Picture of Empire Metals logo

EEE Empire Metals News Story

0.000.00%
gb flag iconLast trade - 00:00
Basic MaterialsHighly SpeculativeSmall CapMomentum Trap

REG - Empire Metals Ltd - Interim Results

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250904:nRSD9277Xa&default-theme=true

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.

 

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  IR SSFFADEISESU

Recent news on Empire Metals

See all news