Placing and Subscription to Raise £1.25M

Empire Metals Limited / AIM: EEE / Sector: Natural Resources

10 September 2020

Empire Metals Limited ('Empire' or the 'Company')

Placing and Subscription to Raise £1.25M

Empire Metals Limited, the AIM-quoted resource exploration and development company, is pleased to announce that it has raised £1,250,000 before expenses by way of an oversubscribed placing of 50,000,000 new ordinary shares of no par value in the capital of the Company (the 'Placing Shares'), with new and existing shareholders in the Company, at a price of 2.5 pence per Placing Share (the 'Placing').

The net proceeds of the Placing will be primarily used to complete the work programme which has commenced at the Eclipse Gold Project in Western Australia (over which the Company has an option to purchase), to re-initiate operations in Georgia once the current permit appeal processes with the government in Georgia are concluded, and to continue the Company's efforts to identify and secure additional compelling assets in which the Company can add value in the short term, as well as for general working capital purposes.

Please see the announcement of 12 August 2020 for further details of the Eclipse Gold Project and the acquisition terms for the project.

Mike Struthers, CEO, said, "We're pleased once again to secure further support from our existing shareholders to enable the Company to complete the work programme at the Eclipse Gold Project in Australia, and to enable us to re-start field work on our two leading projects in Georgia, once the current process is concluded with the Georgian government. We're optimistic we can add significant value to Eclipse in a relatively short time, and our plans for adding further value and eventually starting production at the KB East project in Georgia remain unchanged, once we can overcome the excessive permitting delay with the government."

Application for Admission

The Placing Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 16 September 2020. As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 253,144,899 ordinary shares of no-par value.

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 until the release of this announcement. In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to the company and its securities.

**ENDS**

For further information please visit www.empiremetals.co.uk or contact:

About Empire Metals Limited

Empire Metals Limited (formerly Georgian Mining Corporation) has 50% ownership of the Bolnisi Copper and Gold Project in Georgia, situated on the prolific Tethyan Belt, a well-known geological region and host to many high-grade copper-gold deposits and producing mines. The Bolnisi concession covers an area of over 860 sq km and has a 30-year mining licence with a variety of targets and projects ranging from greenfield exploration / target definition phase through intermediate target-testing phases to more advanced projects including Kvemo Bolnisi East which is due to advance to Feasibility Study.

The Company is assessing the potential for expanding the Company's portfolio through the addition of new assets, which have the ability to add value in the short term.