REG - Empire Metals Ltd - £8m Subscription by Institutional Shareholders

Empire MetalsAnnouncement

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RNS Number : 7618D  Empire Metals Limited  11 May 2026

Empire Metals Limited / LON: EEE, OTCQX: EPMLF / Sector: Natural Resources

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS
(AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS
CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME
AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION
OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF
INSIDE INFORMATION.

 

11 May 2026

Empire Metals Limited

("Empire" or "the Company")

 

£8 million Subscription by Institutional Shareholders

 

Empire Metals Limited (LON: EEE, OTCQX: EPMLF), the AIM-quoted and
OTCQX-traded resource exploration and development company, is pleased to
announce that it has raised gross proceeds of £8 million by way of a
subscription of 26,666,667 new ordinary shares of no par value in the capital
of the Company at a price of 30 pence per ordinary share (the 'Subscription
Shares') to existing institutional shareholders (the 'Subscription').

 

Highlights

·      Subscription raises gross proceeds of £8 million from existing
institutional shareholders

·      Pro-forma cash position circa £14.5 million on completion

·      Proceeds will fund key value accretive workstreams including
Mineral Resource Estimate ('MRE') updates and mine planning work,
metallurgical batch and continuous pilot scale testwork and engineering and
economic studies

·      Product development testwork and marketing studies advancing,
focusing on the TiO₂ rutile pigment and titanium sponge metal markets

·      ASX dual listing on track for H2 2026, with Canaccord Genuity
(Australia) to act as lead adviser

 

Shaun Bunn, Managing Director, said: "Existing institutional investors
increasing their positions reflects strong support for our strategy and the
progress at Pitfield. With momentum across all workstreams and our ASX dual
listing on track for H2 2026, this investment underpins the strategic value of
a high-grade titanium project of Pitfield's quality and scale in a Tier-1
jurisdiction."

 

Use of Proceeds

The proceeds will allow acceleration of current development work at Pitfield
and fund Empire's development studies, principally:

·      Engineering and economic studies - mining, process plant,
infrastructure and energy workstreams

·      Resource growth - MRE expansion drilling and classification
upgrade

·     Product and market development - pilot-scale production and
offtake engagement with TiO₂ pigment and titanium metal end-users

·      Corporate - ASX listing costs and general working capital

 

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 at 8:00 a.m. on 15 May 2026.

As a result of the issue of the Subscription Shares as described above, the
issued share capital of the Company now consists of 757,559,888 ordinary
shares of no-par value.

The above figure of 757,559,888 may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

 

 

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

 Empire Metals Ltd                                                        Tel: 020 4583 1440

 Shaun Bunn / Greg Kuenzel / Arabella Burwell

 S. P. Angel Corporate Finance LLP (Nomad & Joint Broker)                Tel: 020 3470 0470

 Ewan Leggat / Adam Cowl

 Canaccord Genuity Limited (Joint Broker)                                Tel: 020 7523 8000

 James Asensio / Christian Calabrese / Rory Blundell / Charlie Hammond

 Shard Capital Partners LLP (Joint Broker)                               Tel: 020 7186 9950

 Damon Heath

 Tavistock (Financial PR)                                                empiremetals@tavistock.co.uk (mailto:empiremetals@tavistock.co.uk)

 Emily Moss / Josephine Clerkin                                          Tel: 020 7920 3150

 

About Empire Metals Limited

Empire Metals Ltd (AIM: EEE and OTCQX: EPMLF) is an exploration and resource
development company focused on the commercialisation of the Pitfield Titanium
Project, located in Western Australia. The titanium discovery at Pitfield is
of unprecedented scale and hosts one of the largest and highest-grade titanium
resources reported globally, with a Mineral Resource Estimate (MRE) totalling
2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained
TiO₂.

Titanium mineralisation at Pitfield occurs from surface and displays
exceptional grade continuity along strike and down dip. The MRE extends across
just 20% of the known mineralised footprint, providing substantial potential
for further resource expansion.

Conventional processing has already produced a high-purity product grading
99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. With
excellent logistics and established infrastructure, Pitfield is strategically
positioned to supply the growing global demand for titanium and other critical
minerals.

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