Empire Metals Limited Announces Completion of Sale of Eclipse Mining Lease

Rhea-AI Summary

Empire Metals (OTCQX:EPMLF) completed the sale of its 75% interest in the Eclipse Mining Lease, a non-core gold asset near Kalgoorlie, Western Australia.

Total cash consideration is A$750,000, fully received, supporting the strategy to focus capital and management on the Pitfield Titanium Project.

Positive

• Completed sale of 75% Eclipse Mining Lease interest for A$750,000 cash
• Non-core asset divestment aligns capital toward Pitfield Titanium Project
• All conditions precedent satisfied and consideration received in full

Negative

• Empire no longer holds any interest in the Eclipse Mining Lease
• Loss of potential future upside from Eclipse gold asset

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LONDON, UK / ACCESS Newswire / June 24, 2026 / Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce that its wholly-owned Australian subsidiary, Empire Metals Australia Pty Ltd, has completed the sale of its 75% interest in the Eclipse Mining Lease ("Eclipse ML"), a non-core gold asset located near Kalgoorlie, Western Australia, following satisfaction of all conditions precedent under the previously announced sale and purchase agreement (the "Sale Agreement").

Highlights

• Completion of the disposal of Empire's 75% interest in the Eclipse ML, on the terms previously announced.

• Total consideration of A$750,000 cash, comprising the A$50,000 non-refundable deposit previously received and the balance of A$700,000 received by the Company on completion.

• The disposal completes the rationalisation of this non-core asset and is consistent with Empire's strategy to focus capital and management resources on advancing the Pitfield Titanium Project.

Shaun Bunn, Managing Director, said: "We are pleased to confirm completion of the sale of our 75% interest in the Eclipse Mining Lease. With all conditions now satisfied and the consideration received in full, this transaction concludes the divestment of a non-core asset and allows us to direct our full attention and resources to advancing the Pitfield Titanium Project."

Background

As announced on 30 December 2025, Empire entered into a conditional sale and purchase agreement for its 75% interest in mining lease M27/153 (Eclipse ML), held in joint venture with the holder of the remaining 25% interest, for total cash consideration of A$750,000. On 15 May 2026 the Company announced that the definitive Sale Agreement had been executed.

All conditions precedent under the Sale Agreement have now been satisfied and the sale has completed, with the balance of the cash consideration received by the Company. Following completion, Empire no longer holds any interest in the Eclipse ML.

Empire continues to review options for other non-core assets, consistent with its strategy to accelerate development activities at the Pitfield Titanium Project.

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 or contact:

Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell	Tel: 020 4583 1440
S. P. Angel Corporate Finance LLP (Nomad & Joint Broker) Ewan Leggat / Adam Cowl	Tel: 020 3470 0470
Canaccord Genuity Limited (Joint Broker) James Asensio / Christian Calabrese / Rory Blundell / Charlie Hammond	Tel: 020 7523 8000
Zeus Capital Limited (Joint Broker) Harry Ansell / Katy Mitchell	Tel: 020 3829 5000
Tavistock (Financial PR) Emily Moss / Josephine Clerkin	empiremetals@tavistock.co.uk Tel: 020 7920 3150
Chapter One Advisors (Australian Financial PR) David Tasker	dtasker@chapteroneadvisors.com.au Tel: +61 433 112 936

About Empire Metals Limited

Empire Metals Ltd (AIM:EEE)(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.

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 or visit www.rns.com.

SOURCE: Empire Metals Limited

View the original press release on ACCESS Newswire

FAQ

What did Empire Metals (OTCQX:EPMLF) announce on June 24, 2026 about the Eclipse Mining Lease?

Empire Metals announced completion of the sale of its 75% interest in the Eclipse Mining Lease. According to Empire Metals, this divestment finalizes its exit from the non-core gold asset and supports its focus on advancing the Pitfield Titanium Project.

How much did Empire Metals (EPMLF) receive from selling its 75% Eclipse Mining Lease interest?

Empire Metals received total cash consideration of A$750,000 for its 75% Eclipse Mining Lease interest. According to Empire Metals, this includes a A$50,000 non-refundable deposit already paid and a A$700,000 balance received on completion of the Sale Agreement.

Why did Empire Metals (EPMLF) sell the Eclipse Mining Lease asset?

Empire Metals sold the Eclipse Mining Lease because it is considered a non-core gold asset. According to Empire Metals, the disposal forms part of a broader strategy to rationalise non-core holdings and concentrate capital and management resources on the Pitfield Titanium Project.

What strategic impact does the Eclipse Mining Lease sale have on Empire Metals (EPMLF)?

The sale allows Empire Metals to redirect attention and funding toward the Pitfield Titanium Project. According to Empire Metals, completing this disposal supports its strategy to accelerate development activities and continue reviewing options for other non-core assets within its portfolio.

Does Empire Metals (EPMLF) retain any interest in the Eclipse Mining Lease after the sale?

Empire Metals no longer holds any interest in the Eclipse Mining Lease following completion. According to Empire Metals, all conditions precedent under the Sale Agreement have been satisfied, the full cash consideration has been received, and its 75% stake has been fully divested.

How does the Eclipse Mining Lease divestment support Empire Metals’ Pitfield Titanium Project?

The divestment frees management time and cash that can be focused on Pitfield. According to Empire Metals, selling this non-core gold asset aligns with its strategy to advance and accelerate development activities at the Pitfield Titanium Project in Australia.