Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) ended the first half with £12.4 million of cash, giving it funding to push ahead with engineering, pilot-scale processing and economic studies at its Pitfield titanium project in Western Australia.
The balance compared with £6.3 million a year earlier and followed an £8 million institutional subscription at 30p a share in May. Empire, which is still pre-revenue, reported a six-month loss of £1.88 million versus £1.70 million previously, while exploration and evaluation expenditure rose sharply to £3.35 million.
Operational work centred on Pitfield, where Empire completed its largest drilling campaign to date, comprising 712 holes for 34,844 metres. That programme contributed to the post-period upgrade of the mineral resource to 8.16 billion tonnes grading 4.3% TiO₂, including the project's first Measured Resource.
Empire has also completed an integrated processing flowsheet designed to produce high-purity TiO₂ pigment and titanium sponge feedstock using conventional processing methods. Continuous pilot-scale testing and engineering studies are now underway, while an ASX dual listing remains on track for the second half of 2026 and a further resource upgrade is targeted for mid-2027.
