Empire Metals Limited's managing director said the company is at a "key turning point in its strategy" following the acquisition of three copper-gold projects in Australia in April and encouraging drill results at its Eclipse gold project.
Shaun Bunn added those results persuaded it to bolster its position at Eclipse by acquiring the neighbouring Gindalbie project and creating "real scale" in the region.
Bunn added: "This process gained momentum in April this year when we acquired three copper-gold projects, Pitfield, Walton and Stavely, located in highly prospective locations across Australia which, combined, cover an area larger than Greater London.
“This was a real coup for Empire and one which sets us apart as an exploration company with potential access to multiple high-value discoveries in sought-after and valued commodities, within a safe and supportive jurisdiction.
“I look forward to the remaining months of 2022 with huge optimism and excitement as we begin to demonstrate the value of these assets through targeted exploration."
As an exploration and development group, Empire is not yet generating revenue and posted a loss for the 12 months ended 31 December 2021 of £589,000 (31 December 2020: loss of £573,000).
The group's cash position is £2.7mln following a £1.7mln fundraise in April.