Empire Metals Limited / LON: EEE / Sector: Natural Resources

5 February 2024

Empire Metals Limited

('Empire' or the 'Company')

Resource and Metallurgical Drilling to Commence at Pitfield to Accelerate Project Development

& Funding Grant from Western Australian Government

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that the next phase of exploration activities at the Pitfield Project in Western Australia ('Pitfield' or the 'Project') is scheduled to commence in February, with 40 Reverse Circulation ('RC') drillholes and four Diamond Core drillholes scheduled over a ten-week campaign. This programme aims to quantify two high-grade titanium-mineralised zones, selected for resource evaluation work in areas that show potential to support shallow open pit mining, as well as providing critical mineralogical and metallurgical data that will allow the Company to accelerate the economic assessment and development of the Project.

Highlights

·    Commencing in February, 800 metres of Diamond Drilling (4 drillholes) will test two known zones of extensive, thick, shallow sandstone-rich beds that host higher grade TiO₂ mineralisation and to collect core samples for further study test work.

·    The diamond drillhole core will provide invaluable mineralogical and metallurgical samples to advance process-product flowsheet design test work with the aim of constructing  a pilot plant in 2025 to accelerate the economic development of the Project.

·    Empire has secured an initial funding grant of $110,000 from the Western Australian State Government's Exploration Incentive Scheme (EIS) for Diamond Core drilling at Pitfield.

·    Commencing in March and continuing through April, 6,000 metres of RC Drilling (40 drillholes) will  further test and delineate these two known zones of high-grade, bedded mineralisation as well as test new targets identified along the length of the coincident magnetics-gravity anomaly.

·    One of the key objectives of this drill programme is to increase the drill hole density at the two known areas of interest to support further resource evaluation work. Both of these targets have confirmed thick, high-grade, near-surface, bedded TiO₂ mineralisation, each with an approximate 7km strike extent.

Shaun Bunn, Managing Director, said: "Having clearly demonstrated through our successful exploration campaigns the global significance of that this giant, titanium-rich mineral system, we are now focused on the economic development of the Pitfield Project. This next phase of drilling will include both exploration and resource drilling to delineate high-grade, shallow zones of titanium mineralisation, providing key samples for mineralogical and metallurgical characterisation, with a view to establishing an economic processing route to produce high-value products.

"We are also extremely pleased that we have received a Western Australian Government grant for financial assistance for our Diamond Core drillhole programme, via the EIS. The Western Australian Government has several programmes to support development of new mines in the State, with a focus on critical minerals projects, noting that titanium is listed as a critical mineral by the Australian Government."

The Pitfield Project

Located within the Mid West region of Western Australia, near the northern wheatbelt town of Three Springs, Pitfield lies just 313km north of Perth and 156km south of Geraldton, the Mid West region's capital (refer Figure 1).

Figure 1. Pitfield Project Location showing the Mid-West Region Infrastructure and Services

Western Australia, ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index, has mining-friendly policies, stable government, transparency, and advanced technology expertise. The region has existing connections to port (both road & rail), HV power substations, and natural gas pipelines, and is nearby to a green energy hydrogen fuel hub which is under planning and development.

Empire owns a 70% interest in the tenements, which cover a combined area of ~1,042 km², and operates as manager in a Joint Venture with Century Minerals Pty Ltd..

Focus now on Two Large High-Grade Zones as Areas for Development

The focus of the drilling at Pitfield has shifted from the original discovery area at Mt Scratch to two large, shallow, high-grade zones which were identified by surface sampling and subsequently confirmed by recent RC and Diamond Core drilling programmes. With the addition of the latest RC drill results there is good evidence that the high-grade, sandstone-rich beds found within each zone are continuous across several km of strike length and come to surface. There is also evidence that additional strike-extensive, thick, high-grade sandstone-rich beds are present and parallel to these high-grade sandstone-rich beds. The current drilling programme aims to accelerate the economic development of Pitfield, with additional drilling data that will support further delineation, sampling, mineralogical studies and metallurgical testing of these two thick, high-grade mineralised bedded zones, each of which has an approximate 7km continuous strike extent.

Giant metal-rich mineral systems like Pitfield are inherently target-rich. Whilst exploration results to date indicate there are many high-grade bedded zones of mineralisation across the property, including at the Mt Scratch discovery area, the Company views that the best route to create shareholder value at Pitfield is to now focus on two of these higher-grade zones to accelerate the project work towards initial mine development. Exploration of other target areas will continue but the focus now is clearly on the necessary studies and test work that can demonstrate the economic process-product route and consequently the value of this globally significant project.

Figure 2. Grey-scale magnetics map overlain by airborne gravity data showing location of newly planned RC drill holes, highlighting the shallow, high-grade bedded sandstone zones being targeted for advanced project work.

EIS: Exploration Incentive Scheme of Western Australia Government Grant

Empire has received approval for exploration funding from the Westen Australian Government's Exploration Incentive Scheme (EIS), initially up to a value of A$110,000. This grant relates to the upcoming drillhole programme and is seen as extremely positive recognition from the Western Australian Government and the Department of Mines, Industrial Regulation and Safety (DMIRS) which administers the grants. The grant will partially cover the cost of drilling the four Diamond Core drillholes, currently planned as part of this programme, and the Company intends to reapply for additional funding under the EIS which is awarded on a six monthly cycle.

The EIS is a Western Australian State Government initiative that aims to encourage exploration in Western Australia, for the long-term sustainability of the State's resource sector and the demand for critical minerals on the transition to net-zero. Funding for Empire came through the EIS Co-funded Drilling Programme. This part of the EIS programme directly supports explorers in Western Australia though a competitive programme which offers co-funding to innovative exploration drilling projects.

As part of the economic assessment of the Project, the Company has started engaging with various level of government. There are several government grants and financial assistance packages available from various government departments and agencies in Australia and the EIS recognition as well as ongoing exploration and development activities will assist with efforts to gain access to further funding at both the exploration and project development stages.

Competent Person Statement

The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Eclipse Exploration Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.

**ENDS**

For further information please visit www.empiremetals.co.uk  or contact:

About Empire Metals Limited

Empire Metals is an AIM-listed (LON: EEE) exploration and resource development company with a project portfolio comprising copper, titanium and gold interests in Australia and Austria.

The Company's strategy is to develop a pipeline of projects at different stages in the development curve. Its current focus is on the Pitfield Project in Western Australia, which has demonstrated to contain a newly recognised giant mineral system that hosts a globally significant titanium discovery. The Company is also advancing the Eclipse-Gindalbie Project in Western Australia, which is prospective for high-grade gold and also kaolin used to produce high-purity alumina, an essential component in lithium-ion batteries.

Company also has two further exploration projects in Australia; the Walton Project in Western Australia, and the Stavely Project in the Stavely Arc region of Victoria, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.