Empire Metals 2025 loss narrows as titanium project results satisfy
Empire Metals Ltd on Monday said its pretax loss had narrowed in 2025, during which it released the maiden resource estimate for its Pitfield titanium project.
The London-based mining firm with exploration assets in Australia is yet to generate revenue, and as such reported a pretax loss of £3.5 million in 2025, narrowed from £4.1 million in 2024.
Empire Metals also raised £11.5 million by issuing new shares in 2025. It had a cash position of £8.4 million as of Friday, compared with £7.0 million at May 30, 2025.
Empire Metals shares were up 2.5% to 29.32 pence each around noon on Monday in London.
In 2025, the company released the first mineral resource estimate for its Pitfield titanium project in Western Australia. Pitfield is its flagship project, with Empire Metals having sold 75% of its interest in the Eclipse gold project.
Empire Metals reported a total of 2.2 billion tonnes of minerals grading 5.1% of titanium dioxide, making for 113 million tonnes of the compound.
It added that it achieved a purity of over 99% through beneficiation, leaching and refining processes, demonstrating the potential to produce high-purity products and serve premium markets.
Empire Metals shares were added to the FTSE AIM 100 index back in September, and were admitted to trading on both OTCQB and OTCQX in 2025.
The company said it will focus on advancing workstreams and derisking the development pathway for Pitfield this year, with expansion drilling to expand its resource estimate and engineering studies to contribute to a scoping study.
Empire Metals is also planning a dual listing on the Australian Stock Exchange, with Canaccord Genuity Corp acting as lead advisor.
Managing Director Shaun Bunn said: ‘We successfully delivered our maiden [mineral resource estimate] at Pitfield...confirming the unique scale and quality of the project. We also achieved a very high-purity [titanium dioxide] product, which further endorsed Pitfield’s potential.’
‘Following two successful fundraises, we remain in a robust cash position...that will support us on our accelerated path to the commercialisation of the project,’ he added.
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