THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN UK MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY UK MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
LONDON, UK / ACCESS Newswire / May 11, 2026 / Empire Metals Limited ("Empire" or "the Company")(LON:EEE)(OTCQX:EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce that it has raised gross proceeds of £8 million by way of a subscription of 26,666,667 new ordinary shares of no par value in the capital of the Company at a price of 30 pence per ordinary share (the 'Subscription Shares') to existing institutional shareholders (the 'Subscription').
Highlights
Subscription raises gross proceeds of £8 million from existing institutional shareholders
Pro-forma cash position circa £14.5 million on completion
Proceeds will fund key value accretive workstreams including Mineral Resource Estimate ('MRE') updates and mine planning work, metallurgical batch and continuous pilot scale testwork and engineering and economic studies
Product development testwork and marketing studies advancing, focusing on the TiO2 rutile pigment and titanium sponge metal markets
ASX dual listing on track for H2 2026, with Canaccord Genuity (Australia) to act as lead adviser
Shaun Bunn, Managing Director, said: "Existing institutional investors increasing their positions reflects strong support for our strategy and the progress at Pitfield. 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 in a Tier-1 jurisdiction."
Use of Proceeds
The proceeds will allow acceleration of current development work at Pitfield and fund Empire's development studies, principally:
Engineering and economic studies - mining, process plant, infrastructure and energy workstreams
Resource growth - MRE expansion drilling and classification upgrade
Product and market development - pilot-scale production and offtake engagement with TiO2 pigment and titanium metal end-users
Corporate - ASX listing costs and general working capital
Application for Admission and Total Voting Rights
The Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective at 8:00 a.m. on 15 May 2026.
As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 757,559,888 ordinary shares of no-par value.
The above figure of 757,559,888 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
For further information please visit www.empiremetals.co.uk or contact:
Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell | Tel: 020 4583 1440 |
S. P. Angel Corporate Finance LLP (Nomad & Joint Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Canaccord Genuity Limited (Joint Broker) James Asensio / Christian Calabrese / Rory Blundell / Charlie Hammond | Tel: 020 7523 8000 |
Shard Capital Partners LLP (Joint Broker) Damon Heath | Tel: 020 7186 9950 |
Tavistock (Financial PR) Emily Moss / Josephine Clerkin | empiremetals@tavistock.co.uk Tel: 020 7920 3150 |
About Empire Metals Limited
Empire Metals Ltd (AIM:EEE) and (OTCQX: EPMLF) is an exploration and resource development company focused on the commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO2 for 113 million tonnes of contained TiO2.
Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.
Conventional processing has already produced a high-purity product grading 99.25% TiO2, suitable for titanium sponge metal or pigment feedstock. With excellent logistics and established infrastructure, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.
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SOURCE: Empire Metals Limited
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/metals-and-mining/empire-metals-limited-announces-%c2%a38m-subscription-by-institutional-shareholders-1165637
