Empire Metals (LSE:EEE) Raises GBP 7Mn to Advance Pitfield Project and Accelerate Development Plans

Highlights

• Empire Metals raised GBP 7 million via a subscription of 17.5 million new ordinary shares at 40 pence per share.
• The funds will be used to advance resource drilling, metallurgical testwork, and pilot-scale production, targeting 2026 for high-purity TiO₂ sample delivery.
• The company is also evaluating a potential dual listing on the ASX in the first half of 2026, with Canaccord Genuity (Australia) expected to act as lead adviser.

Empire Metals Limited (LSE:EEE) (OTCQX:EPMLF) has announced that it has successfully raised gross proceeds of GBP 7 million through a share subscription with existing institutional investors. The funds will support the company’s ongoing exploration and development activities, including resource expansion and pilot-scale production at its flagship Pitfield Titanium Project.

Subscription Overview

Empire Metals confirmed that the capital raise was conducted at a premium to the current market price. The GBP 7 million subscription involved the issuance of 17.5 million new ordinary shares of no par value, priced at 40 pence per share.

Following completion, Empire Metals’ total cash balance stands at approximately GBP 11 million, combining the new funds with existing reserves of GBP 4 million.

Advancing Pitfield Project Development

The proceeds will be used to accelerate several workstreams at the company’s Pitfield Titanium Project, located in Western Australia. Key initiatives include:

• Exploration and Resource Expansion: Further drilling aimed at defining the scale and grade of mineralisation across the project area.
• Metallurgical and Product Development: Continued testwork to produce high-purity titanium dioxide (TiO₂) and intermediate products such as titanium tetrachloride (TiCl₄) for potential supply chain partners.
• Pilot-Scale Production: Commencement of pilot operations in 2026, with the goal of delivering high-purity TiO₂ samples to potential end-users for evaluation.

The company also intends to advance environmental, social, and engineering studies to support future economic assessments and project permitting.

Strategic Corporate Growth and Dual Listing Plans

Empire Metals plans to allocate a portion of the raised capital towards corporate initiatives, including the potential dual listing of its shares on the Australian Securities Exchange (ASX), targeted for the first half of 2026. Canaccord Genuity (Australia) is expected to act as the company’s lead adviser for this process.

The additional funding will also support recruitment and team expansion as Empire Metals enters the next stage of project development and evaluation.

Use of Proceeds

Empire Metals outlined the main uses of the new capital as follows:

• Exploration and mineral resource drilling;
• Project development studies, including mining, processing, infrastructure, and energy planning;
• Metallurgical testwork and continuous hydrometallurgical piloting; and
• Corporate overheads and project management.

The completion of this GBP 7 million subscription provides Empire Metals with the funding required to progress its technical programs and corporate objectives through 2026, as it advances toward pilot-scale production and potential market entry for high-purity titanium products.

EEE share price jumped nearly 13% to GBX 39.70 at the time of writing on 30 October 2025.