Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) managing director Shaun Bunn, in today's interim results statement, highlighted "a period of remarkable activity and momentum" in which the explorer has seen significant steps forward for its Pitfield titanium project, in Western Australia.
Notably, during the period Empire said Pitfield has been confirmed as one of the world’s most significant new titanium discoveries, and recently metallurgical test work confirmed the project can yield a high purity (99.25%) product through a lower-cost and efficient processing route.
"Pitfield is no longer just a discovery story - it is fast becoming recognised as a project of global importance, with results that continue to exceed expectations," Shaun Bunn said in today's results statement.
"From an operational standpoint, we are now on the cusp of delivering our maiden MRE, which we believe will firmly establish Pitfield among the world's leading titanium assets.
"Beyond that, the pathway is clear: complete our expanded testwork, progress to pilot-scale operations, and begin engaging directly with end-users - particularly in high-value markets such as aerospace and defence, where titanium's strategic importance is growing rapidly."
Empire raised £4.5 million in May to advance Pitfield, and during the half also strengthened its technical team with several senior appointments.
Looking ahead, Empire expects the remainder of 2025 will be 'a busy and exciting time'. It anticipates the upcoming mineral estimates will be a foundation for detailed project evaluation.
Alongside project development streams, Empire expects it will be engaging more closely with potential customers, including those in the titanium metal supply chain, to position Pitfield as a long-term, strategic source of secure supply.
In terms of financials, the pre-revenue firm reported a £1.7 million loss for the six months, and it ended June with some £6.3 million of cash.