The Conversation (0)
Empire Metals Limited (LON:EEE), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce several strategic technical appointments and partnerships that strengthen the in-house project development team and support the advancement of the Pitfield Titanium Project ("Pitfield" or the "Project") in Western Australia.
These appointments coincide with the commencement of bulk-scale metallurgical testing, a critical step in progressing Pitfield toward commercial development.
Highlights
- Strategic Appointments to Accelerate Development
Empire has appointed Mr. Alan Rubio as Study Manager and Mr. Pocholo Aviso as Hydro-metallurgist. These appointments are aligned with the Company's objective to evaluate mining scenarios, optimise product development, assess commercial process flowsheet options and progress the Project toward a feasibility study. - Mr. Alan Rubio, an engineer and seasoned Study and Project Manager with over 28 years' experience working within the resources sector developing and evaluating mining projects, will lead the assessment of mining, infrastructure and oversee key economic studies to deliver a robust project development plan.
- Mr. Pocholo Aviso, an experienced hydro-metallurgist with a background in the TiO₂ pigment industry (including roles at Tronox and BHP's Kwinana Nickel Refinery), will manage the titanium product development programme, focusing on product optimisation, process flowsheet designs and evaluating market pathways.
- Partnership with Strategic Metallurgy Pty Ltd:
Empire has also partnered with Strategic Metallurgy, a highly respected, Perth-based metallurgical consultancy. The firm will provide oversight of the metallurgical testwork programme and technical guidance to the Company's internal metallurgists and process design engineers, helping transition from bench-scale process development to pilot-scale testing.
- Bulk-Scale Testwork:
The Company has commenced bulk metallurgical testwork that will produce significant quantities of mineral concentrate to support large-scale beneficiation testing and, for the first time, enable the supply of bulk product samples to prospective end users. In addition, this testwork will provide critical technical information for the development of a commercial process flowsheet.
These key appointments advance the Company toward confirming project economics and assessing mine design, process flowsheets and product options-critical steps in the development pathway to commercial mine production.
Commenting on the announcement, Shaun Bunn, Managing Director, said:
"I am delighted to welcome Alan and Pocholo to our team. Their technical expertise will be invaluable as we move toward defining the economic potential and product strategy for Pitfield. Building a strong in-house team has been key to our progress so far, and these appointments mark an important next step.
"We are also very pleased to be working with Strategic Metallurgy, whose reputation and experience in process development will significantly strengthen our metallurgical programme. The timing is ideal, with large-scale metallurgical testing now underway, including ore scrubbing and spiral gravity separation, using bulk samples collected earlier this year."
Process Development Update
A large-scale metallurgical testwork programme, involving mineral separation techniques that require bulk feed samples, between approximately 0.5 to 1.5 tonnes each, has commenced using the material collected from the February 2025 Air Core drilling. The programme includes ore scrubbing, desliming and gravity spiral testwork. Alternative gravity separation unit processes, such as jigs and up-current classifiers, are also being evaluated.
Flotation testwork is also being carried out on the fines fraction, separated in the desliming step. As part of this programme, bulk mineral concentrates will be produced for downstream processing, testing both hydrometallurgical and product finishing flowsheet concepts. This will allow a consistent, common mineral concentrate stream to be assessed across the range of flowsheet options that are being considered downstream of the mineral separation step.
Figure 1. Photos of bulk testwork programme showing clockwise from bottom left: deslimed feed sample, wet scrubber unit, and gravity spirals .
This bulk testwork programme will produce significant volumes of concentrates which will feed into beneficiation testwork and result in larger product samples which can be delivered to potential end users for assessment for the first time.
In addition, this programme is designed to assess different types of process equipment and analyse a variety of flowsheet options, resulting in technical information necessary for developing a commercial process flowsheet.
About Strategic Metallurgy
Strategic Metallurgy Pty Ltd, established in 2010, is a metallurgical consulting company whose business model is to work with mining companies to develop their metallurgical strategy and ensure that it fits into their overall business plan. With a proven track record of providing expert consulting, process development, testwork management, feasibilities and strategic reviews Strategic Metallurgy has the extensive hands-on experience that Empire requires to progress the Pitfield Project through the metallurgical testing, process modelling, flowsheet design stages to pilot plant design and operation.
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 (refer Figure 2).
Figure 2. Pitfield Project Location showing the Mid-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:
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.
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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.
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.
Advancing a game-changing, globally significant titanium project in Western Australia.
Empire Metals Limited Announces Drilling Outlines Large, High-Grade Zone
- Selected exceptional intercepts (>6% TiO2), include:
- 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)
- 98m @ 7.05% TiO2 from 2m (RC25TOM068)
- Large, high-grade central core identified averaging circa 6% TiO2 across a continuous 3.6km strike length
- Nearly two thirds of all drillholes averaged > 4% TiO2, with over 90% exceeding a 2% cut-off.
Shaun Bunn, Managing Director, said:"These results confirm the exceptional scale and grade of titanium mineralisation at Thomas. The continuity of high-grade mineralisation near surface is particularly exciting for future mine development. With assays received ahead of schedule, we can now accelerate resource modelling and move rapidly towards announcing our maiden MRE."
MRE Drilling Programme - Key Results
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres (refer Figure 1) comprising:
- 17 Diamond drill holes for 2,704 m
- 140 Reverse Circulation (RC) drill holes for 18,764 m
- 225 Air Core (AC) drill holes for 10,797 m.
The latest May-June campaign comprised:
- 140 AC drillholes (6,360m) on a 400 x 200m grid, average depth 45.4m
- 40 RC drillholes (3,776m) within the AC grid, average depth 94.4m
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. The analytical assay results have now been received, showing continuous TiO2-rich mineralisation across the overall drillhole grid, which extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
The drilling has confirmed the presence of a large, high-grade central core at the Thomas prospect, this target being selected as the basis for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation known to be hosted within the broad, in-situ weathered zone. Whilst over 90% of all drillhole sample assays show mineralisation well above a 2% TiO2 cut-off grade this central high-grade core, extends over 3.6km north-south, averages around 6% TiO2 (refer Table 1).
Table 1. Breakdown of drillhole assay results by average grade of drillhole and percentage of total drilling.
Significant analytical assay results for each drillhole above 6% TiO2 are reported in Table 2 further below.
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
Strategic Significance
The May-June campaign marked a major milestone in the development of Pitfield, laying the foundation for a globally significant MRE and enabling the identification of near-surface, high grade zones to support the development of mine planning and ore scheduling as part of upcoming economic evaluation studies.
Table 2. Significant Intercepts above 6% TiO2.
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 a Tier 1 mining jurisdiction, with 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 3).
Figure 3. Pitfield Project Location showing theMid-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:
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
Empire Metals Limited Announces Completion of MRE Drilling Campaign
- 180 drill holes completed at the Thomas prospect, comprising:
- 140 Air Core ('AC') drill holes for a total of 6,360 metres;
- 40 Reverse Circulation ('RC') drill holes for a total of 3,776 metres;
- Total metres drilled: 10,136
- Drilling was conducted on a systematic 400m by 200m grid covering over 1,352 hectares and was designed to support the initial MRE as well as providing key data for economic evaluation studies.
- The Thomas Prospect was selected as the basis for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation hosted within the broad, in-situ weathered zone.
- This campaign marks a major milestone in the development of Pitfield, laying the foundation for a globally significant MRE and enabling the identification of near-surface, high grade zones to support the development of mine planning and ore scheduling as part of upcoming economic evaluation studies.
Shaun Bunn, Managing Director, said: "We are very pleased to have completed this important drilling campaign on time, on budget and without safety incident. With drilling now complete, our focus turns to resource modelling and progressing Pitfield towards its maiden Mineral Resource Estimate, which is a key milestone as we look to bring this globally significant titanium project to commercialisation, maintaining the ambitious development schedule we have delivered over the past two years."
MRE Drilling Programme
With the completion of the current drill campaign, the largest undertaken by the Company to date, total drilling at Pitfield has now surpassed 32,000m across 382 holes, providing a robust foundation for geological modelling, resource definition (refer Figure 1) and initial economic evaluation work.
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres comprising:
- 17 Diamond drill holes for 2,704 m
- 140 RC drill holes for 18,764 m
- 225 AC drill holes for 10,797 m.
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
May-June 2025 Campaign
The location and spacing of the current RC and AC drillholes were 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 completed drill campaign consisted of 140 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 45.4m, for a total of 6,360 metres, and 40 RC drillholes within the AC drilling grid, to an average depth of 94.4m, for a total of 3,776 metres. The overall drillhole grid extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. As of the end of June all drill hole and QA/QC samples have been delivered to Intertek for geochemical analysis and assaying.
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 2).
Figure 2. Pitfield Project Location showing theMid-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:
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
Empire Metals Limited Announces Warrant Exercise
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 Announces Exceptional High-Purity TiO2 Product Achieved
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
- A very high-purity TiO2 product, assaying at 99.25% TiO2 has been achieved through conventional beneficiation, leaching and refining processes.
- The TiO2 product contains non-detectable, or extremely low levels of deleterious impurities and is expected to be suitable for high-quality titanium sponge metal or high-grade titanium dioxide pigment production.
- Bulk samples collected from the weathered cap (announced 17 February 2025) have been delivered to the metallurgical laboratory and these will be utilised to produce multiple, finished product samples for marketing purposes.
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 |
Figure 3. Purification and product finishing testwork, photos from left to right: titanyl sulphate solution from leaching stage, hydrated TiO2 produced from hydrolysis, and the calcined TiO2 product.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 Announces Major Drilling Campaign Targeting Maiden MRE
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
- A total of 164 drill holes planned:
- 124 Air Core ('AC') drillholes for approximately 6,700 metres, and
- 40 Reverse Circulation ('RC') drillholes for approximately 4,000 metres,
- totalling 10,700 metres of drilling.
- The Thomas Prospect was selected for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation hosted within the broad, in-situ weathered zone.
- This programme, the largest at Pitfield to date, will cover over 11 square kilometres and aims to deliver a globally significant MRE.
- Notable intercepts within the in-situ weathered cap from previous drilling at Thomas include:
- 51m @ 7.88% TiO₂ from surface (AC25TOM039)
- 57m @ 7.48% TiO₂ from surface (AC25TOM040)
- 52m @ 7.43% TiO₂ from surface (AC25TOM042)
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
Empire Metals Limited Announces Breakthrough in Process Development
Empire Metals Limited, the AIM-quoted and OTCQB-traded exploration and development company, is pleased to report significant progress in metallurgical testwork at its Pitfield Project in Western Australia ('Pitfield' or the 'Project'). These results confirm that the weathered ore at Pitfield can be processed using conventional separation and refining techniques, delivering industry-leading recoveries and a high-purity titanium dioxide (TiO₂) product.
Highlights
- Exceptional flotation performance: Recoveries of 77% (rougher stage) and 90% (cleaning stage) from fine, weathered ore samples.
- Outstanding leach results: Direct acid bake and hot-water leach achieved 98% titanium dissolution, leaving inert quartz residues.
- High recoveries: Overall titanium recovery from flotation feed to final product is circa 67% and expected to improve with further optimisation of the mineral separation stages.
- High-purity final product: TiO₂ grading 99.25% with negligible impurities, suitable for titanium sponge metal or pigment production.
- Cost and environmental advantages: Low Fe₂O₃ (~5%) reduces acid consumption, minimises waste, and supports higher recoveries over typical ilmenite feedstock processing.
- Simplified, expedited development pathway: Amenability to standard mineral separation eliminates the need for a costly bespoke demonstration plant, enabling a lower-cost continuous pilot programme using accredited commercial laboratories.
Shaun Bunn, Managing Director, said:
"These results mark a step change in Pitfield's development. We now have clear evidence that the ore is ideally suited to conventional mineral separation and refining, producing a high-purity titanium product with strong recoveries. This sets Pitfield apart from ilmenite-based projects, which typically face lower recoveries, higher costs, and significant environmental challenges.
"Pitfield already stands out for its exceptional scale, continuity of high-grade near-surface mineralisation, and Tier 1 location with access to infrastructure. With this breakthrough in process development, we can now demonstrate a highly efficient and environmentally responsible route to producing multiple high-value titanium products."
Metallurgical Testwork Summary
Empire has committed substantial financial resources to developing a metallurgical flowsheet that can economically extract titanium and produce a high value titanium product: such as TiO2 pigments, and/or feedstock for the TiO2 pigment or titanium sponge metals industries.
The approach to flowsheet development has included:
- Extensive mineralogical investigations on exploration samples, testwork feed samples and testwork products
- Wide ranging literature reviews, including industry and cross-industry research
- Idea generation and testing of concepts and conditions in the laboratory
- A fast-tracked separate work programme to prove that an impurity free high grade product can be made from samples taken at Pitfield.
Initial mineralogical and metallurgical testwork was undertaken on the fresh, titanite-rich bedrock mineralisation at Pitfield and returned encouraging results. Following the identification of the extensive in-situ weathered cap, which independently represents a generational-scale mining opportunity, subsequent testwork programmes have been directed toward this material. The weathered cap contains mainly anatase and rutile, and is distinguished by its soft, friable texture, elevated titanium grades, and near-surface exposure which offer significant advantages from both a mining and processing perspective.
Empire has employed two full time process engineers to work on the process flowsheet development, both of whom have extensive experience in mineral separation and elemental extraction (hydrometallurgy). In addition, Empire has contracted with two titanium expert consultants, each of which has over 40 years' experience in the industry. The process development programme is also supported by further specialist input from the technical team at Strategic Metallurgy, scientists from Federal Government agencies and process engineers from local Engineering & Process Design Consultants.
Testwork results achieved to date are encouraging and support the conceptual process flowsheet that was announced 4 September 2024 "Positive Results Achieved from Initial Processing Testwork on Pitfield Titanium Ore" (refer Figure 1).
Figure 1. Conceptual Process Flowsheet.
Recent testwork has been focused on the fine, saprolite ores from the Thomas prospect. Testwork results to date suggest that Empire can expect to achieve an overall recovery of circa 65-75%, and produce a high-purity, +99% TiO2 product. This is based on early stage testwork with limited optimisation, and the success to date is a good indicator that the Pitfield ores are non-refractory and free of deleterious contaminants that affect product quality (such as U, Th, Cr, P and V).
Whilst it is difficult to provide comparable projects to Pitfield, given its scale, grade and unique ore characteristics, the processing route being evaluated for Pitfield has similar stages to that found in the well-established heavy mineral sands industry. For instance, the ilmenite within the mineral sands is first separated (by gravity and magnetics) and the ilmenite concentrates are then beneficiated by a combination of reduction roast and leach to produce synthetic rutile. This in turn becomes feedstock to the TiO2 pigment or Ti sponge metal producers, both of which use strong oxidants (Cl gas or sulphuric acid) and high temperatures to transform the feedstock into pigments or TiCl4.
The whole process of recovering titanium from ilmenite; concentrating, beneficiation and then transforming it into a high-purity product is inefficient (generally low recoveries), expensive (high energy consumption and expensive consumables) and environmentally unfriendly (substantial Fe residues to dispose of from the breakdown of the ilmenite). The unique ore characteristics of Pitfield provide an opportunity to design a new processing route that is more efficient, lower cost and has greater optionality over the products it can produce than that currently experienced by the ilmenite processors, who account for 95% of the titanium supply chain.
Metallurgical Samples
Samples being used for the testwork programme have been collected from drilling programmes conducted across the deposit. These include drill core samples from diamond drilling, and bulk samples from air core drilling programmes. Samples have been collected from both exploration targets - Cosgrove ('COS') and Thomas ('TOM'). Separate Saprolite ('SAP') and Weathered Sandstone ('WS') zones have been identified. Some of the testwork samples are a blend of the two zones and some have been kept separate to understand the performance of the weathering profile.
Mineralogy
A number of mineralogy techniques are being used to develop the understanding of the Pitfield mineralogy and morphology. SEM based TIMA analysis has been undertaken at Automated Mineralogy Incubator (AMI) on exploration samples, testwork feed samples and testwork products.
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Figure 2. Mineralogist at AMI discussing Pitfield TIMA analysis results with Empire Metallurgist
Key information collected from TIMA analysis on testwork feed samples and exploration samples includes the titanium and gangue minerals present, the grain sizes, and the mineral association.
Testwork product samples have also been analysed using TIMA to understand the deportment of the different titanium minerals and effectiveness of each of the processing steps. More than 100 samples have been analysed using TIMA, including geology samples, testwork feed samples and testwork products.
XRD analysis has also been used on a range of samples. This has been used to help with mineral identification that SEM cannot determine - such as the crystal structure of titanium oxide minerals, identifying them as either anatase or rutile.
Microprobe analysis, at CSIRO in Melbourne, has been used on a small number of samples: to measure impurities in titanium minerals in particular.
Testwork - Flowsheet Development
Some early testwork programmes were undertaken using fresh mineralisation from Pitfield, however once an understanding of the mineralogy and volume of the weathered zone was developed, the focus shifted to this material.
Comminution and Mineral Separation
Several comminution tests have been completed on drillcore samples to investigate potential for low energy input comminution such as scrubbers and log washers. The optimal regrind liberation size range and the energy input required, which appears to be very low, continues to be investigated.
A wide range of unit processes are being investigated for mineral separation utilising whole-of-ore samples as well as separated coarse and fine fraction samples.
Testwork on the coarse fraction has focused on gravity and enhanced gravity separation, testing shaking tables, spirals, and a Multi Gravity Separator (MGS). The shaking table tests and MGS tests were completed at batch scale (~5-20kg), whilst the spiral tests were undertaken on a much larger, bulk scale (~300-600kg).
Testwork on the fine fraction looked at enhanced gravity (MGS) and froth flotation. A range of flotation reagents and conditions are being tested. Relevant examples exist in the non-sulphide flotation industry, including anatase flotation from kaolin clay minerals in the kaolinite industry.
Whole-of-ore testwork is in the planning stages for comparison against gravity separation performance. This testwork will focus on grinding, flotation and then further treatment of the flotation concentrate assessing a number of different separation processes.
Key results to date include:
· Fine fraction "rougher" flotation on a TOM SAP sample has achieved 67- 77% TiO2 recovery and up to 19% TiO2 concentrate grade. Similar recovery performance was achieved on a COS WS sample fines fraction with a "rougher" flotation recovery of 68%.
· Cleaner tests on rougher concentrate from the TOM SAP rougher flotation test achieved a 90% stage recovery at 32%TiO2 concentrate grade. This equates to an overall float recovery of circa 70%.
· Bulk scrubber testwork on TOM SAP sample resulted in 51% of the mass and 72% of the contained TiO2 to the fines fraction, using a hydro cyclone. Similar results were seen on a smaller scale scrubber test using drillcore material, with 53% of the mass and 66% of the TiO2 reporting to the fines fraction, using a 38µm screen.
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Figure3. (L-R): Bulk Scrubber test in progress at AML, Batch slimes fraction rougher flotation test at ALS.
Elemental Extraction and Product Finishing
A wide range of concepts are being explored for extraction of titanium from the mineral concentrate. These range from conventional processes, already applied in the titanium industry or other comparable industries, to more novel processes that have been developed through laboratory research and pilot scale testing.
A base case of sulphuric acid bake water leach, followed by titanium hydrolysis and calcination has been tested by Empire. This is based on the conventional sulphate route for TiO2 pigment production, which is usually applied to ilmenite concentrates. A range of other lixiviants and decomposition and leach conditions have been identified and are planned to be tested as part of the ongoing development programme.
Product finishing testwork aims to take titanium from the leach solutions and produce a final product. It is closely tied to the elemental extraction, so in some cases is being tested as part of that testwork programme. There is a range of product options: separate research testwork is being undertaken to develop and understanding of the various TiO2 pigments and Ti chemicals that Pitfield can produce and the markets in which these products are required.
Around 15 leach tests have been completed to date, including five product finishing tests. A number of product process options are as yet untested: further testwork is budgeted and is currently in the planning stage.
Elemental extraction results achieved to date include:
- Acid bake water leach tests on rougher flotation concentrate have achieved 98% TiO2 extraction to the liquor phase.
- Titanium hydrolysis and calcination has been successfully applied to the leach liquor after iron conversion, producing a low-impurity TiO2 product containing 99.25% TiO2.
- Recovery in the hydrolysis stage requires further testwork as the conditions applied in the tests and has not yet been optimised. Hydrolysis is a standard process used in sulphate pigment industry, and high recoveries (greater than 95%) are achieved on a commercial scale.
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Figure 4. Elemental Extraction testwork (L-R): Acid-Concentrate mixing pre-acid bake, Acid bake product, initial stages of water leach, water leach residue and filtrate.
Product Potential
A fast-tracked separate work programme was undertaken to determine whether an impurity-free high grade product could be made from samples taken at Pitfield. The sample was processed through scrubbing, gravity separation, flotation, acid bake/water leach, impurity removal, titanium hydrolysis and calcination. The flowsheet used and conditions selected were based on industrial examples and literature. This work achieved a product grade of 99.25% TiO2: impurity levels, particularly colorformers which impact negatively on pigment quality, were below detection limits or very low. (Announcement "Exceptional High-Purity TiO2 Product Achievement" 9 June 2025).
Further work is ongoing to understand the TiO2 pigment market, optimise the test conditions and also understand the alternative product options, such as TiCl4 (the feedstock for making titanium sponge metal) or other titanium chemicals.
Figure5. Purification and Product finishing testwork (L-R): titanyl sulphate solution from leaching stage, hydrated TiO2 produced from hydrolysis, and the calcined TiO 2 product
Future metallurgical testwork
Empire has committed significant resources to enable the process flowsheet development programme to continue to proceed at pace. This includes not only the allocation of several full time Empire technical staff but also the use of various industry specialists who support the Empire team in managing the necessary metallurgical testwork and research programmes.
Over the coming months the Company will focus on optimising the mineral separation stages to further improve the flotation and gravity concentrate grades and recovery. Bulk metallurgical testwork has commenced, utilising large scale scrubbing, gravity and flotation test equipment at local mineral processing laboratories. This testwork will produce significant quantities of titanium mineral concentrates: allowing the testing of multiple downstream beneficiation options aimed at defining the optimal hydrometallurgical processing route.
Finished product optimisation, through research and laboratory testwork, is continuing and is aimed at further refining the +99% titanium product already achieved to date, looking at alternative titanium products for marketing purposes.
The next steps for the mineral separation flowsheet development will be further optimisation of the chemistry and conditions, larger scale batch testwork and then continuous piloting can be undertaken at a laboratory scale. Testwork to date has shown the Pitfield weathered ores amenability to conventional mineral separation, beneficiation and refining techniques, and this avoids the need to build a bespoke, demonstration plant. A simpler and lower cost continuous pilot plant operation can be established, utilising local, internationally accredited commercial metallurgical laboratories.
The Company aims to complete the bench and large scale batch metallurgical testwork phase by Q1 2026, which is when it expects to move toward continuous piloting of the process in order to provide the critical technical information for the development of a commercial process flowsheet and to enable the supply of bulk product samples to prospective end users.
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 a Tier 1 mining jurisdiction, with 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 3).
Figure 3. 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 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 / Erik Woolgar | 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
Corazon Mining
Investor Insight
Corazon Mining Ltd presents a compelling investment case driven by a strategic pivot to WA gold exploration, capitalising on its recent acquisition of the Two Pools gold project. This acquisition offers significant near-term exploration upside, while the company retains a high-quality portfolio of base and battery metals projects, providing long-term optionality and leverage to the evolving critical minerals market. This strategy positions Corazon to deliver shareholder value through potential high-impact discovery and future project development.
Overview
Corazon Mining Ltd (ASX:CZN) is an Australian junior exploration company focused on high-quality gold and critical minerals projects in Australia and Canada.
Company Highlights
- Two Pools Gold Project: The company’s primary focus is the newly acquired Two Pools Gold Project in Western Australia’s highly productive Plutonic Greenstone Belt. This underexplored tenure contains a recently identified 20km-long greenstone belt that was previously misclassified as granite.
- Confirmed High-Grade Mineralisation: Historical drilling at Two Pools has delivered standout intercepts, including 12m @ 8.89 g/t Au (incl. 3m @ 34.25 g/t Au) and 18m @ 3.89 g/t Au (incl. 4m @ 15.96 g/t Au).
- Trident-style Analogy: Drilling has confirmed mineralisation extends beneath overthrust granite, a key geological setting similar to Catalyst Metals’ nearby Trident Deposit, highlighting the potential for significant blind discoveries.
- Strategic Location: Two Pools is located just 60km from Catalyst Metals’ Plutonic Processing Plant, offering strong future development synergies
- Strategic Battery and Base Metals Portfolio: Corazon retains ownership of key projects in Canada and Australia including the MacBride Copper-Zinc-Gold Project and the historic Lynn Nickel-Copper-Cobalt sulphide camp in Manitoba, and the Mt Gilmore Copper-Cobalt-Gold project in NSW. These assets provide long-term exposure to critical metals.
- Compelling Value Proposition: Corazon offers a unique investment opportunity with a small market capitalisation but large, high-quality assets.
Key Projects
Two Pools Gold Project (Western Australia)
Project Highlights:
- A new, highly-prospective gold exploration project in the proven Plutonic-Marymia Greenstone Belt.
- The project covers 193km2 of underexplored tenure containing a newly identified 20km-long greenstone belt
- Historical Drilling and surface sampling have confirmed high-grade gold mineralisation, with a compelling geological setting analogous to other major deposits in the region.
Lynn Lake Base & Precious Metals (Manitoba, Canada)
Project Highlights:
- High-quality base and precious metals asset, offering strategic, long-term value.
- MacBride Copper-Zinc-Gold Project: High-grade, near-surface mineralisation and significant exploration upside for VMS-style deposits.
- Lynn Lake Nickel-Copper-Cobalt Project: Strategic long-term asset with a significant JORC resource -total contained metal of 116,800t Ni, 54,300t Cu, 5,300t Co. The project is fully permitted and benefits from established infrastructure. Refer ASX Announcement 27 Nov 2019.
Other Projects
- Mt Gilmore Copper-Cobalt-Gold (NSW, Australia): An emerging porphyry play with potential for a significant potential copper-gold system.
Management Team
Simon Coyle – Managing Director
Simon Coyle is a mining executive with over 20 years’ experience in the resources sector, spanning across gold, iron ore, manganese and lithium. He is a graduate of the Western Australian School of Mines and has held a number of senior operational leadership roles across both private and publicly listed companies.
Most recently, Coyle served as CEO and president of TSXV-listed Velox Energy Materials. Prior to this, he held senior roles at Pilbara Minerals, including general manager - operations, where he was instrumental in the development and expansion of its flagship lithium project, establishing it as one of the world's leading spodumene concentrate producers. Coyle currently serves as non-executive director of Kali Metals.
Kristie Young – Non-executive Chair
Kristie Young is a professional Board Director who began her career as a mining engineer in the mid 90’s across both underground and open cut operations (incl. Hamersley Iron, Mt Isa Mines, Plutonic Gold, New Hampton Goldfields, Surpac), feasibility studies and project evaluation. She holds a BEng(Mining) Hons from the University of Queensland.
Over 25 years’ industry experience, including business development director roles with both EY and PwC. She brings more than 15 years’ experience on boards and committees and currently serves as a non-executive director of Brazilian Rare Earths (ASX:BRE), Livium (ASX:LIT), Tasmea Ltd (ASX:TEA), and MinEx CRC.
She is a Fellow of the AusIMM and a graduate and Fellow of the AICD.
Scott Williamson – Non-executive Director
Scott Williamson is a highly experienced mining engineer with an Engineering and Commerce degree from the West Australian School of Mines and Curtin University. With more than 20 years of experience spanning technical and corporate roles in the mining and finance sectors, he brings a wealth of industry expertise and strategic insight. A proven leader in business development, Scott has extensive experience in equity capital markets, complementing his strong technical skill set.
Currently, he serves as managing director of Blackstone Minerals and non-executive Director of Leeuwin Metals.
Scott also holds a WA First Class Mine Manager's Certificate and is a member of the Australasian Institute of Mining and Metallurgy.
Robert Orr – Company Secretary and Chief Financial Officer
Robert Orr manages Corazon's financial operations and corporate governance, ensuring compliance and effective financial management.
Trump's Copper Tariffs: Market Impact and How to Invest
In the copper sector, tariff turmoil has created price volatility and left investors wondering how to position.
Trump's copper tariffs cause price turmoil
On February 25, not long after taking office for the second time, Trump initiated an investigation into copper's national security implications under Section 232 of the Trade Expansion Act of 1962.
Further details came months later, when the president provided an update on on July 8.
“I believe the tariff on copper, we're going to make 50 percent,” Trump said during a White House cabinet meeting.
His comments came without an official announcement, although Secretary of Commerce Howard Lutnick said the tariff could take effect by late July or early August. This lack of clarity caused copper prices on the Comex to surge as traders worked to bring the metal into the US ahead of potential levies.
Copper price, January 1, 2025, to August 25, 2025.
Chart via Comex Live.
Ultimately, the Trump administration said on July 30 that copper tariffs would only be applied to unrefined copper, semi-finished and copper-intensive derivatives like pipe fittings, cables, connectors and electrical components.
Refined copper will be phased in at 15 percent in 2027 and 30 percent in 2028.
The move essentially pulled the rug out from prices and caused Comex copper to plummet nearly 25 percent.
Will copper tariffs boost US production?
Copper is increasingly being viewed as a critical mineral, and there are clear reasons why the US would want to increase production of the metal. But what do Trump's tariffs really mean for supply?
Taking a look at how US steel and aluminum tariffs played out in 2018, during Trump's first presidency, could provide insight. A March article published by Reuters analyzes the overall impact of those tariffs.
Prices started to rise in the lead up to the expected tariff deadline, similar to what happened with copper this time around, as importers began stockpiling products ahead of fee implementation. Steel prices rose 5 percent within a month of the tariffs being applied, while aluminum prices rose 10 percent. While they began to fall after just a few months, there was still a significant gap between prices for these products in the US and the rest of the world.
There were also more pronounced fluctuations between US and world prices as COVID-19 pandemic supply chain disruptions further impacted the steel and aluminum sectors.
While the steel and aluminum tariffs did stimulate domestic production of these materials, they ultimately weren't enough to overcome the price differential, as increased US output also faced headwinds.
The US is facing these same challenges with copper production. According to the US Geological Survey, in 2024 the US produced 1.1 million metric tons of unrefined copper and 850,000 metric tons of refined products. The US also exported 320,000 metric tons of concentrates and 60,000 metric tons of refined copper.
However, US demand requires 1.8 million metric tons of refined product annually, more than double US capacity — that's a key reason why refined products were exempted from tariffs.
In an email to the Investing News Network, Lauren Saidel-Baker, CFA, and economist with ITR Economics, spoke about the challenges that copper tariffs could pose to the US economy:
“The US does not have the capacity to produce all the copper that we consume. While there have been investments in new mining capacity, these facilities will take years to come online, leaving US businesses reliant on copper imports for at least the near term."
Although copper is classified as a critical mineral in the US, expanding existing operations will take years, and the time from discovery to opening a new mine could still take more than a decade.
One project nearing completion is Taseko Mines' (TSX:TKO,NYSEAMERICAN:TGB) Florence property in Arizona. The company acquired the asset in 2014, but a March 2023 technical report shows exploration dates back to the 1970s. After environmental assessments, permitting and the building of a test facility between 2017 and 2020, Taseko started full-scale construction of the mine in 2024, with the expectation that operations will begin in late 2025.
Likewise, new smelting operations will not come online until after the first phase of tariffs on refined copper are added in 2027. The newest smelter in the US is Aurubis' (OTC Pink:AIAGF) Richmond facility in Augustus, Georgia. The facility was designed to domesticate some of the more than 900,000 metric tons of scrap copper exported from the US to smelting facilities overseas each year. Construction took four years and US$800 million.
Once operational, the plant will produce 70,000 metric tons of refined copper annually, which is less than 10 percent of annual copper imports to the US.
Copper tariffs could weigh on other industries
Time isn't the only factor hindering the expansion of US copper production.
Mining is an energy-intensive business, and as demand for electricity grows, copper smelters may have to compete with other entities, similar to what happened in the steel and aluminum sector in 2019.
An April McKinsey report suggests that US power demand will grow at a CAGR of 3.5 percent, increasing from around 4,000 terawatt hours (TWh) in 2025 to about 5,000 TWh in 2030 and 7,000 TWh by 2040.
The report states that this increased demand could lead to bottlenecks as providers are faced with supply chain issues and shortages of dispatchable power as new projects face delays due to labor shortages and multi-year lead times for necessary equipment. It also notes that retail electricity bills have increased 6 percent per year since 2020.
The alternative for the copper sector would be to incur further capital costs by investing in off-grid capacity — this might also be affected by tariffs, as has been seen with photovoltaic imports.
The Reuters report evaluating steel and aluminum tariffs notes that the fees were ultimately lifted in 2019 due to the high cost of electricity and limited demand. The downstream effects meant that the manufacturing, construction and transportation industries faced higher costs, reducing growth in those sectors.
Likewise, a small uptick of about 8,000 jobs in the steel and aluminum sectors was outweighed by losses in other industries as companies sought to offset higher costs through efficiency gains.
One study concluded that the tariffs resulted in the loss of 75,000 manufacturing jobs.
Although the bulk of copper tariffs will be phased in starting in 2027 and 2028, that may not provide enough lead time to build new operations and ensure they have the inputs they need to carry out business.
If applied incorrectly, tariffs could have significant consequences for industries that rely on the red metal, including tech and construction, while also impacting overall economic growth.
“Tariffs will increase the cost to US importers and consumers of copper and related products, and will put downside pressure on potential growth,” Saidel-Baker said.
What should investors know about copper tariffs?
For investors interested in copper, the long-term picture is key.
Although Trump's scaled-back tariff announcement caused a price pullback, demand for copper is expected to significantly outweigh supply in the coming years, with experts calling for consumption from the tech industry and energy transition to add to growing requirements from urbanization in the Global South.
Whether tariffs will provide a competitive advantage for copper companies already producing and serving the US market remains to be seen, but some market watchers see potential for that to happen.
For example, Morgan Stanley (NYSE:MS) upgraded its price target for Freeport-McMoRan (NYSE:FCX) to US$48 on August 11. In its reasoning, Morgan Stanley said that the market is not currently appreciating the benefits Freeport will gain from the tariffs, also noting that it will be able to raise pricing for 2026 copper rod contracts, a semi-finished product, which accounts for the majority of the company’s North American sales volume.
Robert Friedland, founder and co-chair of Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF), has come out in support of the tariffs, suggesting that they will help to rebuild the US copper industry. His reasoning is based on the national security issues inherent to having a single country dominate nearly 50 percent of the market of such a critical mineral.
Tariffs apply a new layer of uncertainty to an already challenging copper supply scenario. If tariffs are phased in gradually and industry is given the proper amount of time and investment, it could lead to a resurgence in US copper production and be a boon for those projects already in development; if not, then it could be a replay of 2018.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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