Empire Metals’ 2025 results: maiden titanium resource, cash to deliver, and a busy 2026 ahead
Empire Metals’ final results put hard numbers behind a big year at its Pitfield titanium project in Western Australia. A maiden JORC Mineral Resource Estimate (MRE) has landed, metallurgy has proved up a very high-purity product, and the balance sheet was strengthened by £11.5 million of new equity. The business remains pre-revenue and loss-making, but is now clearly set up for an intensive technical push through 2026.
Key takeaways investors should note
- Maiden MRE: 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.
- High-purity product: 99.25% TiO₂ achieved using conventional processes.
- Funding: £11.5 million raised in 2025; year-end cash £9.64 million; cash of £8.4 million as at 20 March 2026.
- Index and awards: Added to FTSE AIM 100 (22 September 2025) and won Exploration Discovery of the Year for Pitfield.
- Outlook: Resource expansion drilling, metallurgical optimisation and a Scoping Study targeted in 2026; preparatory work towards a potential ASX dual listing.
Headline numbers from the 2025 accounts
| Metric | 2025 |
|---|---|
| Revenue | not disclosed (pre-revenue) |
| Loss for the year | £3,543,374 (2024: £4,092,004) |
| Earnings per share | (0.520)p (2024: (0.670)p) |
| Cash at 31 December 2025 | £9,644,802 |
| Cash at 20 March 2026 | £8.4 million |
| Funds raised during 2025 | £11.5 million |
| Total assets | £17,817,559 |
| Total equity | £17,104,870 |
| Shares in issue (year-end) | 710,893,221 |
Maiden titanium resource at Pitfield: why 2.2 billion tonnes matters
Empire’s first JORC MRE at Pitfield comes in at 2.2 billion tonnes at 5.1% TiO₂ for 113 million tonnes of contained TiO₂. JORC is the Australasian code that sets minimum standards for public reporting of mineral resources – it is the benchmark many institutions look for.
The resource sits within an in-situ weathered cap from surface to beyond 50 metres and includes a high-grade core averaging around 6% TiO₂ across a continuous 3.6 km strike. Crucially, management says the MRE covers only a small slice of the known mineralised footprint – 20% is referenced elsewhere in the report – so there is clear room to grow.
Operationally, Empire completed 382 drill holes for 32,256 m by year-end and has kicked off a fully funded 2026 programme of roughly 754 holes for about 34,150 m. The aim is to expand the resource and lift classifications to measured and indicated, which reduces geological risk and is a key step towards economic studies.
Metallurgy hits 99.25% TiO₂ using conventional processing
Producing a viable product is as important as proving tonnes in the ground. Empire achieved a 99.25% TiO₂ product through conventional beneficiation, leaching and refining. In plain English: the flowsheet is not exotic, which can mean lower execution risk. That purity opens the door to premium pigment and potentially titanium metal feedstock markets.
Pilot-scale test work is scheduled to commence by mid-2026, with a Scoping Study planned later in the year. A Scoping Study is an early-stage economic assessment – not definitive, but it frames scale, capex and potential margins, and is often a valuation catalyst for explorers.
Balance sheet: cash to keep the drills turning
Two equity raises delivered £11.5 million in 2025, including £4.5 million in May and £7.0 million in October. Year-end cash was £9.64 million, and the company reports £8.4 million at 20 March 2026. Management states they have sufficient funds for planned exploration and development activities.
Empire also streamlined the portfolio, announcing the conditional sale of its 75% interest in the Eclipse Gold Project in December and continuing to classify Eclipse as a held-for-sale asset at £372,519.
Profit and loss: still pre-revenue, but losses narrowed
As expected for an explorer, there was no revenue. The loss for the year improved to £3,543,374 from £4,092,004. Administrative expenses rose to £3,544,701, reflecting a bigger programme, more staff and market costs as the company scaled up.
Cash outflow from operations was £3,023,761, with a further £2,955,299 invested into exploration and evaluation assets. Share count increased to 710,893,221, so dilution is a factor investors should watch as development advances.
Governance and remuneration: note the 2025 executive incentive outcomes
Empire outlined its Executive Incentive Plan 2025-2026, originally structured to deliver equity when share price targets of 14p and 18p and operational milestones were met. Because the company entered a closed period, equity awards could not be granted at the time. In September, cash bonus payments were approved “as a partial substitute”.
The RNS states that aggregate bonuses paid to directors totalled £808,334, while a detailed table lists individual amounts that sum to £997,084. The company notes the cash outcome was “materially lower” than the estimated intrinsic value of the equity awards had they been granted at the time the milestones were achieved. As ever, transparency around incentives is important, and investors will have their own views on balance and timing.
Market context: titanium’s strategic pull
Empire leans into a supportive macro. Titanium is classed as a critical mineral in the US, UK, EU, Canada, Japan, South Korea and Australia. Demand growth of roughly 3.7% CAGR is cited, while supply and processing are concentrated, particularly in China. If Pitfield can deliver a Western, high-quality feedstock source at scale, that could command strategic attention.
What to watch in 2026: potential catalysts
- Resource growth: ongoing drilling aimed at expanding the MRE and upgrading categories.
- Metallurgical and pilot-scale results: scaling the 99.25% TiO₂ product and optimising the flowsheet.
- Scoping Study: first economic look at project scale, capex and returns later in the year.
- ASX dual listing work: preparatory steps continue, with Canaccord Genuity (Australia) anticipated as lead adviser.
- Eclipse sale: completion would further simplify the portfolio.
Risks and watch-outs
- Funding and dilution: the company is pre-revenue and reliant on equity to progress; the share count rose to 710,893,221 in 2025.
- Execution: turning a giant resource into a mine needs robust metallurgy, permitting and infrastructure delivery. Pilot and Scoping outcomes are key de-risking steps.
- Costs: administrative expenses grew with the programme; maintaining discipline through studies will matter.
- Remuneration optics: 2025 cash bonuses will attract scrutiny; the RNS discloses differing totals for aggregate director bonuses.
My take: momentum is real, now it’s about economics
On the metrics that matter at this stage – scale, grade continuity, straightforward metallurgy and a strong cash runway – Empire delivered a transformational 2025. The 2.2 billion tonne MRE, the 99.25% TiO₂ product and the continued drilling programme point to a project with strategic heft in a critical mineral.
The flipside is the usual pre-development checklist: prove scalability in pilots, publish a credible Scoping Study, keep costs in check and maintain access to capital without over-diluting holders. If 2026 brings a bigger, higher-confidence MRE and a solid Scoping Study, the path to commercialisation will look much clearer. For now, Pitfield is doing the heavy lifting in the equity story – and the next round of technical results will decide how compelling that story becomes.
