REG - Empire Metals Ltd - £4.5m Subscription by Institutional Investors

Empire MetalsAnnouncement

23/05/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250523:nRSW9509Ja&default-theme=true

RNS Number : 9509J  Empire Metals Limited  23 May 2025

 

Empire Metals Limited / LON: EEE / Sector: Natural Resources

 

23 May 2025

Empire Metals Limited

('Empire' or the 'Company')

 

£4.5 million Subscription by Institutional Investors, Advancing Development
of the Pitfield Titanium Project

 

Empire Metals Limited (LON: EEE, OTCQB: EPMLF), the AIM-quoted and
OTCQB-traded resource exploration and development company, is pleased to
announce that is has raised £4.5 million by way of a subscription of
47,368,423 new ordinary shares of no par value in the capital of the Company
at 9.5p (the 'Subscription Shares') to existing and new institutional
shareholders (the 'Subscription').

 

Shaun Bunn, Managing Director, said: "I am pleased to confirm the successful
completion of this Subscription, which has increased participation from our
institutional shareholders in Asia and Australia. The Subscription was led by
Asian Investment Management Services Ltd, an existing shareholder.

 

"The continued support from institutional investors highlights the scale and
quality of the titanium discovery at Pitfield, and the opportunities that it
brings. The additional funds strengthen our balance sheet, increasing our cash
position to £7.1 million, and will be deployed to expand the planned drilling
programme with the objective of establishing a globally significant Mineral
Resource Estimate ('MRE'); progress the bulk metallurgical testwork so as to
deliver high-purity TiO(2) product samples to end users; and bring forward the
commencement of economic studies.

 

"With momentum building in 2025, Empire is in a strong position to advance
Pitfield and capitalise on the global focus on critical minerals such as
titanium."

 

Use of Funds

The proceeds of the Subscription, together with existing cash reserves of
£2.6 million, will be primarily used to:

·      Expand the Pitfield titanium mineral resource development
drilling programme to define a globally significant MRE;

·      Appoint additional metallurgical and engineering personnel to
accelerate the development of the process flowsheet;

·      Upscale the bulk metallurgical testwork to provide high-purity
TiO(2) product samples to potential end users; and

·      Accelerate the commencement of mining studies, well ahead of
schedule.

 

Laboratory testwork results to date have been encouraging and the use of
conventional processing techniques has increased management's confidence that
the process flowsheet can deliver high-value commercial end products.
Development focus now has turned to optimising the various processing steps
and commencing mine option studies. Proceeds from this equity placement fully
fund the Company through these important, project development workstreams.

 

Application for Admission and Total Voting Rights

The Subscription Shares will rank pari passu in all respects with the existing
ordinary shares of no par value in the capital of the Company.  Application
has been made to the London Stock Exchange for the Subscription Shares to be
admitted to trading on AIM ('Admission').  It is expected that Admission will
become effective on or around 30 May 2025.  As a result of the issue of the
Subscription Shares as described above, the issued share capital of the
Company now consists of 689,633,233 ordinary shares of no-par value.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014, as incorporated into UK law by the European Union (Withdrawal) Act
2018, until the release of this announcement.

 

**ENDS**

 

For further information please visit www.empiremetals.com
(http://www.empiremetals.com)   or contact:

 Empire Metals Ltd

 Shaun Bunn / Greg Kuenzel / Arabella Burwell                                            Tel: 020 4583 1440
 S. P. Angel Corporate Finance LLP (Nomad & Broker)                                      Tel: 020 3470 0470

 Ewan Leggat / Adam Cowl
 Shard Capital Partners LLP (Joint Broker)                                               Tel: 020 7186 9950

 Damon Heath
 St Brides Partners Ltd (Financial                                                       Tel: 020 7236 1177
 PR)

 Susie Geliher / Charlotte Page

 

About Empire Metals Limited

Empire Metals is an AIM-listed and OTCQB-traded 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.

 

An 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% TiO(2).  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% TiO(2).

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPKNBNPBKKQPB