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Highlights
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Empire Metals Ltd raises £2.5 million through an oversubscribed placing to advance its Pitfield project in Australia.
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Funds will support resource drilling, mineralogical and metallurgical studies, and environmental baseline assessments.
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The discovery of a new anatase deposit highlights the project's global significance and strengthens the company’s financial position.
Empire Metals Ltd Secures Funding for Pitfield Project Development
Empire Metals Ltd {LSE:EEE} has successfully raised £2.5 million through an oversubscribed placing at a price of 7p per share. The funds will be allocated to advancing work on the newly discovered anatase deposit at the Pitfield project in Australia.
The proceeds from this fundraising initiative will be utilized for resource drilling, as well as comprehensive mineralogical and metallurgical studies. Additionally, the funds will support environmental baseline studies critical to the project’s development. Empire Metals aims to scale up and expedite metallurgical and mineralogical research within the anatase zone, further enhancing its project capabilities.
Shaun Bunn, Managing Director of Empire Metals, expressed confidence in the fundraising effort, stating that it will enable the company to accelerate its metallurgical test work and resource drilling necessary for a maiden Mineral Resource Estimate. The strong backing from both existing and new investors is seen as an indication of the market's recognition of the global significance of the recent discovery at Pitfield.
The newly identified anatase-enriched deposit, located within the weathered "saprolite" cap of the extensive 40-kilometer mineral system, has shifted the focus of development studies toward this promising area. With the recent capital injection, Empire Metals reports a healthy cash balance of approximately £4.8 million, placing the company in a robust financial position to pursue its strategic objectives.
This funding and the discoveries at Pitfield reinforce Empire Metals' commitment to advancing its exploration efforts and establishing a significant presence in the mineral resource sector.
