Empire Metals raises PS8 million to advance Pitfield development work
Empire Metals Ltd on Monday said it has raised £8 million in gross proceeds from institutional shareholders, with funds earmarked to advance work at its Pitfield project.
The London-based mining firm with exploration assets in Australia said existing institutional investors subscribed for 26.7 million shares at a price of 30 pence per share.
Shares in Empire Metals were up 1.4% at 32.96 around midday on Monday in London.
The company noted a pro-forma cash position of £14.5 million on completion of the raise, with proceeds earmarked for ‘accretive workstreams’. These, said Empire Metals, include mineral resource estimate updates and ‘mine planning work, metallurgical batch and continuous pilot scale testwork and engineering and economic studies’.
Empire Metals also said its planned dual listing on the Australian Securities Exchange is on track for the second half of this year.
‘Existing institutional investors increasing their positions reflects strong support for our strategy and the progress at Pitfield. With momentum across all workstreams and our ASX dual listing on track for H2 2026, this investment underpins the strategic value of a high-grade titanium project of Pitfield’s quality and scale in a Tier-1 jurisdiction,’ said Managing Director Shaun Bunn.
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