Interra Copper (CSE:IMCX, OTCQB:IMIMF, FRA:3MX) explores prolific assets in Chile and Canada, both Tier-1 jurisdictions with mining-friendly regulations, existing infrastructure and skilled local workforces.
After merging with Alto Verde Copper Inc., Interra Copper now focuses on three Chilean copper assets: Tres Marias, Pitbull and Zenaida. The project's proximity to world-class copper mines is a strong indication of what's possible with the new projects.
The company’s new flagship asset is the Chilean Tres Marias copper project. This mid-stage project covers 16,250 hectares and is 25 kilometers north of BHP’s Spence Mine. Historical exploration of the asset demonstrates high-grade copper deposits, with drill results returning up to 4.5 percent copper at 4 meters. The other two Chilean assets - Pitbull and Zenaida - are near-term exploration stage assets.
Interra’s properties in British Columbia, Canada, demonstrate significant potential to increase shareholder value as they are explored. The Thane project contains six areas with significant copper mineralization, some with high-grade silver and gold. The Chuck Creek asset also has historical silt sample concentrations up to a significant 58,600 parts per billion (ppb) gold.
This Interra Copper profile is part of a paid investor education campaign.*
Interra Copper (CSE:IMCX,OTCQB:IMIMF,FRA:3MX) is an exploration and development company with prolific assets in Canada and Chile, both tier-1 jurisdictions.
Interra’s two exploration properties in British Columbia, Canada - Thane and Chuck Creek - demonstrate significant potential to increase shareholder value as they are explored. The 20,658-hectare Thane project is located in the Quesnel Terrane of Northern BC and contains six high-priority target areas with significant copper and precious metal mineralization, including high-grade silver and gold. The approximately 3,356-hectare Chuck Creek asset also has historical silt sample concentrations up to a significant 58,600 parts per billion (ppb) gold.
In September 2023, Interra entered into a non-binding letter of intent for a potential 80-percent earn-in and joint venture agreement with ArcWest Exploration for its Rip Copper-Molybdenum Project in Central BC. The 2,309-hectare Rip project is located in Stikine Terrane in a prolific belt of Late Cretaceous (Bulkley Plutonic Suite) porphyry copper-molybdenum deposits, which includes Imperial Metals’ Huckleberry Mine, 33 kilometers to the southwest and presently on care and maintenance. The Bulkley porphyry belt also includes the Whiting Creek, Poplar, Seel and Ox Cu-Mo (gold-silver) deposits.
The company’s three copper assets in Chile are all within a prolific Chilean copper belt: Tres Marias and Zenaida in the Antofagasta Region, and Pitbull in Tarapaca Region. With a significant land package spanning 16,250 hectares, Interra’s Chilean projects are in the company of some of the world’s largest mines owned by global mining firms, including Glencore, Anglo American, Teck Resources and BHP. As the top global producer of copper responsible for 28 percent of the world’s supply, Chile’s mining-friendly policies and established infrastructure provide confidence in the potential development of Interra’s Chilean copper assets.
Interra Copper completed Phase 1 of the drilling program at Tres Marias, which began on May 24, 2023, with six RC holes totalling 1,896 meters drilled. Samples were sent to ALS Global in Santiago for analysis.
An expert leadership team leads Interra toward fully exploring its assets and increasing shareholder value.
The leadership team is backed by an advisory board of notable mining industry experts that include Mike Ciricillo who has served as president of Freeport McMoRan Africa and as head of worldwide copper assets for Glencore (LON:GLEN); Rich Leveille whose last corporate position was senior vice president of exploration for Freeport-McMoRan, Dave Garofalo who has led the biggest mining names Goldcorp, Hudbay Minerals, Agnico-Eagle Mines and Inmet Mining in different capacities; and Dr. Mark Cruise who founded and led Trevali Mining from an initial discovery phase into a top-ten global zinc producer. It is also important to note that director Rick Gittleman has held notable positions at Glencore SA and Freeport-McMoRan Africa.Get access to more exclusive Copper Investing Stock profiles here
Exploring Prolific Assets in Established Copper Belts in Canada and Chile
Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide details of the first phase of the planned 2024 exploration program at the Thane Copper-Gold Project (the "Project" or "Thane") in North Central British Columbia.
THANE PROJECT HIGHLIGHTS
Visit Interra's current presentation for further detail information about Thane Project: https://interracoppercorp.com/site/assets/presentation
CURRENT WORK - HIGH-RESOULTION MULTISPECTRAL ANALYSIS:
In Q2 Interra purchased high resolution satellite imagery and topographic data and acquired additional multispectral imagery data to support planned target development. ALS GoldSpot have been retained to provide advanced processing and mineral mapping of the altered and mineralized zones using proprietary clustering algorithms to support geological observations. This work is expected to dramatically increase the efficiency and success rate of the 2024 field work.
THANE 2024 FIELD PROGRAM:
The 2024 exploration program is expected to be completed in two phases, an initial field level mineral system review completed by senior porphyry specialists in early July followed by a focussed alteration and mineralization mapping and sampling program in August.
Figure 1 - Six Copper-Gold mineralized centres (Red) across interpreted alteration footprint (Orange)
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https://images.newsfilecorp.com/files/7923/207750_66281d8b74aebbb8_002full.jpg
The 2024 field program will advance the six main target areas identified to date, visit additional peripheral target zones, determine the distribution of prospective host rocks, identify and define the alteration footprints and paragenesis, characterize the known mineralization in the context of current global alkalic porphyry research and district understanding, and design any additional geophysical and geochemical surveys required in advance of drilling. The expected outcome of the programs is to provide compelling, optimized targets for future discovery drilling at Thane.
Technical information contained within this news release has been reviewed and approved by Phil Smerchanski, M.Econ.Geol., P.Geo., an advisor to the Company and a qualified person as defined by National Instrument 43-101 policy.
About Interra Copper Corp.
Interra Copper Corp. is an exploration and development company focused on creating shareholder value through the advancement of its current interests that include the Thane Copper-Gold Project in north-central British Columbia, and the Rip Copper-Molybdenum Project in north-west British Columbia. Utilizing its heavily experienced leadership team, Interra Copper continues to source and evaluate assets and projects to further generate shareholder value.
The Thane property covers approximately 206 km2 and is located within the prolific Quesnel Copper-Gold porphyry Terrane of north-central British Columbia, midway between the previously operated open pit Kemess Mine and the currently operating Mount Milligan mine. The Thane Project includes several highly prospective mineralized areas identified to date, including the Cathedral, Gail/Cirque, Aten, CJL, Mat and Lake targets that contain high-grade copper-gold mineralization which has only been partially tested by limited exploration. Interra Copper Corp. would like to acknowledge that its Thane Project is located in the traditional territories of Takla Nation and Tsay Keh Dene Nation.
The Rip Project is under option for up to an 80% earn in by Interra Copper, over a multi-year period. The property is 47 km2 in area and located in the prolific Stikine Terrane, in a Late Cretaceous host that contains significant Cu-Mo Porphyry deposits. Historical Induced Polarization (IP) geophysics has outlined a zone of high chargeability, coincident with the strong quartz sericite-pyrite alteration interpreted to suggest the potential of a mineralized porphyry alteration system at depth.
Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to provide detail of the first phase exploration program at the Rip Copper Project (the "Project" or "Rip") in the Stikine region of British Columbia. The Rip Project is situated approximately 33 km northeast of Imperial Metals' past producing Huckleberry copper-molybdenum ("Cu-Mo") mine (see Figure 1), which is presently on care and maintenance. Imperial Metals Corporation is exploring Huckleberry and its surrounding claims for additional Cu-Mo resources.
In late 2023, the Company first announced its option agreement with ArcWest Exploration Inc. ("ArcWest") to acquire an 80% interest in ArcWest's Rip Cu-Mo project. Interra can earn the first tier of its interest in the project by completing staged exploration work totalling C$2.0 million and direct payment of C$100,000 and annual share payments over 4 years until end of 2027. Interra is currently funded for, and anticipates, it will meet and likely exceed its 2024 and 2025 obligations for the earn-in of C$300,000 and C$500,000 in expenditures respectively with the budget outlined in this 2 stage program. The initial program is staged into 2 work phases: 1) A geophysical program to define drill targets, commencing in late April and; 2) A diamond drilling program tentatively scheduled for Q3/Q4 of 2024.
The stage 1 exploration program consists of an airborne magnetic survey flown by Precision Geosurveys followed by a 3D-IP survey to be completed by DIAS Geophysical The 3D-IP survey is designed to further delineate and potentially expand upon a historical chargeability anomaly identified on the project by Kennco in the late 1970s, as shown in Figure 2.
Shallow percussion drilling of this chargeability anomaly by Kennco intersected porphyry copper style alteration and anomalous Cu-Mo mineralization over a broad area. A lone diamond drill hole intersected anomalous Cu (0.07%) and Mo (0.005%) over 74m in strongly quartz-sericite-pyrite ("QSP") altered volcanic rocks cut by late feldspar porphyry and mineralized quartz diorite dykes; the bottom 64m consists of intrusive clast-rich polymictic breccia cut by abundant pyrite, gypsum and quartz veins with local secondary biotite. QSP, intermediate argillic ("IA") and propylitic alteration predominate in the holes, suggesting that the Kennco holes only tested the upper levels of a shallowly eroded porphyry Cu-Mo system.
Figure 1 - Rip Regional Google Earth Map Image of Satellite Photo
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_002full.jpg
Potential therefore exists at Rip for the discovery an underlying Cu-Mo mineralized potassic core. The upcoming geophysical program has a much greater survey area than that of the historical surveys, and as such, will play a key role in evaluating the depth potential of the Rip porphyry Cu-Mo system. The airborne magnetic survey is estimated to commence in late April, with the 3D-IP survey estimated to commence in May/June. Details of this survey are as shown in Figure 3.
Interra looks forward to the results of our programs in conjunction with our partners, ArcWest, and the recently rejuvenated copper and precious metals markets. Updates are anticipated to be every couple of months throughout the exploration season.
Figure 2 - Rip chargeability high from historical survey and alteration from percussion drill holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/206939_interrafig2.jpg
Figure 3 - Transmitter and receiver stations for the 2024 3D-IP survey (Dias Geophysical). A chargeability anomaly delineated by a historical IP survey is in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7923/206939_2cc7675014a13a07_004full.jpg
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its two early-stage copper exploration assets located in British Columbia, Canada.
The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
"Rick Gittleman"
President, CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-Looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Private Placement, the receipt of all necessary regulatory and other approvals, the use of proceeds from the Private Placement, and the revolving credit facility, including the terms thereof, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and revolving credit facility and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/206939
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Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FSE: 3MX) ("Interra" or the "Company") is pleased to issue the following letter from its Chairman, President & Chief Executive Officer, Rick Gittleman, updating shareholders on the Company's plans for unlocking value from its assets while executing on a prudent yet strategic work plan in 2024.
To our fellow shareholders of Interra Copper Corp.,
I'm writing to you today with great enthusiasm for a busy and productive 2024. Over the year, Interra's leadership will be focused on maximizing shareholder value through exploration on multiple projects and initiatives. The team has spent time prioritizing and re-evaluating the Company's projects - re-interpreting data to identify the best targets and regions within those projects. The overall goal was to determine optimal exploration programs and to also eliminate non-productive assets and costs that are generating no real value for the Company.
We ended 2023 on a positive note - closing on a multi-round non-brokered flow-through private placement financing raising C$1.14 million in December 2023 and positioning the Company for near term exploration work in British Columbia. We are especially excited to put this money to work and commence exploration at the Rip Copper-Molybdenum Project, the newest addition to our exploration assets. In December 2023, in connection with the Rip Project, we acquired an option for up to an 80% earn-in and joint venture agreement with ArcWest Exploration Inc. Rip's geological attributes make a compelling case for prioritized exploration. The fully permitted exploration project is located in central British Columbia (BC), an established mining region on Canada's west coast, and situated in a prolific belt of Late Cretaceous intrusions (Bulkley Plutonic Suite), host to numerous past producing mines and well-known Copper and Molybdenum deposits, such as Huckelberry, Endako, Granisle and Granduc.
Together with our partner, ArcWest, we have begun to develop a significant exploration plan for the Rip Project. New work, completed in late 2023, included a modest till cover geochemical sampling program. Follow-up work to aid with drill target definition will include a drone supported high resolution magnetic survey in addition to a 3D Induced Polarization survey this summer. The Rip technical committee is also currently in the process of finalizing options and costs for a modest drill program based on an assumption of success with the early exploration. Interra has flow-through qualified CEE "Canadian Exploration Expenses" funds available to support both of our BC projects, with funds not going to Rip in 2024 to be dedicated to our other exciting BC porphyry project, the Thane Project.
Our 100% owned Thane Project is a district scale copper-gold project covering a 20,658-hectare concession within the Quesnel Terrane in Northern British Columbia. The Quesnel Terrane is a prolific porphyry belt with significant copper, gold, silver, molybdenum mineralization. Thane sits amongst existing mines and other known significant deposits, such as Centerra Gold's Mt. Milligan Mine and Kemess North Deposits, North-west Copper's Kwanika and Stardust and Pacific Ridge's Kliyul Deposits and the Company classifies it as underexplored. Six mineralized copper-gold target areas have been identified to date and in late 2023 Interra engaged in an independent review to re-assess past work and re-interpret the project data with a view to an integrated life of project dataset and a new strategy for discovery. Our consultant has extensive and relevant experience with Northern Cordillera copper-gold systems both as a senior exploration specialist with major mining companies and with specific direct experience in the district surrounding Thane Project as a technical adviser on the same style of deposits Thane has the potential to host.
Based upon the results of the review, we are anticipating work contemplated for 2024 will include both ortho-imagery and high-resolution topographical surveys to support field reviews and targeted rock geochemistry to help vector towards mineral centres. This work will be focused on maximizing the use of previously invested data and ensuring a well thought out systematic discovery program can be developed for the next phase of work. This next stage of work is expected to include detailed magnetic geophysical surveys and focused geological mapping of the mineralization and alteration of specific copper-gold target zones to prepare for discovery drilling.
Given the large size of the property and multiple mineral centres identified to date, Interra has also begun a search for a senior company partner in order to accelerate these plans and provide support to a longer-term discovery strategy to maximize the value of the asset. Exploration plan details for 2024 will be shared with the market in the coming weeks.
While Thane is fully permitted for all planned work in 2024, ahead of this work, we have continued previous discussions with local First Nations representatives to ensure open and transparent communication with the Nations and local communities and to allow for integration of traditional territories. Interra is committed to responsible exploration in the regions in which we operate and we look forward to working closely with local First Nations and partners as we further advance our assets in this region.
Chile has proven to be of decreasing attractiveness especially over the past twelve to eighteen months, culminating with what amounts to a burdensome "tax" on exploration ventures and capital. Management does not see this policy improving anytime soon. Our drilling program at Tres Marias yielded no positive results. Pitbull and Zenaida are greenfield projects in very early stages of exploration which technically rank lower than our BC exploration portfolio. Unfortunately, the government of Chile this year increased significantly the annual claim fees that need to be paid to maintain the concessions; claim fees that amount to unacceptable overhead costs to the Company and that represent a drastic increase from previous years. Accordingly, based upon the results at Tres Marias, the Interra board of directors (Board) has consented to divesting these projects for nominal compensation or to return the claims to the government. Nonetheless, we are very excited about both Rip and Thane. We need to use our resources prudently. Accordingly, these projects will be pursued with much greater focus and resources. We believe that our funds can and must be better spent in jurisdictions like BC, Canada.
Interra anticipates 2024 will be a pivotal year for the Company, both in terms of improving market conditions, and with new discovery focused programs initiating at two projects in British Columbia. With the backdrop of strong metals prices, particularly copper and gold, we look forward to unlocking the potential of our highly prospective exploration assets located in a great jurisdiction. Additionally, consistent with our corporate strategy, the Company continues its search for brownfield and resource-level copper development project opportunities with the potential for high impact. We continue to seek out special opportunities that will prove valuable to the Company and our shareholders.
Finally, and on a personal note, it has been a great pleasure working with my colleagues on the Interra Board and with the Interra management team. I have also been extremely impressed by our shareholders who stand by and support the Company. The support I have received is meaningful to me personally. Originally it was not my intent to take on the role of the Chief Executive Officer on a permanent basis as recently announced, however, the past six months have convinced me that the Interra team and vision is the right one and that the shareholders of Interra need a CEO fully committed to the Company's success. Moreover, I have, along with other Board members, increased our shareholdings in Interra and financially invested in the Company through participating in the recent and current private placements.
Thank you again to you, the shareholders, for your ongoing support coming out of what has been a very tough market. Interra has a very skilled and dedicated leadership team with a long track record of success. We remain committed to creating value through our focused copper-gold discovery programs.
Sincerely,
Rick Gittleman
Chairman of the Board, President & Chief Executive Officer
Interra Copper Corp.
About Interra Copper Corp.
Interra Copper Corp. is focused on building shareholder value through the exploration and development of its portfolio of early-stage exploration copper assets located in British Columbia, Canada and Chile.
The Company's portfolio includes three exploration projects in British Columbia: Thane, Chuck Creek and Rip. The Thane Project located in the Quesnel Terrane of Northern BC spans over 20,658 ha with 6 high-priority targets identified demonstrating significant copper and precious metal mineralization. Chuck Creek is an early-stage exploration project located within the Eagle Bay Assemblage. The Company has an earn-in option up to 80% and joint-venture agreement on the Rip Project located in Stikine Terrane in a prolific belt of Late Cretaceous (bulkley plutonic suite), known for copper-molybdenum deposits. The Company also owns three copper projects located the Central Volcanic Zone, within a prolific Chilean Copper belt: Tres Marias and Zenaida in Antofagasta Region, and Pitbull in Tarapaca Region.
Interra Copper's leadership team is comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Interra Copper is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which we operate. The Company's common shares are principally listed on the Canadian Stock Exchange under the symbol "IMCX". For more information on Interra Copper, please visit our website at www.interracoppercorp.com.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Chairman, President & CEO
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
Forward-Looking Statements: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the Company's plans on the Thane and Rip Projects, and the potential results of exploration work on the projects, as well as the Company's intent and ability to divest its Chile assets. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available on SEDAR+ at www.sedarplus.ca and the Company's website. We seek safe harbor.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that it has entered into a securities for debt settlement agreement dated January 15, 2024 (the "Agreement") with a professional advisor of the Company.
Pursuant to the Agreement, the Company has agreed to settle debt in the amount of $34,723.05 through the issuance of 138,892 units (each, a "Unit") at a deemed price of $0.25 per Unit, whereby each Unit shall be comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant will be convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date shall be subject to acceleration where the volume-weighted average trading price of the Company's common shares on the Canadian Securities Exchange is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is 4 months following their date of issue in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The Agreement and the issuance of the securities thereunder are subject to the approval of the CSE. The securities will be subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the debt settlement transaction and the receipt of all necessary regulatory and other approvals, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain the necessary approvals in connection with the Agreement and the transactions contemplated thereby, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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Interra Copper Corp. (CSE: IMCX) (FSE: 3MX) ("Interra" or the "Company") announces that, further to its news release of December 19, 2023, the Company has distributed an aggregate of 282,148 units (each, a "Unit") at a deemed price of $0.25 per Unit in connection with a securities for debt settlement agreement dated December 18, 2023 (the "Agreement") with a consultant of the Company, pursuant to which the Company has agreed to settle debt in the amount of $70,537.00.
Each Unit is comprised of one (1) common share in the capital of the Company (each a "Share") and one half (1/2) of one (1) Share purchase warrant (each whole, being a "Warrant"). Each Warrant is convertible into an additional Share (a "Warrant Share") at an exercise price of $0.35 per Warrant Share and will expire on the date that is three (3) years following the date of issuance (the "Expiry Date"). The Expiry Date is subject to acceleration where the volume-weighted average trading price of the Company's common shares on the CSE is equal to or greater than $0.45 for a continuous 30-day period at any time after that date which is four (4) months following the date of issuance, in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
The securities issued under the Agreement are subject to a hold period of four months and one day pursuant to CSE policies and applicable securities laws.
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
Interim CEO & Chairman
For further information contact:
Katherine Pryde
Investor Relations
+1 (778) 949-1829
investors@interracoppercorp.com
Forward-Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the use of Proceeds are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
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FOR DISSEMINATION IN THE UNITED STATES
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Highlights:
The Shanghai project sits within the northwest portion of the Yukon's Tombstone Gold Belt, one of North America's most active and gold-endowed mining districts, and home to the famous Klondike goldfield (Figure 1). Recent exploration of the Tombstone Gold Belt by Snowline Gold Corp (Valley project), Sitka Gold Corp (RC Gold project), Banyan Gold Corp (AurMac project) and Sanatana Resources Inc have highlighted the potential for major new gold discoveries and value creation.
Mark Saxon, CEO of T2 Metals Corp., said, "We have worked hard to identify high potential gold projects to augment our existing portfolio, and are very pleased to have secured Shanghai in one of North America's premier gold exploration districts. The project has been held by Shawn Ryan for over 20 years, during which time major gold projects have been discovered on the property boundaries.
New investment by a range of explorers in the Tombstone Gold Belt is progressively revealing significant gold deposits. We are very pleased to join the search, supported by one of the Yukon's most successful explorers in Shawn Ryan."
Project partner, Shawn Ryan, commented, "The geology and geochemistry of the Shanghai project look a lot like that from the surrounding resource-stage gold deposits, and it is a project well overdue for drilling. We are keen to see what T2 Metals will discover and I'm very happy to be advising their technical team."
Figure 1: Regional Location of the Shanghai Project, Yukon Territory, Canada.
See Table 1 for additional information on resource-stage projects and supporting NI43-101 report references.
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The Shanghai claims cover a large area of Hyland Group metasediments immediately above the Robert Service Thrust fault with mapped mid-Cretaceous (~90Ma) Tombstone Plutonic Suite intrusions (Figure 2, 3). This setting is analogous to the AurMac deposit of Banyan Gold Corp, which hosts 112.5 million tonnes at 0.63 g/t Au (for 2.28 million oz of gold) in the Indicated Resource estimate category; and 280.6 million tonnes at 0.60 g/t Au (for 5.50 million ounces of gold) in the Inferred Resource estimate category, only 6 km to the south of Shanghai (resource information for the AurMac deposit is based on a technical report prepared for Banyan Gold Corp titled Technical Report, Aurmac Property, Yukon Territory, Canada by Hantelmann, T. et al., with an effective date of June 28, 2025 and available at www.sedarplus.ca). See Table 1 for additional information.
The presence of the Tombstone Plutonic Suite is similar to the Yukon's most exciting recent discoveries that lie to the east (Snowline) and west (Sitka) of Shanghai.
From 2004, Ryan staked the areas surrounding the historical Shanghai silver-lead-zinc mine north of Mayo, identifying overlapping potential for intrusion-related gold and high-grade silver. As the Hyland Group presents limited outcrop, Ryan applied the techniques utilised during his discovery of the White Gold and Coffee deposits and collected more than 4,000 auger soil samples. This sample data has defined areas of high gold-antimony-bismuth, an association that correlates well to the intrusion-related gold deposits being explored by Banyan Gold Corp, Sitka Gold Corp and Snowline Gold Corp; and areas of high silver-lead which correlates to Keno Hill style mineralization.
Auger soil data covers an area of 23 km2 with gold values ranging from <0.5 ppb to 6.1 ppm averaging 17 ppb; silver values ranging from <0.05 ppm to >100 ppm averaging 0.4 ppm; and lead ranging from 15 ppm to >1% averaging 27 ppm (4435 samples). In addition to auger soil sampling, Ryan completed ground magnetics and induced polarization ("IP") geophysics over much of the Shanghai property. The reader is cautioned that while this information is considered reliable the Qualified Person and the Company have relied on data provided by the Optionor and has been unable to verify the information independently. Additional information as to the history of the Shanghai project can be found in NI43-101 Technical Report titled "Shanghai Project Technical Report, Mayo Mining District, Yukon" dated July 15, 2022 by Doherty, R. A. (P. Geo.) on behalf of Targa Exploration Corp. on www.sedarplus.ca.
Despite the discovery potential of the project, and geological similarity to major deposits, no exploration drilling has been completed at Shanghai. T2 Metals proposes additional surface sampling and local geophysics to better refine and prioritise target areas, followed by drilling during 2026. The Shanghai project holds a valid Class 3 Quartz Mining Land Use permit which enables drilling, road construction and installation of a camp if required. The project lies within 5km of the Eagle Gold Mine road and 6 km from Baynan Gold Corp's AurMac camp.
Figure 2: Geological Map for Shanghai Project, Yukon Territory, Canada.
See Table 1 for additional information on resource-stage projects and supporting NI43-101 report references.
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Figure 3: Cross Section from Shanghai Project to AurMac Deposit Area (see Figure for Section line).
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Option Terms
Subject to receipt of TSX Venture Exchange ("TSXV") approval of the Option Agreement, T2 Metals will have the option to acquire a 100% undivided interest in the Shanghai project, for a total consideration of $500,000 in cash and 3,000,000 common shares of T2 Metals to be paid to the Optionor in incremental amounts over a seven-year period, which may be accelerated at the discretion of T2 Metals. An initial cash payment of $50,000 and an initial payment of 300,000 common shares in T2 Metals will be made following TSXV acceptance of the Transaction. All shares issued under the Option Agreement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
In order to exercise the Option, T2 Metals is also required to incur exploration expenditures on the Shanghai project totalling a minimum of $1,800,000 over six years, including $100,000 by November 15, 2026. Upon commencement of commercial production on the Shanghai project, the Optionor will retain a 2% net smelter return royalty on the property with 1% purchasable by T2 Metals for the cash payment of $1,000,000 to the Optionor.
The claims are located within the traditional territory of the Nacho Nyak Dun First nation, which has settled its land claim, and is a self-governing first nation.
About Shawn Ryan
As part of the Shanghai transaction, Shawn Ryan has agreed to join T2 Metals Advisory Board. Shawn is a well-known prospector and entrepreneur in the Yukon's mineral exploration industry. He is recognized for his innovative and systematic approach to gold exploration, which has been credited with sparking a "second Klondike gold rush". Ryan's career is marked by a methodical approach to sampling, including development of a novel auger soil sampling technique, a method particularly effective in the Yukon where thick soil layers often obscure bedrock.
Shawn Ryan's work led to several significant discoveries including the Golden Saddle and Arc deposits, which became part of the multi-million ounce White Gold Project acquired by Kinross Gold, and the Coffee project, which was sold to Goldcorp (now Newmont Corporation) for $520 million. His contributions to the industry have earned him numerous awards, including the Bill Dennis Award for prospecting from the Prospectors & Developers Association of Canada (PDAC). Shawn's work is seen as a major factor in modernizing exploration in the Yukon and drawing new attention to the territory's mineral potential.
Figure 4: Gold in Auger Soil Geochemistry from Shanghai Project, Yukon Territory, Canada.
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Figure 5: Silver in Auger Soil Geochemistry from Shanghai Project, Yukon Territory, Canada.
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Figure 6: Site Visit to Shanghai Project. Photo looking south to AurMac Deposit.
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About the Historic Shanghai Mine
The Shanghai mine is hosted by the Keno Hill Quartzite immediately below the regionally extensive Robert Service Thrust fault. It lies on the northern limb of the McQuesten Antiform, presenting a mirror image of the Keno Hill camp found on the southern limb of this antiform.
During the 1960's the Shanghai Mine was explored by Silver Titan Mines Ltd with close to 800 m of underground development. Assays reported from underground workings that followed veins included 9.1 m @ 1182.8 g/t Ag, 8.2% Pb and 7.2% Zn (average width of 1.5 m) (Yukon Minfile 105M 028).
About the Tombstone Gold Belt
The Tombstone Gold Belt, a component of the larger Tintina Gold Province, is a highly prospective metallogenic province in the Yukon, with a range of well-known and emerging gold discoveries. The belt is characterized by a suite of mid-Cretaceous, reduced, felsic intrusions known as the Tombstone Plutonic Suite. These intrusive bodies and the surrounding host rocks have created conditions for the formation of numerous Intrusion-Related Gold Systems (IRGS). Exploration efforts have identified multiple mineralized corridors with gold hosted in sheeted quartz veins and disseminated mineralization within both the intrusive bodies and the hornfelsed country rocks.
Gold mineralization in the Tombstone Gold Belt is typically associated with a distinctive multi-element signature that includes bismuth, tellurium, and tungsten, along with arsenic and antimony. Gold-bearing fluids exsolved from cooling intrusions and preferentially deposited gold in brittle, structurally controlled environments. Both high-grade, structurally-controlled vein systems and lower-grade, bulk-tonnage deposits are known. The region hosts numerous significant deposits and is the site of recent discoveries by companies such as Snowline Gold Corp., Banyan Gold Corp. and Sitka Gold Corp.
Table 1: Gold Deposits in the Tombstone Gold Belt with NI43-101 References
| Project | EFFECTIVE DATE | Author | Report For | Tonnes (M) | Au (g/t) | Contained Gold | Status |
| Brewery Creek | 18/01/2022 | Cook. C. et al., 2022. | Sabre Gold Mines Corp | 34.5 | 1.03 | 1.142 M oz | Measured & Indicated |
| 36.0 | 0.88 | 1.018 M oz | Inferred | ||||
| Report Title: Preliminary Economic Assessment. NI 43-101 Technical Report on the Brewery Creek Project Yukon Territory, Canada | |||||||
| Eagle (Dublin Gulch) | 31/12/2022 | Harvey, N., 2022 | Victoria Gold Corp | 233.2 | 0.57 | 4.303 M oz | Measured & Indicated |
| 36.2 | 0.62 | 0.724 M oz | Inferred | ||||
| Report Title: Technical Report. Eagle Gold Mine. Yukon Territory, Canada | |||||||
| Olive (Dublin Gulch) | 31/12/2022 | Harvey, N., 2022 | Victoria Gold Corp | 11.6 | 0.97 | 0.361 M oz | Measured & Indicated |
| 5.5 | 1.17 | 206,479 | Inferred | ||||
| Report Title: Technical Report. Eagle Gold Mine. Yukon Territory, Canada | |||||||
| Raven (Dublin Gulch) | 15/09/2022 | Jutras, M., 2022. | Victoria Gold Corp | 19.9 | 1.67 | 1.071 M oz | Inferred |
| Report Title: Technical Report On The Raven Mineral Deposit, Mayo Mining District Yukon Territory, Canada | |||||||
| Blackjack (RC Gold) | 21/01/2025 | Simpson. R., 2025 | Sitka Gold Corp | 39.9 | 1.01 | 1.298 M oz | Indicated |
| 34.6 | 0.94 | 1.045 M oz | Inferred | ||||
| Report Title: Clear Creek Property, RC Gold Project NI 43-101 Technical Report Dawson Mining District, Yukon Territory | |||||||
| Eiger (RC Gold) | 19/01/2023 | Simpson. R., 2025 | Sitka Gold Corp | 27.4 | 0.5 | 0.440 M oz | Inferred |
| Report Title: Clear Creek Property, RC Gold Project. NI 43-101 Technical Report. Dawson Mining District, Yukon Territory | |||||||
| Airstrip (AurMac) | 28/06/2025 | Jutras, M., 2025 | Banyan Gold Corp | 27.7 | 0.69 | 0.614 M oz | Indicated |
| 10.1 | 0.75 | 0.244 M oz | Inferred | ||||
| Report Title: Technical Report, Aurmac Property, Yukon Territory, Canada | |||||||
| Powerline (AurMac) | 28/06/2025 | Jutras, M., 2025 | Banyan Gold Corp | 84.8 | 0.61 | 1.663 M oz | Indicated |
| 270.4 | 0.60 | 5.216 M oz | Inferred | ||||
| Report Title: Technical Report, Aurmac Property, Yukon Territory, Canada | |||||||
| Florin | 6/04/2025 | Simpson. R., 2021 | St. James Gold Corp. | 170.9 | 0.45 | 2.474 M oz | Inferred |
| Report Title: Florin Gold Project. NI 43-101 Technical Report. Mayo and Dawson Mining Districts, Yukon Territory | |||||||
| Valley (Rouge) | 15/05/2025 | Burrell. H. et al., 2024 | Snowline Gold Corp | 75.8 | 1.66 | 4,047 M oz | Indicated |
| 81.0 | 1.25 | 3.256 M oz | Inferred | ||||
| Report Title: Rogue Project. NI 43-101 Technical Report and Mineral Resource Estimate. Yukon Territory, Canada |
Disclaimers
The qualified person (as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects) for the Company's projects, Mr. Mark Saxon, the Company's Chief Executive Officer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this release.
Readers are cautioned that the discussion about adjacent or similar properties in this press release is not necessarily indicative of the mineralization or potential of the Shanghai property. The Company has no interest in or right to acquire any interest in any such adjacent properties.
About T2 Metals Corp (TSXV: TWO) (OTCQB: TWOSF) (WKN: A2DR6E)
T2 Metals Corp is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. T2 is focused on the Sherridon Project in Manitoba, the Shanghai Project in the Yukon, and the Cora Project in Arizona.
ON BEHALF OF THE BOARD,
| "Mark Saxon" Mark Saxon President & CEO | For further information, please contact: t2metals.com 1 (604) 685-93161305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7 info@t2metals.com |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking information in this press release include statements regarding the potential exercise of the Option and obtaining regulatory approval for the Option, and future exploration plans for the Company on the Shanghai project. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include uncertainties relating to exploration activities; risks in obtaining regulatory approval; the impact of exploration competition; unexpected geological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the ability to raise funds through private or public equity financings; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market risks. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
Shaun Bunn, Managing Director, commented:"The first half of 2025 has been a period of remarkable activity and momentum for Empire. Pitfield is no longer just a discovery story - it is fast becoming recognised as a project of global importance, with results that continue to exceed expectations. Our drilling campaigns have delivered some of the highest TiO₂ grades we've seen to date, confirming not only the exceptional quality of the deposit but also its scale consistency and simplicity.
"Metallurgical testwork has shown that we can achieve a product of extraordinary purity using straightforward, conventional processing methods.This rare combination of scale, grade and simplicity underpins our confidence that Pitfield can emerge as one of the world's leading titanium projects, capable of supplying high-value sectors such as aerospace and defence for decades to come.
"From an operational standpoint, we are now on the cusp of delivering our maiden MRE, which we believe will firmly establish Pitfield among the world's leading titanium assets. Beyond that, the pathway is clear: complete our expanded testwork, progress to pilot-scale operations, and begin engaging directly with end-users - particularly in high-value markets such as aerospace and defence, where titanium's strategic importance is growing rapidly.
"It is also encouraging to see the strength of market support for what we are building and I am confident that Empire can bring this once-in-a-lifetime discovery to commercial fruition in an expedient manner. With a world-class asset, a strengthened technical team, and strong financial backing, we are exceptionally well positioned for the next phase of growth."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
For further information please visit www.empiremetals.com or contact:
CHAIRMAN'S STATEMENT
The progress we have made during 2025 at our flagship Pitfield Project in Western Australia has been nothing short of transformational, positioning the Company at the forefront of what we believe is the most significant titanium discovery globally. This represents a generational opportunity rapidly moving from exploration success toward commercial reality.
Over the past six months, our team has demonstrated not only technical excellence but also the ability to deliver results that have redefined the perception of the Company in the market. We have moved from exploration to successfully establishing Pitfield's potential to support long-term, large-scale, and high-value titanium supply. This achievement is reflected in the strong support we continue to receive from institutional investors, with £4.5 million raised in May 2025, and in the remarkable performance of our share price, which has risen more than 500% since the beginning of the year in response to a series of consequential milestone achievements.
What sets Pitfield apart is not just its extraordinary scale, but the exceptional quality of its titanium mineralisation. Unlike many other titanium projects around the world, Pitfield benefits from high-grade mineralisation from surface which has been proven to be of exceptional purity, being very low in deleterious contaminants but also amenable to simple, conventional mining methods due to its unique geological profile. Equally important, our metallurgical work has confirmed that simple, conventional processing can deliver an exceptionally pure titanium dioxide product, grading 99.25% TiO₂.
This combination of scale, grade, purity, and processing simplicity puts Pitfield in a league of its own. The Project is also located in Western Australia - a Tier One mining jurisdiction with world-class infrastructure, stable governance, a skilled workforce and a deeply rooted mining culture. Together, these advantages create a foundation for Pitfield to become a globally significant source of titanium supply.
During the first half of 2025, we advanced Pitfield across multiple fronts. A major drilling campaign was launched in February that provided not only the bulk metallurgical samples that enabled a significant scale-up of our metallurgical test work programme during the period, but also represented the next step towards defining a Mineral Resource Estimate ("MRE") for Pitfield.
A further drill campaign was launched in June 2025, the largest at Pitfield to date. The programme covered more than 11 square kilometres and targeted high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering the MRE. This programme delivered some of the highest titanium dioxide grades recorded to date, with selected intercepts including: 44m @ 7.87% TiO2 from surface (AC25TOM159); 50m @ 7.84% TiO2 from 4m (AC25TOM130); 54m @ 7.41% TiO2 from surface (AC25TOM118); 98m @ 7.05% TiO2 from 2m (RC25TOM062); and 98m @ 7.05% TiO2 from 2m (RC25TOM068). A large, high-grade central core was identified from this drilling which averaged ~6% TiO2 across a continuous 3.6km strike length. In addition, nearly two thirds of all drillholes averaged > 4% TiO2, with over 90% exceeding a 2% TiO2 cut-off grade.
We are now on the cusp of delivering our maiden MRE, which is expected in the coming weeks. Based on the results to date, we expect the MRE to be world-class and to serve as a foundation for the next phase of project development including mine scoping studies.
Following the process development breakthrough announced post period end in August 2025, we are progressing through the bench-scale and large-scale batch metallurgical testwork programme, which we expect to complete by early 2026. This work will feed into the design of a continuous pilot plant, enabling us to refine the commercial flowsheet and to produce bulk samples for evaluation by prospective end-users.
While most of the world's titanium feedstock is used to produce titanium dioxide for pigments in paints, coatings, and plastics, Pitfield's unique quality opens doors to higher-value markets. In particular, titanium sponge (for use in titanium metal production) stands out as a strategic growth opportunity. Titanium metal is essential in defence and aerospace applications due to its remarkable strength-to-weight ratio and resistance to extreme conditions. These attributes make it critical for fighter jets, naval vessels, spacecraft, and next-generation technologies.
At a time when the geopolitical landscape is shifting rapidly, the security of titanium supply has never been more important. China has tripled its titanium sponge output since 2018 and now controls nearly 70% of global supply. The United States is 95% reliant on imports of titanium sponge and 86% reliant on imports of mineral concentrates. Similarly, the European Union is exposed to supply risks, with no meaningful domestic production. Pitfield therefore represents a unique opportunity for Empire to establish itself as a secure, Western-aligned generational supplier of titanium. This strategic positioning is already resonating strongly with investors and potential industry partners.
Corporate
As Pitfield advances toward development, we have made strategic additions to our team to ensure we have the right expertise in place. In January 2025, we were delighted to welcome Phil Brumit to the Board as a Non-Executive Director and Chair of our Technical Committee. Phil brings more than 40 years of operational and project management experience across leading global mining companies, including Freeport-McMoRan, Lundin Mining, and Newmont Corporation. His proven track record in overseeing large-scale projects from development through to production will continue to be invaluable as we pursue an expeditious development of Pitfield.
Following the period end, we further strengthened our technical leadership with the appointments of Alan Rubio as Study Manager and Pocholo Aviso as Hydrometallurgist. Alan brings nearly three decades of experience in project evaluation and development, and will play a central role in assessing mining and infrastructure scenarios, as well as overseeing key economic studies. Pocholo, with his background in the TiO₂ pigment industry and metallurgical expertise, will lead the product development programme, optimising process flowsheets and assessing market pathways. Together, these appointments significantly enhance our ability to quickly advance Pitfield toward feasibility study stage with confidence and precision.
Alongside our operational and corporate progress, we have also been proactive in broadening awareness of the Empire investment proposition to a wider international audience. A key part of this strategy was our decision to commence trading of our shares on the OTCQB Market in the United States in March 2025. We were particularly pleased to be upgraded to the OTCQX Market only a few months later, which is a significant step forward in providing US investors with greater visibility of, and access to, Empire.
Trading on OTCQX opens the Company to a deep and diverse pool of new shareholders, many of whom are actively seeking exposure to strategic metals. Titanium is formally recognised as a critical mineral in numerous jurisdictions, including the United States, and our marketing initiatives across North America have confirmed the strong appetite for high-quality investment opportunities in this sector. Empire is therefore exceptionally well positioned to capture growing international investor interest as Pitfield advances toward commercialisation.
Financial
As an exploration and development group which has no revenue, we are reporting a loss for the six months ended 30 June 2025 of £1,704,821 (30 June 2024: loss of £1,389,318).
In May 2025, the Company announced that it had raised £4.5 million before expenses by way of a placing of 47,368,423 new ordinary shares of no par value to new and existing investors at 9.5p per share.
The Group's cash position as at 30 June 2025 was £6.3 million.
Outlook
The months ahead will be a busy and exciting time for Empire Metals. The maiden MRE will provide a foundation for detailed project evaluation, while ongoing metallurgical testwork will further optimise our flowsheet and advance our understanding of Pitfield's product potential. As we transition into the pilot testing phase, we will be engaging more closely with potential customers, including those in the titanium metal supply chain, to position Pitfield as a long-term, strategic source of secure supply.
At the same time, we will continue to strengthen our team and capabilities to match the scale of the opportunity before us. With a world-class asset, a highly experienced team, strong financial backing, and a supportive market, we are exceptionally well placed to deliver on the unprecendented opportunity Pitfield presents.
I would like to thank our shareholders for their continued support and confidence in Empire. The progress we have made in such a short time has been extraordinary, and I firmly believe we are only at the beginning of a highly rewarding journey that will see Pitfield become established as one of the most important titanium projects globally.
With Pitfield, we are building the foundations of a secure, generational-scale titanium supply business that has the potential to reshape the global titanium industry. The coming months promise to be both exciting and defining, and I look forward to updating you on our continued progress.
Neil O'Brien
Non-Executive Chairman
3 September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are quoted on the AIM Market of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 10 October 2016 the Company changed its name from Noricum Gold Limited to Georgian Mining Corporation and subsequently on 10 February 2020 changed its name from Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 5 June 2025. The report of the auditors on those financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2025.
The factors that were extant in the 31 December 2024 Annual Report are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2024 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 31 December 2024 Annual Report and Financial Statements, a copy of which is available on the Group's website: https://www.empiremetals.co.uk. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 31 December 2024 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2025.
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2025 but did not result in any material changes to the Financial Statements of the Group.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and which have not been adopted early.
4. Administrative expenses
5. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2025 (2024: nil).
6. Intangible Assets
The Exploration & Evaluation additions in the current period primarily relates to work performed at the Company's Pitfield project.
The Directors do not consider the asset to be impaired.
7. Held for Sale Asset
The Company continue to work on a potential divestment of the Eclipse project and are actively engaged with a number of Australian companies operating in the gold mining sector to find a buyer. Management are committed to the sale of the Eclipse licence.
8. Trade and Other Payables
9. Share capital and share premium
10. Earnings per share
The calculation of the total basic loss per share of 0.260 pence (30 June 2024: 0.230 pence) is based on the loss attributable to equity owners of the parent company of £1,704,821 (30 June 2024: £1,389,318 ) and on the weighted average number of ordinary shares of 651,359,884 (30 June 2024: 595,703,671) in issue during the period.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2024.
2,000,000 options were granted during the period. The total number of options outstanding at 30 June 2025 is 67,200,000.
11. Commitments
Commitments stated in the Group's Annual Financial Statements for the year ended 31 December 2024 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of Directors on 3 September 2025.
Market Abuse Regulation (MAR) Disclosure
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