Half-year Results

Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce its interim results for the six-month period ended 30 June 2026.

Highlights:

• Conducted the largest drilling programme to date at the Pitfield titanium Project ('Pitfield' or the 'Project'), comprising 712 drill holes for 34,844m of drilling, that led to the significantly upgraded Mineral Resource Estimate ('MRE') of 8.16 billion tonnes at 4.3% TiO2 for 349 million tonnes of contained TiO2 post-period end, confirming Pitfield as the world's largest titanium resource
• Completion of an integrated metallurgical processing flowsheet for Pitfield, designed to produce high-purity (99%+) TiO2 pigment and titanium sponge metal feedstock using conventional processing methods
• Successful £8 million Subscription from existing institutional shareholders in May 2026, supporting key value accretive workstreams
• Execution of A$750,000 sale of Empire's 75% interest in the Eclipse Mining Lease
• The Group's cash position as at 30 June 2026 was £12.4 million
• Dual listing on the ASX remains on schedule for H2 2026, led by Canaccord Genuity (Australia), aligning the Company's market presence with its Western Australian asset base and broadening investor access

Shaun Bunn, Managing Director, commented:

"The first half of 2026 has been transformational for Empire, representing a period of significant progress for the Pitfield Project. With advances made across mineral resource definition, metallurgical processing and project development, our flagship asset continues to demonstrate its potential to become a globally significant titanium project, now established as the world's largest titanium resource.

"We completed our most extensive drilling programme in the Company's history, delivering the highest TiO2 drill intercept grades ever recorded at Pitfield and contributing to a significantly upgraded MRE published post period-end that confirmed the exceptional scale and quality of the mineral resource. This marked an important milestone by defining our first Measured Resource at Pitfield and confirming the Project as the world's largest titanium resource.

"In parallel to expanding the mineral resource at Pitfield, we have made equally significant progress on process development. We have defined an integrated metallurgical processing flowsheet that is capable of producing a high-purity titanium pigment and titanium sponge metal feedstock, alongside a high-grade alumina by-product. This processing flowsheet, based on conventional process technologies, represents an important component in the Project's development and reinforces the distinct advantages of Pitfield ore. Further testwork across the key processing stages will continue to de-risk the process, strengthening our belief in Pitfield's potential to deliver high-purity titanium products at a cost advantage, for both the TiO2 pigment and titanium metal markets.

"Pitfield is emerging as a unique, Western-aligned source of TiO2 rutile pigment and titanium sponge metal feedstock, at a time when there is a growing strategic demand for the critical metal globally. With the resource now significantly upgraded and a compelling processing route established, Pitfield is entering a new chapter in its development. The progress we have achieved so far this year is testament to the expertise of our world-class technical team, together with the support from our shareholders. We are well positioned to build on this momentum as we enter the next phase of growth and advance this world-class asset further along the path to commercialisation."

Chairman's Statement

The first six months of 2026 have been a period of substantial progress at our flagship Pitfield Titanium Project in Western Australia as we build on our maiden MRE, delivered in October 2025, and advance Pitfield from a landmark discovery towards development and commercialisation. The maiden MRE, totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂, confirmed Pitfield as one of the largest and highest-grade titanium discoveries globally. That potential has now been emphatically confirmed: following period end, in August 2026, we announced an upgraded MRE of 8.16 billion tonnes at 4.3% TiO₂ for 349 million tonnes of contained TiO₂, establishing Pitfield as the world's largest titanium resource.

During the period, we advanced the Project on two parallel and equally important fronts: resource definition and growth, through the largest drilling campaign undertaken at Pitfield to date; and process development, culminating in the completion of an integrated metallurgical processing flowsheet. Together, these achievements materially de-risk the Project and provide the foundation for the mine planning, engineering design and economic studies which are now underway. Our progress continues to be strongly supported by our shareholders, with £8 million raised in May 2026 by way of a subscription from existing institutional investors.

The drilling campaign completed in April 2026 was the most extensive in the Company's history, comprising 712 holes for 34,844 metres, and more than doubling cumulative drilling at Pitfield to 67,846 metres across 1,102 holes. The campaign was designed to increase the confidence level of the existing MRE at the Thomas Prospect, to expand the known resource at the Cosgrove Prospect, and to delineate the outer extents of the giant mineralised footprint at Pitfield.

The results from the Thomas Prospect have been exceptional. Final assay results, announced in June 2026, confirmed the scale and continuity of the high-grade weathered central core, which extends over an area of approximately 6.25km² - trending NW-SE over some 5km with a width of 1.25km - at an average thickness of 47m from surface. The campaign delivered the highest TiO₂ grades recorded at Pitfield to date, with multiple drillholes averaging close to or greater than 8% TiO₂, including 51m @ 8.79% TiO₂ (AC26TOM250), 50m @ 8.29% TiO₂ (AC26TOM278) and 48m @ 7.90% TiO₂ (AC26TOM246), each from surface, and a peak intercept of 2m @ 21.44% TiO₂. Within the high-grade core, 120 drillholes returned average grades above 6% TiO₂ across their full drilled length. These results, together with the assay results from the Cosgrove Prospect and the wider exploration drilling, underpinned the upgraded MRE announced following the period end and provide the basis for future mine planning and engineering design studies.

The upgraded MRE totals 8.16 billion tonnes at 4.3% TiO₂ for 349 million tonnes of contained TiO₂ across the Thomas and Cosgrove resources. Importantly, it includes Pitfield's first Measured Resource, of 374 million tonnes at 5.8% TiO₂, which, together with a substantial Indicated Resource of 3.585 billion tonnes at 4.3% TiO₂, strengthens confidence to progress mine planning and economic studies. The near-surface, in-situ weathered zone alone totals 4.39 billion tonnes at 4.4% TiO₂ for 194.5 million tonnes of contained TiO₂, comprising soft, friable material from surface 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 4km strike length at Cosgrove.

In June 2026 we announced the completion of an integrated metallurgical processing flowsheet for Pitfield, a defining moment in the development of the Project. Built entirely on proven, conventional processing steps, the flowsheet is capable of producing a premium, high-purity (99%+ TiO₂) pigment, and also offers the optionality to produce titanium metal feedstock and a high-grade alumina by-product. Bench-scale testwork has now been successfully completed across the key processing stages: whole-of-ore flotation has confirmed the selective recovery of titanium minerals, with rejection of more than 90% of unwanted gangue and concentrate grades above 34% TiO₂, whilst titanium extractions of up to 98% have been achieved via an acid bake-water leach process. Initial testwork has also produced high-grade alumina (98.7% Al₂O₃) from the pre-leach solution, offering the potential for a highly marketable by-product that simultaneously lifts TiO₂ recovery, lowers reagent costs and reduces waste.

We believe the Pitfield flowsheet offers a meaningful cost advantage over the conventional ilmenite sulphate route, driven by the mineralogical advantages of the Pitfield ore: the rejection of a low-value gangue fraction at the front of the circuit, lower acid consumption and leach temperatures, the recycling of acid through the alumina circuit, and a vastly smaller iron residue stream. Continuous pilot-scale testwork will validate the process design criteria ahead of feasibility studies and produce bulk product samples for evaluation by potential customers and offtake partners. In addition, we have commissioned a research programme at Murdoch University's Extractive Metallurgy Hub to develop a process for producing titanium metal directly from Pitfield's TiO₂ product via molten salt electrolysis, offering a potential low-cost, lower-emission route to titanium metal and a pathway to further downstream value.

The strategic case for Pitfield also continues to strengthen. Titanium is formally recognised as a critical mineral in numerous jurisdictions, including the United States, yet global supply remains heavily concentrated, with Western markets reliant on imports of both titanium feedstocks and titanium sponge. Pitfield is uniquely positioned to provide a significant, Western-aligned source of TiO₂ rutile pigment and titanium sponge metal feedstock, distinct from the energy-intensive ilmenite supply chains that currently dominate global production. This strategic positioning continues to resonate strongly with investors, end-users and potential industry partners.

Corporate

During the period we completed the divestment of our non-core gold interests. Following the execution of a definitive sale and purchase agreement in May 2026, the sale of our 75% interest in the Eclipse Mining Lease completed in June 2026, with total cash consideration of A$750,000 received. This transaction concludes the rationalisation of this non-core asset and allows capital and management resources to be focused entirely on the advancement of Pitfield.

We have also continued to broaden our capital markets presence to match the scale of the opportunity before us. In June 2026, we appointed Zeus Capital Limited as joint corporate broker, working alongside Canaccord Genuity Limited and S. P. Angel Corporate Finance LLP. Preparations for a dual listing on the Australian Securities Exchange remain on track for H2 2026, with Canaccord Genuity (Australia) acting as lead adviser, a natural step for a company whose flagship asset is located in Western Australia and one which we expect to broaden access to Australian and international investors.

Following the period end, we further strengthened our project delivery capability with the appointments of Chris Dodds as General Manager (Project Delivery) and Emma Neale as Senior Advisor (Approvals). Chris brings more than 20 years' experience delivering complex mining and infrastructure projects in Australia and globally, whilst Emma brings more than 14 years' experience in environmental approvals, permitting and impact assessment for mining and resource projects across Western Australia and internationally. These strategic appointments are aligned with our objective to rapidly advance Pitfield through the necessary permitting and feasibility study phases towards commercial development.

Financial

As an exploration and development group which has no revenue, we are reporting a loss for the six months ended 30 June 2026 of £1,880,039 (30 June 2025: loss of £1,704,821).

In May 2026, the Company announced that it had raised gross proceeds of £8 million by way of a subscription of 26,666,667 new ordinary shares of no par value to existing institutional shareholders at a price of 30 pence per share.

The Group's cash position as at 30 June 2026 was £12.4 million (30 June 2025: £6.3 million).

Outlook

The second half of 2026 promises to be another defining period for Empire. With the upgraded MRE now delivered, our focus turns to the mine planning, engineering and economic studies that will ultimately underpin Pitfield's development into a commercial operation. Detailed engineering studies based on the current flowsheet have commenced, and continuous pilot-scale testwork will validate the process design criteria ahead of feasibility studies while producing bulk product samples. Product development work targeting coated rutile pigments and titanium sponge metal feedstock also continues to advance. Work is already underway to support a further MRE upgrade in mid-2027, focused on the conversion of additional Indicated Resources to the Measured category, alongside the process flowsheet and economic studies required to support a move to Probable Ore Reserves. Together with the planned ASX dual listing, these workstreams will carry Pitfield into the feasibility stage with strong momentum.

I would like to thank our shareholders for their continued support and confidence in Empire. With a world-class asset, a proven process flowsheet, a strengthened team and a robust balance sheet, the Company has never been better positioned to deliver on the generational opportunity that Pitfield represents. I look forward to updating you on our continued progress throughout the remainder of the year.

Neil O'Brien

Non-Executive Chairman

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Other comprehensive income

Items that may be subsequently reclassified to profit or loss

NOTES TO THE INTERIM FINANCIAL STATEMENTS

General Information

The principal activity of Empire Metals Limited ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. The Company's shares are quoted on the AIM Market of the London Stock Exchange. The Company is incorporated in the British Virgin Islands and domiciled in the United Kingdom. The Company was incorporated on 10 February 2010 under the name Gold Mining Company Limited. On 10 October 2016 the Company changed its name from Noricum Gold Limited to Georgian Mining Corporation and subsequently on 10 February 2020 changed its name from Georgian Mining Corporation to Empire Metals Limited.

The address of the Company's registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola BVI.

Basis of Preparation

The condensed consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The interim financial information set out above does not constitute statutory accounts. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 20 March 2026. The report of the auditors on those financial statements was unqualified.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed interim financial statements for the period ended 30 June 2026.

The factors that were extant in the 31 December 2025 Annual Report are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2025 Annual Report.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 31 December 2025 Annual Report and Financial Statements, a copy of which is available on the Group's website: https://www.empiremetals.co.uk. The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 31 December 2025 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.

Accounting Policies

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2025.

3.1 Changes in accounting policy and disclosures

• New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2026.

The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2026 but did not result in any material changes to the Financial Statements of the Group.

Administrative expenses

The Exploration & Evaluation additions in the current period primarily relates to work performed at the Company's Pitfield project.

The Directors do not consider the asset to be impaired.

Held for Sale Asset

Empire Metals Australia Pty Ltd has completed the sale of its 75% interest in the Eclipse project for a total consideration of A$750,000.

Trade and Other Payables

Earnings per share

The calculation of the total basic loss per share of 0.262 pence (30 June 2025: 0.260 pence) is based on the loss attributable to equity owners of the parent company of £1,880,039 (30 June 2025: £1,704,821) and on the weighted average number of ordinary shares of 718,407,033 (30 June 2025: 651,359,884) in issue during the period.

Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2025.

The total number of options outstanding at 30 June 2026 is 64,200,000.

Commitments

Commitments stated in the Group's Annual Financial Statements for the year ended 31 December 2025 remain.

Related Party Transactions

Westend Corporate LLP, an entity in which Gregory Kuenzel is a partner, was paid a fee of £51,316 (2025: £52,650) for accounting and corporate services to the Group. At the period end there was nothing outstanding (2025: £nil).

MOAR Consulting Inc, an entity in which Neil O'Brien is a beneficiary provided geological consulting services to Empire Metals Australia Pty Ltd. Total charges for the period ended 30 June 2026 were CAD$Nil (2025: CAD$16,000)

12538938 Canada Inc and Silvergate Capital Partners Ltd entities in which Peter Damouni is a beneficiary, were paid fees of £25,000 (2025: £Nil) and £5,000 (2025: £30,000) respectively for business development services to the Group.

Events after the balance sheet date

There have been no events after the reporting date of a material nature.

Approval of interim financial statements

The condensed interim financial statements were approved by the Board of Directors on 26 August 2026.