Empire Metals, a UK-based titanium exploration company, reported a wider first-half loss as spending on its flagship Pitfield project outpaced revenue. The company posted a loss per share of £0.00262 for the six months ended June 30, 2026, compared with a smaller loss in the prior-year period.
The broader loss reflected increased investment in the Pitfield project, including the completion of the largest drilling program in the company’s history. This effort resulted in an upgraded mineral resource estimate, confirming Pitfield as the world’s largest titanium deposit. Empire Metals also finalized an integrated metallurgical flowsheet designed to produce high-purity titanium products.
To fund development, the company raised £8 million from shareholders and completed the sale of the Eclipse Mining Lease for A$750,000. These proceeds are being directed toward advancing mine planning, engineering, and economic studies for Pitfield in the second half of 2026. Management also plans to pursue a dual listing on the Australian Securities Exchange to broaden investor access.
Looking ahead, Empire Metals expects to further upgrade the Pitfield mineral resource estimate by mid-2027, with a focus on converting Indicated resources to Measured resources. The company’s near-term financial performance remains under pressure as it prioritizes project development over near-term profitability.
