
January 29, 2025
Canterbury Resources Limited (Canterbury or the Company) provides an update covering final assay results from its 2024 drilling program at the Briggs Copper Project (Project) in central Queensland. A Scoping Study is scheduled for completion in mid-2025, assessing potential development of a large-scale open pit mine, with ore processing via conventional froth flotation into copper and molybdenum concentrates.
HIGHLIGHTS
- Assay results have been received from the final holes in the 2024 drilling program at the large-scale Briggs copper-molybdenum project in Queensland1 (Inferred resource 415Mt at 0.25% Cu and 31ppm Mo). These cover three holes assessing higher-grade mineralisation along the southwest margin of the Central porphyry and two testing the Southern porphyry target.
- The results confirm the Southern porphyry target as a new discovery approximately 300m to the southeast of the current Briggs resource, with copper and molybdenum mineralisation evident from near surface, e.g.
- 270.5m at 0.22% Cu and 16ppm Mo from 17.7m in 24BRD0035, including
- 83.8m at 0.28% Cu and 37ppm Mo from 27.2m.
- 97m at 0.20% Cu and 66ppm Mo from 36m in 24BRD0036.
- 270.5m at 0.22% Cu and 16ppm Mo from 17.7m in 24BRD0035, including
- Results from infill drilling at the Central porphyry resource have also extended the known zone of shallow, higher-grade mineralisation, e.g.
- 203.1m at 0.36% Cu and 52ppm Mo from 98.0m in 24BRD0033, including
- 26m at 0.50% Cu and 32ppm Mo from 102m, and
- 85m at 0.43% Cu and 35ppm Mo from 148m.
- 162.4m at 0.26% Cu and 44ppm Mo from 88.7m in 24BRD0034.
- 203.1m at 0.36% Cu and 52ppm Mo from 98.0m in 24BRD0033, including
- All the 2024 drilling results are feeding into an updated Mineral Resource Estimate, being completed in the March quarter, which will be used in mining studies in the current Briggs Scoping Study. Results from the Scoping Study are expected in mid-2025.
- The metallurgical test-work component of the Scoping Study is well advanced, including comminution studies, plus assessment of copper and molybdenum recovery via flotation into sulphide concentrates. Results are expected in the March quarter. Previous test work indicated excellent metallurgical recoveries from all styles of copper mineralisation.2
- Funding for Briggs continues to be provided by Alma Metals Ltd (ASX: ALM) (Alma) under an Earn-In Agreement (Earn-In). Alma is in Stage-3 of the Earn-In whereby it can reach a 70% interest by spending an additional $10 million.
Managing Director, Grant Craighead, said: “The 2024 Briggs drilling program has been extremely successful. Importantly, we’ve outlined a higher-grade zone of mineralisation that enhances our early mining options, as well as confirming that the Southern porphyry hosts significant mineralisation providing potential to continue expanding the overall Briggs resource. We are also very encouraged by progress in our Scoping Study activities and look forward to outlining our project development concepts and indicative financial parameters in the not-too-distant future.”
The Project comprises six tenements: Briggs (EPM 19198), Mannersley (EPM 18504), Fig Tree Hill (EPM 27317), Don River (EPM 28588), Ulam Range (EPM 27894) and Rocky Point (EPM 27956). Alma is funding the Project and can reach a 70% interest by funding an additional A$10 million3.
Briggs is in a tier one jurisdiction with exceptional infrastructure. It is 60km west of the deep-water port of Gladstone and 15km north of a significant road, rail and power corridor. It also benefits from a skilled local workforce and straightforward land ownership.
Figure 1 Briggs Location
Briggs currently hosts an Inferred Mineral Resource Estimate (MRE) of 415Mt at 0.25% Cu and 31ppm Mo at the Central and Northern porphyry deposits (Figure 2), plus an encompassing Exploration Target of an additional 480Mt to 880Mt at 0.20% to 0.30% Cu and 25ppm to 40ppm Mo4 that has been outlined by surface mapping and geochemical sampling, plus limited shallow drilling. The potential tonnage and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource. It is uncertain if further exploration will result in an increase in the MRE.
The 2024 core drilling program at Briggs commenced in June and the final hole was completed in early December. During the program, eleven holes (2,955.5m) were drilled, with assay results now received for the final five holes: three (24BRD0032 to 24BRD0034) at the Central porphyry and two (24BRD0035 and 24BRD0036) at the Southern porphyry (refer Figure 2 and Appendix 1).
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This article includes content from Canterbury Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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04 September
Empire Metals Limited Announces Interim Results
Empire Metals Limited (LON:EEE)(OTCQX:EPMLF), the resource exploration and development company, is pleased to announce its interim results for the six-month period ended 30 June 2025.
Highlights:
- Pitfield confirmed as the world's most significant new titanium discovery, with unparalled scale, consistency of high-grade and purity.
- Largest drilling campaign to date launched at the Thomas Prospect delivered outstanding results and identified a large high-grade near-surface core, averaging ~6% TiO₂ over a continuous 3.6km strike.
- Metallurgical testwork achieved a 99.25% TiO₂ product, demonstrating a highly efficient and potentially lower-cost processing route.
- Process development work has confirmed that Pitfield's weathered ore is ideally suited to conventional mineral separation and refining, differentiating it from ilmenite-based projects which typically face lower recoveries, higher costs, and significant environmental challenges.
- Maiden Mineral Resource Estimate ("MRE") on track for release in the coming weeks.
- £4.5m raised in May 2025 to accelerate Pitfield development, with strong institutional support.
- Further strengthening of board and technicial team with appointment of Phil Brumit as Non-Executive Director, Alan Rubio as Study Manager and Pocholo Aviso as Hydro-metallurgist.
- Commenced US trading on the OTCQX in the US, broadening international investor access.
Shaun Bunn, Managing Director, commented:"The first half of 2025 has been a period of remarkable activity and momentum for Empire. Pitfield is no longer just a discovery story - it is fast becoming recognised as a project of global importance, with results that continue to exceed expectations. Our drilling campaigns have delivered some of the highest TiO₂ grades we've seen to date, confirming not only the exceptional quality of the deposit but also its scale consistency and simplicity.
"Metallurgical testwork has shown that we can achieve a product of extraordinary purity using straightforward, conventional processing methods.This rare combination of scale, grade and simplicity underpins our confidence that Pitfield can emerge as one of the world's leading titanium projects, capable of supplying high-value sectors such as aerospace and defence for decades to come.
"From an operational standpoint, we are now on the cusp of delivering our maiden MRE, which we believe will firmly establish Pitfield among the world's leading titanium assets. Beyond that, the pathway is clear: complete our expanded testwork, progress to pilot-scale operations, and begin engaging directly with end-users - particularly in high-value markets such as aerospace and defence, where titanium's strategic importance is growing rapidly.
"It is also encouraging to see the strength of market support for what we are building and I am confident that Empire can bring this once-in-a-lifetime discovery to commercial fruition in an expedient manner. With a world-class asset, a strengthened technical team, and strong financial backing, we are exceptionally well positioned for the next phase of growth."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
For further information please visit www.empiremetals.com or contact:
CHAIRMAN'S STATEMENT
The progress we have made during 2025 at our flagship Pitfield Project in Western Australia has been nothing short of transformational, positioning the Company at the forefront of what we believe is the most significant titanium discovery globally. This represents a generational opportunity rapidly moving from exploration success toward commercial reality.
Over the past six months, our team has demonstrated not only technical excellence but also the ability to deliver results that have redefined the perception of the Company in the market. We have moved from exploration to successfully establishing Pitfield's potential to support long-term, large-scale, and high-value titanium supply. This achievement is reflected in the strong support we continue to receive from institutional investors, with £4.5 million raised in May 2025, and in the remarkable performance of our share price, which has risen more than 500% since the beginning of the year in response to a series of consequential milestone achievements.
What sets Pitfield apart is not just its extraordinary scale, but the exceptional quality of its titanium mineralisation. Unlike many other titanium projects around the world, Pitfield benefits from high-grade mineralisation from surface which has been proven to be of exceptional purity, being very low in deleterious contaminants but also amenable to simple, conventional mining methods due to its unique geological profile. Equally important, our metallurgical work has confirmed that simple, conventional processing can deliver an exceptionally pure titanium dioxide product, grading 99.25% TiO₂.
This combination of scale, grade, purity, and processing simplicity puts Pitfield in a league of its own. The Project is also located in Western Australia - a Tier One mining jurisdiction with world-class infrastructure, stable governance, a skilled workforce and a deeply rooted mining culture. Together, these advantages create a foundation for Pitfield to become a globally significant source of titanium supply.
During the first half of 2025, we advanced Pitfield across multiple fronts. A major drilling campaign was launched in February that provided not only the bulk metallurgical samples that enabled a significant scale-up of our metallurgical test work programme during the period, but also represented the next step towards defining a Mineral Resource Estimate ("MRE") for Pitfield.
A further drill campaign was launched in June 2025, the largest at Pitfield to date. The programme covered more than 11 square kilometres and targeted high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering the MRE. This programme delivered some of the highest titanium dioxide grades recorded to date, with selected intercepts including: 44m @ 7.87% TiO2 from surface (AC25TOM159); 50m @ 7.84% TiO2 from 4m (AC25TOM130); 54m @ 7.41% TiO2 from surface (AC25TOM118); 98m @ 7.05% TiO2 from 2m (RC25TOM062); and 98m @ 7.05% TiO2 from 2m (RC25TOM068). A large, high-grade central core was identified from this drilling which averaged ~6% TiO2 across a continuous 3.6km strike length. In addition, nearly two thirds of all drillholes averaged > 4% TiO2, with over 90% exceeding a 2% TiO2 cut-off grade.
We are now on the cusp of delivering our maiden MRE, which is expected in the coming weeks. Based on the results to date, we expect the MRE to be world-class and to serve as a foundation for the next phase of project development including mine scoping studies.
Following the process development breakthrough announced post period end in August 2025, we are progressing through the bench-scale and large-scale batch metallurgical testwork programme, which we expect to complete by early 2026. This work will feed into the design of a continuous pilot plant, enabling us to refine the commercial flowsheet and to produce bulk samples for evaluation by prospective end-users.
While most of the world's titanium feedstock is used to produce titanium dioxide for pigments in paints, coatings, and plastics, Pitfield's unique quality opens doors to higher-value markets. In particular, titanium sponge (for use in titanium metal production) stands out as a strategic growth opportunity. Titanium metal is essential in defence and aerospace applications due to its remarkable strength-to-weight ratio and resistance to extreme conditions. These attributes make it critical for fighter jets, naval vessels, spacecraft, and next-generation technologies.
At a time when the geopolitical landscape is shifting rapidly, the security of titanium supply has never been more important. China has tripled its titanium sponge output since 2018 and now controls nearly 70% of global supply. The United States is 95% reliant on imports of titanium sponge and 86% reliant on imports of mineral concentrates. Similarly, the European Union is exposed to supply risks, with no meaningful domestic production. Pitfield therefore represents a unique opportunity for Empire to establish itself as a secure, Western-aligned generational supplier of titanium. This strategic positioning is already resonating strongly with investors and potential industry partners.
Corporate
As Pitfield advances toward development, we have made strategic additions to our team to ensure we have the right expertise in place. In January 2025, we were delighted to welcome Phil Brumit to the Board as a Non-Executive Director and Chair of our Technical Committee. Phil brings more than 40 years of operational and project management experience across leading global mining companies, including Freeport-McMoRan, Lundin Mining, and Newmont Corporation. His proven track record in overseeing large-scale projects from development through to production will continue to be invaluable as we pursue an expeditious development of Pitfield.
Following the period end, we further strengthened our technical leadership with the appointments of Alan Rubio as Study Manager and Pocholo Aviso as Hydrometallurgist. Alan brings nearly three decades of experience in project evaluation and development, and will play a central role in assessing mining and infrastructure scenarios, as well as overseeing key economic studies. Pocholo, with his background in the TiO₂ pigment industry and metallurgical expertise, will lead the product development programme, optimising process flowsheets and assessing market pathways. Together, these appointments significantly enhance our ability to quickly advance Pitfield toward feasibility study stage with confidence and precision.
Alongside our operational and corporate progress, we have also been proactive in broadening awareness of the Empire investment proposition to a wider international audience. A key part of this strategy was our decision to commence trading of our shares on the OTCQB Market in the United States in March 2025. We were particularly pleased to be upgraded to the OTCQX Market only a few months later, which is a significant step forward in providing US investors with greater visibility of, and access to, Empire.
Trading on OTCQX opens the Company to a deep and diverse pool of new shareholders, many of whom are actively seeking exposure to strategic metals. Titanium is formally recognised as a critical mineral in numerous jurisdictions, including the United States, and our marketing initiatives across North America have confirmed the strong appetite for high-quality investment opportunities in this sector. Empire is therefore exceptionally well positioned to capture growing international investor interest as Pitfield advances toward commercialisation.
Financial
As an exploration and development group which has no revenue, we are reporting a loss for the six months ended 30 June 2025 of £1,704,821 (30 June 2024: loss of £1,389,318).
In May 2025, the Company announced that it had raised £4.5 million before expenses by way of a placing of 47,368,423 new ordinary shares of no par value to new and existing investors at 9.5p per share.
The Group's cash position as at 30 June 2025 was £6.3 million.
Outlook
The months ahead will be a busy and exciting time for Empire Metals. The maiden MRE will provide a foundation for detailed project evaluation, while ongoing metallurgical testwork will further optimise our flowsheet and advance our understanding of Pitfield's product potential. As we transition into the pilot testing phase, we will be engaging more closely with potential customers, including those in the titanium metal supply chain, to position Pitfield as a long-term, strategic source of secure supply.
At the same time, we will continue to strengthen our team and capabilities to match the scale of the opportunity before us. With a world-class asset, a highly experienced team, strong financial backing, and a supportive market, we are exceptionally well placed to deliver on the unprecendented opportunity Pitfield presents.
I would like to thank our shareholders for their continued support and confidence in Empire. The progress we have made in such a short time has been extraordinary, and I firmly believe we are only at the beginning of a highly rewarding journey that will see Pitfield become established as one of the most important titanium projects globally.
With Pitfield, we are building the foundations of a secure, generational-scale titanium supply business that has the potential to reshape the global titanium industry. The coming months promise to be both exciting and defining, and I look forward to updating you on our continued progress.
Neil O'Brien
Non-Executive Chairman
3 September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are quoted on the AIM Market of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 10 October 2016 the Company changed its name from Noricum Gold Limited to Georgian Mining Corporation and subsequently on 10 February 2020 changed its name from Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 5 June 2025. The report of the auditors on those financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2025.
The factors that were extant in the 31 December 2024 Annual Report are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2024 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 31 December 2024 Annual Report and Financial Statements, a copy of which is available on the Group's website: https://www.empiremetals.co.uk. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 31 December 2024 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2025.
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2025 but did not result in any material changes to the Financial Statements of the Group.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and which have not been adopted early.
4. Administrative expenses
5. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2025 (2024: nil).
6. Intangible Assets
The Exploration & Evaluation additions in the current period primarily relates to work performed at the Company's Pitfield project.
The Directors do not consider the asset to be impaired.
7. Held for Sale Asset
The Company continue to work on a potential divestment of the Eclipse project and are actively engaged with a number of Australian companies operating in the gold mining sector to find a buyer. Management are committed to the sale of the Eclipse licence.
8. Trade and Other Payables
9. Share capital and share premium
10. Earnings per share
The calculation of the total basic loss per share of 0.260 pence (30 June 2024: 0.230 pence) is based on the loss attributable to equity owners of the parent company of £1,704,821 (30 June 2024: £1,389,318 ) and on the weighted average number of ordinary shares of 651,359,884 (30 June 2024: 595,703,671) in issue during the period.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2024.
2,000,000 options were granted during the period. The total number of options outstanding at 30 June 2025 is 67,200,000.
11. Commitments
Commitments stated in the Group's Annual Financial Statements for the year ended 31 December 2024 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of Directors on 3 September 2025.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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04 September
Boliden Strikes C$20 Million Deal with Golden Sky for BC Copper Project
Boliden Mineral Canada, a subsidiary of Sweden’s Boliden AB (STO:BOL,OTC Pink:BDNNY), has entered into a definitive agreement with Golden Sky Minerals (TSXV:AUEN,OTC Pink:LCKYF) to spend up to C$20 million on exploration of the Rayfield copper-gold property in British Columbia.
The agreement grants Boliden the right to earn up to an 80 percent interest in Golden Sky’s wholly owned Rayfield project by funding staged expenditures and cash payments over six years.
The Rayfield and Gjoll properties together cover 87,660 hectares within the Quesnel Trough, a prolific porphyry copper belt that hosts some of Canada’s largest operating mines, including Highland Valley, Gibraltar, and New Afton.
Despite its long history of production, significant areas of the belt remain under explored.
“This partnership is transformational for Golden Sky. Boliden’s decision to collaborate with us on Rayfield-Gjoll validates the district-scale copper-gold potential of this project,” said John Newell, president and CEO of Golden Sky.
Early exploration has outlined a sizable target at Rayfield. A 2024 geophysical survey identified a 600 by 1,100 metre chargeability and resistivity anomaly closely associated with gold and copper mineralization, supported by results from historical drilling.
Under the agreement, Golden Sky will remain the project operator during the earn-in period. Should Boliden complete its investment, the joint venture will move forward with pro-rata funding obligations based on ownership.
Copper demand is projected to rise sharply in coming decades as electrification drives investment in renewable energy, transmission grids, and electric vehicles.
Companies with exposure to large-scale porphyry systems in politically stable jurisdictions are increasingly viewed as well-positioned to benefit.
The deal in British Columbia also follows a milestone for Boliden in its home market.
Just one day before announcing the Golden Sky agreement, the Swedish company secured a mining concession for its Laver deposit in northern Sweden.
The concession grants rights to extract copper, gold, silver, and molybdenum, though additional environmental permits will be required before a final investment decision can be made.
“We naturally welcome this news. The Laver deposit has the potential to make a substantial contribution, particularly to Europe’s copper supply,” said Stefan Romedahl, director of Boliden Mines, in a September 2 press release.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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03 September
Low-impact, High-reward ISR Copper Extraction Gains Investment Momentum
In the delicate balancing act between meeting the rising global demand for critical minerals and ensuring environmental responsibility in resource extraction, processes and technologies that can achieve both aims are winning in the eyes of junior explorers and investors.
In copper mining, in-situ recovery (ISR) is emerging as a cost-efficient and lower-impact alternative to open-pit and underground mining. ISR is a mining method that extracts copper directly from orebodies without traditional excavation. Projects that are amenable to the ISR process, which involves injecting a leaching solution into the ground and recovering dissolved copper through wells, are attracting growing interest from miners and investors alike.
This shift comes as the global push for electrification accelerates copper demand across industries — from electric vehicles and solar power to grid expansion and data infrastructure. Traditional copper mines, often burdened by rising costs, deeper orebodies and environmental opposition, are struggling to meet this demand.
With reduced capital requirement, minimal surface disruption and quicker permitting timelines, ISR represents a scalable and ESG-aligned approach to copper extraction. Active projects in the US and Central Asia are already demonstrating ISR’s feasibility, and exploration is expanding into new regions where the geology is suitable.
ISR gains momentum
One of the most compelling reasons ISR is drawing investor interest is its potential to solve several longstanding issues in copper mining. Traditional mines are facing higher costs as they chase deeper and more complex orebodies. At the same time, environmental and social opposition to disruptive mining practices is on the rise. ISR, by comparison, generates less visual and physical disturbance, often making it more palatable to regulators and communities.
ISR also offers scalability and flexibility. In regions where suitable geology exists, it enables smaller companies to bring projects online faster and with fewer permitting delays.
In the current market, where supply chain pressures and copper scarcity are top of mind, the ability to deploy a lower-cost extraction method with fewer environmental risks presents a strong value proposition.
Several ISR copper projects have already demonstrated commercial and technical viability. In the US, the Florence copper project in Arizona, operated by Taseko Mines (TSX:TKO,NYSEAMERICAN:TGB), is advancing toward production with an estimated 85 million pounds of annual copper output and a pre-tax net present value of more than $1 billion.
Gunnison Copper's (TSX:MIN,OTCQB:GCUMF) Gunnison copper project, also in Arizona, has completed permitting and begun phased implementation with minimal surface impact. Similar ISR applications are being tested in Kazakhstan and Chile, expanding the global footprint of this technology.
ISR-amenable geology
Not every copper deposit is suited for ISR.
Success depends on a specific set of geological and hydrogeological conditions. The ore must be permeable enough to allow the leaching solution to flow and interact with copper minerals. It should ideally be located below the water table in a contained setting, reducing the risk of solution migration outside the target zone. Mineralogy matters too; minerals like chalcocite, which are highly amenable to acid leaching, make the best candidates.
Regions like Arizona and parts of Central Asia have long been recognised for these attributes. Now, new ISR frontiers are emerging in Africa, where countries such as Botswana offer favorable geology and a stable mining jurisdiction. Botswana’s Kalahari Copper Belt, in particular, is rapidly attracting exploration interest for its sediment-hosted copper systems and untapped ISR potential.
Cobre Limited: Pioneering ISR in the Kalahari Copper Belt
One of the most promising ISR prospects in Botswana is being developed by Cobre Limited (ASX:CBE), an ASX-listed junior explorer with a strategic footprint in the Kalahari Copper Belt. Through its flagship Ngami copper project, Cobre is positioning itself as a first mover in ISR development across the region.
The Ngami deposit meets key ISR criteria. Metallurgical testing has confirmed that its copper-silver mineralisation — primarily fine-grained chalcocite — is highly suitable for acid leaching. Fracture mapping and pump tests have demonstrated that the orebody is permeable, with strong fluid connectivity and competent bounding rock that can contain solution flow. Most of the ore lies below the water table, an essential condition for effective in-situ leaching.
“Our goal is to bring a scalable, low-impact copper project to life in Botswana, using cutting-edge ISR technology. This isn’t just about producing copper — it’s about doing it smarter and more sustainably,” said CEO Adam Wooldridge.
The company has already completed injection and pumping tests, simulating fluid movement between wells to build a three-dimensional model of the orebody’s hydrology. Initial results indicate excellent permeability and fluid flow characteristics. Bottle roll tests have yielded copper recoveries as high as 90.7 percent, with low reagent consumption. In addition, long-term leach box tests designed to simulate the in-situ environment have been successfully completed with recoveries of up to 82 percent copper.
The company is backing this technical progress with a comprehensive exploration and development strategy. It has outlined a significant exploration target, recently completed infill drilling to upgrade parts of the resource into the JORC category, and is pursuing engineering and financial modeling to support future feasibility studies.
These milestones, coupled with an earn-in agreement with mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP), strengthen Cobre’s position as a credible ISR innovator in the African region.
Investor takeaway
Cobre’s ISR approach reflects the broader trend of aligning mineral extraction with ESG principles. By minimising land disturbance, using water-efficient systems and reducing surface infrastructure, ISR fits well into modern sustainability frameworks. In Botswana — a country ranked among the top 10 mining jurisdictions, globally — Cobre is also benefiting from strong institutional support and a clear regulatory environment.
As copper demand continues to outpace traditional supply growth, in-situ copper recovery offers a timely and compelling alternative. For investors seeking exposure to scalable, ESG-conscious mining opportunities, ISR is no longer just an experimental method; it is a practical solution with growing momentum.
This INNspired article is sponsored by Cobre Limited (ASX:CBE). This INNspired article provides information which was sourced by the Investing News Network (INN) and approved by Cobre Limited in order to help investors learn more about the company. Cobre Limited is a client of INN. The company’s campaign fees pay for INN to create and update this INNspired article.
This INNspired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Cobre Limited and seek advice from a qualified investment advisor.
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03 September
Electric Royalties Reports Increase in Copper Royalty Revenues from Punitaqui and Provides Updates on Other Key Royalties
Electric Royalties Ltd. (TSXV:ELEC) (OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to provide an update on its royalty portfolio.
Electric Royalties CEO Brendan Yurik commented: "We are pleased to announce the receipt of approximately C$210,000 in revenues since our December 2024 royalty acquisition on the Punitaqui Copper Mine in Chile, with the operator executing its plan to increase production in the coming months. As a result, we expect to see an increased pace of revenues from Punitaqui in the coming quarters.
"Additionally, substantive progress has been made on nine additional royalty assets within our portfolio, all of which are located within favorable jurisdictions. Notably, rubidium resources have been added at the Seymour Lake Lithium Project in Ontario, which has received additional mining leases and is currently undergoing a Feasibility Study.
"Meanwhile, product qualification activities at the Eric Sprott-backed Battery Hill Manganese Project in New Brunswick continue to advance, achieving an 80% increase in manganese mill feed grade through improved ore sorting methods as it begins a Pre-Feasibility Study in Q3 2025.
"Extensive geological assessments have been conducted at the Kenbridge Nickel Project in Ontario, alongside efforts to secure year-round site access. At the Mont Sorcier Iron and Vanadium Project in Quebec, an infill drilling program is underway in advance of a Feasibility Study scheduled for release in Q1 2026.
"Northern Graphite, operator of the Bissett Creek Graphite Project in Ontario, has secured financing from the Canadian government and continues to develop its battery manufacturing facility, and the Graphite Bull Graphite Project in Western Australia reported a 345% increase in resources and ongoing success in product qualification. Further, the Zonia Copper Project in Arizona may transition to a new operator focused on commencing production.
"We look forward to updating our shareholders on continued progress across our portfolio of 43 royalties in the coming months."
Highlights since the Company's previous update (see Electric Royalties' news release dated April 16, 2025) include:
Punitaqui Copper Mine (0.75% Gross Revenue Royalty) - On June 30, 2025, Battery Mineral Resources Corp. (TSXV:BMR) ("BMR") announced that during the period from January 1 to June 24, 2025, it shipped a total of 7,533 dry metric tonnes ("DMT") of copper concentrates, all produced at the Punitaqui flotation plant in Chile. The concentrates averaged 22.6% copper, amounting to approximately 3,753,273 pounds of contained copper.
6,700 DMT were sourced directly from BMR's Punitaqui mines, processed at BMR's Los Mantos mill, then trucked to Terminal Portuario de Coquimbo. The remaining 833 DMT originated from copper-smelting slags supplied by Anglo American Sur S.A. ("Anglo") under an offtake agreement. These concentrates were delivered to Anglo's Chagres smelter in Catemu, Chile.
According to BMR, it continues to make steady progress on increasing mine production and the availability of the Los Mantos mill. BMR management has implemented several initiatives to improve the performance of underground mining equipment and increase ore extraction rates, as well as improving mill performance through maintenance programs.
BMR's near-term goal is to increase production from the Punitaqui mines to approximately 2,000 DMT of copper concentrates per month, and to reach a production rate of approximately 2,500 to 2,700 DMT of copper concentrates per month by the end of 2025.
On July 28, 2025, BMR announced that Minera BMR SpA, its wholly-owned Chilean subsidiary, has received unanimous approval by all relevant environmental authorities of the Environmental Impact Statement that enables operations to continue for up to an additional ten years at the Los Mantos Copper Plant.
Electric Royalties is relying on the information provided by BMR.
Seymour Lake Lithium Project (1.5% Net Smelter Royalty) -On July 24, 2025, Green Technology Metals Limited (ASX:GT1) ("Green Technology Metals") announced the discovery of significant rubidium mineralization at the Seymour Lake Project in Ontario, Canada. This follows a detailed review of historical exploration data and metallurgical test work, culminating in the establishment of an inaugural Rubidium Mineral Resource under JORC standards at the North Aubry deposit1.
According to Green Technology Metals, this resource positions Seymour Lake among the most significant rubidium projects globally, distinguished by its scale, grade, and classification confidence relative to other reported rubidium resources.
Rubidium, a critical mineral in the United States, is vital for defense, quantum technologies, and advanced electronics supply chains.
On August 7, 2025, Green Technology Metals announced that it has successfully produced battery-grade lithium hydroxide from the Seymour Lake Project's spodumene bulk sample. This outcome - achieved with its partner EcoPro Innovation, a Korean battery materials producer - meets benchmarked end-user specifications. The results will be utilized in the Pre-Feasibility Study (PFS) for the proposed lithium conversion facility in Ontario.
On August 12, 2025, Green Technology Metals announced that the Ontario Ministry of Mines has granted two additional 21-year mining leases for the Seymour Lake Project, bringing the total number of required mining leases to three, which provides full coverage over the proposed lithium mine and concentrator infrastructure area. For a full update on the project permitting process, see Green Technology Metals' August 12, 2025 news release.
Electric Royalties is relying on the information provided by Green Technology Metals and is unable to verify the mineral resource estimate and metallurgical results.
Battery Hill Manganese Project (2.0% Gross Metal Royalty) - On May 14, 2025, Manganese X Energy Corp. (TSXV:MN) ("Manganese X") announced positive preliminary test results from Phase 2 testing of its high-purity, battery-grade manganese material as part of a three-phase supply chain qualification program with U.S.-based battery innovation company Charge CCCV. The test samples were produced from the Battery Hill Project in New Brunswick, Canada. According to Manganese X, the strong results from Phase 1 and continued positive performance in Phase 2 reinforces its confidence in the potential of its high-purity manganese product's use in electric vehicle batteries.
On August 12, 2025, Manganese X announced positive Phase 2 ore-sorting results, demonstrating an 80% increase in mill feed grade in its large-scale Battery Hill pilot program, managed by ABH Engineering. According to Manganese X, the 80% increase means that, after ore-sorting, the material sent to the mill contains 80% more manganese per tonne than the original mined material. The study was conducted in preparation for the Battery Hill PFS, scheduled to commence in Q3 2025. Manganese X is having ongoing discussions with lead consultants regarding the integration of ore-sorting into the Battery Hill PFS program.
Electric Royalties is relying on the information provided by Manganese X and is unable to verify the test results.
Surge Lithium Project (1.5% Net Smelter Royalty) - On May 22, 2025, Xplore Resources Corp. (TSXV:EXPLR) ("Xplore") announced the completion of an airborne magnetic survey at the Surge Project in Ontario, Canada. According to Xplore, the survey results show linear magnetic highs extending from Green Technology Metals' Root Bay lithium deposit through the Surge Project. The trend extends for over 17 km on the Surge Project and is interpreted by Xplore as iron formation and greenstone dismembered with abrupt magnetic breaks. According to Xplore, these breaks match spatially with known pegmatites drilled by Green Technology Metals and may represent pegmatite intrusions, defining new high-priority targets for follow-up exploration. Field crews are scheduled to begin mapping and prospecting these new targets in May.
Electric Royalties is relying on the information provided by Xplore and is unable to verify the survey results.
Kenbridge Nickel Project (0.5% Gross Revenue Royalty) - On April 22, 2025, Tartisan Nickel Corp. (CSE:TN) ("Tartisan") announced the completion of an operational, restricted-access road to the Kenbridge Project in Ontario, Canada.The road improves logistics for the project which was previously only accessible by floatplane or ATV.
On May 1, 2025, Tartisan announced the initiation of a comprehensive airborne geophysics program and a greenfields exploration program at Kenbridge. The geophysics program aims to enhance the understanding of the subsurface geology including identifying potential extensions of the Kenbridge deposit, and will assist in the identification of areas for prospecting, sampling and drilling within the 4,273-hectare Kenbridge land package. The four-week Greenfields exploration program will focus on under-explored areas within the property, which will include the Kenbridge patents, mining claims and leases leveraging previous exploration data to delineate and define potential base metal and precious metal mineralization.
On June 19, 2025, Tartisan announced the completion of Phase 2 of the Kenbridge Nickel Project access corridor and that it has made significant improvements to the operational access road. Phase 2 prioritized establishing reliable year-round pickup access to the Kenbridge site and core shack. The Company also received approval for Phase 3, a result of close collaboration with Indigenous communities and with the Minister of Natural Resources staff in Kenora, Ontario. Phase 3 will allow Tartisan to ultimately float large equipment including the delivery of fuel to site.
Electric Royalties is relying on the information provided by Tartisan.
Mont Sorcier Iron and Vanadium Project (1.0% Gross Metal Vanadium Royalty) - On May 1, 2025, and August 21, 2025, Cerrado Gold Inc. (TSXV:CERT) ("Cerrado") provided updates on the Mont Sorcier Project near Chibougamau, Québec, in its news releases discussing quarterly financial results. Work continued to advance at the project with several workstreams related to permitting, social license and the initiation of the Feasibility Study which is targeted to be completed during Q1 2026.
On July 17, 2025, Cerrado announced that it has commenced an infill drill program to update sufficient resources to the Proven and Probable categories to support the ongoing Feasibility Study, with assay results pending.
Electric Royalties is relying on the information provided by Cerrado.
Bissett Creek Graphite Project (1.5% Gross Revenue Royalty) - On April 16, 2025, Northern Graphite Corporation (TSXV:NGC) ("Northern Graphite") announced its partnership with real estate and infrastructure development company The BMI Group to evaluate the feasibility of establishing a Battery Anode Material facility at a former paper mill in Baie-Comeau, Quebec.
On April 23, 2025, Northern Graphite announced the receipt of a letter of support from the Port of Rotterdam, Europe's largest port and a strategic hub for critical raw materials, for the planned Baie-Comeau facility. The port has identified Northern Graphite's facility as a potential anchor development in a new transatlantic graphite supply chain that aligns with an agreement between the Dutch and Quebec governments to cooperate on critical raw materials.
Once built, Northern Graphite anticipates the facility to be one of the first large-scale facilities outside of Asia to deliver graphite anode material to electric vehicle markets in North America and Europe, and is expected to process concentrates from Northern Graphite's mines (and potentially concentrates from the Bissett Creek Project in Ontario, Canada).
On August 26, 2025, Northern Graphite announced that the Canadian government has agreed to provide a repayable contribution of up to approximately C$6 million to support extending the life of its Lac des Îles mine in Quebec - North America's only operating graphite mine.
Electric Royalties is relying on the information provided by Northern Graphite. Electric Royalties holds a 1.5% Gross Revenue Royalty on Northern Graphite's Bissett Creek Project and is providing the update on the Lac des Îles mine, on which it doesn't hold a royalty interest, for informational purposes only.
Graphite Bull Graphite Project (0.75% Gross Revenue Royalty) - On February 16, 2025, Buxton Resources Limited (ASX:BUX) ("Buxton") announced an updated mineral resource estimate ("MRE") under JORC standards for the Graphite Bull Project in Western Australia, that increases contained graphite by 345% to 2.25 million tonnes at 7% Total Graphitic Carbon ("TGC") cut-off. The mineral resource includes 7.61 million tonnes at 11.6% TGC in the indicated category and 13.1 million tonnes at 10.4% TGC in the inferred category, at a 7% TGC cut-off2. Buxton CEO Marty Moloney stated: "This updated MRE improves the tonnage, thickness, strike extent and geological confidence of the Graphite Bull Project, with numerous shallow drill targets remaining as exploration upside."
As announced by Buxton on March 31, 2025, downstream qualification test work on Graphite Bull material is well underway with results expected in July 2025. The test work results, along with Buxton's updated MRE, will guide its plans for further work at Graphite Bull.
On July 9, 2025, Buxton announced that BTR New Material Group ("BTR"), the world's largest anode manufacturer, successfully qualified ore from Graphite Bull for BTR's entire ore-to-anode production process. BTR confirmed this material meets its proprietary specifications for flake concentrate produced from ore via simple flotation, coated purified spheronized graphite ("CPSG"), compatibility with BTR's anode production methods and electrochemical performance standards, and that batteries fabricated using Graphite Bull CPSG meet BTR's customer requirements. According to Buxton, this qualification is significant, given BTR's market leadership and supply to major battery companies like CATL and Samsung.
Electric Royalties is relying on the information provided by Buxton and is unable to verify the mineral resource estimate and BTR test work results.
Millennium Copper-Cobalt Project (0.5% Gross Revenue Royalty) - On April 14, 2025, Metal Bank Limited (ASX:MBK) ("Metal Bank") announced receipt of a grant of AUD$275,000 for further exploration at the Millennium Project in Queensland, Australia. The grant forms part of the Queensland Government's current Collaborative Exploration Initiative program in support of the critical minerals industry, and follows the identification of significant graphite drill intersections in late 2024. The grant will aid in understanding of the scope, distribution and economic implications of graphite at Millennium that has now been traced over 2 km of strike.
Metal Bank plans to undertake additional work on both graphite potential and expansion of the existing resource while the drill rig is on site. Grant work is scheduled to commence in Q2 2025 with completion before late Q4 2025.
Electric Royalties is relying on the information provided by Metal Bank.
Zonia Copper Oxide Project (0.5% Gross Revenue Royalty) - Further to World Copper Ltd.'s (TSXV:WCU) ("World Copper") announcement on February 19, 2025 regarding a binding letter agreement to sell its interest in the Zonia copper-oxide deposit in Arizona, USA, to an arm's length third-party, it announced on May 6, 2025 that it had terminated the agreement.
Subsequently, on July 23, 2025, World Copper and Plata Latina Minerals Corporation ("Plata") announced an arm's length definitive agreement for Plata to acquire the Zonia Project from World Copper by way of a court-approved plan of arrangement. Plata Latina will be renamed Edge Copper Corporation upon closing of the transaction.
Plata's President and CEO, Letitia Wong, stated: "With Zonia located on private and patented lands, the permitting process is expected to be more efficient and streamlined, enhancing project development certainty. Under the leadership of our highly experienced project team -recognized for its success in advancing copper projects in Arizona - we look forward to moving Zonia toward construction in the near to medium term."
Closing is expected to occur in Q4 2025. For additional details on the transaction, see World Copper's news release dated July 23, 2025.
Electric Royalties is relying on the information provided by World Copper.
Alan Roberts, a Certified Professional Geologist ("CPG") # 11260 by the American Institute of Professional Geologists, and a qualified person, who is not independent of Electric Royalties, has reviewed and approved the technical information contained in this release.
1 Green Technology Metals news release dated July 24, 2025, titled "LARGE, HIGH GRADE RUBIDIUM RESOURCE IDENTIFIED AT THE SEYMOUR PROJECT", JORC Code, 2012 Edition - Table 1. The 2023 Mineral Resource Estimate is reported above 0.2% Li2O cut-off. The cut-off is based on lowest potential grade at which a saleable product might be extracted using a conventional DMS and/or flotation plant and employing a TOMRA Xray sorter (or equivalent) on the plant feed. A number of pegmatites outcrop at surface thus the mineral resource is likely to be extracted using a conventional drill and blast, haul and dump mining fleet. The Seymour Mineral Resource is reported using open-pit mining constraints. The open-pit Mineral Resource is only the portion of the resource that is constrained within a US$4,000/t SC6 optimized shell and above a 0.2% Li2O cut-off grade. The optimized open pit shell was generated using: $4/t mining cost, $15.19/t processing costs, mining loss of 5% with no mining dilution, 55 degree pit slope angles, 75% Product Recovery. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2 Buxton Resources news release dated February 17, 2025, titled "Graphite Bull Resource Expands 345%", JORC Code, 2012 Edition -Table 1. The MRE is reported above the 200 m RL, which is approximately at a depth of 200 m below topographic surface. This depth is considered to be a reasonable depth to which conventional open pit mining will reach, based on in-house mining studies, benchmarking and DCF modelling which indicates that strip ratios below 5:1 will be required to define economic mining scenarios. The MRE is reported above a cut-off grade of 7% TGC, which is recommended by Buxton and based upon analyses of commodity prices, other similar projects, cost estimates for mining and processing, and assumptions regarding a breakeven TGC grade. Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
About Electric Royalties Ltd
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
Electric vehicle sales, battery production capacity and renewable energy generation are slated to increase significantly over the next several years and with it, the demand for these targeted commodities. This creates a unique opportunity to invest in and acquire royalties over the mines and projects that will supply the materials needed to fuel the electric revolution.
Electric Royalties has a growing portfolio of 43 royalties in lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc and copper across the world. The Company is focused predominantly on acquiring royalties on advanced stage and operating projects to build a diversified portfolio located in jurisdictions with low geopolitical risk, which offers investors exposure to the clean energy transition via the underlying commodities required to rebuild the global infrastructure over the next several decades toward a decarbonized global economy.
Company Contact
Brendan Yurik
CEO, Electric Royalties Ltd.
Phone: (604) 364‐3540
Email: Brendan.yurik@electricroyalties.com
https://www.electricroyalties.com/
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information and Other Company Information
This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company within the meaning of Canadian securities laws. This news release includes information regarding other companies and projects owned by such other companies in which the Company holds a royalty interest, based on previously disclosed public information disclosed by those companies and the Company is not responsible for the accuracy of that information, and that all information provided herein is subject to this Cautionary Statement Regarding Forward-Looking Information and Other Company Information. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events and may include statements regarding the financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities of the Company and the projects in which it holds royalty interests.
While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or these projects to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the renewable energy industry; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the mining industry generally, recent market volatility, income tax and regulatory matters; the ability of the Company or the owners of these projects to implement their business strategies including expansion plans; competition; currency and interest rate fluctuations, and the other risks.
The reader is referred to the Company's most recent filings on SEDAR+ as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at sedarplus.ca and at otcmarkets.com.
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03 September
Empire Metals upgrades to OTCQX, enhancing accessibility for U.S. investors
Empire Metals Limited (LON:EEE)(OTCQX:EPMLF), the resource exploration and development company, is pleased to announce that it has advanced to trade on the OTCQX® Best Market ("OTCQX"). The Company has upgraded to OTCQX from the OTCQB® Venture Market and will begin trading today on OTCQX under the symbol "EPMLF". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
Empire Metals continues to gain momentum through ongoing achievements in drilling results, metallurgical advancements, and product development at the Pitfield Titanium Project. These accomplishments have led to an upgrade for Empire on to OTCQX.
The cross-trading of Empire's ordinary shares on OTCQX is expected to enhance the visibility and accessibility of its shares to U.S. investors, who will also benefit from greater liquidity from a broader pool of potential investors globally. OTCQX is also the highest-level trading venue of the OTC Markets Group Inc. on which 12,000 U.S. and global securities trade.
By trading on OTCQX, Empire will engage directly with US investors, providing them with the same level of information and disclosure available to shareholders in the United Kingdom, but through US-facing platforms and portals. Additionally, the OTCQX cross-trading facility will enable US investors to access Empire's ordinary shares in US dollars, during US market hours.
Commenting on the announcement, Shaun Bunn, Managing Director, said:
"I am delighted to announce our upgrade toOTCQX. Building on the Company's international shareholder base, this further enhances the accessibility and visibility of our shares to both U.S. institutional and retail investors.
"Trading on OTCQX offers even more investors a pathway to participate in Empire's growth and gain exposure to titanium - a strategically important critical mineral with strong fundamentals. We look forward to welcoming new U.S. investors as shareholders."
About OTCQX
The ability to trade Empire's existing ordinary shares on AIM will remain unaffected by the OTCQX listing. The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQX-traded exploration and resource development company (LON:EEE)(OTCQX:EPMLF) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the in-situ mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, in-situ bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the in-situ weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. See RNS dated 12 June 2024 for full details.
About OTC Markets Group Inc
OTC Markets Group Inc. (OTCQX:OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQ® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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02 September
Empire Metals
Investor Insight
Empire Metals (OTCQB:EPMLF, AIM:EEE) is unlocking one of the world’s largest and purest titanium deposits at its flagship Pitfield project in Western Australia. With growing global demand, a looming supply deficit, and near-term development milestones, Empire offers a compelling investment opportunity in the critical minerals space.
Overview
Empire Metals (OTCQB:EPMLF, AIM:EEE) is an Australian focused exploration and resource development company rapidly gaining international attention for its discovery and rapid development of what is believed to be the world’s largest titanium deposit.
The company is focused on advancing its flagship asset, the Pitfield project, located in Western Australia, a tier 1 mining jurisdiction. With a dominant landholding of more than 1,000 sq km, and a titanium mineral system that spans 40 km in strike length, Pitfield is emerging as a district-scale “giant” discovery with the potential to reshape the global titanium supply landscape.
Empire’s strategic focus on titanium comes at a pivotal time. Titanium is officially recognized as a critical mineral by both the European Union and the United States, owing to its essential role in aerospace, defense, medical technologies, clean energy and high-performance industrial applications. Global demand for titanium dioxide — the most widely used form of titanium — is surging due to its unmatched properties as a pigment and as a feedstock for titanium metal. Titanium supply chains are also increasingly being constrained by geopolitical risks, mine depletion and environmental challenges associated with traditional production. More than 60 percent of the global supply chain is currently concentrated in a handful of countries, notably China and Russia, creating significant vulnerabilities for Western markets.Titanium has been designated as a critical mineral in both the EU and the US.
Against this backdrop, Empire Metals offers investors a compelling opportunity to gain exposure to a strategically vital metal through a large-scale, high-grade and clean titanium discovery. Unlike many traditional titanium sources, Pitfield's mineralization is exceptionally pure — free from detrimental amounts of uranium, thorium, chromium and other contaminants — making it ideally suited for premium, high-purity end markets. Furthermore, the mineralized zone is near-surface and laterally extensive, allowing for low-strip and scalable bulk mining with conventional processing technologies.
With more than 22,000 meters of drilling already completed and only a fraction of the mineral system tested, Empire is aggressively advancing Pitfield towards a maiden JORC-compliant mineral resource estimate, targeted for H2-2025. Alongside this work, the company is also undertaking bulk sampling and metallurgical processing to advance flowsheet design and optimize product specifications. It is also engaging with industry players to assess product suitability for premium pigment and titanium sponge markets. Empire is planning to finalize, during the current calendar year, a mining study to evaluate the potential for a low-cost strip mining approach, utilizing continuous mining techniques.
The company is supported by a seasoned leadership team with deep expertise in exploration, resource development, mining, metallurgy and capital markets — ensuring that strategic decisions are guided by both technical excellence and a strong track record of value creation.
Company Highlights
- The flagship Pitfield project is the world’s largest known titanium discovery. It’s a district-scale “giant” titanium mineral system, characterised by high-grade, high-purity titanium mineralisation exhibiting exceptional continuity.
- Titanium is in a global supply deficit and recognized as a critical mineral by the EU and US.
- Drill intercepts at Pitfield include up to 202 meters at 6.32 percent titanium dioxide (TiO2) from surface, confirming vast scale and grade.
- Empire Metals operates in one of the world’s most secure, mining-friendly jurisdictions: Western Australia.
- The company is led by an experienced, agile team, with proven expertise in exploration, mine development, and value creation across multiple commodities.
- With a number of key development catalysts planned for 2025, including a maiden resource estimate, bulk sampling for scale-up of metallurgical testwork, and product optimisation, Empire remains significantly undervalued relative to its peers.
Key Projects
Pitfield Project – A World-Class Titanium Discovery
Located in Western Australia, the Pitfield project is Empire Metals’ flagship asset and represents one of the most exciting titanium discoveries globally. Spanning an area of approximately 1,042 sq km, the project has revealed a colossal mineral system measuring 40 km in length and up to 8 km in width, with geophysical indications of mineralization extending to at least a depth of 5 km.
Pitfield’s prime location in Western Australia
Extensive drilling across the project has intercepted thick, laterally continuous zones of high-grade titanium dioxide mineralization, highlighting the system’s enormous scale and consistency.
The titanium at Pitfield occurs predominantly in the minerals anatase and rutile within a weathered, in-situ cap that begins at surface. These minerals are exceptionally pure, often exceeding 90 percent titanium dioxide. They are free from harmful amounts of contaminants like uranium, thorium, chromium and phosphorus — qualities that are likely to make the deposit uniquely suitable for premium, high-purity titanium applications in aerospace, defense and clean technologies.
Pitfield is strategically located near the town of Three Springs, approximately 150 km southeast of the port city of Geraldton. The project benefits from direct access to essential infrastructure, including sealed highways, rail lines and an available water supply. This connectivity significantly enhances development potential by reducing logistics costs and simplifying future project build-out. Moreover, the Western Australian government actively supports critical mineral development, and Empire is operating within a stable, mining-friendly jurisdiction known for streamlined permitting and investment security.
Empire has completed more than 22,000 meters of drilling, confirming standout titanium dioxide (TiO2) results such as 154 meters at 6.76 percent TiO2, 148 meters at 6.49 percent TiO2, and 150 meters at 6.44 percent TiO2. Notably, mineralization remains open at depth in all tested zones, and to date, only around 5 percent of the interpreted system has been drilled. This underscores the immense upside potential for resource expansion.
The project’s development advantages are equally compelling: the mineralization is near-surface and amenable to simple, bulk mining methods with conventional processing. Its location in a tier-one mining jurisdiction offers access to infrastructure, a skilled workforce and strong regulatory support.The Pitfield project presents a scalable processing pathway. Photo shows a gravity flotation test in process (left) and a close-up of a flotation test (right)
Pitfield is advancing toward a maiden JORC-compliant mineral resource estimate, expected by H2-2025. The project is already being recognized as a potential cornerstone asset in the global titanium supply chain.
In August 2025, Empire Metals achieved a metallurgical breakthrough, confirming that conventional processing can deliver strong results. Testwork returned 77 percent recovery in the rougher stage, 90 percent in cleaning, and 98 percent titanium dissolution, for an overall 67 percent titanium recovery. The process produced a high-purity TiO₂ concentrate grading 99.25 percent with ~5 percent Fe₂O₃, supporting plans for a lower-cost pilot plant.
Other Projects
In addition to Pitfield, Empire Metals maintains a portfolio of early-stage exploration assets offering optionality and exposure to other strategic and precious metals. Empire holds interests in two Western Australian projects — the Walton and Eclipse gold projects — both situated in historically productive mineral belts. While these assets are not the current focus, they contribute exploration upside and optionality within the company’s broader strategy.
Management Team
Neil O’Brien - Non-executive Chairman
Neil O’Brien is the former SVP exploration and new business development at Lundin
Mining, until he retired in 2018. He has an extensive global mining career as a PhD economic geologist, exploration leader and board executive.
Shaun Bunn - Managing Director
Shaun Bunn is a metallurgist based in Perth, Western Australia, with expertise in international exploration, mining, processing and development. He has a successful track record managing mining projects through all stages of development.
Greg Kuenzel - Finance Director
Based in London, Greg Kuenzel is a chartered accountant, and corporate finance and financial management expert. He has extensive experience working with resources-focused AIM listed companies.
Peter Damouni - Non-executive Director
With more than 20 years of corporate and finance experience focused in the natural resources sector, Peter Damouni holds executive and director roles in TSXV and LSE listed companies where he has played key roles in significantly enhancing shareholder value.
Phil Brumit - Non-executive Director
Phil Brumit is a veteran mining engineer and operations expert, delivering major global operations. His previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining and Newmont Corporation.
Narelle Marriott - Process Development Manager
Narelle Marriott is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.
Andrew Faragher - Exploration Manager
Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.
Arabella Burwell - Corporate Development
Arabella Burwell is a former Senior Director Corporate Development at NASDAQ-listed GoDaddy and a Partner, Capital Raising and Strategic Partnerships, at Hannam & Partners in London and South Africa.
Carrie Pritchard – Environmental Manager
Carrie brings over 20 years of international experience in environmental management, project development, regulatory approvals, and impact assessment. Her expertise spans mine closure and reclamation, stakeholder engagement, and the remediation of contaminated sites. She has led projects across Australia (Western Australia and Victoria) and New Zealand and has also contributed to initiatives in Malawi and Greenland.
David Parker – Commercial Manager
David Parker brings over 20 years of experience in equity capital markets, with a strong focus on the mining, industrial, and technology sectors. He has held senior roles as director and company secretary for several ASX-listed companies, providing strategic leadership and commercial oversight across diverse corporate environments.
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