Empire Metals Reports Transformational Interim Results with World-Class Titanium Discovery

Empire Metals interim results: Pitfield moves from discovery to development

Empire Metals has delivered a punchy interim update for the six months to 30 June 2025. The headline is clear: Pitfield in Western Australia continues to evolve into what the Company says is the world’s most significant new titanium discovery, with scale, high grades, and unusually clean mineralisation.

For retail investors, this reads like a business shifting gears. Drilling is defining a large, near-surface high-grade core, metallurgy has produced a 99.25% TiO₂ product using conventional methods, and a maiden Mineral Resource Estimate (MRE) is due “in the coming weeks”. Cash was boosted by a £4.5 million raise in May at 9.5p, and the team has been beefed up to push into studies and pilot work.

Key takeaways at a glance

• Pitfield elevated: Empire says Pitfield is the most significant new titanium discovery globally, citing scale, grade and purity.
• Thomas Prospect drilling: a continuous ~3.6 km high-grade core averaging ~6% TiO₂ near surface.
• Standout intercepts: 44 m at 7.87% TiO₂ from surface; 50 m at 7.84% from 4 m; 54 m at 7.41% from surface; 98 m at 7.05% from 2 m (two holes).
• Metallurgy: 99.25% TiO₂ product achieved via conventional separation and refining – important for costs, recoveries and permitting.
• MRE imminent: maiden resource expected within weeks to underpin mine scoping.
• Balance sheet: £6.3 million cash at 30 June 2025 after a £4.5 million fundraise; H1 loss £1,704,821 as expected for a pre-revenue explorer.
• Market access: shares now trading on OTCQX in the US to broaden the register.

Why Pitfield matters – scale, grade, purity in a Tier One location

The update leans heavily into what sets Pitfield apart. Unlike many titanium projects that rely on ilmenite and can suffer lower recoveries, higher costs and environmental challenges, Empire says Pitfield’s weathered ore is well suited to conventional mineral separation and refining. That is a big tick – simpler flowsheets usually mean lower capex and opex risk.

Geologically, near-surface mineralisation is helpful for eventual open-pit mining. The Company highlights both the consistency of high-grade material and very low deleterious elements, which has translated into a 99.25% TiO₂ product in testwork. If that purity holds at scale, it opens pathways to higher-value markets beyond pigments, including the titanium metal supply chain used in aerospace and defence.

Thomas Prospect drilling – continuity and grade are the story

The largest drilling campaign to date has done what investors wanted: it identified a large high-grade core at Thomas, averaging ~6% TiO₂ across approximately 3.6 km. Continuity is often where bulk-tonnage projects win or lose value, and the stats here are encouraging – nearly two thirds of all drillholes averaged more than 4% TiO₂, with over 90% exceeding a 2% cut-off.

Notable intercepts reported

• 44 m at 7.87% TiO₂ from surface (AC25TOM159)
• 50 m at 7.84% TiO₂ from 4 m (AC25TOM130)
• 54 m at 7.41% TiO₂ from surface (AC25TOM118)
• 98 m at 7.05% TiO₂ from 2 m (RC25TOM062)
• 98 m at 7.05% TiO₂ from 2 m (RC25TOM068)

Grades like these, near surface and over long intervals, should translate well into early-stage mine scheduling. The proof point now is the MRE – expected in the coming weeks – which will put tonnes and grade into a formal framework for scoping studies.

Metallurgy – 99.25% TiO₂ and a conventional route

Processing is the make-or-break for titanium projects. Empire’s testwork produced a 99.25% TiO₂ product and the team says Pitfield’s ore is amenable to conventional mineral separation and refining. This is important because it suggests a more straightforward path to commercialisation compared with projects that require complex or costly processing steps.

Process development has moved into bench-scale and large-scale batch programmes, slated for completion by early 2026. The next step is a continuous pilot plant to firm up the flowsheet and generate bulk samples for potential end-users. Management explicitly calls out the opportunity to engage with high-value markets such as aerospace and defence. That positioning chimes with global supply concerns, where China’s outsized share of titanium sponge production and Western reliance on imports are well documented in the Chairman’s commentary.

Financials – a stronger platform to execute

Metric	H1 2025
Loss for the period	£1,704,821
Cash and cash equivalents	£6,317,265
Net cash used in operations	£1,544,542
Fundraise (May 2025)	£4.5 million at 9.5p per share
Shares in issue at 30 June 2025	690,393,221
EPS (basic and diluted)	(0.260) pence
Net assets	£11,351,654

The financials are in line with a company still pre-revenue. Operating cash outflow of £1.54 million over the half and investment into exploration and evaluation of £466,648 show spend is focused on the core project. The equity raise brought in £4.5 million before expenses via 47,368,423 new shares, reinforcing institutional support but also increasing the share count. Cash of £6.3 million gives a decent runway to deliver the MRE and push through the next stage of metallurgical work.

There is no dividend, and no material post-period events were reported. A potential divestment of the Eclipse gold project remains in play, with the licence held for sale at £358,351.

Board and bench strength upgraded for the next phase

Empire has added experience where it matters. Phil Brumit joined as Non-Executive Director and Chair of the Technical Committee, bringing major-project credentials from Freeport-McMoRan, Lundin Mining and Newmont Corporation. Post period end, Alan Rubio joined as Study Manager and Pocholo Aviso as Hydrometallurgist to drive studies and product development. This is sensible resourcing as the project pivots from exploration to engineering and market engagement.

The company also broadened its investor base by moving from the OTCQB to the OTCQX Market in the US, which should help liquidity and awareness among North American investors looking for exposure to strategic metals.

What’s next – near-term catalysts to watch

• Maiden MRE for Pitfield – due in the coming weeks. This is the big one for valuation anchoring.
• Mine scoping studies – to follow the MRE, providing first looks at potential scale and economics. Capex and opex are not disclosed yet.
• Metallurgical scale-up – completion of bench and large-scale batch work by early 2026, then pilot plant design and build.
• End-user engagement – particularly across aerospace and defence supply chains, supported by bulk samples from pilot operations.
• Eclipse divestment – progress on selling the non-core gold asset would further sharpen focus and potentially add cash.

My take – a momentum story with clear milestones and the usual development risks

This is a strong interim from Empire. The combination of near-surface high grades, continuity over kilometres, and a 99.25% TiO₂ product via conventional processing is exactly what you want to see at this stage. Cash has been sensibly topped up and the technical team looks fit for purpose.

Against that, the company remains pre-revenue and loss making, and the 2025 raise was dilutive. The MRE is not yet published, so expectations need managing. The flowsheet must still be proven at pilot scale and beyond, and capital requirements for development are not disclosed. As ever, commodity price, permitting and financing will matter.

Net-net, momentum is clearly positive. If the maiden MRE lands well and metallurgical scale-up continues to track, Pitfield has the ingredients to become a standout titanium project in a Western jurisdiction. The next few months – resource, scoping, and early partner engagement – should be decisive for the narrative and, likely, the share price.