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Empire Metals (LON:EEE, OTCQB:EPMLF) is an exploration and resource development company focused on Australia, gaining global recognition for its discovery and swift advancement of what is believed to be the world’s largest titanium deposit.
The company’s primary focus is the Pitfield project in Western Australia — a premier mining jurisdiction. With over 1,000 square kilometres of land and a titanium-rich mineral system extending 40 kilometres in strike length, Pitfield is shaping up to be a district-scale discovery with the potential to significantly influence the global titanium supply chain.
Empire’s focus on titanium comes at a pivotal time, as it is officially recognized as a critical mineral by both the EU and the US for its essential role in aerospace, defence, medical, clean energy, and advanced industrial applications. Demand for titanium dioxide — the most widely used form — is surging, while global supply is increasingly constrained by geopolitical risks, resource depletion, and environmental challenges. With over 60 percent of supply concentrated in countries like China and Russia, Western markets face growing vulnerabilities.
This Empire Metals profile is part of a paid investor education campaign.*
Click here to connect with Empire Metals (LON:EEE) to receive an Investor Presentation
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.
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.
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 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.
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 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.
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.
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 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 is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.
Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.
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 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 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.
Advancing a game-changing, globally significant titanium project in Western Australia.
Empire Metals Limited ("Empire" or "the Company") (LON:EEE)(OTCQB:EPMLF), the AIM-quoted resource exploration and development company, announces that it has received notification from SP Angel Corporate Finance LLP, Nominated Adviser and Broker to the Company, of the exercise of a warrant over 70,000 new ordinary shares of no par value in the share capital of the Company (the 'New Ordinary Shares') at a price of £0.06 per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holder for an aggregate cash value of £4,200. The Company has also received notification from Shard Capital Stockbrokers, Broker to the Company, of the exercise of a warrant over 689,988 new ordinary shares of no-par value in the share capital of the Company (the 'New Ordinary Shares') at a price of £0.105 per share. Accordingly, the Company has today issued the New Ordinary Shares to the warrant holder for an aggregate cash value of £72,448.74.
Application for Admission
Application will be made to the London Stock Exchange for the new shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 18 June 2025.
Following Admission of the new shares as described above, the issued share capital of the Company will consist of 690,393,221 ordinary shares of no-par value. 690,393,221 represents the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed exploration and resource development company (LON: EEE) 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 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, 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 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.
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.
Empire Metals Limited, the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce the results from its most recent titanium dioxide ("TiO2") product development testwork programme, carried out on mineral flotation concentrates produced from the in-situ mineralised weathered cap that extends across the giant Pitfield Project ('Pitfield'), located in Western Australia.
Highlights
Shaun Bunn, Managing Director, said: "We have achieved an extraordinary outcome from our most recent product development testwork, which has delivered an exceptional high-grade, high-purity TiO2 product that should be ideal for either titanium sponge metal or high-quality TiO2 pigment production.
"It is remarkable that our technical team has so rapidly produced a high-purity TiO₂ product. We believe this not only highlights the effectiveness of our processing approach but also underscores the potential value of our product. Metallurgical testing and process optimisation continues, and with the availability of the 70 tonnes of bulk sample collected in February we will now be able to significantly scale up the testwork and produce a variety of final product samples to share with prospective downstream end-users."
Product Development Testwork
An acid bake-water leach process using sulphuric acid was applied, with parameters similar to that tested during the initial product development test programme (announced 10 March 2025). The TiO2 product purification and product finishing stages were tested at ALS Metallurgy laboratories, located in Perth, Western Australia. All assays were conducted at ALS Metallurgy by their in-house metallurgy-specific assay lab.
The most recent product development metallurgical test work was undertaken on flotation concentrates recovered from the near surface, highly weathered in-situ saprolitic zone. Diamond drill core collected from two holes, DD24TOM004 and DD24TOM005, formed the feed composite (refer Figure 1). The composite sample was passed through a wet scrubber to break up the clays and attrition the ore prior to desliming the resulting slurry over a 38µm screen. The coarse material was fed to a gravity test circuit and the finer fraction (-38µm) was processed via froth flotation. The rougher (first stage) flotation concentrate generated from multiple, repetitive flotation tests were then blended to form the feedstock for a subsequent acid leach stage (refer Figure 2).
Two subsamples of flotation concentrate were leached under the following different conditions:
1. Direct acid bake followed by hot water leach
2. Dilute acid pre-leach followed by direct acid bake and hot water leach.
For both tests iron filings were added to the hot water wash phase to reduce the iron in the ferric (Fe3+) state to the ferrous (Fe2+) state, thus removing the iron from the solution. In this acid leach stage the titanium is recovered from the mineral concentrates into the liquor as titanyl sulphate (TiSO4) and the residue solids and liquor are then separated after the water leach step, using filtration, with the liquor moving forward for purification and product finishing testwork.
The next step in the purification process is the hydrolysis stage, which involves the heating of the liquor, thus breaking down the titanyl sulphate and resulting in the production of hydrated TiO2 and the recovery of H2SO4. This step was carried out in two stages without seed TiO2 material, an improvement from previous work. The solution was heated to 106 degrees C and held at temperature whilst being stirred for 2 hours. The resulting slurry was then centrifuged to separate the liquor from the precipitated solids. Finally, as part of the product finishing stage, the hydrated TiO2 was separated from the liquor using a centrifuge, and the solids were then calcined to remove water and produce a high-purity TiO2 compound (see figure 3).
The final chemical analysis of the TiO2 product indicates a very high purity of 99.25% TiO2 by mass with non-detectable or extremely low amounts of deleterious impurities (see table 1).
Figure 1. Saprolite composite sample before scrubbing/attritioning
.Figure 2. Flotation test on the saprolite composite slimes fraction
Table 1. Finished Product Analysis
Product Analysis (XRF) | % by mass |
TiO2 | 99.25 |
Al | 0.16 |
Ca | 0.01 |
Fe | 0.09 |
La | <0.01 |
Nd | 0.01 |
Pb | 0.004 |
P | 0.23 |
Si | 0.03 |
Th | <0.001 |
U | <0.001 |
V | 0.01 |
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 4).
Figure 4. Pitfield Project Location showing theMid-West Region Infrastructure and Services.
Competent Person Statement
The scientific and technical information in this report that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Ms. Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
The technical information in this report that relates to the geology and exploration of the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr. Faragher is a member of the AusIMM and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
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.
**ENDS**
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 & Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Shard Capital Partners LLP (Joint Broker) Damon Heath | Tel: 020 7186 9950 |
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE)(OTCQB: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.
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.
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
Empire Metals Limited (LON:EEE), the AIM-quoted and OTCQB-traded exploration and development company,is pleased to announce the commencement of a major drilling campaign at the Pitfield Project in Western Australia ('Pitfield' or the 'Project'). This programme will target high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering a maiden JORC Compliant Mineral Resource Estimate ('MRE').
Highlights
Shaun Bunn, Managing Director, said:"We are pleased to commence this important drilling campaign at Pitfield, focused on delivering our maiden MRE from the Thomas Prospect.The Thomas Prospect contains broad, continuous, high-grade zones of high-purity titanium dioxide mineralisation within the in-situ weathered cap: confirmed by assay results from the February 2025 AC drill campaign, averaging 6.20% TiO₂ over an average depth of 54m (announced 28 April 2025).
"This fully funded campaign, scheduled to run over the next four to five weeks, is the largest undertaken to date at Pitfield. With 164 holes planned over an 11 square kilometre area and to an average depth of 65 metres, this work is designed to deliver a globally significant Mineral Resource Estimate."
MRE Drilling Programme
The location and spacing of the planned AC drillholes have been designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect. The programme consists of 124 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 54.1m, for a total of 6,700 metres, and 40 RC drillholes within the AC drilling grid, to a depth of 100m, for a total of 4,000 metres. The overall drillhole grid extends 5.2km by 2.2km and totals an area of 11.4 sq km (refer Figure 1).
The drilling is targeting the near surface, highly weathered zones within the Thomas Prospect; drilling has now commenced and will run over several weeks, with laboratory analysis scheduled for completion in August.
Figure 1. Planned Air Core drill hole collar locations within the Thomas Prospect priority area.
The near-surface, in-situ weathered cap at the Thomas Prospect contains a high percentage of the key titanium bearing minerals, primarily anatase and rutile. The drilling targets areas were selected on the basis of three key parameters: high-purity TiO2 mineral assemblage, high average TiO2 grades and significant depth of weathering (refer Table 1).
The AC and RC drillholes will be geologically logged and sub-sampled on 2m intervals and geochemically analysed; this data will provide the basis for geological modelling and for the development of the MRE at the Thomas Prospect.
Air core drilling has previously been utilised at Pitfield to drill-test the weathered cap and collect bulk metallurgical samples (announced 28 April 2025). It is a cost-effective and efficient drilling method that is commonly used for shallow exploration projects and the success of the previous campaign confirmed its suitability for the preparation of the MRE.
Table 1: Weathered Zone drill intercepts from the Thomas Prospect (previously released results) including high-grade intervals to be followed up by MRE drilling
Hole ID | Easting | Northing | Depth From (m) | Depth To (m) | EOH (m) | Weathered Interval (m) | Grade TiO2 (%) |
RC24TOM021 | 373699 | 6724326 | 4 | 76 | 154 | 72 | 6.75 |
including | 4 | 58 | 54 | 6.90 | |||
including | 4 | 12 | 8 | 9.03 | |||
including | 8 | 10 | 2 | 9.98 | |||
RC24TOM022 | 373329 | 6724796 | 0 | 54 | 154 | 54 | 7.02 |
including | 4 | 12 | 8 | 8.54 | |||
RC24TOM023 | 373639 | 6724978 | 0 | 58 | 154 | 58 | 5.68 |
including | 6 | 20 | 14 | 6.09 | |||
DD24TOM006 | 373947 | 6724741 | 0 | 46.5 | 70.5 | 46.5 | 5.94 |
including | 4.5 | 45 | 40.5 | 6.10 | |||
including | 10.5 | 22.5 | 12 | 6.95 | |||
AC25TOM021 | 373250 | 6724746 | 0 | 49 | 49 | 49 | 7.49 |
including | 20 | 26 | 6 | 10.71 | |||
AC25TOM036 | 373358 | 6725089 | 2 | 54 | 54 | 52 | 7.21 |
AC25TOM039 | 373506 | 6724612 | 0 | 51 | 51 | 51 | 7.88 |
AC25TOM040 | 373599 | 6724639 | 0 | 57 | 57 | 57 | 7.48 |
including | 6 | 22 | 16 | 10.00 | |||
AC25TOM041 | 373572 | 6724737 | 0 | 54 | 54 | 54 | 7.19 |
including | 4 | 18 | 14 | 10.06 | |||
including | 4 | 12 | 8 | 11.67 | |||
AC25TOM042 | 373546 | 6724823 | 0 | 52 | 52 | 52 | 7.43 |
including | 4 | 16 | 12 | 10.17 | |||
including | 4 | 12 | 8 | 11.32 |
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheat belt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2).
Figure 2. Pitfield Project Location showing the Mid-West Region Infrastructure and Services
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
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.
**ENDS**
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 & Broker) Ewan Leggat / Adam Cowl | Tel: 020 3470 0470 |
Shard Capital Partners LLP (Joint Broker) Damon Heath | Tel: 020 7186 9950 |
St Brides Partners Ltd (Financial PR) Susie Geliher / Charlotte Page | Tel: 020 7236 1177 |
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) 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 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, 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 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.
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.
Click here to connect with Empire Metals (OTCQB:EPMLF, AIM:EEE) to receive an Investor Presentation
£4.5 million Subscription by Institutional Investors, Advancing Development of the Pitfield Titanium Project
Empire Metals Limited (LON:EEE)(OTCQB:EPMLF), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce that is has raised £4.5 million by way of a subscription of 47,368,423 new ordinary shares of no par value in the capital of the Company at 9.5p (the 'Subscription Shares') to existing and new institutional shareholders (the 'Subscription').
Shaun Bunn, Managing Director, said:"I am pleased to confirm the successful completion of this Subscription, which has increased participation from our institutional shareholders in Asia andAustralia. The Subscription was led by Asian Investment Management Services Ltd, an existing shareholder.
"The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings. The additional funds strengthen our balance sheet, increasing our cash position to £7.1 million, and will be deployed to expand the planned drilling programme with the objective of establishing a globally significant Mineral Resource Estimate ('MRE'); progress the bulk metallurgical testwork so as to deliver high-purity TiO2 product samples to end users; and bring forward the commencement of economic studies.
"With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium."
Use of Funds
The proceeds of the Subscription, together with existing cash reserves of £2.6 million, will be primarily used to:
Laboratory testwork results to date have been encouraging and the use of conventional processing techniques has increased management's confidence that the process flowsheet can deliver high-value commercial end products. Development focus now has turned to optimising the various processing steps and commencing mine option studies. Proceeds from this equity placement fully fund the Company through these important, project development workstreams.
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 on or around 30 May 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 689,633,233 ordinary shares of no-par value.
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.
**ENDS**
For further information please visit www.empiremetals.com or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON: EEE) 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 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, 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 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.
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.
Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Metals and Mining Virtual Investor Conference, held May 6 th -8th are now available for online viewing.
The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company's resource section.
Select companies are accepting 1x1 management meeting requests through May 13th.
May 6th
Presentation | Ticker(s) |
Northern Superior Resources Inc. | (OTCQB: NSUPF | TSXV: SUP) |
Luca Mining Corp. | (OTCQX: LUCMF | TSXV: LUCA) |
Castille Resources Limited | (OTCQB: CLRSF | ASX: CST) |
Sun Summit Minerals Corp. | (OTCQB: SMREF | TSXV: SMN) |
Amex Exploration Inc. | (OTCQX: AMXEF | TSXV: AMX) |
Ucore Rare Metals, Inc. | (OTCQX: UURAF | TSXV: UCU) |
Kootenay Silver Inc. | (OTCQX: KOOYF | TSXV: KTN) |
Camino Minerals Corp. | (Pink: CAMZF | TSXV: COR) |
Precipitate Gold Corp. | (OTCQB: PREIF | TSXV: PRG) |
Callinex Mines Ltd. | (OTCQX: CLLXF | TSXV: CNX) |
May 7th
Presentation | Ticker(s) |
Canada Nickel Company Inc. | (OTCQX: CNIKF| TSXV: CNC) |
Anfield Energy Inc. | (OTCQB: ANLDF | TSXV: AEC) |
Newcore Gold Ltd. | (OTCQX: NCAUF | TSXV: NCAU) |
Empire Metals Ltd. | (OTCQB: EPMLF | AIM: EEE) |
Cerrado Gold Inc. | (OTCQX: CRDOF | TSXV: CERT) |
Silver Tiger Metals Inc. | (OTCQX: SLVTF | TSXV: SLVR) |
Horizon Copper Corp. | (OTCQX: HNCUF | TSXV: HCU) |
Kodiak Copper Corp. | (OTCQB: KDKCF | TSXV: KDK ) |
Rua Gold Inc. | (OTCQB: NZAUF | TSXV: RUA) |
DynaResource, Inc. | (OTCQX: DYNR) |
May 8 th
Presentation | Ticker(s) |
Novo Resources Corp. | (OTCQB: NSRPF | TSX: NVO) |
Ecora Resources PLC | (OTCQX: ECRAF | TSX: ECOR) |
Power Metallic Mines Inc. | (OTCQB: PNPNF | TSXV: PNPN) |
To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com .
About Virtual Investor Conferences ®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com
Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
With a tight capital structure, experienced management and strategic gold and copper project locations near major past-producing mines, Questcorp is well-positioned to deliver discovery-driven growth to investors.
Questcorp Mining (CSE:QQQ,OTC:QQCMF,FSE:D910) is a Canadian junior exploration company focused on unlocking value in two high-potential mineral districts: the Sonoran Gold Belt in Mexico and Vancouver Island in British Columbia.
The company aims to build shareholder value through disciplined exploration of assets with near-surface mineralization and proven geologic continuity. The company operates in mining-friendly jurisdictions, close to infrastructure and within major metal-producing belts. Its flagship La Union gold project offers high-grade gold-silver-lead-zinc potential in Mexico, while the North Island copper project provides exposure to porphyry copper and skarn systems in a district that hosts multi-billion-pound copper resources.
With gold prices near all-time highs and a copper supply crunch emerging, Questcorp is targeting discoveries that can drive exponential value from a tightly held share structure.
The La Union gold project is a 2,604-hectare, road-accessible high-grade carbonate replacement deposit (CRD) located at the edge of the Sonoran Gold Belt, one of the richest gold-producing regions in Mexico. The property is located near major mines, including La Herradura (6.7 Moz, measured and indicated) and San Francisco (1.4 Moz, measured and indicated), and boasts historical production from underground operations by Peñoles and others, reportedly yielding ~50,000 ounces of gold in the 1950s at grades of 7 to 20 grams per ton (g/t) gold.
La Union gold project location
Work done to date includes consolidation of seven historical properties into a single district-scale project by Riverside Resources, which invested more than US$2.5 million in geological mapping, sampling and target definition. Sampling has returned high-grade grab samples including 83.2 g/t gold, 4,816 g/t silver, 30 percent zinc, and 19.8 percent lead. Channel sampling and geological work identified eight mineralized zones, three of which – Plomito, La Famosa and La Union – are drill-ready and fully permitted.
Geology and history of La Union
Questcorp executed a definitive agreement with Riverside in May 2025 to earn up to 100 percent interest in the project. The planned Phase I program includes drilling 10 diamond drill holes averaging 300 meters in depth across the three priority targets, alongside geophysical (gravity and EM) surveys to refine targets. Questcorp will also continue surface exploration at the remaining five targets to identify additional drill candidates. The project’s polymetallic nature and porphyry potential at depth suggest significant resource upside. Riverside remains as the operator during the earn-in, bringing proven success in similar deposits such as Alamos Gold’s Mulatos.
The North Island copper property is an exploration-stage project located on the northern tip of Vancouver Island, approximately 7.5 km northwest of BHP’s historic Island Copper Mine. The Island Copper operation historically produced 1.2 billion kg copper, 35,268 kg gold, 360,800 kg silver, and significant molybdenum and rhenium from 367 million tonnes of ore, underscoring the district’s endowment.
NICP hosts eight documented copper-silver skarn occurrences and displays porphyry-style mineralization associated with the Island Intrusive suite. The property is geologically anchored by two main target areas: skarns associated with Quatsino limestones in the east and a porphyry copper target to the west, known as the Marisa Zone. Historical drilling by previous operators at Marisa intersected broad zones of copper mineralization, including:
Despite promising results, these zones were never followed up. Questcorp intends to revisit and expand on this historic work. The next steps include completing a 3D induced polarization (IP) survey to model chargeability and resistivity anomalies, followed by a focused drill campaign targeting extensions of the Marisa porphyry.
The project benefits from excellent access via the Vancouver Island Highway and logging roads, plus nearby hydro infrastructure, offering low-cost exploration potential. With a favorable neighborhood, including Northisle Copper & Gold Inc. (TSXV: NCX) with a ~$300 million market cap, NICP represents a high-upside copper exploration story in a Tier-1 jurisdiction.
Saf Dhillon has been involved in the development of public companies for over 20 years, holding various positions including investor relations, business development and senior management, as well as board directorships, building an extensive worldwide list of contacts. He was a key member of the Idaho-based U.S. Geothermal’s management team, which grew the company from an approximately US$2 million startup to a successful independent renewable energy power producer with three new power plants operating in the Pacific Northwest. Saf is President & CEO of iMetal Resources (TSXV:IMR), President & CEO of Bayridge Resources Corp. (CSE: BYRG). He is also a founding director of Torrent Gold (CSE:TGLD), a board member of Lake Winn Resources (TSXV:LWR), and provides assistance to several other private and public companies..
R. Tim Henneberry is a professional geoscientist with over 43 years of experience in domestic and international exploration and production for base and precious metals and industrial minerals. He founded Mammoth Geological in 1991, providing geological consulting services to numerous private and publicly traded companies. Henneberry has been involved in senior management of several TSX Venture and CSE listed companies over the last 30+ years, serving as director, senior officer or advisor, including the founding of several.
Scott Davis is a partner of Cross Davis & Company LLP Chartered Professional Accountants, providing accounting and management services for publicly listed companies. His experience includes CFO positions of several companies listed on the TSX Venture Exchange, and his past experience consists of senior management positions, including four years at Appleby as an assistant financial controller. Prior to that, he spent two years at Davidson & Company LLP Chartered Professional Accountants as an auditor, and five years with Pacific Opportunity Capital as an accounting manager.
Electric Royalties Ltd. (TSXV:ELEC)(OTCQB:ELECF) ("Electric Royalties" or the "Company") is pleased to announce the appointment of Robert Scott as Chief Financial Officer. Mr. Scott is replacing Luqman Khan, who has departed the Company to pursue other opportunities.
Mr. Scott, a CPA, CA, and CFA, brings more than 25 years of professional experience in accounting, corporate finance, compliance and banking, and has served on the management teams and boards of a select number of Canadian publicly traded companies. Throughout his career, Mr. Scott has helped raise more than $200 million in equity financing and developed extensive experience in IPOs, reverse takeovers, mergers and acquisitions, and corporate restructuring. He is a founder and President of Corex Management Inc. ("Corex"), which provides professional services to privately held and publicly traded companies. Mr. Scott has significant public company experience, including senior management and board positions with a number of TSX Venture Exchange issuers including Capitan Silver Corp., K2 Gold Corporation, Riverside Resources Inc., Great Bear Resources Ltd. and First Helium Inc.
Additionally, pursuant to a professional services contract, Corex will be providing a range of support services to the Company, including accounting, administration, finance and corporate compliance services.
Electric Royalties CEO Brendan Yurik commented: "We are excited to welcome Robert to the Electric Royalties executive team. With more than 25 years of leadership experience in finance and accounting, Robert brings a strong track record of delivering financial and strategic results in public companies, making him a natural choice for this key role in our next phase of growth. I also want to thank Luqman for his contributions over the years and wish him great success in his future endeavours."
The transition to Corex is part of an ongoing effort to materially reduce overhead and administrative costs while maintaining focus on building a growth-oriented royalty portfolio and establishing a recurring base of royalty revenues. The engagement of Corex, along with several other initiatives and changes, are expected to reduce the Company's overhead going forward.
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.
Mkango Resources Ltd. (AIM:MKA)(TSX-V:MKA) ("Mkango") and CoTec Holdings Corp. (TSXV:CTH)(OTCQB:CTHCF) ("CoTec") are pleased to provide a technical update for HyProMag Limited ("HyProMag") and its ongoing advanced pilot programme for the scale-up and roll out of Hydrogen Processing of Magnet Scrap ("HPMS") technology to produce domestically sourced and short-loop recycled rare earth magnets with a minimal carbon footprint in the UK (2025), Germany (2025) and United States (2027).
The ongoing advanced pilot programme at the University of Birmingham is proceeding in parallel with development of the commercial scale plant at Tyseley Energy Park in Birmingham, UK.
HPMS technology was developed by the Magnetic Materials Group at the University of Birmingham ("UoB"), underpinned by approximately US$100 million of research and development funding. HPMS has major competitive advantages over other rare earth magnet recycling technologies, which are largely focused on chemical processes but do not solve the challenges of extracting magnets from end-of-life scrap streams and only produce rare earth oxides or mixed rare earth carbonates, which require further processing. HyProMag provides the solution, producing a value-added, magnet product for direct sale to domestic customers across multiple jurisdictions.
Over the course of the previous 12 months, HyProMag has made significant technical progress to support its efforts in optimising design criteria, processing different NdFeB scrap feed materials and producing recycled, low carbon, commercial, magnets of different technical grades. To date, the University of Birmingham Pilot plant has produced over 3,500 magnets of commercial grade from various waste streams. Sample magnets have been provided to commercial partners for extensive testing and product verification and will support continued off taker due diligence over the coming 12 months for the UK, Germany and U.S. businesses.
Recent progress and technical milestones for HyProMag include the following:
Through the abovementioned workstreams, together with further optimisation and development of blending and grain boundary technologies, HyProMag expects to significantly expand the range of commercial grades produced as illustrated below:
Will Dawes, Mkango CEO commented: "HyProMag is going from strength to strength with the support of its excellent and growing team, as well as from the University of Birmingham and its other partners. The company is well placed to capitalise on the increasing demand for more robust supply chains and sustainably sourced magnetic materials - technologies being commercialised by HyProMag will be transformational for the sector, and we look forward to first sales in UK and Germany in the coming months, as well as completion of detailed engineering in the USA in advance of large-scale project development."
Julian Treger, CoTec CEO commented: " We are very pleased with the continued progress of HyProMag in advance of the commissioning of the UK and German plants. The learnings from these plants and the University of Birmingham's pilot plant programme represent a significant opportunity for HyProMag USA to optimise and refine the detailed design phase. Furthermore, the production of a wide range of magnet grades for U.S. customers from multiple scrap feedstocks will support our financing and off take activities."
Nick Mann, HyProMag Limited MD commented: "The improvements on magnetic properties made are down to the increased understanding gained by the metallurgical team on how to process, blend and sinter differing input feed stocks to achieve a consistent grade of magnet. As we begin production at Tyseley we are testing, collaborating and supplying our commercial partners with our magnets against specifications and are demonstrating good alignment with their products."
Sean Worrall, GKN Automotive Chief Engineer Product Sustainability commented: "As the key physical testing and simulation partner, we are pleased to confirm that the recycled magnets replicated expected performance exceptionally closely during testing. This means HyProMag's short-cycled magnets can be reliably used in motor design simulation to deliver real world performance. The HPMS process enables a supply chain of sustainable, competitive, rare-earth magnets, decoupled from the problems of the virgin material supply chain"
2025 University of Birmingham (UoB) Accelerated Pilot Programme
In parallel with commissioning of the commercial plants in UK and Germany, and to support ongoing HyProMag USA LLC ("HyProMag USA") detailed design [ii] , HyProMag has further invested in piloting utilising the UoB infrastructure, onboarded new production engineers and tripled the throughput capacity of the UoB pilot vessel and associated processes. During a six-month period, multiple sources of scrap feeds will be processed with a target of two tonnes of HPMS power produced and converted into commercial grade magnets. HyProMag will provide these samples to potential customers, as well as targeting further improvements in the engineering design criteria, recoveries and magnet making capability to support commercial developments in the UK, Germany and U.S.
The main objectives of the 2025 UoB Accelerated Pilot Programme are to:
The Accelerated Piloting Programme targets over 50 additional HPMS runs over a six-month period covering principal scrap feeds containing: separated magnet scrap, VCMs from different sources, pre-processed HDD feed, surface mounted and embedded rotors from electric motors, MRI, wind turbine feed, speaker assemblies and other forms of NdFeB scrap material provided by strategic partners.
About Mkango Resources Ltd.
Mkango is listed on the AIM and the TSX-V. Mkango's corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited ("Maginito"), which is owned 79.4 per cent by Mkango and 20.6 per cent by CoTec, and to develop new sustainable sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean energy technologies.
Maginito holds a 100 per cent interest in HyProMag and a 90 per cent direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100 per cent interest in Mkango Rare Earths UK Ltd ("Mkango UK"), focused on long loop rare earth magnet recycling in the UK via a chemical route.
Maginito and CoTec are also rolling out HPMS recycling technology into the United States via the 50/50 owned HyProMag USA LLC joint venture company.
Mkango also owns the advanced stage Songwe Hill rare earths project in Malawi ("Songwe") and the Pulawy rare earths separation project in Poland ("Pulawy"). Both the Songwe and Pulawy projects have been selected as Strategic Projects under the European Union Critical Raw Materials Act. Mkango has signed a letter of Intent with Crown PropTech Acquisitions to list the Songwe Hill and Pulawy rare earths projects on NASDAQ via a SPAC Merger.
For more information, please visit www.mkango.ca
About CoTec Holdings Corp.
CoTec is a publicly traded investment issuer listed on the Toronto Venture Stock Exchange ("TSX- V") and the OTCQB and trades under the symbols CTH and CTHCF respectively. CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry through innovative, environmentally sustainable technologies and strategic asset acquisitions. With a mission to drive the sector toward a low-carbon future, CoTec employs a dual approach: investing in disruptive mineral extraction technologies that enhance efficiency and sustainability while applying these technologies to undervalued mining assets to unlock their full potential. By focusing on recycling, waste mining, and scalable solutions, the Company accelerates the production of critical minerals, shortens development timelines, and reduces environmental impact. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry, positioning it as a leading mid-tier disruptor in the commodities sector.
For more information, please visit www.cotec.ca.
About HyProMag USA LLC.
HyProMag USA is owned 50:50 by CoTec and HyProMag Limited. HyProMag Limited is 100 per cent owned by Maginito, which is owned on a 79.4/20.6 per cent basis by Mkango and CoTec.
For more information, please visit www.hypromagusa.com
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements (within the meaning of that term under applicable securities laws) with respect to Mkango and CoTec. Generally, forward looking statements can be identified by the use of words such as "plans", "expects" or "is expected to", "scheduled", "estimates" "intends", "anticipates", "believes", or variations of such words and phrases, or statements that certain actions, events or results "can", "may", "could", "would", "should", "might" or "will", occur or be achieved, or the negative connotations thereof. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. Such factors and risks include, without limiting the foregoing, the delivery and effectiveness of the HDD magnet separation system built by Inserma, the results of the Accelerated Pilot Programme at UoB, the availability of (or delays in obtaining) financing to develop Songwe Hill, the Recycling Plants being developed by Maginito in the UK, Germany and the US (the "Maginito Recycling Plants"), governmental action and other market effects on global demand and pricing for the metals and associated downstream products for which Mkango is exploring, researching and developing, geological, technical and regulatory matters relating to the development of Songwe Hill, the ability to scale the HPMS and chemical recycling technologies to commercial scale, competitors having greater financial capability and effective competing technologies in the recycling and separation business of Maginito and Mkango, availability of scrap supplies for Maginito's recycling activities, government regulation (including the impact of environmental and other regulations) on and the economics in relation to recycling and the development of the Maginito Recycling Plants, and Pulawy and future investments in the United States pursuant to the proposed cooperation agreement between Maginito and CoTec, cost overruns, complexities in building and operating the plants, and the positive results of feasibility studies on the various proposed aspects of Mkango's, Maginito's and CoTec's activities. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company and CoTec disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. Additionally, the Company and CoTec undertake no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
For further information on Mkango, please contact:
Mkango Resources Limited
William Dawes Alexander Lemon
Chief Executive Officer President
will@mkango.caalex@mkango.ca
Canada: +1 403 444 5979
www.mkango.ca
@MkangoResources
SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker
Jeff Keating, Jen Clarke, Devik Mehta
UK: +44 20 3470 0470
Alternative Resource Capital
Joint Broker
Alex Wood, Keith Dowsing
UK: +44 20 7186 9004/5
For further information on CoTec, please contract:
CoTec Holdings Corp.
Braam Jonker
Chief Financial Officer
braam.jonker@cotec.ca
Canada: +1 604 992-5600
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any equity or other securities of the Company in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
FMR Resources Limited (ASX:FMR) (FMR or Company) is pleased to announce it has entered into a conditional Binding Term Sheet giving it the right to earn up to a 60% interest in a highly prospective copper-gold-molybdenite project in central Chile (Transaction). The Company will joint venture (JV) into selected tenements (the JV Tenements or Concessions) within the Llahuin Project (Llahuin or the Project) held by Southern Hemisphere Mining Ltd (SUH) which overlie the Southern Porphyry Target.
Highlights
The Southern Porphyry JV gives FMR exposure to a potential Company-making discovery. Coincidental datasets captured across the Southern Porphyry target area suggest a large, untested copper porphyry system below historic exploration. With proven fertility along a ~6km corridor at Llahuin, including historic shallow copper porphyry mineralisation directly above the Southern Porphyry target, this JV delivers FMR drill-ready targets for Q4 2025. The Company looks forward to updating shareholders as we progress towards maiden drilling of these exciting targets.
In conjunction, FMR is pleased to announce the appointment of Oliver Kiddie as Managing Director. Mr Kiddie is a geologist with over 20 years’ experience across exploration, resource definition, project development, and production throughout Australia and internationally. He has extensive experience in base metal and gold exploration through senior management, executive, and directorship positions, including Dominion Mining, European Goldfields, the Creasy Group, and Legend Mining.
Oliver Kiddie said:“I am very excited to be joining the FMR team as the Company expands its exploration portfolio with the Llahuin Project in Chile. I look forward to leading the Company through the next stage of growth and working with the experienced SUH team as the compelling Southern Porphyry drill targets are tested in Q4 this year, with the clear aim of a Company-making discovery.”
Project Description
Porphyry-style Cu-Au-Mo mineralisation identified to date at the Llahuin Project is largely hosted in three main mineralised zones - the Central Porphyry Zone, Cerro do Oro and Ferrocarril, which occur along a +2.5 km N-S strike (open north and south, with a total strike length of up 6 km). These zones are coincident with a north-south trending valley, potentially reflecting weathering of more regressive units or a structure.
Figure 1. Oblique view of Southern Porphyry Target looking to WNW showing 3D inversion model resistivity shells from magnetotelluric data, Llahuin Project drilling to date and tenements forming the joint venture. Refer to Figures 6 and 7 for location and plan view, and Figure 5 for a sectional view.
Llahuin was initially acquired in July 2011 by SUH through an intermediary from Antofagasta plc. Drilling completed across the project to date comprises 296 holes for 64,503m with a total of 62 holes for 11,927m completed on the JV Tenements, of which 9,156m reports to the Ferrocarril zone and are therefore not relevant to the Southern Porphyry Target. Drilling has resulted in the delineation of Mineral Resources which do not form part of the JV and do not form part of the transaction (see Figures 1 and 7).
In addition to drilling SUH has completed extensive geochemical and geophysical surveys at Llahuin, including detailed magnetics (MAG), induced polarisation (IP), and magnetotellurics (MT). These datasets have indicated a “blind” porphyry-style target at the southern end of the Llahuin Project named the Southern Porphyry Target. This target is defined by a coincident magnetic anomaly, IP resistivity anomaly, and MT resistivity anomaly. The target is modelled as a circular feature 1.5km – 2km in diameter and centred approximately 1,000m below surface (see Figures 1, 2, 3, 4, and 5).
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This article includes content from FMR 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.
Somerset Minerals Ltd (“Somerset” or the “Company”) (ASX:SMM) is pleased to announce the initial assay results from the maiden surface sampling campaign at its recently acquired Coppermine Project (the “Project”) in Canada.
Managing Director, Chris Hansen, commented,
“These are truly exceptional early results that speak to the scale, quality, and untapped potential of our Coppermine Project. To return grades of over 50% copper from surface samples — and to also return high-grade results from across multiple prospects — is a rare and exciting outcome. What’s even more compelling is the continuity of mineralisation we're seeing: over 500 metres at Laphroaig and more than 5.0 kilometres at Jura. This confirms the presence of an extensive, high-grade copper system, and supports the historic information we’re building on.
We are now entering a very exciting phase for Somerset. Our fully funded, fully permitted maiden drill campaign is set to commence in just over two weeks time, with walk-up targets defined by strong geophysical signatures and outcropping copper mineralisation. At Coronation, we’re targeting several high-priority IP anomalies supported by historical drill intercepts of up to 40 metres, while Jura and Laphroaig are shaping up as large-scale, structurally controlled, high-grade copper systems with district-scale potential. These early successes are the direct result of our methodical and targeted approach to exploration.
With a dominant landholding in one of the world’s last underexplored copper frontiers, drilling set to begin imminently and assays still outstanding for native copper sampling, we believe Somerset is uniquely positioned to potentially unlock a major new copper district.”
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This article includes content from Somerset Minerals Limited, 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.
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
A new report released on Wednesday (June 11) by Canada’s Climate Institute suggests Canada risks missing out on a C$12 billion market for critical minerals should the government not enact policy to drive investment in Canada’s mining sector.
The report outlines a growing need for minerals like copper, cobalt, lithium, nickel, graphite and rare earths, all of which are found in Canada. These critical minerals are all used to produce goods needed for the energy transition, from photovoltaics to electric vehicles.
Overall, to meet this demand, the mining sector will require an estimated US$480 billion to US$750 billion in investment globally. To remain competitive, the institute suggests Canada will need to generate between C$30 billion and $65 billion in investments in upstream projects between now and 2040.
To reduce investor risk and ensure Canada and local communities see a net benefit, the report makes several suggestions aimed at different levels of government.
It recommends the Federal government collaborate with an arms-length financial institution to develop or expand risk-sharing agreements to support mineral assets through price volatility, and provincial governments strengthen mining regulations to mitigate risks and liabilities.
Additionally, it recommends both levels of government facilitate greater participation by Indigenous communities in mining projects through scaling up their resources for capacity and increasing their access to capital.
South of the border, the US Bureau of Labor Statistics released May’s consumer price index (CPI) data on Wednesday. The figures show a worsening of year-over-year inflation as all-items CPI ticked up to 2.4 percent from the 2.3 percent recorded in April. On a monthly basis, it rose just 0.1 percent versus the 0.2 percent the previous month.
Analysts had been expecting a steeper increase, but the numbers were offset by significant declines in energy prices in May.
However, the expectation is that higher figures will be coming over the next few months as the effects of the Trump administration’s tariffs begin to work their way through the economy. The slow response to the tariffs is primarily attributed to retailers working through inventories which were purchased prior to the tariffs coming into effect.
The CPI and other data will play a crucial role in the Federal Open Market Committee’s rate decision when it meets next week, on June 17 and 18. The overwhelming consensus by market watchers is the Fed will continue to hold the current range of 4.25 to 4.5 percent until its September meeting.
In Canada, major indexes were mixed at the end of the week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) was largely flat, posting a small 0.32 percent gain during the week to close at 26,504.35 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared worse, losing 1.16 percent to 721.13, and the CSE Composite Index (CSE:CSECOMP) slid 2.48 percent to 114.88.
US equities were also in negative territory this week, with the S&P 500 (INDEXSP:INX) losing 0.46 percent to close at 6,976.96, the Nasdaq-100 (INDEXNASDAQ:NDX) slipping 0.79 percent to 21,612.68 and the Dow Jones Industrial Average (INDEXDJX:.DJI) sinking 1.38 percent to 42,197.80.
On the other hand, the gold price was up significantly this week, gaining 3.68 percent to US$3,432.17 as investors sought safe-haven assets amid the threat of war between Israel and Iran. The silver price climbed 0.91 percent during the period to end the week US$36.31, although it spiked as high as US$36.86 during trading Monday.
In base metals, the COMEX copper price sank 1.44 percent over the week to US$4.80 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 4.4 percent to close at 568.42.
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 3:30 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
Weekly gain: 66.67 percent
Market cap: C$116.31 million
Share price: C$0.125
St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines' Davao de Oro province. The project consists of 184 mining claims.
According to the most recent preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce. The company is currently working towards an update to the study.
The most recent news from the project was announced on May 30, when St. Augustine stated that it had entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor's wholly owned subsidiary Kingking Milling, which holds the development rights to King-king. Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.
The project's exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also included details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.
Shares in St. Augustine rose this week after the company announced Tuesday (June 10) it had entered into a non-brokered private placement for up to 341 million shares for gross proceeds of C$24.9 million.
The company said it will use the proceeds to fund the completion of a feasibility study and organizing financing for the King-king project. The first tranche of the placement is expected to close on June 20.
Weekly gain: 50 percent
Market cap: C$12.88 million
Share price: C$0.105
Barksdale Resources is a copper exploration company focused on advancing its assets in Arizona, US.
The company’s flagship Sunnyside project has been in focus in 2025. The site is located in the Patagonia Mountains of Southern Arizona and covers approximately 21 square kilometers. Sunnyside is located adjacent to South32's (ASX:S32,OTC Pink:SHTLF) Hermosa project.
The most recent news from the project came on May 13, when the company completed the drilling campaign and expenditures necessary to acquire the initial 51 percent interest in the property as part of an earn-in agreement with Regal Resources. Under the terms, Barksdale was required to complete 7,620 meters of drilling and make C$6 million in total expenditures.
The company has until September 2025 to provide an additional C$1 million in cash payment and 5 million shares to Regal to complete the transaction. Once complete, the company will have 20 days to decide whether to proceed to Phase 2 for the option to increase its interest to 67.5 percent, which it can earn by completing another 7,620 meters of drilling, paying Regal C$550,000 and issuing Regal 4.9 million shares within a two year period.
Weekly gain: 50 percent
Market cap: C$18.91 million
Share price: C$0.03
Avalon Advanced Materials is an exploration and development company focused on lithium projects in Canada.
Its flagship project is its 40 percent owned Separation Rapids lithium project in Ontario, a joint venture with SCR-Sibelco, which owns the remaining 60 percent. The project consists of three primary lithium targets: the Separation Rapids deposit; the Snowbank target, located near Kenora; and the Lilypad project near Fort Hope, which also hosts tantalum and cesium mineralization.
The pair increased the project's measured and indicated mineral resource by 28 percent in late February.
Although the company didn't release news this week, its share price jumped significantly during the period.
Weekly gain: 48.44 percent
Market cap: C$12.88 million
Share price: C$0.105
Excellon Resources is an exploration and development company working to advance a portfolio of assets around the world.
Its most advanced project is the past-producing Mallay silver mine in Central Peru. The company executed a definitive agreement to acquire the project, as well as the Tres Cerros gold-silver project, in March. Between 2012 and 2018, mining at the site produced 6 million ounces of silver, 45 million pounds of zinc and 35 million pounds of lead before the operation was placed on care and maintenance.
On May 23, Excellon announced it had entered into an offtake and financing agreement with Glencore plc (LON:GLEN) that will provide the final piece of funding to allow Excellon to restart mining operations at Mallay, bringing its available capital to US$18 million.
Under the terms of the agreement, Glencore will provide up to US$7.5 million in funding through a pre-export finance loan agreement backed by concentrate production at the mine. Glencore has also agreed to purchase 100 percent of zinc-lead concentrate until 2028 or 2029 depending on certain conditions.
Weekly gain: 42.86 percent
Market cap: C$23.77 million
Share price: C$0.20
Latin Metals is a South America focused project generator company with 18 projects across Argentina and Peru.
Its primary focus for 2025 has been on its Argentine portfolio, which includes the Organullo gold project in the Salta province, as well as the Cerro Bayo and La Flora gold projects in the Deseado Massif metal belt in the Santa Cruz province.
The company’s most recent news came on Monday when it announced it had secured drill permits for the Organullo site. The permits provide approval for up to 11,900 meters of diamond drilling as well as other exploration activities. Latin Metals said the permit is a key milestone for the project.
The project is subject to an option agreement with AngloGold Argentina, a subsidiary of AngloGold Ashanti (NYSE:AU), which has the right to earn up to an 80 percent stake in the site. AngloGold is preparing to "test targets that have potential scale and alteration characteristics consistent with Tier 1 high-sulphidation epithermal gold systems."
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.