Empire Metals Limited Announces GBP8m Subscription by Institutional Shareholders

About this update from Empire Metals Limited

LONDON, UK - Empire Metals Limited ('Empire' or 'the Company') (LON: EEE) (OTCQX: EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce that it has raised gross proceeds of GBP8 million by way of a subscription of 26,666,667 new ordinary shares of no par value in the capital of the Company at a price of 30 pence per ordinary share (the 'Subscription Shares') to existing institutional shareholders (the 'Subscription'). Highlights Subscription raises gross proceeds of GBP8 million from existing institutional shareholders Pro-forma cash position circa GBP14.5 million on completion Proceeds will fund key value accretive workstreams including Mineral Resource Estimate ('MRE') updates and mine planning work, metallurgical batch and continuous pilot scale testwork and engineering and economic studies Product development testwork and marketing studies advancing, focusing on the TiO2 rutile pigment and titanium sponge metal markets ASX dual listing on track for H2 2026, with Canaccord Genuity (Australia) to act as lead adviserShaun Bunn, Managing Director, said: 'Existing institutional investors increasing their positions reflects strong support for our strategy and the progress at Pitfield. With momentum across all workstreams and our ASX dual listing on track for H2 2026, this investment underpins the strategic value of a high-grade titanium project of Pitfield's quality and scale in a Tier-1 jurisdiction.' Use of Proceeds The proceeds will allow acceleration of current development work at Pitfield and fund Empire's development studies, principally Engineering and economic studies - mining, process plant, infrastructure and energy workstreams Resource growth - MRE expansion drilling and classification upgrade Product and market development - pilot-scale production and offtake engagement with TiO2 pigment and titanium metal end-users Corporate - ASX listing costs and general working capital Application for Admission and Total Voting Rights The Subscription Shares will rank pari passu in all respects with the existing ordinary shares of no par value in the capital of the Company. Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission will become effective at 8:00 a.m. on 15 May 2026. As a result of the iss...

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