Empire Metals Ltd (AIM:EEE, OTCQX:EPMLF) has raised £7 million from existing institutional investors to accelerate development of its flagship Pitfield titanium project in Western Australia and strengthen its balance sheet ahead of a possible listing on the Australian Securities Exchange next year.
The AIM-quoted explorer said the funding round, comprising the issue of 17.5 million new shares at 40p each, was completed at a premium to the current market price and reflected increased participation from institutional shareholders in Asia and Australia.
The proceeds will be used to expand drilling and metallurgical testwork at Pitfield, where the company is working towards producing high-purity titanium dioxide (TiO₂) samples for potential customers.
Pilot-scale production is expected to begin in 2026, alongside engineering and economic studies to support future development plans.
Empire also plans to explore routes to produce titanium tetrachloride (TiCl₄), an intermediate product used in the titanium metal supply chain.
In parallel, it intends to strengthen its management team and pursue “value-accretive corporate opportunities”, including a dual ASX listing targeted for the first half of 2026, with Canaccord Genuity expected to act as lead adviser.
Shaun Bunn, managing director of Empire Metals, said: “I am very pleased to announce the successful completion of this subscription, which was executed at a premium to the current share price and reflects increased participation from our institutional shareholders in Asia and Australia.
"This continued support underscores both the scale and strategic value of the Pitfield Project.”
Following the raise, Empire said its cash position will stand at £11 million, providing what it called a “robust balance sheet” to drive the next stage of development.