 SP Angel . Morning View .
Empire Metals* (EEE LN) 7.9p, Mkt Cap £50m – Top mining executive joins Board
Empire reports that Phillip Brumit will join the Empire board as Non-executive Director.
Mr Brumit held leadership positions at Freeport-McMoRan, Lundin Mining and Newmont.
Operationally, Mr Brumit was VP Projects and Operations at Josemaria, which is currently under JV between BHP and Lundin.
At Freeport, he was President of the African Division focused on Tenke-Fungurume, and at Newmont he was General Manager of Operations at the Batu Hijau Mine.
He views Pitfield as a ‘truly world class deposit that can become a globally significant mine capable of producing large tonnages of high-purity titanium, a critical mineral essential to the world’s manufacturing industry and transition to green renewable energy.’
Mr Brumit will receive 2,000,000 share options, expiring January 2030, at an exercise price of 10p.
Conclusion: Mr Brumit’s appointment as Non-executive Director of Empire is a strong vote of confidence in the development potential of the Pitfield titanium project.
Recent roles within the Lundin group, including at Filo Corp (sold to BHP/Lundin for C$4.1bn, leave Mr Brumit well positioned to support Pitfield’s progression to pilot plant and feasibility studies.
*SP Angel acts as nomad and broker to Empire Metals |
SP Angel comment
Empire Metals* (EEE LN) 7.9p, Mkt Cap £50m – Top mining executive joins Board
Empire reports that Phillip Brumit will join the Empire board as Non-executive Director.
Mr Brumit held leadership positions at Freeport-McMoRan, Lundin Mining and Newmont.
Operationally, Mr Brumit was VP Projects and Operations at Josemaria, which is currently under JV between BHP and Lundin.
At Freeport, he was President of the African Division focused on Tenke-Fungurume, and at Newmont he was General Manager of Operations at the Batu Hijau Mine.
He views Pitfield as a ‘truly world class deposit that can become a globally significant mine capable of producing large tonnages of high-purity titanium, a critical mineral essential to the world’s manufacturing industry and transition to green renewable energy.’
Mr Brumit will receive 2,000,000 share options, expiring January 2030, at an exercise price of 10p.
Conclusion: Mr Brumit’s appointment as Non-executive Director of Empire is a strong vote of confidence in the development potential of the Pitfield titanium project. Recent roles within the Lundin group, including at Filo Corp (sold to BHP/Lundin for C$4.1bn, leave Mr Brumit well positioned to support Pitfield’s progression to pilot plant and feasibility studies.
*SP Angel acts as nomad and broker to Empire Metals |
So where is this guy based? His linkedin seems to suggest Georgia US..
I know he's non-exec, but I'd assume he's relocating to WA to bring "hands on" value?
Interesting times.
GTA. |
hxxps://simplywall.st/stocks/gb/consumer-services/aim-trb/tribal-group-shares/news/empire-metals-leads-the-pack-of-3-uk-penny-stocks |
Due to the insider rules & regs he can only buy from now onwards [post this mornings RNS] |
Why, he doesn't start until February, he has plenty of time. |
If our new board member was going to buy, he would have done it already. Mind you, that might have been construed as insider trading. |
I like the way we have been drifting up for a while. Under the radar. I wonder if this news pings multiple radars.
Really like the fundamentals here and the way the reports are written. Seems genuine to me. |
Our new big hitter might even buy in the market Geko5trade!?!?! |
 We have risks, we have challenges but market valuations for mid-tier titanium producers range significantly based on resource size and development stage. If Pitfield meets its estimated resource potential and achieves commercial production, our market cap could grow substantially, rivaling peers in the $500M$1B range over time. This projection depends on successfully navigating the outlined risks and maintaining favorable market conditions but SB firmly believes we have a good chance of having 10-15% of that $30b market. Do the maths guys ?.The Pitfield project has immense potential to transform the company into a major player in the titanium market. Continued focus on processing solutions and resource definition will be crucial for our long-term success & the team are currently fully focused on achieving this key target. Keep the head up, if investing was easy, we'd all be doing it & we'd all be rich. Sadly it doesn't work like that. Stop watching the share price (although it's hard) & try to engage the logic area of your investing brain. Things are going well, it's us who see it, others will see it soon and today's appointment of PB is yet another solid indication that we have something very special on our hands. Philip Brumit is a seasoned mining executive with over 40 years of experience in property evaluation, engineering, project management, construction, start-up, and operations within the mining industry. Empire Metals Limited: Appointed as a Non-Executive Director, effective February 1, 2025. Brumit's extensive industry experience is expected to be instrumental in advancing the company's Pitfield Project, a significant titanium deposit in Western Australia. Filo Mining Corp.: Served as a director, bringing his vast experience to support the company's operations. Luca Mining Corp.: Joined the board as an Independent Director, contributing to the company's strategic initiatives. Minera Candelaria (Lundin Mining Corporation): Held the position of President and Managing Director, overseeing operations in Chile. Freeport-McMoRan: Served as President of the African Division, focusing on the Tenke Fungurume Mine in the Democratic Republic of Congo. Newmont Corporation: Acted as North American Manager of Operations, managing various mining operations across the continent. PT Newmont Nusa Tenggara: Served as General Manager of Operations for the Batu Hijau mine in Indonesia, overseeing significant mining activities. His extensive career reflects a strong track record in leading and developing globally significant mining projects, contributing to the growth and success of multiple mining companies worldwide.DYORML |
Comparing to industries like lithium or rare earth elements, the titanium market is slightly smaller in current scale (& popularity) but offers comparable growth potential, particularly in aerospace and renewables & when it becomes the "in thing" it will explode in popularity. Nice if Empire was one of the players when this happens. Companies focusing on innovative extraction and processing technologies may unlock further market value & it's fairly obvious we're looking to slice this industry open with our latest fine & processing plan. In conclusion, the titanium market offers significant opportunities, particularly in aerospace, renewables, and medical applications. However, challenges like resource scarcity and price volatility need to be addressed (and we will). With a strong demand trajectory and advancements in technology, the industry's future appears bright, with potential for substantial growth over the next decade.Getting back to Empire & Pitfield. The heavily tested, drilling & reported geology indicates strong potential for large-scale, low-cost production. The resource is near-surface, which minimizes mining complexity .We have a mineral that is critical in renewable energy infrastructure, electric vehicles, and aerospace. With supply deficits looming, the Pitfield project could meet rising demand .Early metallurgical testing suggests a straightforward processing route using gravity and magnetic separation, reducing costs and accelerating timelines which SB has already confirmed in a host of positive updates. Let's not forget he has met all objectives so far.We plan to establish a demonstration plant in 2025, a much faster than average timeline for such projects, which has been supported by a recent oversubscribed fundraise at 7p, 11p prior to that. In the interests of fairness & me not being labelled a tamper let's discuss the risks. Viable Processing:While initial tests have been promising, successful commercialisation relies on proving efficient and cost-effective processing methods of which SB & Co appear to be very confident about. .Capital Requirements:Although currently funded for preliminary studies, drilling & mapping of processing tech, advancing Pitfield to production will require significant additional investment, which could dilute equity or add debt but it is also likely that the links & strong relationships built by Empire with the Aus Govt & CSIRO could assist here with a significant low interest rate loan & full funding to ensure a hold on a critical mineral to secure Australian security & development. Not so important yet, but the Ti02 prices are subject to fluctuations, influenced by global economic conditions and demand. This of course could affect the price of Ti02 but can work both ways ??What we do know & something that must be commended, respected and congratulated is that we successfully completed a 5,718-meter, 40-hole drilling campaign in late 2023, confirming consistent titanium mineralization across the site (step 1)We have bolstered our technical team with experienced professionals to optimise processing and recovery techniques, and most came from Majors like RIO etc. They didn't come to Empire to dig up dust!!!!We have significant Infrastructure advantages, including proximity to ports, rail, power, water, workforce which position the project well for future export operations. It's a dream and if you tried to design it, you'd select all aspects of where we are right now. Relative to peers in the critical minerals sector, the Pitfield project stands out in scale, simplicity, and titanium grade (up to 8% with 2% industry avg). Comparable projects, like Iluka Resources' Eneabba project, also focus on critical minerals and yes, operate in a more mature stage of development & good luck to them. Remember they received a monumental amount of money from the government to progress their project. Our unique advantage lies in our geological simplicity and significant potential for lower operational costs. Remember compared to almost all mineral sands titanium projects, Pitfield will not require any management of radioactive waste and we are classed as a "soft rock" deposit. |
Hi folks, Whilst the share price is gathering a little steam, it is important to keep focussed on the company fundamentals & the ongoing execution of the current plans. They are ahead of expected timeline, following a strategic pathway with a definitive end goal. I know it's hard not to be swayed by the share price (up or down) but we must park that aside momentarily and take stock of what we do have. Let's review!We're focused on our flagship Pitfield Titanium Project in Western Australia, a potentially transformative venture in the global titanium market. Recent drilling has revealed extensive high-grade titanium mineralization near surface, positioning Pitfield as one of the most significant titanium deposits in the ?. The company's development efforts aim to capitalise on titanium's growing demand, particularly in green energy applications. Let's look at the mineral we're focusing on at Pitfield. The global demand for titanium continues to rise due to its critical role in high-growth industries such as aerospace, automotive, medical, and renewable energy. In 2023, the aerospace and defense sector accounted for over 40% of titanium consumption, driven by the need for lightweight, strong, and corrosion-resistant materials and is expected to increase when 2024 data is available. Titanium is also seeing increased use in medical implants and renewable energy components, such as wind turbines .The Ti02 market was valued at approximately $29b this year and is projected to reach $54b by 2034 with a compound annual growth rate (CAGR) of 6.5% .Asia-Pacific dominates the market, accounting for over 43% of global revenue in 2023, thanks to strong industrial and infrastructure growth in China and India. North America and Europe also contribute significantly, primarily due to aerospace and automotive demands .Now let's look at the market opportunities. Aerospace & Defence:Demand for titanium in aerospace is expected to grow with increasing aircraft production and global defense expenditures. Aircraft manufacturers are incorporating more titanium to improve fuel efficiency and reduce emissions.Renewable Energy:Titanium's corrosion resistance makes it ideal for components in renewable energy systems, such as wind turbines and solar energy systems. As countries invest in green energy, titanium usage is likely to grow significantly.Medical Applications:With an aging population and advancements in healthcare, titanium's use in medical implants is poised for further expansion. One of many examples being a titanium rod, which can be used to manufacture surgical instruments, such as laser electrodes, dental drills and forceps. The metal resists bacteria, allowing medical staff to carry out procedures correctly and safely. Titanium is used in dental implants, crowns, bridges and dentures and has many more uses within the medical industry. Industrial Applications:Titanium's strength and heat resistance make it essential for chemical processing equipment, desalination plants, and industrial machinery.There are also challenges for the Ti02 industry (wink wink Empire holders)Supply Chain:Limited availability of high-quality titanium ore and reliance on complex, energy-intensive extraction processes can raise costs and limit growth. Enter Empire with a hugely reduced capex / opex based on latest weathered cap data. It's a potential game changer. Price Volatility:Recent geopolitical tensions and supply chain disruptions have caused price fluctuations, making long-term planning more challenging for manufacturers. Add into the mix that out planned product, volume & low cost of production, then these companies might have bigger issues than volatility, they might not be around by 2034. Market Cap & Peers:The titanium industry is highly fragmented, with major players such as VSMPO-AVISMA, ATI, and Toho Titanium leading the market. The collective market capitalization of the titanium industry aligns with its estimated size, around $28-30 billion as of 2024, growing toward $50+ billion in the next decade . |
Agree juju. |
So another massive vote of confidence from someone who knows the market, and has walked the inside track, for the Pitfield project. The only negative for me is I’d have preferred a higher option price but still over 20% higher than current. share price is what it is and will have been even lower when discussions were entered into. In any event a very small price to pay for the credibility this brings, the expertise, experience and list of contacts.
SB flagged the need for this kind of appointment months ago so I’m pleased to see execution and delivery of another piece of the plan. |
Another excellent appointment and he no doubt has considered well where he is putting his reputation . The ducks are lining up . We should see another nudge north today |
Thanks pangrati, I’ve taken a few. |
For any newbies looking in |
About Empire Metals Limited
Empire Metals is an AIM-listed exploration and resource development company (LON: EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
A JORC Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*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. |
Why would a big hitter join EEE at this stage if there weren't going to be mega EEE related developments seriously skewed to the upside?!?!? |
Empire Metals Limited / LON: EEE / Sector: Natural Resources
Strengthens Board with Appointment of Renowned Mining Executive Phillip Brumit,
Issue and Extension of Options
Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the appointment of Phillip Brumit as Non-executive Director with effect from 1 February 2025.
Phil brings over 40 years of extensive experience in engineering, project management, construction, project start-up, and mining operations across some of the world's leading mining companies. His impressive career includes leadership roles at Freeport-McMoRan, Lundin Mining, and Newmont Corporation, demonstrating a proven track record of operational success on a global scale. Recently, he served as Executive VP Projects & Operations at Josemaria Resources, now part of a major joint venture between BHP and Lundin Mining. Prior to that, he held positions as President and Managing Director of Minera Candelaria (Lundin Mining) in Chile, President of Freeport-McMoRan's African Division focused on the giant Tenke-Fungurume copper-cobalt mine, and General Manager of Operations for PT Newmont Nusa Tenggara's Batu Hijau mine in Indonesia, and various other key operational positions at Newmont Corporation. His deep experience positions him to be a vital resource for the company.
Neil O'Brien, Chairman, said: "We are thrilled to have attracted Phil Brumit to the Empire board. Phil has an accomplished career that includes operational leadership roles for two of the largest US mining companies. His extensive industry experience and proven ability to deliver results on globally significant mining projects is invaluable. With the addition of Phil, the Empire board will broaden its areas of expertise, covering exploration, metallurgy, mine development and operations, finance, and capital markets. His insights will be instrumental as management navigates key milestones, including the development of a pilot plant and the completion of scoping and feasibility studies for the Pitfield Project. This appointment reflects our commitment to assembling a world class team that can achieve our strategic goals, deliver shareholder value and benefit all stakeholders."
Phil Brumit said: "I am delighted to be joining Empire Metals at this exciting time in the development of the Pitfield Project. In my career, I have worked internationally for large US-based mining companies in the development and mining of world class deposits that were essential to global metal supply but also helped propel those companies into the future. I recognize Pitfield as being a truly world class deposit that can become a globally significant mine capable of producing large tonnages of high-purity titanium, a critical mineral essential to the world's manufacturing industry and transition to green renewable energy as identified by Australia, the United States and many other countries around the world. Through the rapid development of the Pitfield Project I believe Empire Metals is well positioned to participate in the expanding titanium market that is expected to double in the next five years." |
Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce the appointment of Phillip Brumit as Non-executive Director with effect from 1 February 2025. Phil brings over 40 years of extensive experience in engineering, project management, construction, project start-up, and mining operations across some of the world's leading mining companies. His impressive career includes leadership roles at Freeport-McMoRan, Lundin Mining, and Newmont Corporation, demonstrating a proven track record of operational success on a global scale. Recently, he served as Executive VP Projects & Operations at Josemaria Resources, now part of a major joint venture between BHP and Lundin Mining. Prior to that, he held positions as President and Managing Director of Minera Candelaria (Lundin Mining) in Chile, President of Freeport-McMoRan's African Division focused on the giant Tenke-Fungurume copper-cobalt mine, and General Manager of Operations for PT Newmont Nusa Tenggara's Batu Hijau mine in Indonesia, and various other key operational positions at Newmont Corporation. His deep experience positions him to be a vital resource for the company. |
Further to GTA5's post,Re; potential & likely financing via grants, the Western Australian Government offers various supports and grants to mining companies involved in critical minerals exploration and development. These initiatives aim to bolster the state's position in the global critical minerals market and encourage economic growth. The key programs: Exploration Incentive Scheme (EIS): The EIS provides grants to support innovative drilling projects targeting critical minerals. In Round 30, $7.28 million was allocated to 50 successful applicants, with a significant focus on battery minerals such as lithium and rare earth elements. The Western Australian Government's Exploration Incentive Scheme (EIS) continues to offer funding opportunities for 2025. The EIS is a competitive program that provides co-funding for innovative exploration drilling projects, covering up to 50% of direct drilling costs, capped at specific amounts. Applications for the next co-funded drilling program open on February 3, 2025. ? This program supports explorers in Western Australia by offering co-funding for innovative exploration drilling projects. Additionally, the Co-funded Geophysics Program (CGP) supports mineral explorers by offering co-funding for greenfields geophysical surveys, with a preference for projects targeting critical minerals. Additionally, the Federal Government has awarded nearly $50 million in grants under the Critical Minerals Development Program, with several projects based in Western Australia. These grants support the development of critical minerals supply chains and downstream processing capabilities. ?Mining companies operating in Western Australia (Empire) can leverage these opportunities to access financial support and collaborate on initiatives that advance the critical minerals sector.Lots to look forward toML |
My understanding is that When a trade is shown after 5.00pm, It is the spread bet companies sorting out their days trading.My guess is that the 240,000 is made up of from one of the trades at 200,000 and the 40,000 was my trade with Spreadex. To summarise, the market is closed and it is simply a duplication. |
juju
Last trade of the day was marked as a sell of 240,000 @7.65
the bid / ask at the time was 7.50 / 7.80 ... so the comuter auto chose a sell but in reality someone was probably offered 7.65 to BUY |
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