Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) has raised £8 million from existing institutional shareholders to accelerate development work at its Pitfield Titanium Project in Western Australia.
The AIM-quoted and OTCQX-traded resource company issued 26.7 million new shares at 30p each, giving it a pro-forma cash position of around £14.5 million on completion.
Funds will be used across key workstreams at Pitfield, including mineral resource estimate expansion and classification drilling, mine planning, metallurgical batch and continuous pilot-scale testwork, engineering studies and economic studies.
Empire said product and market development work is advancing, with pilot-scale production and offtake engagement focused on TiO₂ pigment and titanium metal end-users.
Managing director Shaun Bunn said existing institutional investors increasing their positions shows support for the company’s strategy and progress at Pitfield.
"Existing institutional investors increasing their positions reflects strong support for our strategy and the progress at Pitfield," he added.
"With momentum across all workstreams and our ASX dual listing on track for H2 2026, this investment underpins the strategic value of a high-grade titanium project of Pitfield's quality and scale."
Empire noted that its planned ASX dual listing remains on track for the second half of 2026, with Canaccord Genuity Australia acting as lead adviser.