Australian Miner Disrupting the Global Titanium Industry

• Empire Metals is advancing its Pitfield Titanium project in Western Australia at an accelerated pace, having achieved 99.25% purity titanium dioxide pigment with minimal contaminants, demonstrating the ore body's exceptional processing capabilities.
• The company expects to release its maiden mineral resource estimate (MRE) by early Q4/25, following completion of their largest drilling program to date with 180 drill holes and 10,000 meters of drilling at the Thomas Prospect.
• Unlike traditional ilmenite-based operations, Pitfield's ore requires less acid processing, produces no iron waste, and offers multiple product optionality from pigment-grade to metal precursor applications.
• With £4 million raised earlier in 2025 from strategic investors, Empire Metals is well-funded through the current development phase, including metallurgical testing, resource estimation, and early piloting stages.
• The company is targeting the expanding titanium metal market, particularly for defense and aerospace applications, while positioning itself to benefit from Australian government support for critical minerals downstream processing.

Empire Metals (LON:EEE) is positioning itself as a potential disruptor in the global titanium industry through its Pitfield Titanium project in Western Australia. In a recent comprehensive interview, Managing Director Shaun Bunn outlined the company's strategic approach to developing what could become a transformative asset in the critical minerals sector. The discussion revealed significant technical breakthroughs, strategic positioning advantages, and a clear pathway toward production that distinguishes Empire Metals from traditional titanium producers.

Technical Breakthrough in Product Quality

The company has achieved a significant milestone in demonstrating the commercial viability of its ore body. Empire Metals successfully produced titanium dioxide at 99.25% purity, an achievement that validates the exceptional quality of the Pitfield deposit. 

"We got to 99.25% TiO₂ in a pigment with none of the nasties, none of the deleterious elements, none of the uranium, thorium, chromes, the things that affect pigment."

This breakthrough occurred without a mineral resource estimate in place, demonstrating the company's confidence in advancing metallurgical understanding ahead of traditional development sequences.

The purity achievement is particularly significant because it was accomplished using conventional sulfate processing technology, proving that existing industry infrastructure and knowledge can be applied to Pitfield's unique ore characteristics. This technical validation removes a significant risk factor for potential investors and strategic partners, as it demonstrates the ore body's amenability to established processing methods while offering superior outcomes.

Resource Definition & Drilling Success

Empire Metals is approaching resource definition with strategic precision. The company completed its largest drilling program to date in June 2025, consisting of 180 drill holes totaling 10,000 meters of drilling specifically targeting the Thomas Prospect. This focused approach reflects management's decision to prioritize quality over quantity in resource definition. 

"We targeted Thomas Prospect. We went in and drilled on a much smaller grid. The objective is not only to get our maiden MRE out but to have it in a high level of confidence so that we can advance to mine design and start talking about ore reserves at some stage."

The drilling strategy demonstrates sophisticated understanding of modern resource development requirements. Rather than pursuing a broad, shallow resource definition approach, Empire Metals is building high-confidence resource blocks that can support immediate mine planning and economic studies. Recent results have delivered grades of seven to eight percent across reasonable intercept thicknesses, providing the foundation for potential high-grade starter operations.

The maiden mineral resource estimate is scheduled for release in early Q4 2025, representing a critical milestone that will establish Empire Metals' position in the global titanium landscape. Management's confidence in the timeline reflects the systematic approach taken throughout the drilling and geological interpretation process.

Unique Processing Advantages

The Pitfield project offers distinct processing advantages over traditional titanium sources, primarily ilmenite-based operations that dominate current global production. The ore body's mineralogy eliminates many of the environmental and processing challenges that plague conventional titanium operations. 

"The anatase doesn't need as much acid to digest as ilmenite. There's no iron to break down and no disposal issues relating to the disposal of that iron."

These processing advantages translate directly into potential cost savings and environmental benefits. Traditional ilmenite processing generates significant iron sulfate waste that requires disposal in residue facilities, representing both ongoing operational costs and environmental liabilities. Pitfield's ore characteristics eliminate these issues while potentially reducing acid consumption and processing complexity.

The company has identified multiple processing options for the secondary beneficiation stage, maintaining flexibility in final process selection. This optionality allows Empire Metals to optimize processing routes based on market conditions and end-user requirements rather than being constrained by ore characteristics.

Interview with Shaun Bunn, MD of Empire Metals

Product Optionality & Market Positioning

Empire Metals has strategically positioned itself to serve multiple end markets rather than being limited to a single product stream. The company's ore characteristics enable production of various titanium products, from traditional pigment applications to high-value metal precursors for aerospace and defense applications. 

"The optionality that we can get from this ore body is amazing. The change up between making a pigment that we've made and making a specific feed stock to the metal industry is pretty minor."

This product flexibility provides significant strategic advantages in market positioning and revenue optimization. Traditional ilmenite operations are typically constrained to specific product types based on their ore characteristics and processing capabilities. Empire Metals' ability to pivot between product streams based on market conditions and pricing provides both revenue protection and growth opportunities.

The growing titanium metal market, particularly for defense and aerospace applications, represents a high-value opportunity that Empire Metals is well-positioned to capture. The company's clean, high-purity product eliminates many of the contaminants that metal producers typically must remove from conventional titanium feedstocks.

Infrastructure Advantages

The Pitfield project benefits from its location in Western Australia, one of the world's premier mining jurisdictions. The project's proximity to established infrastructure and the availability of renewable energy sources align with global trends toward sustainable mining operations. 

"We're positioning ourselves not only large, we're positioning ourselves as being located in a tier one excellent mining jurisdiction close to infrastructure." 

Western Australia's mining expertise ecosystem provides Empire Metals with access to world-class technical resources without the need for substantial internal capability building. The presence of CSIRO facilities, university research capabilities, and established metallurgical laboratories in Perth enables the company to leverage existing expertise while maintaining cost discipline during development phases.

The renewable energy access is particularly significant given the industry's increasing focus on environmental sustainability. Empire Metals' ability to power operations with wind and solar energy provides both cost advantages and marketing benefits in an increasingly environmentally conscious marketplace.

Development Timeline

Empire Metals has established an aggressive development timeline that reflects management's confidence in the project's technical characteristics and their team's execution capabilities. The company plans to complete bulk metallurgical testing by year-end 2025, with continuous piloting operations commencing in early 2026. 

"Going into 2026, the team is focused on setting up continuous piloting and we're going to try and look at how we can leverage off the local industry here."

The development approach emphasizes leveraging existing infrastructure and capabilities rather than building everything internally. This strategy reduces both capital requirements and development risks while accelerating the path to production. The company's track record of meeting or exceeding announced milestones provides additional confidence in the proposed timeline.

Scoping and pre-feasibility studies will run in parallel with piloting activities, enabling rapid progression through traditional development phases. This integrated approach reflects modern project development best practices and positions Empire Metals for efficient capital deployment.

Financial Position

Empire Metals completed a strategic funding round earlier in 2025, raising over £4 million to support current development activities. This funding provides runway through the critical technical development phases, including completion of the maiden resource estimate, metallurgical testing programs, and early piloting activities. The participation of strategic investors in the funding round demonstrates institutional confidence in the project's potential.

The company's funding strategy emphasizes maintaining optionality while advancing technical development. Rather than pursuing large-scale funding that might dilute shareholder value prematurely, management is focusing on systematic de-risking through technical achievements that should support higher valuations in future funding rounds.

The modular nature of the proposed processing facility enables staged development approaches that could reduce initial capital requirements while providing earlier cash flow generation. This flexibility in development approach provides additional options for financing optimization as the project advances.

Market Dynamics

The global titanium industry is experiencing significant structural changes that benefit projects like Pitfield. Traditional ilmenite-based operations face increasing cost pressures, environmental challenges, and competition from lower-cost Chinese production. 

"The old ilmenite heavy mineral industry is suffering high costs, inefficiencies. The western part of the supply chain can't compete against the Chinese supply."

The strategic value of titanium, particularly for defense and aerospace applications, continues to grow despite cyclical demand fluctuations in traditional pigment markets. Government support for critical minerals development, both in Australia and internationally, provides additional tailwinds for projects capable of delivering strategic supply chain security.

Empire Metals' positioning as a potential low-cost, environmentally superior producer addresses multiple industry trends simultaneously. The company's Australian jurisdiction, processing advantages, and product optionality align with both commercial requirements and geopolitical considerations driving current market dynamics.

The Investment Thesis for Empire Metals

• Unique Ore Characteristics: Pitfield's anatase-rich ore offers superior processing economics compared to traditional ilmenite operations, requiring less acid, generating no iron waste, and enabling multiple high-value product streams.
• Proven Technical Capability: Achievement of 99.25% purity titanium dioxide using conventional processing validates commercial viability and reduces technical risk for investors.
• Strategic Location Advantages: Western Australia jurisdiction provides political stability, infrastructure access, renewable energy availability, and proximity to world-class technical expertise.
• Market Timing Opportunity: Positioned to benefit from growing titanium metal demand, government critical minerals support, and industry transition away from environmentally challenging traditional operations.
• Management Execution Track Record: Consistent delivery on announced milestones and strategic advancement of metallurgy ahead of resource definition demonstrates effective project management.
• Financial Efficiency: Well-funded through current development phases with strategic investor participation, maintaining optionality while advancing systematic de-risking.
• Multiple Value Creation Pathways: Product optionality from pigment to metal precursors, staged development potential, and byproduct opportunities provide multiple routes to value optimization.
• Competitive Differentiation: Processing advantages and ore characteristics position Empire Metals to compete effectively against established producers while serving emerging high-value market segments.

The global transition toward sustainable energy systems and technological advancement is driving unprecedented demand for critical minerals, with titanium emerging as a cornerstone material for aerospace, defense, and emerging technology applications. Traditional supply chains dominated by environmentally intensive ilmenite processing and geopolitically concentrated production are facing disruption from both market forces and government intervention.

Western governments are investing billions in critical minerals supply chain security, recognizing the strategic vulnerability of depending on concentrated, often environmentally problematic production sources. Australia's federal government critical minerals facilities are "desperately trying to secure downstream production back in Australia," as Empire Metals' management noted, representing a fundamental shift from the historical export-concentrate model toward value-added domestic processing.

The titanium industry specifically faces a structural transformation as traditional heavy mineral sands operations struggle with rising costs, environmental challenges, and competition from low-cost but lower-quality Chinese production. This creates opportunities for new entrants with superior ore characteristics and processing technologies to capture market share while serving the growing demand for high-purity, sustainably produced titanium products.

Empire Metals' position at the intersection of these macro trends – critical minerals security, sustainable processing, and advanced manufacturing supply chains – provides exposure to multiple growth drivers simultaneously. The company's Australian jurisdiction, processing advantages, and product optionality align directly with government priorities and industry requirements for supply chain resilience and environmental sustainability.

"We are going to change the industry, it's as simple as that. The old ilmenite heavy mineral industry is suffering high costs, inefficiencies. The western part of the supply chain can't compete against the Chinese supply. We're going to change that."