Game-Changing Titanium Find Could Dominate Critical Metals Market

• Empire Metals has discovered what they claim is the world's largest titanium deposit in Western Australia, with an exploration target of approximately 26-32 billion tons of ore.
• The deposit features a weathered surface cap extending 60-80m deep that is friable, requiring no drilling or blasting, representing 4-5 billion tons of easily accessible ore.
• The company has already produced a 92% titanium dioxide product in initial testing, with plans to target high-value end products rather than intermediate concentrates.
• Empire Metals is working toward a JORC-compliant mineral resource estimate in the coming months, focusing on a smaller high-grade area initially.
• The company is well-funded with £4.8 million in cash (as of late 2024) and expects to move toward development relatively quickly, with potential revenue generation possibly beginning by 2026.

Empire Metals (LON: EEE) is emerging as a significant player in the titanium market following the discovery of what Managing Director Shaun Bunn describes as "the world's largest titanium deposit" in Western Australia. The company is advancing an exploration target of approximately 26-32 billion tons of ore in what Bunn characterises as a "giant mineral system located in a tier one location." 

Discovery Scale & Strategic Importance

Empire Metals' titanium discovery stands out due to its sheer magnitude. Over the past year, the company has completed four drilling programs with over 200 holes across a 40km strike, reaching depths of up to 400 meters. According to Bunn, every single hole has encountered mineralization, underlining the extensive nature of the deposit. Highlighting the strategic significance of titanium as a critical metal used in defense industries and aerospace, Bunn noted,

"This story resonates with the investment community now. They're starting to understand again having the world's largest system full of titanium, having the location being one of the world's best places to build a large mine, and put the backdrop now with the emerging political importance of these critical materials." 

The project's location in Western Australia offers significant advantages for mine development, with established infrastructure and a supportive regulatory environment. The company has recently expanded its investor outreach with an OTC listing to attract U.S. investors and has strengthened its board with the addition of Phil Brumit, a mining engineer with experience at major companies like Freeport and Newmont.

Resource Definition & Development Timeline

Empire Metals is currently working toward establishing a JORC-compliant mineral resource estimate within the next few months. Rather than attempting to classify the entire 26-32 billion ton target, the company is focusing on a smaller, higher-grade area that would support a substantial mine life.

The company recently completed a drilling program in February 2025, with 84 holes on a 100x100 meter grid. This program will be expanded in the coming months to broaden the target area for the compliant mineral resource. Following this resource definition, Empire plans to move quickly into scoping studies, pilot plant testing, and feasibility studies.

Bunn indicates that the project could move into development relatively quickly by industry standards, potentially reaching revenue generation around 2026. This accelerated timeline is possible due to the deposit's surface accessibility and the relative simplicity of the required processing technology.

Natural Advantages: The Weathered Surface Cap

A particularly advantageous aspect of the deposit is its weathered surface cap, which extends to depths of 60-80 meters. This weathered zone represents approximately 4-5 billion tons of ore that is friable and easily accessible without drilling or blasting. There is also no overburden or waste to remove, making it an attractive initial mining target.

"The surface cap is friable, it's easy to dig, there's no drilling, no blasting, there's no overburden, no waste to remove." 

This weathered zone has become the focus of the company's research and metallurgical testing. Importantly, the weathering process has already converted the titanium minerals in the ground into titanium oxides (primarily rutile and anatase), which simplifies downstream processing and potentially reduces production costs.

Metallurgical Process & Product Development

Empire Metals has achieved early success in its metallurgical testing. The company recently announced that its first test to produce a product delivered a titanium dioxide compound that is 92% TiO2. Notably, this semi-refined product does not contain any deleterious elements such as uranium, thorium, chromium, or heavy metals, giving it a significant advantage over other titanium sources.

The processing approach involves beneficiation through simple gravity or flotation stages, followed by leaching to extract the titanium. The company aims to produce pigment-grade titanium dioxide rather than an intermediate product, targeting the high-end of the market.

A key technical advantage is that the deposit contains titanium dioxide minerals rather than ilmenite (the source of 95% of the world's titanium). While ilmenite typically requires approximately two tons of acid per ton of mineral for processing, Empire's titanium dioxide minerals only need about one ton of acid per ton of mineral, representing a significant cost advantage.

The company is now scaling up its testing, having collected 40-50 tons of sample material during its February drilling program. This will allow for larger-scale processing tests to produce tons of product in the coming months, helping to refine the process and establish partnerships with end users.

Interview with Managing Director, Shaun Bunn

Commercial Strategy & Partnerships

Empire Metals is evaluating various commercial strategies, including potential vertical integration or partnerships with established industry players. The company plans to engage directly with end users, including companies that produce titanium metal and pigments, to understand their specific requirements and potentially tailor their product accordingly.

Bunn indicated that partnerships could help overcome capital constraints and provide technical expertise for the final value-added steps. The company is also considering the potential for government funding support, noting that critical minerals like titanium have attracted significant financial backing from the Australian federal government.

The strategic decision of whether to produce an intermediate product or move further downstream to higher-value products like titanium metal (which can trade for up to $10,000 per ton) will depend on economic analysis and potential strategic partnerships.

Permitting & Environmental Considerations

The project benefits from a favorable permitting environment. The deposit is located within an existing farming community in Western Australia's wheat belt, where the native vegetation has already been largely disturbed by 100 years of agricultural activity. The land is privately owned by farming families who have been on the property for generations, which simplifies the permitting process by avoiding native title issues or crown land complications.

The company is working closely with farmers and indigenous groups to ensure there are no heritage sites of concern. The straightforward nature of the permitting process in Western Australia, combined with the strategic importance of the project, could enable it to receive major project status and be fast-tracked through the approvals process.

Financial Position & Market Response

Empire Metals is well-funded to advance its development plans. The company raised £3 million in September 2024 and reported a cash position of £4.8 million. According to Bunn, the recent drilling program in February 2025 cost under A$300,000, suggesting that the company has sufficient runway to fund planned activities without immediate need for additional capital.

The market has responded positively to the company's progress, with the stock price increasing by approximately 50-60% in the three months prior to the interview. Additionally, Bunn noted that strategic investors are taking notice, with a major fund based in Kuala Lumpur recently increasing its stake to over 3% through on-market purchases.

Outlook & Next Steps

Looking ahead to 2025, Empire Metals' priorities include completing its mineral resource estimate, conducting mining studies to demonstrate the low-cost nature of the potential operation, and advancing its processing technology to improve economics, recovery rates, and product grades.

By the end of the year, the company aims to present economic estimates and feedback from end users regarding the value of its titanium product. This information will feed into studies that will outline the overall economic picture and valuation of the project.

If development proceeds as planned, 2026 could see Empire Metals negotiating with the farming community regarding mine location and compensation, while simultaneously applying for mining licenses through Western Australia's mines department. Given the project's strategic importance, Bunn suggests that it could receive expedited treatment and potentially move into construction within a few years.

The Investment Thesis for Empire Metals

• World-Class Asset: Potentially the world's largest titanium deposit with an exploration target of 26-32 billion tons, providing multi-generational mining potential.
• Low-Cost Mining Profile: Surface weathered cap of 4-5 billion tons requires no drilling or blasting, with no overburden or waste removal, significantly reducing mining costs.
• Superior Product Quality: Initial tests have produced 92% titanium dioxide without deleterious elements (uranium, thorium, chromium, heavy metals) that plague other titanium sources.
• High-Value Target Market: Strategy to produce pigment-grade titanium dioxide rather than intermediate concentrates, capturing substantially higher margins by targeting the high end of the market.
• Critical Mineral Status: Titanium's importance in defense and aerospace applications positions the project for potential government support and fast-track approvals.
• Tier 1 Mining Jurisdiction: Western Australia offers low sovereign risk, excellent infrastructure, and a supportive regulatory environment.
• Straightforward Permitting: Located on private farmland with no native title issues, simplifying the path to development compared to many mining projects.
• Accelerated Timeline: Potential to reach production considerably faster than the industry average of 19+ years from discovery to production.
• Strong Financial Position: Well-funded with £4.8 million cash position, providing runway through resource definition and metallurgical testing without immediate capital needs.

Titanium: A Critical Mineral in an Evolving Global Landscape

The emergence of Empire Metals' titanium project comes at a pivotal moment in the global critical minerals landscape. Titanium has gained strategic importance due to its essential applications in defense industries and aerospace, where its unmatched strength-to-weight ratio and corrosion resistance make it irreplaceable in advanced applications.

The geopolitical environment has heightened awareness of supply chain vulnerabilities for critical minerals, with governments increasingly focused on securing domestic or friendly-nation supplies. This shift is evidenced by substantial financial support from governments, including Australia's, for critical mineral projects—a trend that could benefit Empire Metals as it advances toward production.

The traditional titanium supply chain relies heavily on ilmenite processing, which comes with inherent inefficiencies and environmental challenges due to the handling of deleterious elements. Empire's naturally weathered deposit, free from these contaminants and requiring less acid in processing, represents a potential disruption to established production methods.

From a market perspective, high-grade titanium dioxide commands premium pricing in both pigment markets and as feedstock for titanium metal production. With metal prices reaching up to $10,000 per ton, the downstream value opportunity is substantial. The company's strategic targeting of high-end products rather than intermediate concentrates aligns with value-maximizing approaches that have gained favor among mining investors.

As Shaun Bunn succinctly articulated the opportunity: 

"If you wanted to find the perfect source to go and change and disrupt the industry and be able to produce titanium at a lower cost and a higher quality, this is the ore body that you needed to find."