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RNS Number : 9277X Empire Metals Limited 04 September 2025
Empire Metals Limited / LON: EEE / Sector: Natural Resources
4 September 2025
Empire Metals Limited
("Empire" or "the Company")
Interim Results
Empire Metals Limited (LON:EEE; OTCQX:EPMLF), the resource exploration and
development company, is pleased to announce its interim results for the
six-month period ended 30 June 2025.
Highlights:
· Pitfield confirmed as the world's most significant new titanium
discovery, with unparalled scale, consistency of high-grade and purity.
· Largest drilling campaign to date launched at the Thomas Prospect
delivered outstanding results and identified a large high-grade near-surface
core, averaging ~6% TiO₂ over a continuous 3.6km strike.
· Metallurgical testwork achieved a 99.25% TiO₂ product,
demonstrating a highly efficient and potentially lower-cost processing route.
· Process development work has confirmed that Pitfield's weathered
ore is ideally suited to conventional mineral separation and refining,
differentiating it from ilmenite-based projects which typically face lower
recoveries, higher costs, and significant environmental challenges.
· Maiden Mineral Resource Estimate ("MRE") on track for release in the
coming weeks.
· £4.5m raised in May 2025 to accelerate Pitfield development, with
strong institutional support.
· Further strengthening of board and technicial team with
appointment of Phil Brumit as Non-Executive Director, Alan Rubio as Study
Manager and Pocholo Aviso as Hydro-metallurgist.
· Commenced US trading on the OTCQX in the US, broadening international
investor access.
Shaun Bunn, Managing Director, commented: "The first half of 2025 has been a
period of remarkable activity and momentum for Empire. Pitfield is no longer
just a discovery story - it is fast becoming recognised as a project of global
importance, with results that continue to exceed expectations. Our drilling
campaigns have delivered some of the highest TiO₂ grades we've seen to date,
confirming not only the exceptional quality of the deposit but also its scale
consistency and simplicity.
"Metallurgical testwork has shown that we can achieve a product of
extraordinary purity using straightforward, conventional processing methods.
This rare combination of scale, grade and simplicity underpins our confidence
that Pitfield can emerge as one of the world's leading titanium projects,
capable of supplying high-value sectors such as aerospace and defence for
decades to come.
"From an operational standpoint, we are now on the cusp of delivering our
maiden MRE, which we believe will firmly establish Pitfield among the world's
leading titanium assets. Beyond that, the pathway is clear: complete our
expanded testwork, progress to pilot-scale operations, and begin engaging
directly with end-users - particularly in high-value markets such as aerospace
and defence, where titanium's strategic importance is growing rapidly.
"It is also encouraging to see the strength of market support for what we are
building and I am confident that Empire can bring this once-in-a-lifetime
discovery to commercial fruition in an expedient manner. With a world-class
asset, a strengthened technical team, and strong financial backing, we are
exceptionally well positioned for the next phase of growth."
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.
For further information please visit www.empiremetals.com
(http://www.empiremetals.com) or contact:
Empire Metals Ltd Tel: 020 4583 1440
Shaun Bunn / Greg Kuenzel / Arabella Burwell
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
CHAIRMAN'S STATEMENT
The progress we have made during 2025 at our flagship Pitfield Project in
Western Australia has been nothing short of transformational, positioning the
Company at the forefront of what we believe is the most significant titanium
discovery globally. This represents a generational opportunity rapidly moving
from exploration success toward commercial reality.
Over the past six months, our team has demonstrated not only technical
excellence but also the ability to deliver results that have redefined the
perception of the Company in the market. We have moved from exploration to
successfully establishing Pitfield's potential to support long-term,
large-scale, and high-value titanium supply. This achievement is reflected in
the strong support we continue to receive from institutional investors, with
£4.5 million raised in May 2025, and in the remarkable performance of our
share price, which has risen more than 500% since the beginning of the year in
response to a series of consequential milestone achievements.
What sets Pitfield apart is not just its extraordinary scale, but the
exceptional quality of its titanium mineralisation. Unlike many other titanium
projects around the world, Pitfield benefits from high-grade mineralisation
from surface which has been proven to be of exceptional purity, being very low
in deleterious contaminants but also amenable to simple, conventional mining
methods due to its unique geological profile. Equally important, our
metallurgical work has confirmed that simple, conventional processing can
deliver an exceptionally pure titanium dioxide product, grading 99.25% TiO₂.
This combination of scale, grade, purity, and processing simplicity puts
Pitfield in a league of its own. The Project is also located in Western
Australia - a Tier One mining jurisdiction with world-class infrastructure,
stable governance, a skilled workforce and a deeply rooted mining culture.
Together, these advantages create a foundation for Pitfield to become a
globally significant source of titanium supply.
During the first half of 2025, we advanced Pitfield across multiple fronts.
A major drilling campaign was launched in February that provided not only the
bulk metallurgical samples that enabled a significant scale-up of our
metallurgical test work programme during the period, but also represented the
next step towards defining a Mineral Resource Estimate ("MRE") for Pitfield.
A further drill campaign was launched in June 2025, the largest at Pitfield to
date. The programme covered more than 11 square kilometres and targeted
high-grade titanium mineralisation within the in-situ weathered cap at the
Thomas Prospect, with the objective of delivering the MRE. This programme
delivered some of the highest titanium dioxide grades recorded to date, with
selected intercepts including: 44m @ 7.87% TiO(2) from surface (AC25TOM159);
50m @ 7.84% TiO(2) from 4m (AC25TOM130); 54m @ 7.41% TiO(2) from surface
(AC25TOM118); 98m @ 7.05% TiO(2) from 2m (RC25TOM062); and 98m @ 7.05% TiO(2)
from 2m (RC25TOM068). A large, high-grade central core was identified from
this drilling which averaged ~6% TiO(2) across a continuous 3.6km strike
length. In addition, nearly two thirds of all drillholes averaged > 4%
TiO(2), with over 90% exceeding a 2% TiO(2) cut-off grade.
We are now on the cusp of delivering our maiden MRE, which is expected in the
coming weeks. Based on the results to date, we expect the MRE to be
world-class and to serve as a foundation for the next phase of project
development including mine scoping studies.
Following the process development breakthrough announced post period end in
August 2025, we are progressing through the bench-scale and large-scale batch
metallurgical testwork programme, which we expect to complete by early 2026.
This work will feed into the design of a continuous pilot plant, enabling us
to refine the commercial flowsheet and to produce bulk samples for evaluation
by prospective end-users.
While most of the world's titanium feedstock is used to produce titanium
dioxide for pigments in paints, coatings, and plastics, Pitfield's unique
quality opens doors to higher-value markets. In particular, titanium sponge
(for use in titanium metal production) stands out as a strategic growth
opportunity. Titanium metal is essential in defence and aerospace applications
due to its remarkable strength-to-weight ratio and resistance to extreme
conditions. These attributes make it critical for fighter jets, naval vessels,
spacecraft, and next-generation technologies.
At a time when the geopolitical landscape is shifting rapidly, the security of
titanium supply has never been more important. China has tripled its titanium
sponge output since 2018 and now controls nearly 70% of global supply. The
United States is 95% reliant on imports of titanium sponge and 86% reliant on
imports of mineral concentrates. Similarly, the European Union is exposed to
supply risks, with no meaningful domestic production. Pitfield therefore
represents a unique opportunity for Empire to establish itself as a secure,
Western-aligned generational supplier of titanium. This strategic positioning
is already resonating strongly with investors and potential industry partners.
Corporate
As Pitfield advances toward development, we have made strategic additions to
our team to ensure we have the right expertise in place. In January 2025, we
were delighted to welcome Phil Brumit to the Board as a Non-Executive Director
and Chair of our Technical Committee. Phil brings more than 40 years of
operational and project management experience across leading global mining
companies, including Freeport-McMoRan, Lundin Mining, and Newmont Corporation.
His proven track record in overseeing large-scale projects from development
through to production will continue to be invaluable as we pursue an
expeditious development of Pitfield.
Following the period end, we further strengthened our technical leadership
with the appointments of Alan Rubio as Study Manager and Pocholo Aviso as
Hydrometallurgist. Alan brings nearly three decades of experience in project
evaluation and development, and will play a central role in assessing mining
and infrastructure scenarios, as well as overseeing key economic studies.
Pocholo, with his background in the TiO₂ pigment industry and metallurgical
expertise, will lead the product development programme, optimising process
flowsheets and assessing market pathways. Together, these appointments
significantly enhance our ability to quickly advance Pitfield toward
feasibility study stage with confidence and precision.
Alongside our operational and corporate progress, we have also been proactive
in broadening awareness of the Empire investment proposition to a wider
international audience. A key part of this strategy was our decision to
commence trading of our shares on the OTCQB Market in the United States in
March 2025. We were particularly pleased to be upgraded to the OTCQX Market
only a few months later, which is a significant step forward in providing US
investors with greater visibility of, and access to, Empire.
Trading on OTCQX opens the Company to a deep and diverse pool of new
shareholders, many of whom are actively seeking exposure to strategic metals.
Titanium is formally recognised as a critical mineral in numerous
jurisdictions, including the United States, and our marketing initiatives
across North America have confirmed the strong appetite for high-quality
investment opportunities in this sector. Empire is therefore exceptionally
well positioned to capture growing international investor interest as Pitfield
advances toward commercialisation.
Financial
As an exploration and development group which has no revenue, we are reporting
a loss for the six months ended 30 June 2025 of £1,704,821 (30 June 2024:
loss of £1,389,318).
In May 2025, the Company announced that it had raised £4.5 million before
expenses by way of a placing of 47,368,423 new ordinary shares of no par value
to new and existing investors at 9.5p per share.
The Group's cash position as at 30 June 2025 was £6.3 million.
Outlook
The months ahead will be a busy and exciting time for Empire Metals. The
maiden MRE will provide a foundation for detailed project evaluation, while
ongoing metallurgical testwork will further optimise our flowsheet and advance
our understanding of Pitfield's product potential. As we transition into the
pilot testing phase, we will be engaging more closely with potential
customers, including those in the titanium metal supply chain, to position
Pitfield as a long-term, strategic source of secure supply.
At the same time, we will continue to strengthen our team and capabilities to
match the scale of the opportunity before us. With a world-class asset, a
highly experienced team, strong financial backing, and a supportive market, we
are exceptionally well placed to deliver on the unprecendented opportunity
Pitfield presents.
I would like to thank our shareholders for their continued support and
confidence in Empire. The progress we have made in such a short time has been
extraordinary, and I firmly believe we are only at the beginning of a highly
rewarding journey that will see Pitfield become established as one of the most
important titanium projects globally.
With Pitfield, we are building the foundations of a secure, generational-scale
titanium supply business that has the potential to reshape the global titanium
industry. The coming months promise to be both exciting and defining, and I
look forward to updating you on our continued progress.
Neil O'Brien
Non-Executive Chairman
3 September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
£ £
Continuing operations
Administration expenses 4 (1,651,987) (974,376)
Share option expense (79,669) (430,589)
Other operating income 3,029 -
Foreign exchange (5,860) (1,082)
Loss Before Interest and Income Tax (1,734,487) (1,406,047)
Net finance Income 29,877 16,729
Loss Before Tax (1,704,610) (1,389,318)
Corporation tax expense (211) -
Loss for the period (1,704,821) (1,389,318)
Loss attributable to:
- owners of the Parent (1,704,821) (1,389,318)
Loss for the period (1,704,821) (1,389,318)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences (230,291) (57,242)
Total comprehensive income (1,935,112) (1,446,560)
Attributable to:
- owners of the Parent (1,935,112) (1,446,560)
Total comprehensive income (1,935,112) (1,446,560)
Earnings/(loss) per share (pence) from continuing operations attributable to 10 (0.260) (0.230)
owners of the Parent - Basic and diluted
CONDENSED CONSOLIDATED BALANCE SHEET
Notes 30 June 2025 31 December 2024
Unaudited Audited
£ £
Non-Current Assets
Property, plant and equipment 22,076 16,377
Right of use asset 5,912 12,249
Intangible assets 6 4,457,313 4,148,191
Other investments 150,000 -
4,635,301 4,176,817
Current Assets
Trade and other receivables 358,776 349,464
Held for sale asset 7 358,351 371,267
Cash and cash equivalents 6,317,265 3,521,515
7,034,392 4,242,246
Total Assets 11,669,693 8,419,063
Current Liabilities
Trade and other payables 8 311,994 141,931
Finance lease liabilities 6,045 12,433
Total Liabilities 318,039 154,364
Net Assets 11,351,654 8,264,699
Equity Attributable to owners of the Parent
Share premium account 9 60,192,534 55,250,136
Reverse acquisition reserve (18,845,147) (18,845,147)
Other reserves 559,320 856,108
Retained losses (30,555,053) (28,996,398)
Total equity attributable to owners of the Parent 11,351,654 8,264,699
Total Equity 11,351,654 8,264,699
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Share premium Reverse acquisition reserve Other reserves Retained losses Total equity
£ £ £ £ £
As at 1 January 2024 49,892,259 (18,845,147) 811,616 (24,904,394) 6,954,334
Comprehensive income
Profit/(Loss) for the period - - - (1,389,318) (1,389,318)
Other comprehensive income
Currency translation differences - - (57,242) - (57,242)
Total comprehensive income - - (57,242) (1,389,318) (1,446,560)
Issue of ordinary shares 3,000,000 - - - 3,000,000
Cost of share issues (15,000) - - - (15,000)
Share based payment charge - - 430,589 - 430,589
Total transactions with owners 2,985,000 - 430,589 - 3,415,589
As at 30 June 2024 52,877,259 (18,845,147) 1,184,963 (26,293,712) 8,923,363
Share premium Reverse acquisition reserve Other reserves Retained losses Total equity
£ £ £ £ £
As at 1 January 2025 55,250,136 (18,845,147) 856,108 (28,996,398) 8,264,699
Comprehensive income
Profit/(Loss) for the period - - - (1,704,821) (1,704,821)
Other comprehensive income
Currency translation differences - - (230,291) - (230,291)
Total comprehensive income - - (230,291) (1,704,821) (1,935,112)
Issue of ordinary shares 4,942,398 - - - 4,942,398
Share based payment charge - - 79,669 - 79,669
Exercise of share options - - (146,166) 146,166 -
Total transactions with owners 4,942,398 - (66,497) 146,166 5,022,067
As at 30 June 2025 60,192,534 (18,845,147) 559,320 (30,555,053) 11,351,654
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
6 months to 6 months to
30 June 2025 Unaudited 30 June 2024 Unaudited
Note £ £
Cash flows from operating activities
Loss before taxation (1,704,821) (1,389,318)
Adjustments for:
Depreciation 9,626 12,277
Share based payments 79,669 430,589
Net finance costs (29,877) (16,729)
Other non-cash adjustments (59,167) -
(Increase)/Decrease in trade and other receivables (15,578) 44,454
Increase/(Decrease) in trade and other payables 188,762 (518,073)
Income tax paid (13,156) -
Net cash used in operations (1,544,542) (1,436,800)
Cash flows from investing activities
Purchase of property, plant & equipment (9,380) (24,461)
Purchase of intangible assets 6 (466,648) (1,141,581)
Cash paid for investments (150,000) -
Net cash used in investing activities (626,028) (1,166,042)
Cash flows from financing activities
Proceeds from issue of shares 9 4,942,398 3,000,000
Cost of issue 9 - (15,000)
Cost of borrowings (5,955) (10,704)
Finance income 29,877 16,729
Net cash from financing activities 4,966,320 2,991,025
Net increase in cash and cash equivalents 2,795,750 388,183
Cash and cash equivalents at beginning of period 3,521,515 2,752,187
Cash and cash equivalents at end of period 6,317,265 3,140,370
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company') and its
subsidiaries (together 'the Group') is the exploration and development of
precious and base metals. The Company's shares are quoted on the AIM Market of
the London Stock Exchange. The Company is incorporated in the British Virgin
Islands and domiciled in the United Kingdom. The Company was incorporated on
10 February 2010 under the name Gold Mining Company Limited. On 10 October
2016 the Company changed its name from Noricum Gold Limited to Georgian Mining
Corporation and subsequently on 10 February 2020 changed its name from
Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Craigmuir Chambers, PO Box
71, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 31 December 2024, which have been prepared in accordance
with International Financial Reporting Standards (IFRS) as adopted by the
European Union.
The interim financial information set out above does not constitute statutory
accounts. They have been prepared on a going concern basis in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) as adopted by the European Union. Statutory
financial statements for the year ended 31 December 2024 were approved by the
Board of Directors on 5 June 2025. The report of the auditors on those
financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate
resources exist for the Group to continue in operational existence for the
foreseeable future and that, therefore, it is appropriate to adopt the going
concern basis in preparing the condensed interim financial statements for the
period ended 30 June 2025.
The factors that were extant in the 31 December 2024 Annual Report are still
relevant to this report and as such reference should be made to the going
concern note and disclosures in the 2024 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Group's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Group's 31 December 2024 Annual Report and Financial
Statements, a copy of which is available on the Group's website:
https://www.empiremetals.co.uk (http://www.empiremetals.co.uk/) . The key
financial risks are liquidity risk, foreign exchange risk, credit risk, price
risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities, income and expenses, and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 31 December 2024 Annual
Report and Financial Statements. Actual amounts may differ from these
estimates. The nature and amounts of such estimates have not changed
significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have
been followed in these condensed interim financial statements as were applied
in the preparation of the Group's annual financial statements for the year
ended 31 December 2024.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial
periods beginning on or after 1 January 2025.
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2025 but did not result in any material changes to the Financial
Statements of the Group.
b) New standards, amendments and interpretations in issue but not yet
effective or not yet endorsed and not early adopted.
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods and which have not been adopted early.
4. Administrative expenses
30 June 30 June
2025 2024
£ £
Office expenses 62,073 43,930
Insurance 12,912 25,751
IT & software services 10,947 8,221
Directors, Employees & Contractors 928,059 406,528
Professional advisors 432,800 329,386
Travel & accommodation 160,298 91,403
Depreciation & amortisation 9,626 12,277
Other administrative expenses 35,272 56,880
1,651,987 974,376
5. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 June 2025 (2024: nil).
6. Intangible Assets
Exploration & Evaluation Assets at Cost and Net Book Value 30 June 2025 31 December 2024
£ £
Balance as at 1 January 4,148,191 2,869,667
Additions 466,648 1,508,166
Transfer to asset held for sale - (21,772)
Impairments - (35,443)
Foreign currency differences (157,526) (172,427)
As at 30 June 4,457,313 4,148,191
The Exploration & Evaluation additions in the current period primarily
relates to work performed at the Company's Pitfield project.
The Directors do not consider the asset to be impaired.
7. Held for Sale Asset
30 June 2025 31 December 2024
£ £
Balance as at 1 January 371,267 1,744,584
Additions - -
Transfer from Exploration & Evaluation assets - (1,262,931)
Impairments - 21,772
Foreign currency differences (12,916) (132,158)
As at 30 June 358,351 371,267
The Company continue to work on a potential divestment of the Eclipse project
and are actively engaged with a number of Australian companies operating in
the gold mining sector to find a buyer. Management are committed to the sale
of the Eclipse licence.
8. Trade and Other Payables
30 June 2025 31 December 2024
£ £
Trade payables 94,103 59,572
Other payables 28,640 33,109
Accrued expenses 189,251 49,250
311,994 141,931
9. Share capital and share premium
Group Number of shares Share premium Total
£ £
At 1 January 2024 571,577,796 49,892,259 49,892,259
Issue of Ordinary Shares - 22 January 2024 27,272,728 3,000,000 3,000,000
Issue of Ordinary Shares - 30 September 2024 35,714,286 2,500,000 2,500,000
Cost of capital - (142,123) (142,123)
At 31 December 2024 634,564,810 55,250,136 55,250,136
At 1 January 2025 634,564,810 55,250,136 55,250,136
Exercise of options - 29 January 2025 3,850,000 154,000 154,000
Exercise of options - 29 January 2025 3,850,000 211,750 211,750
Issue of Ordinary Shares - 23 May 2025 47,368,423 4,500,000 4,500,000
Exercise of warrants - 12 June 2025 70,000 4,200 4,200
Exercise of warrants - 12 June 2025 689,988 72,448 72,448
At 30 June 2025 690,393,221 60,192,534 60,192,534
10. Earnings per share
The calculation of the total basic loss per share of 0.260 pence (30 June
2024: 0.230 pence) is based on the loss attributable to equity owners of the
parent company of £1,704,821 (30 June 2024: £1,389,318 ) and on the weighted
average number of ordinary shares of 651,359,884 (30 June 2024: 595,703,671)
in issue during the period.
Details of share options that could potentially dilute earnings per share in
future periods are disclosed in the notes to the Group's Annual Report and
Financial Statements for the year ended 31 December 2024.
2,000,000 options were granted during the period. The total number of options
outstanding at 30 June 2025 is 67,200,000.
11. Commitments
Commitments stated in the Group's Annual Financial Statements for the year
ended 31 December 2024 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of
Directors on 3 September 2025.
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.
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