Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) shares rose 8% to 37.85p after the company raised £7 million from existing institutional investors to accelerate development of its Pitfield titanium project in Western Australia and strengthen its finances ahead of a possible Australian Securities Exchange listing next year.
The AIM-listed explorer issued 17.5 million new shares at 40p each, a premium to the market price, in a round that saw increased participation from institutional investors in Asia and Australia.
Funds will be used to expand drilling and metallurgical testwork at Pitfield, which aims to produce high-purity titanium dioxide samples for potential customers. Pilot-scale production is expected to begin in 2026, alongside engineering and economic studies.
Empire also plans to investigate producing titanium tetrachloride, a key intermediate for titanium metal production, while strengthening its team and exploring corporate opportunities. A dual ASX listing is targeted for the first half of 2026, with Canaccord Genuity as lead adviser.
Managing director Shaun Bunn said the raise “underscores both the scale and strategic value of the Pitfield Project”. Following the fundraising, Empire’s cash position will increase to £11 million, providing what the company described as a robust platform for its next phase of development.