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Description
The latest MST Access analyst report values Cyprium Metals (ASX:CYM) at AU$0.10 per share, significantly above its current trading price of AU$0.027. The valuation is underpinned by the company’s dual-track approach to restarting the Nifty copper project, a standout asset with a 20-year mine life and the potential to become one of Australia’s largest open-pit copper producers.
By leveraging existing infrastructure and its low capital intensity, Cyprium is positioned to deliver exceptional returns, according to the report. With plans to secure a strategic partner in 2025 and a fast-tracked production timeline for its Cathode project, Cyprium represents an undervalued opportunity in the ASX copper space.
Report Highlights:
- Development Highlights: The Nifty concentrate project is a large-scale, long-life operation expected to produce between 35,000 and 40,000 tonnes per annum (ktpa) of copper over 20 years. With an all-in sustaining cost (AISC) of US$2.62 per pound, it offers an attractive cost profile. The Nifty cathode project, meanwhile, is a low-capex, fast-start initiative designed to leverage the existing stacked leach pads and SX/EW facilities at the site. The project is projected to produce between 4,000 and 6,000 tonnes of copper cathode per annum over a period of more than four years, with an AISC of US$2.18 per pound. With first production expected as early as late 2025 or early 2026, the cathode project is set to provide early cash flow and reduce risks associated with the larger-scale Concentrate Project.
- Strategic and Financial Advantages: Cyprium’s brownfield restart approach at Nifty provides multiple benefits, including reduced technical risk, expedited permitting, and lower capital requirements. The company’s transformation in 2024, which saw a new management team, a refreshed balance sheet, and a revised development strategy, has set the stage for its emergence as a leading copper developer. The introduction of a strategic partner in 2025 is expected to validate its valuation further and provide funding for the larger-scale project.
- Outlook and Catalysts: Cyprium Metals is poised for a transformative year in 2025, with key milestones including a final investment decision on the cathode project, the introduction of a strategic partner, and the commencement of detailed feasibility studies for the concentrate project. As the company transitions into production and unlocks the full potential of the Nifty copper project, significant value creation is anticipated, positioning Cyprium as an emerging leader in the Australian copper sector.
For the full analyst report, click here.
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Cyprium Metals
Investor Insight
Cyprium Metals presents a compelling investment opportunity as a near-term copper producer with a well-defined strategy to generate early cash flow while scaling up production. The company’s brownfield assets, strategic partnerships, and disciplined capital management position it as an undervalued player in Australia’s growing copper market.
Overview
Cyprium Metals (ASX:CYM,OTC:CYPMF) is an Australian copper-focused exploration and development company dedicated to reviving brownfield assets with a clear path to production. The company’s primary focus is on the redevelopment of the Nifty copper complex, a historically productive copper mine in Western Australia, positioned for near-term production and long-term growth.
Nifty’s robust resource base, combined with strategic partnerships and a disciplined execution strategy, provides Cyprium with a strong foundation for scaling copper production. Advancing towards full copper production is the next strategic step, with plans to produce over 38,000 tons per annum through both cathode and concentrate production.
The company is also advancing the Maroochydore copper-cobalt project, located 70 km from Nifty, which further strengthens its asset portfolio in Paterson Province.
By prioritizing capital efficiency, operational excellence and commercial partnerships, Cyprium aims to deliver sustained value to shareholders while addressing the growing demand for copper in the global energy transition. Cyprium Metals is guided by a seasoned leadership team with deep experience in mine development, corporate strategy, and financial execution.
Company Highlights
- Cyprium Metals is redeveloping the Nifty Copper Complex, a historically significant copper operation with both oxide and sulphide resources, offering a low-risk pathway to production.
- The flagship Nifty Copper Complex has a mineral resource estimate of 1 million tonnes contained copper and 91,000 tonnes contained copper in leach pads, and has substantial near-term revenue potential.
- The reprocessing of existing heap leach pads at Nifty offers a low-cost, high-margin opportunity to generate early-stage revenue and fund further project development.
- Macmahon Holdings is leading the bankable feasibility study under an early contractor involvement model, contributing internal resources to optimize the project’s execution.
- Offtake and financing agreements secured with Glencore, providing financial stability and downstream integration for copper sales.
- Led by Executive Chairman Matt Fifield, Cyprium’s team includes seasoned mine builders and financial strategists with extensive experience in copper development and operations.
- Trading at a fraction of its asset value, Cyprium presents a compelling investment opportunity, with limited equity research coverage despite its strong fundamentals and near-term production timeline.
Key Projects
Nifty Copper Complex
The Nifty copper mine is Cyprium’s flagship project, boasting a well-defined resource and established infrastructure that significantly reduces the capital intensity of restarting operations. With a resource base of 1.04 million tons of contained copper, the project offers a 20+ year mine life with brownfield expansion opportunities.
A key advantage of Nifty is the near-term revenue potential from reprocessing 91,000 tons of copper in existing heap leach pads. Macmahon Holdings is leading the bankable feasibility study execution. The company is also working in collaboration with strategic partner Glencore to secure offtake agreements and financial support.
Leach solution from heap drains
The production strategy involves an initial focus on heap leach processing, followed by a full-scale restart of open-pit mining and concentrator operations with plans to produce over 38,000 tons per annum through both cathode and concentrate production. The asset is projected to generate AU$4 billion EBITDA over its lifecycle, with a five-year payback period.
Maroochydore Copper-Cobalt Project
The Maroochydore copper-cobalt project is positioned as Cyprium’s next growth asset, complementing Nifty and enhancing the company’s regional production capacity. This asset holds a resource base of 712,000 tons of copper, with recently updated mineral resource estimates confirming further expansion potential. Located just 70 km from Nifty, Maroochydore benefits from shared infrastructure and operational synergies, strengthening its strategic value within Cyprium’s portfolio.
Management Team
Matt Fifield – Executive Chairman
Matt Fifield is a proven leader in corporate turnarounds and resource development, instrumental in repositioning Cyprium as a growth-focused copper producer. He is the managing director of Pacific Road Capital, a leading resource investment firm that has managed over $1 billion in funds raised to develop and enhance resource companies around the world. Fifield has participated in over $10 billion of capital raising and M&A transactions across his career and is a leading voice on responsible resource investing. He is a frequent speaker and contributor around issues of sustainable development practices.
Colin Mackey – Chief Operating Officer
Colin Mackey has extensive experience in mine operations and development, overseeing the Nifty restart strategy. A mining engineer by background, Mackey has worked with Goldfields, BHP and Theiss, before joining Rio Tinto in 2003, where he led the construction, development and operational improvement of multiple mining operations within the company’s portfolio. His most recent role was as managing director of Jadar and European operations for Rio Tinto. Mackey is a member of the Institute of Materials, Minerals and Mining and the Australian Institute of Company Directors.
Louis Chait – Chief Commercial Officer
Louis Chait is the former CFO of Glencore Copper, bringing deep financial and commercial expertise. He is a highly experienced corporate executive with more than 25 years’ experience in the global resources industry, having worked across senior business development and finance positions at Xstrata and Guildford Coal. He brings extensive commercial experience and skills in establishing successful, highly efficient operations in multiple jurisdictions. Chait is a member of Chartered Accountants, Australia and New Zealand.
Manu Trivedi – Interim CFO
Manu Triverdi is a chartered accountant and a CPA with 16 years of experience in financial and business strategies, controllership, compliance and leadership across various industries covering mining, power generation and retail, hospitality, commodities trading and education. Trivedi previously worked as group financial controller for tungsten miner Masan Resources, and has held other senior finance positions for mining projects in South Africa.
Advancing Western Australia’s historic Nifty copper mine for near-term production and long-term growth
T2 Metals Secures Option to Acquire Shanghai Gold-Silver Project in Yukon's Tombstone Gold Belt and Appoints Shawn Ryan to Advisory Board
Highlights:
- Large landholding in the Tombstone Gold Belt, one of North America's premier gold and silver mining districts;
- Project lies within 10 km of multiple resource-stage gold projects as reported within NI43-101 compliant technical reports since 2022 (see resource information pertaining to the Eagle, Olive, Raven, Airstrip and Powerline projects in Table 1 and www.sedarplus.ca for supporting technical reports);
- Similar geological setting to major discoveries by Sitka Gold Corp and Banyan Gold Corp;
- No prior exploration drilling on the property;
- High gold, silver, antimony and bismuth in soil samples provide immediate targets. Gold values in soil up to 6.1 g/t Au;
- Permits in place for road construction and drilling;
- Highly regarded and successful explorer Shawn Ryan to join T2 Metals' Advisory Board;
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7326/265810_08849d2834cbbb3d_002full.jpg
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7326/265810_08849d2834cbbb3d_003full.jpg
Figure 3: Cross Section from Shanghai Project to AurMac Deposit Area (see Figure for Section line).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7326/265810_08849d2834cbbb3d_004full.jpg
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.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7326/265810_08849d2834cbbb3d_005full.jpg
Figure 5: Silver in Auger Soil Geochemistry from Shanghai Project, Yukon Territory, Canada.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7326/265810_08849d2834cbbb3d_006full.jpg
Figure 6: Site Visit to Shanghai Project. Photo looking south to AurMac Deposit.
To view an enhanced version of this graphic, please visit:
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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.
Empire Metals Limited Announces Interim Results
- Pitfield confirmed as the world's most significant new titanium discovery, with unparalled scale, consistency of high-grade and purity.
- Largest drilling campaign to date launched at the Thomas Prospect delivered outstanding results and identified a large high-grade near-surface core, averaging ~6% TiO₂ over a continuous 3.6km strike.
- Metallurgical testwork achieved a 99.25% TiO₂ product, demonstrating a highly efficient and potentially lower-cost processing route.
- Process development work has confirmed that Pitfield's weathered ore is ideally suited to conventional mineral separation and refining, differentiating it from ilmenite-based projects which typically face lower recoveries, higher costs, and significant environmental challenges.
- Maiden Mineral Resource Estimate ("MRE") on track for release in the coming weeks.
- £4.5m raised in May 2025 to accelerate Pitfield development, with strong institutional support.
- Further strengthening of board and technicial team with appointment of Phil Brumit as Non-Executive Director, Alan Rubio as Study Manager and Pocholo Aviso as Hydro-metallurgist.
- Commenced US trading on the OTCQX in the US, broadening international investor access.
Shaun Bunn, Managing Director, commented:"The first half of 2025 has been a period of remarkable activity and momentum for Empire. Pitfield is no longer just a discovery story - it is fast becoming recognised as a project of global importance, with results that continue to exceed expectations. Our drilling campaigns have delivered some of the highest TiO₂ grades we've seen to date, confirming not only the exceptional quality of the deposit but also its scale consistency and simplicity.
"Metallurgical testwork has shown that we can achieve a product of extraordinary purity using straightforward, conventional processing methods.This rare combination of scale, grade and simplicity underpins our confidence that Pitfield can emerge as one of the world's leading titanium projects, capable of supplying high-value sectors such as aerospace and defence for decades to come.
"From an operational standpoint, we are now on the cusp of delivering our maiden MRE, which we believe will firmly establish Pitfield among the world's leading titanium assets. Beyond that, the pathway is clear: complete our expanded testwork, progress to pilot-scale operations, and begin engaging directly with end-users - particularly in high-value markets such as aerospace and defence, where titanium's strategic importance is growing rapidly.
"It is also encouraging to see the strength of market support for what we are building and I am confident that Empire can bring this once-in-a-lifetime discovery to commercial fruition in an expedient manner. With a world-class asset, a strengthened technical team, and strong financial backing, we are exceptionally well positioned for the next phase of growth."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
For further information please visit www.empiremetals.com or contact:
CHAIRMAN'S STATEMENT
The progress we have made during 2025 at our flagship Pitfield Project in Western Australia has been nothing short of transformational, positioning the Company at the forefront of what we believe is the most significant titanium discovery globally. This represents a generational opportunity rapidly moving from exploration success toward commercial reality.
Over the past six months, our team has demonstrated not only technical excellence but also the ability to deliver results that have redefined the perception of the Company in the market. We have moved from exploration to successfully establishing Pitfield's potential to support long-term, large-scale, and high-value titanium supply. This achievement is reflected in the strong support we continue to receive from institutional investors, with £4.5 million raised in May 2025, and in the remarkable performance of our share price, which has risen more than 500% since the beginning of the year in response to a series of consequential milestone achievements.
What sets Pitfield apart is not just its extraordinary scale, but the exceptional quality of its titanium mineralisation. Unlike many other titanium projects around the world, Pitfield benefits from high-grade mineralisation from surface which has been proven to be of exceptional purity, being very low in deleterious contaminants but also amenable to simple, conventional mining methods due to its unique geological profile. Equally important, our metallurgical work has confirmed that simple, conventional processing can deliver an exceptionally pure titanium dioxide product, grading 99.25% TiO₂.
This combination of scale, grade, purity, and processing simplicity puts Pitfield in a league of its own. The Project is also located in Western Australia - a Tier One mining jurisdiction with world-class infrastructure, stable governance, a skilled workforce and a deeply rooted mining culture. Together, these advantages create a foundation for Pitfield to become a globally significant source of titanium supply.
During the first half of 2025, we advanced Pitfield across multiple fronts. A major drilling campaign was launched in February that provided not only the bulk metallurgical samples that enabled a significant scale-up of our metallurgical test work programme during the period, but also represented the next step towards defining a Mineral Resource Estimate ("MRE") for Pitfield.
A further drill campaign was launched in June 2025, the largest at Pitfield to date. The programme covered more than 11 square kilometres and targeted high-grade titanium mineralisation within the in-situ weathered cap at the Thomas Prospect, with the objective of delivering the MRE. This programme delivered some of the highest titanium dioxide grades recorded to date, with selected intercepts including: 44m @ 7.87% TiO2 from surface (AC25TOM159); 50m @ 7.84% TiO2 from 4m (AC25TOM130); 54m @ 7.41% TiO2 from surface (AC25TOM118); 98m @ 7.05% TiO2 from 2m (RC25TOM062); and 98m @ 7.05% TiO2 from 2m (RC25TOM068). A large, high-grade central core was identified from this drilling which averaged ~6% TiO2 across a continuous 3.6km strike length. In addition, nearly two thirds of all drillholes averaged > 4% TiO2, with over 90% exceeding a 2% TiO2 cut-off grade.
We are now on the cusp of delivering our maiden MRE, which is expected in the coming weeks. Based on the results to date, we expect the MRE to be world-class and to serve as a foundation for the next phase of project development including mine scoping studies.
Following the process development breakthrough announced post period end in August 2025, we are progressing through the bench-scale and large-scale batch metallurgical testwork programme, which we expect to complete by early 2026. This work will feed into the design of a continuous pilot plant, enabling us to refine the commercial flowsheet and to produce bulk samples for evaluation by prospective end-users.
While most of the world's titanium feedstock is used to produce titanium dioxide for pigments in paints, coatings, and plastics, Pitfield's unique quality opens doors to higher-value markets. In particular, titanium sponge (for use in titanium metal production) stands out as a strategic growth opportunity. Titanium metal is essential in defence and aerospace applications due to its remarkable strength-to-weight ratio and resistance to extreme conditions. These attributes make it critical for fighter jets, naval vessels, spacecraft, and next-generation technologies.
At a time when the geopolitical landscape is shifting rapidly, the security of titanium supply has never been more important. China has tripled its titanium sponge output since 2018 and now controls nearly 70% of global supply. The United States is 95% reliant on imports of titanium sponge and 86% reliant on imports of mineral concentrates. Similarly, the European Union is exposed to supply risks, with no meaningful domestic production. Pitfield therefore represents a unique opportunity for Empire to establish itself as a secure, Western-aligned generational supplier of titanium. This strategic positioning is already resonating strongly with investors and potential industry partners.
Corporate
As Pitfield advances toward development, we have made strategic additions to our team to ensure we have the right expertise in place. In January 2025, we were delighted to welcome Phil Brumit to the Board as a Non-Executive Director and Chair of our Technical Committee. Phil brings more than 40 years of operational and project management experience across leading global mining companies, including Freeport-McMoRan, Lundin Mining, and Newmont Corporation. His proven track record in overseeing large-scale projects from development through to production will continue to be invaluable as we pursue an expeditious development of Pitfield.
Following the period end, we further strengthened our technical leadership with the appointments of Alan Rubio as Study Manager and Pocholo Aviso as Hydrometallurgist. Alan brings nearly three decades of experience in project evaluation and development, and will play a central role in assessing mining and infrastructure scenarios, as well as overseeing key economic studies. Pocholo, with his background in the TiO₂ pigment industry and metallurgical expertise, will lead the product development programme, optimising process flowsheets and assessing market pathways. Together, these appointments significantly enhance our ability to quickly advance Pitfield toward feasibility study stage with confidence and precision.
Alongside our operational and corporate progress, we have also been proactive in broadening awareness of the Empire investment proposition to a wider international audience. A key part of this strategy was our decision to commence trading of our shares on the OTCQB Market in the United States in March 2025. We were particularly pleased to be upgraded to the OTCQX Market only a few months later, which is a significant step forward in providing US investors with greater visibility of, and access to, Empire.
Trading on OTCQX opens the Company to a deep and diverse pool of new shareholders, many of whom are actively seeking exposure to strategic metals. Titanium is formally recognised as a critical mineral in numerous jurisdictions, including the United States, and our marketing initiatives across North America have confirmed the strong appetite for high-quality investment opportunities in this sector. Empire is therefore exceptionally well positioned to capture growing international investor interest as Pitfield advances toward commercialisation.
Financial
As an exploration and development group which has no revenue, we are reporting a loss for the six months ended 30 June 2025 of £1,704,821 (30 June 2024: loss of £1,389,318).
In May 2025, the Company announced that it had raised £4.5 million before expenses by way of a placing of 47,368,423 new ordinary shares of no par value to new and existing investors at 9.5p per share.
The Group's cash position as at 30 June 2025 was £6.3 million.
Outlook
The months ahead will be a busy and exciting time for Empire Metals. The maiden MRE will provide a foundation for detailed project evaluation, while ongoing metallurgical testwork will further optimise our flowsheet and advance our understanding of Pitfield's product potential. As we transition into the pilot testing phase, we will be engaging more closely with potential customers, including those in the titanium metal supply chain, to position Pitfield as a long-term, strategic source of secure supply.
At the same time, we will continue to strengthen our team and capabilities to match the scale of the opportunity before us. With a world-class asset, a highly experienced team, strong financial backing, and a supportive market, we are exceptionally well placed to deliver on the unprecendented opportunity Pitfield presents.
I would like to thank our shareholders for their continued support and confidence in Empire. The progress we have made in such a short time has been extraordinary, and I firmly believe we are only at the beginning of a highly rewarding journey that will see Pitfield become established as one of the most important titanium projects globally.
With Pitfield, we are building the foundations of a secure, generational-scale titanium supply business that has the potential to reshape the global titanium industry. The coming months promise to be both exciting and defining, and I look forward to updating you on our continued progress.
Neil O'Brien
Non-Executive Chairman
3 September 2025
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Empire Metals Limited ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are quoted on the AIM Market of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 10 October 2016 the Company changed its name from Noricum Gold Limited to Georgian Mining Corporation and subsequently on 10 February 2020 changed its name from Georgian Mining Corporation to Empire Metals Limited.
The address of the Company's registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola BVI.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 5 June 2025. The report of the auditors on those financial statements was unqualified.
Going concern
The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2025.
The factors that were extant in the 31 December 2024 Annual Report are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2024 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 31 December 2024 Annual Report and Financial Statements, a copy of which is available on the Group's website: https://www.empiremetals.co.uk. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 31 December 2024 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2025.
The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2025 but did not result in any material changes to the Financial Statements of the Group.
b) New standards, amendments and interpretations in issue but not yet effective or not yet endorsed and not early adopted.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods and which have not been adopted early.
4. Administrative expenses
5. Dividends
No dividend has been declared or paid by the Company during the six months ended 30 June 2025 (2024: nil).
6. Intangible Assets
The Exploration & Evaluation additions in the current period primarily relates to work performed at the Company's Pitfield project.
The Directors do not consider the asset to be impaired.
7. Held for Sale Asset
The Company continue to work on a potential divestment of the Eclipse project and are actively engaged with a number of Australian companies operating in the gold mining sector to find a buyer. Management are committed to the sale of the Eclipse licence.
8. Trade and Other Payables
9. Share capital and share premium
10. Earnings per share
The calculation of the total basic loss per share of 0.260 pence (30 June 2024: 0.230 pence) is based on the loss attributable to equity owners of the parent company of £1,704,821 (30 June 2024: £1,389,318 ) and on the weighted average number of ordinary shares of 651,359,884 (30 June 2024: 595,703,671) in issue during the period.
Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2024.
2,000,000 options were granted during the period. The total number of options outstanding at 30 June 2025 is 67,200,000.
11. Commitments
Commitments stated in the Group's Annual Financial Statements for the year ended 31 December 2024 remain.
12. Events after the balance sheet date
There have been no events after the reporting date of a material nature.
13. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of Directors on 3 September 2025.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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