Empire Metals Ltd (AIM:EEE) managing director Shaun Bunn joined Proactive's Stephen Gunnion to discuss the successful capital raise of £2.5 million and other recent developments surrounding the Pitfield Project in Western Australia.
Bunn said the oversubscribed placing brings Empire's total cash balance to £4.8 million. These funds will be used to accelerate drilling and metallurgical test work, particularly focusing on the high-purity anatase discovered at surface level.
Bunn emphasised the unique advantages of Pitfield, describing it as a giant-scale, high-grade, soft rock titanium deposit, which requires no stripping of overburden. He explained that the anatase mineral found at Pitfield, a variant of rutile, holds significant commercial potential, and the team is optimistic about the metallurgical separation processes.
Looking ahead, Bunn mentioned that metallurgical test results will be announced shortly, and he remains focused on strategic development plans. He believes Empire Metals is well-positioned to deliver a critical metals company in a tier-one jurisdiction.