Empire Metals Advances Massive Australian Titanium Deposit Amid Industry Upheaval

• Empire Metals is developing one of the world's largest titanium deposits at Pitfield, Western Australia, with a maiden resource estimate of 2.2 billion tons at just over 5% TiO₂, positioning the company as a potential disruptor in the critical minerals supply chain
• The company has successfully produced 99% pure TiO₂ products and is developing a unique hydrometallurgical process that bypasses expensive smelting stages, targeting both pigment and strategic metal markets rather than following traditional industry approaches
• Management has secured £7 million in recent funding (with £4 million already in the bank) and appointed key personnel including a non-executive from Freeport/Newmont, an engineering manager, and a marketing manager to accelerate development
• Empire is positioning itself to capitalize on global titanium industry restructuring, with major producers like Rio Tinto, Venator, and Iluka facing operational challenges, while securing government support through Australia's $4 billion Critical Minerals Facility and engaging with U.S. Department of Defense and aerospace companies like Boeing
• The company plans to commence continuous piloting by mid-2026, expand its resource base northward at Cosgrove for strategic optionality, and pursue dual listing on the ASX while advancing scoping studies with a focus on low-cost surface mining and sustainable operations

Empire Metals is advancing one of the planet's most significant titanium discoveries at a time when the global titanium supply chain faces unprecedented disruption. The company's Pitfield project in Western Australia represents not just scale, but a fundamental departure from century-old processing methods that could position Empire as a critical supplier in both pigment and strategic metal markets.

Managing Director Shaun Bunn leads a company that has undergone rapid transformation in 2025, from releasing a maiden mineral resource estimate of 2.2 billion tons to producing high-purity titanium dioxide products and restructuring its technical team with senior mining executives. The strategic timing coincides with major industry players retreating from titanium operations, creating what management views as a generational opportunity to establish alternative supply chains.

Resource Scale at Pitfield

The Pitfield deposit's maiden resource estimate of 2.2 billion tons at just over 5% TiO₂ ranks among the largest ever reported globally. This multigenerational asset provides Empire with a foundation that immediately garners attention from government agencies and strategic investors focused on long-term critical mineral security.

The deposit's geological characteristics differentiate it fundamentally from conventional titanium sources. As Bunn explains:

"One of the most important things about our ore body is the high purity of the minerals that we have to start with. There are no deleterious elements in the sandstones that will affect the product".

Unlike 90% of global titanium supply derived from ilmenite, which requires energy-intensive processing and generates substantial waste, Pitfield contains titanium minerals that enable a more direct extraction pathway. The company demonstrated this advantage by producing 99% pure TiO₂ products in early testing, validating the ore's metallurgical responsiveness.

Dual-Track Strategy: Pigment and Strategic Metal Markets

Empire has departed from the conventional approach of targeting solely the pigment market, instead pursuing parallel pathways into both pigment production and strategic metal feedstock supply. This bifurcated strategy reflects intensive engagement with end-users ranging from aerospace manufacturers to defense departments.

"We've been having a lot of conversations with groups that are really exposed to the supply chain at the moment, groups like Boeing, groups like the Department of Defense in the US, are looking at how they secure long-term supply chains for the metal." 

This engagement has shaped the company's technical development, with processing options being designed to accommodate both product streams.

The strategic pivot toward metal feedstock reflects recognition of growing supply security concerns among Western governments and manufacturers. Rather than committing exclusively to one market, Empire is preserving optionality while its processing flowsheet undergoes final optimization. Marketing manager Mike Tamlin's mandate includes engaging both pigment and metal consumers to identify preferred product specifications before finalizing process design.

"The idea is to look at this early phase of our development... If we find that the consumers want a particular type of product, it's not too late for us to tailor or start to modify our processing route to steer towards that." 

This customer-driven approach aims to de-risk downstream marketing while the technical pathway remains flexible.

Innovative Processing Approach

Empire's metallurgical development focuses on a hydrometallurgical pathway that eliminates several capital and operating cost-intensive stages inherent in conventional titanium processing. The company has identified a three-stage process: mineral separation to produce a high-grade concentrate, hydrometallurgical extraction to bring titanium into solution, and product finishing to generate either pigment or metal feedstock.

"The mining costs are going to be extremely low. This is surface material, highly friable, easy to dig. No blasting, no drilling, no crushing, no grinding." 

Material can be excavated and fed directly into flotation circuits to reject gangue minerals before entering the hydrometallurgical section.

Critically, the process bypasses smelting, synthetic rutile kilns, and high-temperature chlorination - stages that consume enormous energy and generate significant waste in conventional operations. 

"We are developing a flowsheet that will clearly be, once it's mapped out, a lower cost alternative to 90% of the world's supply chain."

This technical differentiation forms the core of Empire's value proposition to strategic partners and government funding agencies.

The company has completed batch-scale testwork demonstrating the process's viability and is advancing toward continuous piloting. Perth's concentration of independent metallurgical laboratories provides access to tons-per-hour pilot facilities without requiring Empire to build dedicated infrastructure. 

Interview with Shaun Bunn, MD of Empire Metals Ltd.

Industry Restructuring Creates Strategic Opening

The global titanium industry is undergoing significant contraction and restructuring, creating what Empire views as a market entry opportunity rather than a threat . Recent developments include Venator placing UK operations into administration and listing assets for sale, Rio Tinto's new CEO putting the entire titanium division under strategic review, and Iluka suspending operations at its Cataby mine while shutting portions of its synthetic rutile train.

"The titanium industry is going through a complete restructuring. It's in disarray, and I see that as an opportunity, not a threat."

These disruptions stem from Chinese price competition and subsequent tariff responses that have rendered established operations economically challenged.

Empire positions Pitfield as offering "a better alternative to the market" with "scale, grade, purity, great location" that collectively enable it to function as a disruptor. The company argues its process will deliver "a lower cost and more reliable and less waste producing" supply than the industry has utilized for a century.

This restructuring coincides with heightened government focus on securing domestic critical mineral supply chains. The Western Australian government has announced intentions to re-establish steel production in the state, viewing strategic mineral production as critical investment priorities. 

Government Engagement

Empire has intensified engagement with government funding mechanisms and strategic end-users through 2025. The company joined the Critical Minerals Association of Australia and attended the World Expo in Osaka, where management connected with federal mining ministers, Western Australian Premier Cook, trading houses, and metal consumers.

These relationships provide pathways to Australia's $4 billion Critical Minerals Facility, which Empire intends to access for development capital. Achieving Major Project Status in Australia would "greatly accelerate our development process," Bunn notes. The company maintains active dialogue with the Australian export finance group and the critical minerals office in Canberra.

The engagement strategy reflects recognition that government support will play a pivotal role in development financing. 

Capital Position and Development Timeline

Empire's recent £7 million strategic placement to institutional investors, combined with existing £4 million cash reserves, provides runway through most of 2026. This capital will fund continuous piloting, resource expansion drilling, and early scoping studies.

"We're well cashed up, got a huge amount of runway ahead of us," Bunn states. The funding removes near-term capital constraints and allows management to focus on technical milestones rather than successive fundraising.

The development timeline targets continuous piloting commencement before mid-2026, which will generate product volumes for end-user testing and potential letters of intent. "Getting intention, letters of intent or something similar from the market would give us an enormous boost," Bunn notes. 

Scoping studies will commence in earnest in early 2026 following desktop reviews of mining options, infrastructure requirements, and power supply alternatives including wind, solar, and geothermal energy. Management views economic studies as a continuous evolution rather than discrete stages, with scoping work upgrading organically into prefeasibility and feasibility as technical optionality narrows.

Technical Validation Roadmap

The immediate technical priority centers on finalizing the process flowsheet and demonstrating cost competitiveness. Bunn noted that scale, grade, and mineral purity are no longer questioned. Stakeholders now require clarity on extraction methodology and operating costs.

Empire's approach involves reducing processing options to two or three pathways before advancing to piloting, then selecting the optimal route based on product quality, cost, and strategic alignment. The concentrate quality emerging from flotation circuits is critical, as high-grade, clean concentrate minimizes acid consumption in downstream hydrometallurgy.

Product finishing represents the stage where optionality is preserved longest. The company plans to test multiple product forms, various pigment grades for different markets, and titanium tetrachloride as metal feedstock. This flexibility allows Empire to respond to market demand signals before committing capital to specific production configurations.

Diamond drilling will precede resource expansion drilling to provide core samples for geotechnical analysis, metallurgical sampling, density measurements, and moisture content characterization . 

"We're trying to keep ahead of the curve and be very proactive in the way we go about building our databases."

Permitting and Environmental Management

Environmental baseline work commenced 18 months before process flowsheet development, with two years of field surveys now completed. Empire hired an environmental manager early to conduct flora and fauna assessments during Western Australia's spring season when critical surveys must occur.

The project area consists primarily of farmland with wheat cultivation, with regulatory sensitivity focused on small outcrops and crops of native vegetation. Management plans must address these areas while acknowledging that wheat paddocks themselves present minimal environmental constraints.

Community engagement includes ongoing dialogue with local residents, indigenous groups with traditional connections to the land, and various government authorities. Empire has established relationships with farmers and is exploring arrangements ranging from land purchase to leasing with buyback provisions once rehabilitation returns areas to agricultural use.

The company emphasizes an "ethically sustainable" approach that aims to return mined land to wheat production over time. This rehabilitation strategy incorporates early-stage engineering design considerations around water management, power sourcing, and potential electrification of mining equipment.

ASX Dual Listing Strategy

Management intends to pursue dual listing on the Australian Securities Exchange while maintaining its London listing. The strategy reflects respect for the London shareholder base that provided capital and liquidity while seeking to access deeper pools of mining-focused institutional capital in Australia.

The dual listing approach aims to "add a huge amount of value" by attracting strategic investment funds without abandoning existing supporters.

The ASX listing timing will likely align with technical milestones that demonstrate the project's viability to Australian institutions familiar with large-scale mining development. Management envisions being "quite selective in the type of companies that we would like to see come on and put some capital in" through the ASX listing .

The Investment Thesis for Empire Metals

• Scale and Resource Quality: The 2.2 billion ton resource at over 5% TiO₂ represents one of the largest titanium deposits globally, providing multigenerational mine life that appeals to government strategic mineral initiatives and offers exceptional exploration upside with only partial prospect drilling completed
• Cost Structure Advantage: Surface mining of friable material eliminates blasting, crushing, and grinding costs, while the hydrometallurgical flowsheet bypasses energy-intensive smelting, synthetic rutile conversion, and high-temperature chlorination stages that dominate conventional titanium processing costs
• Market Timing: Major producers including Rio Tinto, Ventor, and Iluka are retreating from titanium operations due to Chinese competition and tariff responses, creating supply gaps as Western governments and manufacturers prioritize supply chain security
• Dual Revenue Streams: Unlike single-product competitors, Empire's high-purity ore enables production of both pigment and strategic metal feedstock, diversifying market exposure and allowing the company to capitalize on premium pricing in defense and aerospace applications
• Government Support Pathway: Active engagement with Australia's $4 billion Critical Minerals Facility, export finance mechanisms, and strategic end-users including U.S. Department of Defense positions the company to access development capital beyond traditional equity and debt markets
• Strong Cash Position: The recent £7 million raise combined with £4 million existing cash provides full funding through 2026 piloting programs and scoping studies, eliminating near-term dilution risk while maintaining development momentum
• Technical Validation Proximity: Six-month timeline to continuous piloting and product generation enables end-user testing and potential letters of intent before significant capital deployment, reducing downstream marketing risk

Macro Thematic Analysis

The global transition toward decarbonization, electrification, and domestic manufacturing is driving unprecedented government intervention in critical mineral supply chains. Titanium occupies a strategic position in this realignment, serving dual roles in industrial applications through pigment production and in defense, aerospace, and advanced manufacturing through metal components. Western governments recognize that decades of Chinese supply dominance and recent market disruptions through price competition and tariffs have created vulnerability in industries ranging from paint to fighter jet production.

Australia's $4 billion Critical Minerals Facility, U.S. Department of Defense supply chain initiatives, and similar European programs reflect policy commitments to diversify sources and secure long-term access. Empire Metals' Pitfield project emerges at the inflection point where existing suppliers retreat, governments deploy capital, and manufacturers seek alternative sources.

TL;DR: Executive Summary

Empire Metals is advancing one of the world's largest titanium deposits with a 2.2 billion ton resource in Western Australia, targeting both pigment and strategic metal markets through a lower-cost hydrometallurgical process that bypasses conventional smelting stages. With £11 million cash runway through 2026, management is advancing toward continuous piloting and product generation while engaging U.S. defense, aerospace end-users, and Australia's $4 billion Critical Minerals Facility. The company is capitalizing on industry restructuring as major producers retreat, positioning itself to supply alternative titanium sources to government-backed supply chains.

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