MRE Upgrade at Pitfield Titanium Project

Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to report an upgraded Mineral Resource Estimate ('MRE') at its Pitfield Project in Western Australia ('Pitfield' or the 'Project'), confirming the Project as the world's largest titanium resource. The MRE is reported in accordance with the Joint Ore Reserves Committee ('JORC') 2012 Code (The Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves) and includes Measured, Indicated and Inferred categories.

Highlights

• World's largest titanium resource1: upgraded MRE of 8.16 billion tonnes at 4.3% TiO2 for 349 million tonnes of contained TiO2, across the Thomas and Cosgrove deposits
• Including Resource Classifications:

o Measured: 374 million tonnes at 5.8% TiO2 for 21.6 million tonnes of contained TiO2

o Indicated: 3.65 billion tonnes at 4.3% TiO2 for 154.7 million tonnes of contained TiO2

o Inferred: 4.2 billion tonnes at 4.1% TiO2 for 173 million tonnes of contained TiO2

• First Measured Resource declared at Pitfield, defines high-grade material coupled with

Indicated Resources, strengthens confidence to progress mine planning and economic studies

• Near-surface, in-situ weathered zone of 4.39 billion tonnes at 4.4% TiO2 for 194.5 million tonnes of contained TiO2: comprising soft, friable material from surface containing naturally formed anatase and rutile, with minimal overburden and no inter-burden, supporting simple, efficient mining methods
• High-grade TiO2 cores define early mining targets with continuous zones averaging above 6% TiO2 over a 5km strike length and up to 1.25km width at Thomas, and over a 4.0km strike length at Cosgrove
• Flowsheet based on conventional processing steps with direct access to global markets: integrated flowsheet demonstrated to produce high-purity (99%+) TiO2 targeting pigment and titanium sponge feedstocks (announced 11 June 2026), with established rail links to deep-water ports serving Asia, the USA, Europe and Saudi Arabia

1 Source: US Geological Survey, Mineral Commodity Summaries 2025, World Resources of Titanium Minerals; comparison against publicly reported JORC (or equivalent) titanium MRE statements on a contained TiO2 basis. USGS national inventory figures are not reported under the JORC Code.

Shaun Bunn, Managing Director, said: "This upgraded MRE is a landmark moment for Empire Metals and confirms Pitfield as the world's largest titanium resource. To have defined 8.16 billion tonnes at 4.3% TiO2, containing 349 million tonnes of TiO2, underlines the sheer scale of this discovery.

"The scale is only part of the story. The declaration of our first Measured Resource of 374 million tonnes at 5.8% TiO2 containing 21.6 million TiO2, together with a substantial Indicated component, provides the platform for mine planning and the economic studies that will underpin Pitfield's development. This milestone comes just weeks after we demonstrated an integrated flowsheet based on conventional processing steps, producing TiO2 at better than 99% purity, targeting both pigment and titanium metal feedstocks. The high-grade weathered zone sits at surface and lends itself to simple, efficient mining methods. We now have both halves of the equation: a titanium resource of exceptional scale, and an integrated processing route designed to produce high-value products.

"Pitfield has the hallmarks of a tier-one titanium project: scale, grade, simple mining methods, processing route based on conventional processing steps and direct access to global markets, in a strategically important mining friendly jurisdiction."

Pitfield Mineral Resource Statement (100% basis)

The Pitfield MRE incorporates the titanium mineralisation hosted within the interbedded succession of sandstones, siltstones and conglomerates as delineated through Diamond Core ('DD'), Reverse Circulation ('RC') and Aircore (AC) drilling, that is supplemented with geophysical surveys, surface mapping and soil and rock chip sampling.

The Pitfield MRE is being reported in accordance with the 2012 JORC Code and estimated by a Competent Person as defined by the Code. The Pitfield MRE contains Measured and Indicated categories as well as Inferred, highlighting the elevated confidence level of the resource within the upgraded resource statement.

The MRE consists of two distinct near-surface in-situ weathered bedrock zones referred to as the Thomas and Cosgrove Deposits, which are defined by an area of 25.5km2 and 39.8km2 respectively, for a total MRE area of 65.3km2 (refer Figure 2).

The MRE has been subdivided to show the potential mineralisation at each prospect separately. It has been further subdivided to show the range of mineralisation within the in-situ saprolite zone and weathered bedrock zones, both being enriched in titanium dioxide minerals (anatase and rutile) and extending from surface to an average depth of approximately 30m to 50m (Table 1). Additionally, the MRE includes the uppermost portion of the underlying fresh bedrock mineralisation, which is primarily enriched with the titanium mineral titanite, as well as some rutile and titanium-iron oxides, and is completely open at depth.

Table 1 below summarises the MRE for Pitfield's Thomas and Cosgrove deposits effective as of 19 August 2026 on a 100% basis. Empire owns 70% of Pitfield in a Joint Venture (JV) with Century Minerals Pty Ltd, which holds the remaining 30% JV interest. Empire is manager of the JV and the sole operator of the Project. Snowden Optiro was engaged to prepare a geological resource model for the MRE for Empire on the Pitfield Project. The MRE was reviewed and signed off in accordance with the JORC Code (2012) by Andrew Faragher (MAusIMM), Exploration Manager for Empire.

Table 1. Pitfield Project Mineral Resource Statement - Updated August 2026

Mineral Resource Estimate for the Thomas Deposit, Pitfield - August 2026

Mineral Resource Estimate for the Cosgrove Deposit, Pitfield - August 2026

Combined Mineral Resource Estimates for the Pitfield Project - August 2026

Notes:

The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies occur due to rounding to appropriate significant figures. The MRE is reported above a 2.5% TiO2 cut-off, constrained to a Reasonable Prospects for Eventual Economic Extraction (RPEEE) pitshell.

About the Pitfield Project

Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid-West region's capital and major port. Western Australia is a Tier 1 mining jurisdiction, with mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a wind and solar renewable energy hub, which is under development (refer Figure 1).

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure, Services and Regional Projects (Mining and Renewables)

Thomas and Cosgrove MRE

The updated MRE has been completed on the Thomas and Cosgrove eposits, which are located approximately 10km south-west and north-west of the town of Three Springs respectively. The drilling at Thomas was primarily designed to increase the confidence level of the resource, with drilling also designed to identify infrastructure options where no mineralisation occurs. The drilling at Cosgrove was designed to significantly increase the size of the known resource there. Previous drilling had focussed on the central part of Cosgrove, this drilling was to increase geological knowledge and resource size.

It is important to note that the upgraded MRE presented herein is constrained by the current number, and density of drill holes, geology and extent of TiO2 mineralisation.

Figure 2: MRE outlines for Thomas and Cosgrove deposits with background images of airborne gravity survey results with the location of the AC, RC and DD drillholes

Geology and Mineralisation Style

Pitfield lies in a unique geological setting along the western boundary of the Yilgarn Craton, within the Yandanooka Basin which consists mainly of interbedded sandstones, siltstone and conglomerates. The Basin is situated between the Eurella Fault to the west and the Darling Range Fault to the east and is interpreted to be approximately 9km deep. Crustal mapping by Geoscience Australia shows there are several deep crustal faults intersecting beneath the Yandanooka Basin and these faults are potentially the conduits of hydrothermal fluids that have strongly altered the host sediments and provided an upgrade to the titanium mineralisation.

The titanium mineralisation is associated predominantly with anatase and rutile in the weathered cap and titanite and rutile in the underlying fresh bedrock. Three distinct events have controlled the formation and nature of the titanium mineralisation. A Ti-rich magmatic intrusion was initially formed, uplifted and eroded into a shallow basin whereby titanium minerals were concentrated into beds as the sediments were sorted by a natural density-based segregation on a significantly larger extent than occurs in surficial mineral sand type deposits. A subsequent hydrothermal event and regional greenschist metamorphism then altered the host sediments and titanium minerals within the sediments and produced an alteration assemblage dominated by titanite (CaTiSiO5), hematite, epidote, carbonate and chlorite. The titanium mineralisation was further upgraded by intense weathering altering the titanite to anatase by removal of the calcium and silica. The consequence of this geological history has been the upgrading of TiO2 content in the ore mineralogy ultimately to >95% TiO2 in the anatase found in the weathered cap. Uniquely, nature has in fact done much of the processing for Empire at Pitfield.

The mineralisation is completely stratabound and the best mineralisation is found within the in-situ weathered cap whereby the sandstones, siltstone and conglomerates have been altered to saprolite, predominantly quartz and kaolin and the titanite has altered to anatase (TiO2). The weathered bedrock consists of altered rock, but weathering is less intense, quartz and kaolin are predominant but as the weathering profile turns to fresher material there is an increase in chlorite, epidote, mica, hematite and carbonate; the anatase content decreases and the titanite content increases.

The upgraded Pitfield MRE incorporates the Thomas and Cosgrove deposits. At Thomas the upgraded MRE now has 43% of the resource reporting to the Measured and Indicated categories and the remainder reporting to the Inferred category. At Cosgrove 51% of the resource reports to the Indicated category and the remainder reports to the Inferred category. Thomas and Cosgrove both have large, high-grade central cores as per the block model. The in-situ weathered cap at both Thomas and Cosgrove can now form the basis for economic and engineering studies, targeting mine planning to support a long-life mining operation.

Figure 3. Thomas Deposit: Location with MRE outline and drill collars by grade

Figure 4. Cosgrove Deposit: Location with MRE outline and drill collars by grade

Drilling Techniques

Drilling was undertaken between 2023 and 2026 with all drilling managed entirely by Empire using primarily Wallis Drilling and Strike Drilling. RC holes were drilled at a diameter of 146mm, AC holes were drilled at a diameter of 90mm or 76mm. Diamond core holes were drilled using PQ3 (85mm,) HQ3 (61mm) or NQ2 (51mm) equipment. Drill core was oriented using the industry standard Reflex orientation tool.

Table 2: Drilling (drillholes with assays) metrics by prospect, year and hole type

Since commencing the maiden drilling campaign at Pitfield on 27 March 2023, Empire has completed 1,102 drill holes for a total 67,846 metres comprising:

• 25 DD drill holes for 3,447 m;
• 211 RC drill holes for 25,853 m; and,
• 866 AC drill holes for 38,546 m.

Sampling Techniques

Sampling at Thomas and Cosgrove utilised standard procedures employed across all drilling methods, with samples considered representative for the purposes of reporting.

• Air core (AC) samples were collected directly from an AC drill rig using a cone splitter at intervals every 2m downhole.
• Reverse circulation (RC) samples were collected directly from an RC drill rig using a cone splitter at intervals every 2m downhole.
• Diamond core samples were taken from the diamond core (HQ and NQ) that was sawn in half, with half going for assay and other half retained in core tray. Hole drilled with PQ, predominantly for metallurgical samples, were cut in half and then one half cut in quarter. The quarter was sent for assay and the remaining three quarters retained for metallurgical sampling. Samples were taken based on the geological logging of the drill holes.

Sample Preparation and Assay

Sample preparation for all AC, RC and DD samples was undertaken at Intertek Minerals laboratory in Maddington WA, where the samples received were sorted and dried. Primary preparation for diamond core samples was to crush each sample in its entirety to 3mm. AC and RC samples were primarily crushed to 3mm. Larger volume samples (>5kg) were split with a riffle splitter. All samples were pulverised via robotic pulveriser. Internal screen sizing QAQC is done at 90% passing 75um.

Prior to October 2024 a 4-acid digestion was used with ICP-MS finish (procedure 4A/MS48) as the initial assay technique. If the initial Ti values exceeded 2% Ti, the samples were re-assayed using a borate fusion digestion to ensure complete dissolution of Ti-bearing minerals, with a ICP-OES analytical finish (procedure FP1/OM).

In October 2024 the analytical methodology was modified to reduce the number of initial elements analysed to 33. The samples underwent a 4-acid digestion and were analysed by ICP-OES finish (procedure 4A/OE33). All samples with initial values exceeding 2% Ti were analysed again with an ICP-OES finish, but with a borate fusion digestion to ensure complete sample dissolution and total TiO2 mineral assaying.

Certified analytical standards were inserted with sample numbers ending in 00, 25, 50 and 75 within the numbering sequence for all AC, RC and DD samples.

Duplicates were inserted with sample numbers ending in 20, 40, 60 and 80 sample numbers within the numbering sequence for all AC and RC samples.

Bulk Density

A total of 109 bulk density values were collected from diamond drill core from both Thomas and Cosgrove; the samples came from the saprolite, weathered bedrock and fresh bedrock zones and were sent to Terra Petrophysics in O'Connor, Perth. The density determinations were made using conventional laboratory procedures. The buoyancy (specific gravity) method is used to determine bulk rock densities, after the samples are saturated with distilled water for 24 hours. Dry bulk densities are determined by dry weight divided by the buoyancy determined volume of each sample. Porosities are calculated from water saturated weights, dry weights, and the buoyancy-determined volume.

The accuracy of the buoyancy technique of density measurement is better than 0.1 grams per cubic centimetre. The results of the laboratory density determinations are reported in grams per cubic centimetre.

Estimation Methodology

Geological interpretation was completed using Leapfrog Geo (v 2025.2.1) software to construct a material type (cover, saprolite, weathered and fresh rock domains) model, which used a combination of geological logging and element geochemical data. A further geological model representing the principle lithological units was constructed using logging codes to represent the Enokurra sandstone and interbedded conglomerate units present at both deposits. Mineralisation domains were defined using a lower modelling cut-off approximating a 2.5% TiO2 threshold, with a clear northwest-southeast trending boundary striking through both the Cosgrove and Thomas deposits.

Exploratory data analysis was then conducted by reviewing multi-element geochemical relationships for TiO2 with Al, Fe, Ca, Mg, K and Na in each of the forementioned domains. Estimation domains were defined based on weathering intensity and above and below the TiO2 modelling cut-off.

Drillholes were composited to 2m increments, representing the typical sampling interval used. Geostatistical analysis and grade continuity modelling was reviewed using Datamine's Snowden Supervisor Software (v8.15.2) and estimation conducted using Datamine's Studio RM Pro (v2.1.125.0).

The TiO2 grade was estimated using ordinary kriging, employing a three-pass estimation strategy within parent blocks measuring 50 m(X) by 50 m(Y) by 10 m(RL). Sub-blocking was permitted to 2m in all directions.

Variograms were modelled separately for each deposit using normal scores transformed data, which was back-transformed on export. At Thomas, the nugget effect was modelled at <20% of total variance, with the remaining three structures modelled at 120m (0.21), 210m (0.25), and 700m (0.37). The variogram is aligned 000->345 for the major direction, 00->255 for the semi-major and 90->000 for the minor (vertical). At Cosgrove, the nugget effect accounted for approximately <25% of variance of the data. The remaining three structures were modelled at 95m (0.23), 542m (0.20) and 1000 m (0.38). The orientations were the same as those used at Thomas.

Density was assigned to the parent blocks based on bulk densities determined from the Archimedes water immersion method, conducted at Terra Resources. A total of 109 samples from both deposits were submitted across all weathering types. Density was assigned to the block model on the basis of material type, as per Table 3 below.

Table 3: Bulk densities applied at Cosgrove and Thomas deposits

Due to the size of the deposits, any un-estimated blocks were hard-coded and were flagged in the model by way of an indicator variable and excluded from classified Mineral Resources.

Cut-off grade(s) and basis of selection

A cut-off grade of 2.5% TiO2 was used and determined from optimisation studies which indicated a break-even cut-off of 2.36% TiO2. Grade and tonnes have been reported within a constrained pit shell reported from a Whittle optimisation. The underlying parameters are listed in Table 4.

This decision was based on a high-level preliminary evaluation of potential modifying factors.

Table 4: Open pit RPEEE optimisation inputs

NB* Calculation derived from Total ore cost / (Process recovery*(Price*(1-Royalty)-Product Transport))*100

See JORC Table 1 Section 2 for more detailed explanation.

Future Drilling, project studies and process flow sheet development to support MRE Upgrade in 2027

The MRE model is currently being reviewed to ensure future drilling supports an MRE upgrade in mid CY 2027, focused on conversion of further Indicated Resources to Measured at Thomas and Cosgrove deposits, as well as process flow sheet and economic studies to support a move to Probable Ore Reserves. A future MRE upgrade would further assist with mine development planning, primarily from increased confidence categories as the Company seeks to progress through to feasibility stage. Future upgrades would require further bulk density work to increase the number of density figures used, ongoing metallurgical test work focused on increasing the confidence level in the Company's process flow sheet and end product specifications.

The Company is in the process of preparing additional Programme of Works with the WA government's Department of Mining, Petroleum and Exploration to support a bulk sampling program as well as further grid drilling to infill the Cosgrove deposit over the next twelve months to increase the confidence level of the resource. Empire will consider other on ground activities as part of the supporting process development work and engineering studies.

Classification

The MRE has been classified following the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (the JORC Code). The updated MRE at Thomas has been classified as Measured, Inferred and Indicated on the basis of confidence in geological and grade continuity, the quality of the sampling and assay data, and confidence in the estimation of titanium across the deposit (see Figure 5). This is based on the robustness of the grade estimate as determined from the drillhole spacing, geological confidence and grade continuity.

The updated MRE at Cosgrove has been classified as Indicated and Inferred on the basis of confidence in geological and grade continuity, the quality of the sampling and assay data, and confidence in the estimation of titanium across the deposit (see Figure 6). This is based on the robustness of the grade estimate as determined from the drillhole spacing, geological confidence and grade continuity. The drilling at Cosgrove is predominantly on a 400m x 200m grid and therefore the MRE classification has lower confidence.

Figure 5. Thomas Deposit Classification: MRE Outline with Measured, Indicated and Inferred Categories

Figure 6. Cosgrove Deposit Classification: MRE Outline with Indicated and Inferred categories

Mineralogy and Metallurgical Factors or Assumptions

The main titanium minerals at Pitfield are anatase (TiO2) within the saprolite and weathered bedrock and titanite (CaTiSiO5) within the fresh bedrock, rutile (TiO2) is found within all rock types. The minerals have been identified from thin section petrography, SEM and microprobe work. The microprobe work has identified that there are no deleterious elements within the anatase, rutile or titanite.

Metallurgical testwork has been undertaken on a range of samples from the exploration and resource drilling programmes. The focus of the testwork has been on the weathered zones, as this is near-surface and extensive. There has been some limited testwork in the underlying fresh bedrock zone and this will continue in subsequent testwork programmes as the flowsheet details start to be confirmed. It is likely that some modifications to the process flowsheet would be required in order to treat the fresh bedrock ore, this assumption will be tested as the project progresses.

Multiple samples from Diamond core drilling and AC drilling programmes have been selected for metallurgical testwork. Testwork is being managed by Empire's inhouse technical team with the assistance of external experts and being undertaken at a number of commercial laboratories in Perth, Western Australia. The programme has four key areas:

• Understanding the mineralogy and physical characteristics of the mineralisation that influence metallurgical performance
• Mineral separation process development
• Elemental extraction process development
• Product finishing to meet industry standard specifications

Whilst the process flowsheet has been identified through the metallurgical testwork to date, there is still work to be undertaken in this area. The focus has now moved from testing a wide range of potential unit operations to developing a deeper understanding of the selected process, including impact on performance of a range of operating and mineralogical variables.

Progress results have been reported previously via RNS, including most recently:

• "Pitfield Process Flowsheet and Product Development" 11/06/2026
• "Pitfield Project Development Update" 27/01/26
• "Breakthrough in Process development" 28/08/25
• "Team Expansion and Bulk Met testing commences" 16/07/25
• "Exceptional High-Purity TiO2 Product Achieved" 09/06/25
• "High-Purity TiO2 Product achieved" 10/03/25
• "Significant Progress Achieved on Process Flowsheet" 13/02/25

GLOSSARY OF TERMS AND ABBREVIATIONS

The following definitions are extracted from the JORC Code, 2012 Edition

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)