Empire Metals loss widens as Pitfield advances towards development

Empire Metals Ltd on Thursday reported a widened first half loss, but described the period as a "transformational year".

The London-based, Australia-focused mining company said pretax loss widened 12% to £1.9 million for the first half ended June 30, from £1.7 million a year earlier. It did not report any revenue, unchanged from a year prior.

Administration expenses increased 33% to £2.2 million from £1.7 million, with higher staff and professional costs the primary drivers.

Empire did not declare an interim dividend, unchanged from a year prior.

Last week, Empire announced that a mineral resource estimate confirmed its Pitfield project in Western Australia as the world's largest titanium resource.

Empire said Pitfield is advancing towards development and commercialisation, with mine planning, engineering and economic studies now underway.

Managing Director Shaun Bunn said: "The first half of 2026 has been transformational for Empire, representing a period of significant progress for the Pitfield Project. With advances made across mineral resource definition, metallurgical processing and project development, our flagship asset continues to demonstrate its potential to become a globally significant titanium project, now established as the world's largest titanium resource."

"We are well positioned to build on this momentum as we enter the next phase of growth and advance this world-class asset further along the path to commercialisation."

Looking ahead, the company said its dual listing on ASX remains on schedule for the second half of 2026.

"The second half of 2026 promises to be another defining period for Empire," the company added.

Shares in Empire Metals were down 4.3% to 41.63 pence on Thursday morning in London.

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