Execution of SPA for Eclipse Mining Lease
Empire Metals Limited has executed a definitive sale and purchase agreement for its 75% interest in the non-core Eclipse Mining Lease for a total consideration of A$750,000, comprising a A$50,000 deposit already received and A$700,000 payable on completion. This divestment aligns with the company's strategy to focus capital and management resources on advancing the Pitfield Titanium Project, a significant global titanium discovery. Completion of the sale is anticipated in the near term, subject to customary conditions precedent.
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| Empire Metals Limited (AIM: EEE | OTCQX: EPMLF), the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce that its wholly-owned Australian subsidiary, Empire Metals Australia Pty Ltd, has executed a definitive sale and purchase agreement (the "Sale Agreement") for the sale of its 75% interest in the Eclipse Mining Lease ("Eclipse ML"), a non-core gold asset located near Kalgoorlie, Western Australia, on the terms previously announced. |
Highlights
- Definitive Sale Agreement executed for the disposal of Empire's 75% interest in the Eclipse ML.
- Total consideration for Empire's 75% interest payable is A$750,000, including a A$50,000 non-refundable deposit already received and A$700,000 payable in cash on completion.
- The Eclipse ML sale is consistent with Empire's strategy to divest non-core assets and focus capital and management resources on advancing the Pitfield Titanium Project, in Western Australia.
Shaun Bunn, Managing Director, said: "We are pleased to confirm execution of the definitive sale and purchase agreement for Empire's 75% interest in the Eclipse Mining Lease. The transaction allows the Company to direct capital and management focus to advancing the Pitfield Titanium Project, one of the largest titanium discoveries globally. Completion of the sale is expected in the near term, subject to satisfaction of the remaining conditions."
Background
As announced on 30 December 2025, Empire's wholly-owned Australian subsidiary entered into a conditional sale agreement for its 75% interest in mining lease M27/153 (Eclipse ML), held in joint venture with the holder of the remaining 25% interest. The agreement included a three-month exclusivity and due diligence period, which was extended by one month on 31 March 2026 to enable the purchaser to complete its analysis of assay results from a 10-hole, 514-metre RC drilling programme carried out at the Project during the due diligence period.
Sale Terms
Key terms of the Sale Agreement include:
- the sale relates to Empire's 75% interest in mining lease M27/153 (Eclipse ML);
- total consideration for Empire's 75% interest payable is A$750,000, including a A$50,000 non-refundable deposit already received and A$700,000 payable in cash on completion;
- completion is subject to satisfaction of customary conditions precedent including Ministerial approval;
- the Sale Agreement contains representations, warranties and indemnities customary for a transaction of this nature.
Next Steps
The parties will now work towards satisfaction of the conditions precedent under the Sale Agreement, with completion expected to follow shortly thereafter. A further announcement will be made on completion of the transaction.
Empire continues to review options for other non-core assets, consistent with its strategy to accelerate development activities at the Pitfield Project.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.