Empire Metals reported a deeper loss for the six months ended in the first half of 2026 as the UK-based explorer stepped up expenditure on its Pitfield titanium project.
The company confirmed during the period that the Pitfield deposit is the world’s largest titanium resource after an updated mineral resource estimate. That upgrade followed the firm’s most extensive drilling campaign to date at the site.
Alongside the resource enhancement, Empire Metals completed an integrated metallurgical flowsheet designed to produce high-purity titanium products from Pitfield material. The company said that capital raised from shareholders supported these key technical and development workstreams.
Financial movements in the period included a fundraise that secured £8 million from existing and new shareholders, and the completion of the disposal of an Eclipse Mining Lease for A$750,000. Despite these financing activities, the company recorded a loss per share of £0.00262 for the first half.
Looking ahead, Empire Metals intends to advance mine planning, engineering and economic studies for Pitfield during the second half of 2026. Management has also set an expectation to upgrade the Pitfield mineral resource estimate around mid-2027, with the specific objective of converting Indicated Resources to Measured Resources.
To broaden investor access to the company, Empire Metals has plans to pursue a dual listing on the Australian Securities Exchange in the second half of 2026.
Context and next steps
- Upgrade to the Pitfield resource followed the company’s largest ever drilling programme at the site and confirms the deposit’s scale as presented by management.
- An integrated metallurgical flowsheet has been completed to support production of high-purity titanium products from Pitfield material.
- Planned activities for H2 2026 include mine planning, engineering and economic studies, while an updated resource targeting conversion to Measured status is expected by mid-2027.
Empire Metals’ increased exploration and development activity has translated into heavier near-term spending, reflected in the wider reported loss. The company’s stated timetable sets out a sequence of technical and listing milestones through mid-2027.