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Empire Metals Ltd on Thursday said that its loss had widened in the first half, though its shares continued to rise after an upgrade to its US listing on Wednesday. The London-based mining firm targets titanium at its Pitfield site in Western Australia, which the company describes as the ‘most significant’ new discovery of the metal. Pretax loss widened to £1.7 million in the six months that ended June 30 from £1.4 million the year before. Empire Metals posted no first-half revenue, unchanged on-year. Still, the company’s shares were up 9% at 77.26 pence on Thursday morning in London, after hitting an intraday high of 82.80p. The stock rose on Wednesday after Empire Metals reported that its US listing was upgraded to the OTCQX Best Market, the premier venue of the OTC Markets Group INC. Shares have multiplied in the last 12 months, for a market capitalisation of £538.5 million. The company is positioning itself as ‘a secure, Western-aligned generational supplier of titanium’, with potential to produce titanium sponge, of which China currently produces ‘nearly 70% of the global supply’, according to Empire Metals. ‘This strategic positioning is already resonating strongly with investors and potential industry partners,’ the company added. The maiden mineral resource estimate for the Pitfield project is expected ‘in the coming weeks’ and will be the basis for mine scoping studies. Metallurgical testwork is anticipated to complete by early 2026, and will be used to design a pilot plant and produce samples for evaluation. ‘The progress we have made during 2025 at our flagship Pitfield Project in Western Australia has been nothing short of transformational, positioning the company at the forefront of what we believe is the most significant titanium discovery globally. This represents a generational opportunity rapidly moving from exploration success toward commercial reality,’ commented Chair Neil O’Brien. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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