Modern Mining August 2025

A JORC-compliant Exploration Target for Pitfield was declared in 2024.

Mapping the market: key players and trends The titanium ecosystem is complex, spanning upstream mining to downstream manufacturing and diverse end-use sectors. Feedstock miners • Rio Tinto, Iluka Resources, Kenmare Resources, Tronox, Sierra Rutile Ltd, Eramet These companies dominate the global production of ilmenite and rutile, often vertically integrated with pigment processing. Pigment producers • Lomon Billions (China), Chemours, Tronox, Kronos, Venator Western producers favour the chloride process, creating structural demand for high-grade feedstocks. Titanium metal producers • VSMPO-AVISMA (Russia), TIMET (USA), Toho Titanium and Osaka Titanium (Japan), Pangang Group (China) These companies convert sponge into alloy products for aerospace, defence, and medical applications. Major end-users • Paints: AkzoNobel, PPG, Sherwin-Williams • Plastics: Dow, LyondellBasell, Avient • Aerospace/Defence: Boeing, Rolls-Royce, GE Aviation The global supply crunch has opened opportunities for new players and previously overlooked deposits. Among the most significant developments is London listed, and OTC traded, Empire Metals’ (LON: EEE, OTCQB: EPMLF) Pitfield project in Western Australia. This district-scale titanium mineral system spans 40km by 8km and reaches depths of 5km, making it the largest known titanium discovery globally. The project’s two initial targets — Cosgrove and Thomas — feature thick, high-grade, near-surface titanium dioxide mineralisation. A JORC-compliant Exploration Target for Pitfield, declared in 2024, estimates between 26.4 to 32.2 billion tonnes with TiO₂ grades of 4.5 to 5.5%. A near-surface subset (down to

40m) includes 4.0 to 4.9 billion tonnes at even higher grades. Preliminary testing has yielded a high-purity concentrate assaying at 99.25% TiO₂, free from deleterious elements, positioning Pitfield as a potential source of premium-grade titanium feedstock for both metal and pigment production. With access to roads, rail, and the nearby Geraldton port, and the benefit of low-energy weathered cap mineralisation, Pitfield represents a uniquely scalable opportunity. Several other companies are also responding to rising demand and strategic pressures by scaling production and innovating technologies: • Toho Titanium Co. (TYO:5727): With 12 000 tonnes/year capacity for titanium sponge and expansion into Saudi Arabia, Toho remains at the forefront of titanium supply. • Osaka Titanium Technologies Co. (TYO:5726): As the second largest global producer, Osaka provides titanium sponge to the aerospace sector and offers gas-atomized titanium powder (TILOP) for next-gen manufacturing. • IperionX (ASX:IPX, NASDAQ:IPX): Backed by US Department of Defense grants totalling US$59.8 million, IperionX is developing

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