REG - Empire Metals Ltd - Issue of Shares & Extension of Options

Empire MetalsAnnouncement

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RNS Number : 1478A  Empire Metals Limited  13 April 2026

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

 

13 April 2026

Empire Metals Limited

("Empire" or "the Company")

 

Issue of Shares to Employee Benefit Trust and Extension of Options

 

Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and
development company, announces that it has today allotted and issued
20,000,000 new ordinary shares (the "EBT Shares") to JTC Employer Solutions
Trustee Limited as trustee of the Company's Employee Benefit Trust (the
"EBT").

 

Issue of Shares to Employee Benefit Trust

The EBT Shares will be held in trust for the purpose of satisfying future
awards to be made under the Company's long-term incentive plan (the "LTIP"),
which is currently being finalised by the Remuneration Committee. No awards
have been made at this time and no EBT Shares will be transferred to any
beneficiary until the LTIP has been formally adopted by the Board.

 

The EBT Shares represent approximately 2.73 per cent. of the Company's
enlarged issued ordinary share capital of 730,893,221 ordinary shares and have
been issued at nil consideration. The EBT Shares rank pari passu in all
respects with the existing ordinary shares of the Company save that they do
not carry any entitlement to dividends declared prior to the date of issue.
The EBT Shares will not be voted by the trustee until transferred to
individual beneficiaries pursuant to the vesting of awards under the LTIP.

 

The Board considers the issue of shares to the EBT to be an important step in
establishing a robust long-term incentive framework, ensuring that the Company
is well-positioned to attract, retain and incentivise the calibre of personnel
required to advance the Pitfield Titanium Project towards development.

 

Extension of Options

The Company announces that it has agreed to extend the exercise period of
certain share options granted to Shaun Bunn (Managing Director) under the
Company's Long Term Incentive Plans, which were originally issued on 19 April
2022. Details of these options are as follows:

 

 Director    Number of options  Exercise Price  Old Expiry Date  New Expiry Date
 Shaun Bunn  2,500,000          2.5 p           19 April 2026    31 Jan 2028
 Shaun Bunn  2,500,000          3.5 p           19 April 2026    31 Jan 2028
 Shaun Bunn  2,500,000          5 p             19 April 2026    31 Jan 2028

 

The extension of options held by Shaun Bunn constitutes a related party
transaction under Rule 13 of the AIM Rules for Companies. Accordingly, the
Company's directors who are independent of the options extension (being all
directors with the exception of Shaun Bunn) consider, having consulted with
the Company's nominated adviser, SP Angel Corporate Finance LLP, that the
terms of the options extension are fair and reasonable insofar as shareholders
of the Company are concerned.

 

Application for Admission and Total Voting Rights

The EBT 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 14 April 2026.  As a result of the issue of the
Subscription Shares as described above, the issued share capital of the
Company now consists of 730,893,221 ordinary shares of no-par value.

 

Market Abuse Regulation 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.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 / 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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