£4.5m Subscription by Institutional Investors

Empire Metals Limited (LON: EEE, OTCQB: EPMLF), the AIM-quoted and OTCQB-traded resource exploration and development company, is pleased to announce that is has raised £4.5 million by way of a subscription of 47,368,423 new ordinary shares of no par value in the capital of the Company at 9.5p (the 'Subscription Shares') to existing and new institutional shareholders (the 'Subscription').

Shaun Bunn, Managing Director, said: "I am pleased to confirm the successful completion of this Subscription, which has increased participation from our institutional shareholders in Asia and Australia. The Subscription was led by Asian Investment Management Services Ltd, an existing shareholder.

"The continued support from institutional investors highlights the scale and quality of the titanium discovery at Pitfield, and the opportunities that it brings. The additional funds strengthen our balance sheet, increasing our cash position to £7.1 million, and will be deployed to expand the planned drilling programme with the objective of establishing a globally significant Mineral Resource Estimate ('MRE'); progress the bulk metallurgical testwork so as to deliver high-purity TiO2 product samples to end users; and bring forward the commencement of economic studies.

"With momentum building in 2025, Empire is in a strong position to advance Pitfield and capitalise on the global focus on critical minerals such as titanium."

Use of Funds

The proceeds of the Subscription, together with existing cash reserves of £2.6 million, will be primarily used to:

• Expand the Pitfield titanium mineral resource development drilling programme to define a globally significant MRE;
• Appoint additional metallurgical and engineering personnel to accelerate the development of the process flowsheet;
• Upscale the bulk metallurgical testwork to provide high-purity TiO2 product samples to potential end users; and
• Accelerate the commencement of mining studies, well ahead of schedule.

Laboratory testwork results to date have been encouraging and the use of conventional processing techniques has increased management's confidence that the process flowsheet can deliver high-value commercial end products. Development focus now has turned to optimising the various processing steps and commencing mine option studies. Proceeds from this equity placement fully fund the Company through these important, project development workstreams.

Application for Admission and Total Voting Rights

The Subscription 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 Subscription Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective on or around 30 May 2025. As a result of the issue of the Subscription Shares as described above, the issued share capital of the Company now consists of 689,633,233 ordinary shares of no-par value.