REG - Empire Metals Ltd - Exercise of Options

Empire MetalsAnnouncement

29/01/2025 16:30

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RNS Number : 1729V  Empire Metals Limited  29 January 2025

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

 

29 January 2025

Empire Metals Limited

("Empire" or "the Company")

 

Exercise of Options

 

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and
development company, announces that it has received notification from option
holders to exercise options over 3,850,000 new ordinary shares of no par value
in the share capital of the Company (the 'New Ordinary Shares') at a price of
4 pence per share and 3,850,000 new ordinary shares of no par value in the
share capital of the Company (the 'New Ordinary Shares') at a price of 5.5
pence per share. Accordingly, the Company has today issued the New Ordinary
Shares to the option holder for an aggregate cash value of £365,750.

 

Application for Admission

Application will be made to the London Stock Exchange for the new shares to be
admitted to trading on AIM ('Admission').  It is expected that Admission will
become effective on or around 5 February 2025.

Following Admission of the new shares as described above, the issued share
capital of the Company will consist of 642,264,810 ordinary shares of no-par
value. 642,264,810 represents the total number of voting rights in the Company
and may be used by shareholders as the denominator for the calculations by
which they can determine if they are required to notify their interest in, or
a change to their interest in the Company under the Financial Conduct
Authority's Disclosure and Transparency Rules.

 

**ENDS**

 

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

 

 

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