Empire Metals reported its interim results for the six-month period ended 30 June 2026, highlighted by a post-period-end mineral resource upgrade that more than triples the size of its flagship Pitfield titanium project in Western Australia compared to its maiden estimate.

The upgraded Mineral Resource Estimate, announced in August 2026, totals 8.16 billion tonnes at 4.3% titanium dioxide for 349 million tonnes of contained titanium dioxide. This compares to the maiden Mineral Resource Estimate announced in October 2025, which totalled 2.2 billion tonnes at 5.1% titanium dioxide for 113 million tonnes of contained titanium dioxide. The updated inventory includes Pitfield's first declared Measured Resource of 374 million tonnes at 5.8% titanium dioxide.

“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.”

— Shaun Bunn, Managing Director

The resource expansion followed the largest drilling campaign in the company's history during the period, comprising 712 drill holes for 34,844 metres of drilling across the Thomas and Cosgrove prospects. Alongside drilling, the company finalised an integrated metallurgical processing flowsheet designed to produce high-purity 99%+ titanium dioxide pigment and titanium sponge metal feedstock using conventional processing methods.

Empire held a cash position of £12.4 million as at 30 June 2026, compared to £6.3 million as at 30 June 2025. The higher cash reserves were supported by an £8 million subscription from existing institutional shareholders completed in May 2026 to fund key value-accretive workstreams. During the period, the company also completed the A$750,000 sale of its 75% interest in the Eclipse Mining Lease to focus entirely on Pitfield.

“We completed our most extensive drilling programme in the Company's history, delivering the highest TiO 2 drill intercept grades ever recorded at Pitfield and contributing to a significantly upgraded MRE published post period-end that confirmed the exceptional scale and quality of the mineral resource. This marked an important milestone by defining our first Measured Resource at Pitfield and confirming the Project as the world's largest titanium resource.”

— Shaun Bunn, Managing Director

The company is preparing for a dual listing on the Australian Securities Exchange scheduled for the second half of 2026, led by Canaccord Genuity (Australia), to align its market presence with its Western Australian asset base. Operating activities are also underway to support a further mineral resource estimate upgrade in mid-2027, focusing on converting additional indicated resources to the measured category. Meanwhile, continuous pilot-scale testwork has been scheduled to validate process design criteria ahead of feasibility studies and produce bulk product samples for evaluation by potential customers and offtake partners.

Engineering studies based on the current flowsheet have also commenced, with management advancing workstreams to carry the project into the feasibility stage.

Read the full announcement: Empire Metals Limited Announces Interim Results