Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) has entered a conditional agreement to sell its 75% interest in the Eclipse gold project in Western Australia.
The asset, which is considered non-core to Empire and is located near Kalgoorlie, was historically the subject of gold exploration activities.
Today's agreement includes a three-month exclusivity and due diligence period. Total consideration for Empire’s interest amounts to A$750,000, including a A$50,000 non-refundable deposit and a A$700,000 payment upon completion.
“This conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield project," said managing director Shaun Bunn.
"Eclipse is a non-core asset for Empire, and this transaction provides an opportunity to unlock value while reducing ongoing holding and resourcing costs. We look forward to progressing the due diligence phase with the purchaser."
Empire ended 2025 at Pitfield with a diamond drilling campaign at the Thomas Prospect. A 10-hole, 1,000-metre programme kicked off in November with the aim of collecting geological, geochemical, metallurgical and geotechnical data to support ongoing development and future resource expansion. Assay results from the programme are expected in January 2026. At the same time, the firm is expecting to see pilot-scale testing starting in early 2026.
This work follows a £7 million equity raise in October.