ASX listing13 May 2026 12:07
I was like many others surprised at the recent capital raise [RNS May 11th] since what was known relating to current expenditure seemed to indicate sufficient funds available until after an ASX listing and MRE update, a strategically advantageous time at which to seek further significant funding. My conclusion is that the additional funding requirement may be related, at least in part, to the nature of the ASX listing, confirmed for H2, which could be more substantial than the issuance of CDIs [CHESS Depositary Interests] as outlined in my post of the previous day, May 10th. That form of “cross listing” would be based on London remaining the primary market and ASX the secondary market administered through an Australian nominee [CDN]. That, in my subsequent reassessment, no longer appears to be the most likely scenario.
The economic significance of Pitfield, not just in terms of the magnitude and unique qualities of the resource but also in regard to its industry changing potential elevates it to a discovery of national importance for the Australian government. Empire will be aware of this and of the need to demonstrate corporate national loyalty if they are to attract the level of government financial support which Iluka Resources, for example, received. The present corporate structure, in which Pitfield is administered through Empire Metals Australia Pty Ltd, a private company listed on the ASIC [Australian Securities and Investment Commission] Register and to some extent also through a London registered private company, European Mining Services Ltd, both 100% owned subsidiaries of British Virgin Islands [BVI] registered Empire Metal Ltd, the parent public company, is not perhaps conducive to attracting that level of Australian government or pension fund support and especially with a London centred equity bias. However, as recently as May 4th Empire Metals Ltd was registered on the ASIC as a foreign company, presumably in preparation for the ASX listing.
What I think this may imply is that ASX would become the primary market with AIM redesignated as secondary through the issue of CREST Depositary Interests [CDI's] by Euroclear UK & International, a system which appears to have replaced the previous Depositary Receipts [DR's]. Since the entire traded equity of the Empire Group is in the form of Empire Metal Ltd shares I anticipate that it will be that corporate entity which will list on the ASX, hence the recent ASIC registration, and will issue new shares on a one for one equivalence to the current AIM listing, the latter being replaced by the CDI's. Current and future AIM shareholders would see and experience no change in their holdings, the difference being entirely in the form those holdings are underwritten,, although ultimately your ownership would be of shares in an ASX listed company registered in the BVI and no longer in an AIM listed company.
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