUndervalued compared to peers with key catalysts in 2025to unlock value Titanium: A Critical Metal in Supply DeficitIncreasing in global demand, rising geopolitical risks, and supply chain challenges
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LON : EEE 4 →The U.S. relies heavily on imports, while China’s titanium lacks the quality needed for aerospace and defense→Russian export restrictions and EU/U.S. tariffs on Chinese supply are tightening the market and limiting availability Titanium Market Dynamics: A Critical Mineral in Short SupplyTitanium’s Essential Role in High-Value Applications→Titanium Metal is vital for aerospace, defense, medical, and EV industriesdue to its strength, low weight, and corrosion resistance→Titanium Pigment is essential for paints, coatings, plastics, and paper, valued for its durability and opacity Global Supply Chain Constraints Impacting Titanium Availability Recognized as a Critical Material with Government Backing→Titanium is classified as a critical materialby the U.S., UK, EU, Australia, India, and Japan and is designated byNATO as a defense-critical raw material→Governments are funding domestic critical mineral projects to strengthen supply chains and reduce reliance on foreign sources Expanding Demand Across Emerging and Established Sectors→Titanium plays a key role in green energy, hydrogen fuel, and lightweight materialsfor transportation→Rising defense and aerospace investments, driven by geopolitical tensions, are accelerating demand for high-purity titanium Note: Volume represents equivalent TiO2units consumed by final consumer Source: TiPMC Consulting '000 Tonnes TiO2 PigmentSpongeWeldingChemicals Global Titanium Dioxide Consumption $23BMarket Size in 20223.7%CAGRfrom 2023-2030Titanium demand is growing, while supply constraints create opportunities for new producers
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LON : EEE 5 Titanium Market:Supply Constraints & OpportunityEmpire Metal’s PitfieldCompetitive AdvantageTargeting production of a high-value >95% TiO2product from naturally occurring high-purity anatase and rutile An alternative to traditional titanium production, reducing reliance on declining rutile supply Targeting premium applications—titanium metal, aerospace, and premium grade pigments Challenges in the Traditional Supply Chain→95% of titanium is sourced from ilmenite, which requiresenergy-intensive upgradingto reach high-purity→High-value markets (titanium metal sponge, welding rods, premium pigments) require >90% TiO2,but most raw materialsstart much lowerand must be refined→Natural rutile (>95% TiO2) is scarce, with limited global supply and rising costs Most titanium starts as low-grade ore and requires costly processing.Pitfieldoffers a direct, high-purity alternative
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LON : EEE 6 Pitfield: The World’s Largest Known Titanium Discovery1A giant-scale, high-grade titanium deposit with exceptional continuity Why PitfieldStands Out→District-Scale DiscoverySpanning40 x 8 x 5 km, confirming a vast mineral system→Extensive Drilling Completed117 holes over17,692m, showing strong grade continuity→High-Purity AdvantageIn-situ weathered cap containsanatase and rutile (>90% TiO2)withno mining waste→Clean of ContaminantsExtremely low in uranium (U), thorium (Th), chromium (Cr), and phosphorus (P), making it ideal for high-purity titanium marketsGrey-scale magnetics map overlain by airborne gravity data showing RC and diamond core drillholecollars *The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. See RNS dated 12/06/2024 for more information.¹ Global resources are about 4.3 billion tonnes according to US Geological Survey, refer "Critical Mineral Resources of the United States—Economic and Environmental Geology and Prospects for Future Supply -Professional Paper 1802-T"(2017) Exceptional Drill Results154mat 6.76%TiO2from surface [RC24TOM022] 148mat 6.49%TiO2from surface [RC24COS019] 150mat 6.44%TiO2from 4m depth [RC24TOM021] JORC Exploration Target:Estimated26.4 –32.2 billion tonnes @ 4.5% -5.5% TiO2* TiO2mineralization open below all three holes
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LON : EEE 7 Direct Access to InfrastructureRoad and rail connections to Geraldton Port High-voltage power substations and natural gas pipelines Adjacent to a planned green energy & hydrogen hubunder development Prime Location in Western Australia→Situated in theMid-West region, a well-establishedmining and agricultural hub→320 km north of Perthand160 km southeast of Geraldton, a major port for global exports→Mining projects are supported bygovernment-backed development and investment initiatives Pitfield: World ClassProject LocationA Tier-1 mining jurisdiction with direct access to critical infrastructure
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LON : EEE 8 Cross Section from Thomas Prospect showing in-situ weathered cap profile*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. High-Value In-Situ Weathered CapHigh-purity titanium dioxide minerals at surface Highest TiO2grades evident in a in-situ weathered cap, at surface, containing predominantly anatase and rutile→The in-situ weathered zone (40m-60m deep from surface) is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2* →Anatase and rutile contain >90% TiO2and are highly valued by titanium pigment and metal producers→Mineralogical (microprobe) analysis has confirmed the high-purity of the anatase and rutile, being very low in deleterious contaminants→Suitable for low-cost strip mining, with no overburden, no inter-burden, and requiring no blasting
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LON : EEE 9 Rapidly advancing a scalable processing pathway to a high-value commercial product Product DevelopmentKey Processing Achievements→Simple attritioningand screening to separate coarse and fine particles provides suitable feed for gravity and flotation processing→Gravity separation recovered 60-80% of titanium minerals from coarse fraction into a heavy mineral concentrate→Froth flotation recovered over 60% of titanium minerals from the fines into a fine flotation concentrate→Acid leach tests on heavy mineral and fine flotation concentrates achieved better than 90% dissolutionof the anatase and rutile→Initial purification tests resulted in a >90% TiO2semi-finished product clean of deleterious contaminants Reviewing data from the SEM at the AMI laboratory in Perth Gravity table test in progress Close up of a flotation test
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LON : EEE 10 →Low-Energy ProcessingScrubbing and desliming take advantage of Pitfield'sfriable, in-situ weathered saprolite and sandstone, reducing energy costs→Conventional Separation MethodsGravity and flotation processes effectively concentrate titanium minerals while rejecting waste silicates→Acid Leaching & PurificationProduces>90% TiO2concentrate, with further refining to achieve>95% purityfor premium markets→End-Use ApplicationsFinal product issuitable for premium grade pigment production and potential titanium metal (sponge) applications An efficient and simplified pathway to a high-purity titanium dioxide product Processing –Mine to Final Product Conceptual Flowsheet for the PitfieldTitanium Project
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LON : EEE 11 2025 Key Milestones & De-Risking PlanAccelerating Development Toward Production Exploration programs in 2023/24 defined a high-grade titanium discovery and established a JORC Exploration TargetAssembled a team of metallurgical and operational expertsto advance project developmentMetallurgical and mineralogical processing delivering positive results, opening the path to develop a high-value product via a simple processing route Bulk sampling and metallurgical processing to advance flowsheet design and define product specificationsEngage with industry players to assess product suitability for premium pigment and titanium sponge marketsInfill drilling program to support the definition of an initial JORC Mineral Resource EstimateMining study to evaluate the potential for a low-cost strip mining approach utilising continuous mining techniquesDesign and commissioning of a pilot plant to further refine processing and optimize economics Value Creation OpportunitiesStrategic partnerships to support project developmentAdvancing resource definition through ongoing drilling.Defining a saleable product through pilot plant operationsFeasibility studies to further assess project economicsOfftake agreements to secure market pathways Building on 2024 SuccessKey 2025 Milestones
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12 LON : EEE Jan 2024Mar 2024May 2024Jul 2024Sep 2024Nov 2024 Jan 2024Mar 2024May 2024Jul 2024Sep 2024Nov 2024 Competitive Positioning & Valuation UpsideUndervalued compared to peers with significant growth potential2024 Performance Progressingthrough technologypiloting stagetowards metal productionStrategic partnerships with Ford and Aperam Progressing mine development after demonstrating process for saleable rutile productValue underpinned by Rio Tinto’s strategic equity investment Achieved commercial productionJapanese strategic investor and offtake partner Partnershipwith AperamTECH MILESTONEFirst Titanium Product Strategic partnership with Ford IperionXIPX : ASX$743MMarket Cap*USD Sovereign MetalsSVM : ASX$346MMarket Cap*USD Rio Tinto +A$18.5M InvestmentCommencesPilot Mining 2024 Performance2024 Performance Jan 2024Mar 2024May 2024Jul 2024Sep 2024Nov 2024 Progressing Through Construction NordicMiningFRA : 7NM0$245MMarket Cap*USD Largest known discovery buttrading at a fraction of peer valuations2025 catalysts (Resource Estimate, Pilot Plant)can drive a significant re-rating LON : EEE$81MMarket Cap*USD(£62.9M) * As at 3 March 2025 2024 Performance Empire Metals Released JORC Exploration Target
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LON : EEE 13 Significant Shareholders (over 3%)% Hargreaves Lansdown18.6%Interactive Investor14.7%Oberon Investments8.0%AJ Bell Securities7.0%Halifax Share Dealing5.0%Barclays Stockbrokers4.6%Gold Elegant (HK)4.0%Fahad Al Tamimi3.8% Ticker LON:EEEMarket Cap* £62.9 million ($81M USD)Group’s Cash Position** £4.8 millionShare Price* 9.80pShares on Issue642,264,81052 Week Low/High* 5.50p -12.80p * As at 3 March 2025 52 Week Performance ** As at 30 September 2024 2.00p 4.00p 6.00p 8.00p 10.00p 12.00p 14.00p Mar 2024May 2024Jul 2024Sep 2024Nov 2024Jan 2025 Share Price Average Daily Volume2,963,513 Capital Structure
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LON : EEE 14 Phil BrumitVeteran mining engineer and operations expert, delivering major global operations. Previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining, and Newmont Corporation. Non-Executive Director Neil O’BrienFormer SVP Exploration & New Business Development at LundinMining (Retired 2018). Extensive global mining career as a Phd. geologist, exploration leader and board executive. Non-Executive Chairman Shaun BunnMetallurgist based in Perth WA, with expertise in international exploration, mining, processing and development.Successful track record managing mining projects through all stages of development. Managing Director Greg KuenzelChartered Accountant and corporate finance and financial management expert. Extensive experience working with resources-focused AIM listed companies. Based in London. Finance Director Peter Damouni+ 20 years of corporate and finance experience focussedin the natural resources sector. Executive and Director of TSXV, and LSE listed companies where he has played key roles which have significantly enhanced shareholder value. Non-Executive Director Andrew FaragherFormer Rio Tinto Exploration Manager with over 25 years’ experience working across multiple commodities. Exploration Manager Arabella BurwellMining and technology business and corporate development expert. Corporate Development Narelle MarriottFormer BHP Snr Process Engineer and recently General Manager Process Development for Hastings Technology Metals. Process Development Manager Board and Key Management Focused on discovery, development and value creation
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LON : EEE 15 →Sponge metal and pigment producers currently suffering from:Higher costs (reagents and energy)Low availability of higher-grade ilmenite and rutile feedstocksCO₂intensive beneficiation processesRequirement for new technology and retrofitting of existing facilities →Pitfieldprovides an opportunity to produce high-grade TiO2feedstock for both pigment andtitanium metal production, enabling:High grade saleable product clean of contaminantsLower reagent and energy costsLower carbon footprintIncreased competitiveness of pigment and metal production Providing a timely solution to long term industry issues Pitfield:Next Generation Supplier
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LON : EEE 16 Pitfield: A strategic, long life, source of supplySignificantly undervalued with numerous catalysts to drive a rerating in 2025 Giant scale, long life High-value high-purity end products Tier 1 mining jurisdiction Value creation through development Pitfieldis exceptional and capable of meeting future growthin world demand over a multi-generational timeline Titanium metal and high-purity TiO2feedstocks attract premium pricing –high demand, strategic commodity in short supply Staged development to derisk the projects and ensure outstanding project economic targets are met Technical team and flagship asset in Western Australia, with access to excellent infrastructure, research facilities and industry experts
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LON : EEE info@empiremetals.com www.empiremetals.com +44 (0) 20 4583 1440 6 Heddon Street, London W1B 4BT, UK506A Hay Street, Subiaco WA 6008, AustraliaLondon:Perth: