UK-based titanium explorer Empire Metals reported a wider first-half loss as spending on its flagship Pitfield project increased, offsetting proceeds from a share placement and asset sale.
The company posted a loss per share of £0.00262 for the six months ended June 30, 2026, compared with a loss of £0.00183 in the same period a year earlier. Empire attributed the deeper loss to higher development costs at the Pitfield titanium deposit in Australia, where it conducted its largest drilling program to date.
Empire raised £8 million through a share placement during the period and completed the sale of the Eclipse Mining Lease for A$750,000. The company also upgraded the mineral resource estimate at Pitfield, confirming it as the world’s largest titanium deposit. Metallurgical work advanced with the completion of an integrated flowsheet designed to produce high-purity titanium products.
Looking ahead, Empire plans to accelerate mine planning, engineering, and economic studies for Pitfield in the second half of 2026. The company also intends to pursue a dual listing on the Australian Securities Exchange in the same period to broaden investor access. A further upgrade to the Pitfield mineral resource estimate is targeted for mid-2027, with a focus on converting Indicated Resources to Measured Resources.
Empire Metals operates as a mineral explorer focused on titanium and related metals, with the Pitfield project in Western Australia as its primary asset.
