PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Empire Metals announces placing, reports progress at Pitfield

Mon, 22nd Jan 2024 14:42

(Alliance News) - Empire Metals PLC on Monday announced a GBP3 million placing, saying the proceeds would allow it to capitalise on the recent progress it simultaneously announced at its Western Australian asset.

Empire Metals is a London-based minerals explorer and developer with copper, titanium and gold interests in Australia and Austria.

Empire said it raised GBP3 million through a placing of 27.3 million new shares at 11 pence each to TransOceanic Minerals, a Saudi Arabian strategic investor focused on the natural resource sector. Empire has also issued warrants over 224,886 shares exercisable at 11p each within two years from the date of grant in relation to the placing.

Empire expects the new shares to be admitted to trading on the AIM market of the London Stock Exchange on January 26.

Commenting on the fundraise, Managing Director Shaun Bunn said: "We are extremely pleased to welcome TransOceanic Minerals, a group focused on investments in the natural resource sector as a shareholder of the company...This is an important milestone for the company as this strategic partnership not only recognises the global significance of our Pitfield project but with the on-going support of TransOceanic Minerals and potential future partnerships in Saudi Arabia, the company will have the capacity to expand project development and accelerate value creation for all shareholders."

One of Empire Metals' current priorities is developing the Pitfield licence in Western Australia. In November, drilling produced high grade results, with diamond drillholes intersecting thick, bedded intervals of high-grade titanium mineralisation. Similar promising results were reported in December.

On Monday, Empire Metals said proceeds from the placing will be used for expand reverse circulation drilling and conduct additional diamond core drilling at the project.

In a separate announcement on Monday, the company said results from the Pitfield RC programme revealed "extensive, shallow high-grade bedded titanium mineralisation". The 40-drillhole programme, completed in December 2023, confirmed titanium dioxide "present in every metre, starting from or near surface, in all holes drilled".

It said the results corroborated the diamond drillhole intersections drilled in the fourth quarter, confirming "an abundance of thick, strongly mineralised sandstone beds that come to surface".

The second, fully funded phase is due to commence in February, with a third programme scheduled for later in the quarter.

Empire said that the proceeds will also go towards further mineralogical and metallurgical studies, which will focus on the recovery of high-value titanium dioxide ahead of entering the design phase for a test plant in 2025.

The latest results, Bunn explained, "verify our geological models...and provide a high degree of confidence in our ability to target higher grade mineralisation elsewhere within this giant mineral system".

Shares in Empire Metals were up 14% at 12.13 pence each in London on Monday afternoon.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
16 May 2024 21:22

TRADING UPDATES: DSW eyes lower profit than expected; Mpac optimistic

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

15 May 2024 12:55

Empire Metals reports latest findings from Pitfield drilling

(Sharecast News) - Empire Metals unveiled the analytical lab results from the final 22 reverse circulation (RC) drill holes at the Pitfield Project in...

26 Apr 2024 12:51

Empire Metals decides not to purchase Stavely project in Australia

(Alliance News) - Empire Metals Ltd on Friday said that it has decided not to extend the completion date for the acquisition of the Stavely project, w...

25 Apr 2024 16:00

EARNINGS AND TRADING: ECO Animal revenue up; Zephyr starts drilling

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance New...

25 Apr 2024 10:10

Empire Metals upbeat on lab results from Pitfield Project

(Sharecast News) - Empire Metals unveiled analytical lab results from an initial 18 reverse circulation (RC) drillholes at the Pitfield Project in Wes...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.