Empire Metals (EEE) H1 2026 earnings summary

Executive summary

• Achieved a transformational first half of 2026, highlighted by the largest drilling program at the Pitfield titanium project, resulting in a significantly upgraded Mineral Resource Estimate (MRE) of 8.16 billion tonnes at 4.3% TiO2 for 349 million tonnes of contained TiO2, confirming Pitfield as the world's largest titanium resource.

• Completed an integrated metallurgical processing flowsheet capable of producing high-purity (99%+) TiO2 pigment and titanium sponge metal feedstock using conventional methods.

• Raised £8 million via a subscription from institutional shareholders, supporting key workstreams.

• Divested non-core gold interests, including the sale of a 75% stake in the Eclipse Mining Lease for A$750,000.

• Cash position at 30 June 2026 was £12.4 million.

Financial highlights

• Reported a loss for the six months ended 30 June 2026 of £1,880,039, compared to a loss of £1,704,821 for the same period in 2025.

• Administrative expenses increased to £2,193,105 from £1,651,987 year-over-year.

• Cash and cash equivalents rose to £12.4 million from £6.3 million year-over-year.

• Share premium increased to £95.6 million following new share issues.

Outlook and guidance

• Focus for H2 2026 is on mine planning, engineering, and economic studies to advance Pitfield toward commercial operation.

• Ongoing pilot-scale testwork and feasibility studies, with a further MRE upgrade targeted for mid-2027.

• Dual listing on the ASX remains on track for H2 2026 to broaden investor access.