Oversubscribed Placing to Raise £2.5 million

Oversubscribed Placing to Raise £2.5 million to Accelerate Work Focused on Zone of Recently Discovered High-Purity Near-Surface Anatase

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that is has raised £2.5 million before expenses by way of a placing of 35,714,286 new ordinary shares of no par value in the capital of the Company at 7p (the 'Placing Shares') to new and existing shareholders (the 'Placing').

Shaun Bunn, Managing Director, said: "We have achieved exceptional results from our exploration and process development efforts at Pitfield to date, and this fundraising will ensure that we can continue to push ahead, expand our metallurgical testwork and research activities and continue to fast track the resource drilling required to provide a maiden Mineral Resource Estimate. We have received significant support from existing and new investors in this placing, a sure sign that the market is beginning to see the global significance of our discovery at Pitfield.

"The recent discovery of a new anatase enriched deposit (announced 22 August 2024), located within the weathered "saprolite" cap covering the extent of the giant, 40km long mineral system, has shifted the focus of our development studies to this weathered cap. The results of our preliminary technical studies show that the anatase, a variant of rutile, is of high purity and provides the Company with an excellent opportunity to produce a strategic feedstock for the titanium chloride pigment and titanium metal markets.

"With the addition of these new funds to our already healthy cash balance (refer Interim Accounts RNS dated 18 September 2024), our cash at bank now stands at circa £4.8 million putting the Company in a very strong financial position."

Use of Funds

The net proceeds of the Placing will be primarily used to allow the Company to expand on the existing work programme including resource drilling, mineralogical and metallurgical studies and environmental baseline studies. In addition, and as a result of the recent high-purity anatase discovery within the near-surface weathered cap, the Company will scale up and accelerate the metallurgical and mineralogical studies focussed on this anatase-rich zone which is has the potential to respond well to straight forward beneficiation steps and produce a high-quality TiO2 concentrate suitable for further upgrading to a high-value commercial end product.

Application for Admission and Total Voting Rights

The Placing Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 4 October 2024. As a result of the issue of the Placing Shares as described above, the issued share capital of the Company now consists of 634,564,810 ordinary shares of no-par value.

Warrants

The Company has agreed to issue warrants over a total of 689,988 ordinary shares in the Company exercisable at 10.50 pence per share for a period of two years from date of grant to Shard Capital Partners LLP (Joint Broker).