Empire Metals Limited Announces Final Results

Rhea-AI Summary

Empire Metals Limited (EPMLF) announced its final results for 2024, highlighting the Pitfield Project as the world's largest titanium discovery with a JORC Exploration Target of 26.4-32.2 billion tonnes at 4.5-5.5% TiO₂. The company reported a breakthrough discovery of near-surface saprolite zones rich in high-grade anatase and rutile, achieving 91.7% TiO₂ product purity through conventional processing methods. With a strong cash position of £7 million as of May 2025, Empire has strengthened its technical team and board with industry experts. The company's focus on strategic titanium development aligns with accelerating global demand in aerospace, defense, and pigment markets.

Positive

• World's largest titanium discovery with JORC Exploration Target of 26.4-32.2 billion tonnes at 4.5-5.5% TiO₂
• Discovery of high-grade near-surface saprolite zones with >95% TiO₂
• Strong metallurgical results achieving 91.7% TiO₂ product using conventional methods
• Robust cash position of £7 million as of May 2025
• Strategic positioning in growing titanium market for aerospace and defense

Negative

• Exploration Target is conceptual with insufficient exploration to estimate Mineral Resource
• Uncertainty if further exploration will result in Mineral Resource estimation
• Project still in early development stage without defined commercial production timeline

Final Results for the year ended 31 December 2024

LONDON, UK / ACCESS Newswire / June 6, 2025 / Empire Metals Limited, (LON:EEE)(OTCQB:EPMLF), the AIM-quoted and OTCQB-traded exploration and development company, announces its final results for the year ended 31 December 2024.

The annual report and accounts for the year ended 31 December 2024 will be posted to shareholders today and will be available for download shortly from the Company's website, www.empiremetals.com.

Highlights

• Pitfield Project confirmed as the largest titanium discovery globally: JORC Exploration Target* of 26.4-32.2 billion tonnes at 4.5-5.5% TiO₂.

• Heightened focus on strategic significance of titanium: demand for titanium is accelerating globally due to its critical role in aerospace, defence, and pigment markets.

• Breakthrough Discovery in 2024: Identification of near-surface saprolite zones rich in high-grade anatase and rutile (>95% TiO₂) offers the potential for a fast-tracked, high-margin development phase.

• Strong Metallurgical Results: Early testwork yielded a 91.7% TiO₂ product using conventional methods-indicating low-impact, high-purity feedstock potential without smelting.

• Strengthened Technical Team and Board: New hires across process, environmental, and commercial functions, plus titanium industry experts, are accelerating development progress.

• Strong Cash Position: Cash balance of £7 million as of 30 May 2025 supports ongoing ambitious development plans throughout 2025.

• Clear Near-Term Milestones: Upcoming objectives include delivering a maiden MRE, finalising process design and advancing mine studies as Pitfield moves towards commercialisation.

*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Shaun Bunn, Managing Director, said: "Empire Metals has built on the exceptional momentum established in 2023, and we enter this next chapter with increased confidence in the scale, quality, and strategic importance of the Pitfield Titanium Project. The release of our maiden JORC Exploration Target*, estimating 26.4 to 32.2 billion tonnes at 4.5-5.5% TiO₂ in June 2024, confirmed Pitfield as the largest undeveloped titanium system globally and a key potential source of this critical metal.

"Our exploration strategy has focused on accelerated commercialisation, and this disciplined approach is now bearing fruit. The discovery of a significant zone of near-surface, high-grade, clean titanium dioxide minerals within the weathered saprolite layer - rich in rutile and anatase - presents a major opportunity to fast-track development. These minerals offer a lower-cost processing route and align with rising global demand for more sustainable titanium sources.

"Empire is in a strong financial position following two successful funding rounds in 2024, and a further raise in 2025, providing us with a current cash position of approximately £7 million. This support from the market not only validates our strategy but ensures we are well funded for our ongoing programmes, from resource definition to additional metallurgical testing as we move closer to commercialisation.

"Each milestone continues to de-risk Pitfield, both technically and geologically. The results to date have only strengthened our conviction that Pitfield is a once-in-a-generation discovery. As we progress towards commercialisation, our commitment to unlocking its full value has never been stronger. We look forward to another transformative year for Empire."

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http://www.rns-pdf.londonstockexchange.com/rns/7096L_1-2025-6-5.pdf

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.

**ENDS**

For further information please visit www.empiremetals.co.uk or contact:

Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell	Tel: 020 4583 1440
S. P. Angel Corporate Finance LLP (Nomad & Broker) Ewan Leggat / Adam Cowl	Tel: 020 3470 0470
Shard Capital Partners LLP (Joint Broker) Damon Heath	Tel: 020 7186 9950
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page	Tel: 020 7236 1177

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 is the size of Empire Metals' (EPMLF) Pitfield titanium discovery?

The Pitfield Project has a JORC Exploration Target of 26.4-32.2 billion tonnes at 4.5-5.5% TiO₂, making it the largest titanium discovery globally.

How much cash does Empire Metals (EPMLF) have as of May 2025?

Empire Metals reported a cash balance of £7 million as of May 30, 2025.

What purity level did Empire Metals achieve in their titanium processing tests?

Early testwork yielded a 91.7% TiO₂ product using conventional processing methods.

What are the main market applications for Empire Metals' titanium project?

The titanium from the Pitfield Project is targeted for aerospace, defense, and pigment markets, where global demand is accelerating.

What is significant about Empire Metals' saprolite zone discovery?

The near-surface saprolite zones contain high-grade anatase and rutile (>95% TiO₂), offering potential for fast-tracked, high-margin development.