Completion of Sale of Eclipse Mining Lease
Summary by AI BETAClose X
Empire Metals Limited / LON: EEE, OTCQX: EPMLF / Sector: Natural Resources
24 June 2026
Empire Metals Limited
("Empire" or "the Company")
Completion of Sale of Eclipse Mining Lease
Empire Metals Limited, the AIM-quoted and OTCQX-traded exploration and development company, is pleased to announce that its wholly-owned Australian subsidiary, Empire Metals Australia Pty Ltd, has completed the sale of its 75% interest in the Eclipse Mining Lease ("Eclipse ML"), a non-core gold asset located near Kalgoorlie, Western Australia, following satisfaction of all conditions precedent under the previously announced sale and purchase agreement (the "Sale Agreement").
Highlights
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Completion of the disposal of Empire's 75% interest in the Eclipse ML, on the terms previously announced. |
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Total consideration of A$750,000 cash, comprising the A$50,000 non-refundable deposit previously received and the balance of A$700,000 received by the Company on completion. |
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The disposal completes the rationalisation of this non-core asset and is consistent with Empire's strategy to focus capital and management resources on advancing the Pitfield Titanium Project. |
Shaun Bunn, Managing Director, said: "We are pleased to confirm completion of the sale of our 75% interest in the Eclipse Mining Lease. With all conditions now satisfied and the consideration received in full, this transaction concludes the divestment of a non-core asset and allows us to direct our full attention and resources to advancing the Pitfield Titanium Project."
Background
As announced on 30 December 2025, Empire entered into a conditional sale and purchase agreement for its 75% interest in mining lease M27/153 (Eclipse ML), held in joint venture with the holder of the remaining 25% interest, for total cash consideration of A$750,000. On 15 May 2026 the Company announced that the definitive Sale Agreement had been executed.
All conditions precedent under the Sale Agreement have now been satisfied and the sale has completed, with the balance of the cash consideration received by the Company. Following completion, Empire no longer holds any interest in the Eclipse ML.
Empire continues to review options for other non-core assets, consistent with its strategy to accelerate development activities at the Pitfield Titanium Project.
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.com or contact:
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Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell
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Tel: 020 4583 1440
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S. P. Angel Corporate Finance LLP (Nomad & Joint Broker) Ewan Leggat / Adam Cowl
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Tel: 020 3470 0470
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Canaccord Genuity Limited (Joint Broker) James Asensio / Christian Calabrese / Rory Blundell / Charlie Hammond
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Tel: 020 7523 8000
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Zeus Capital Limited (Joint Broker) Harry Ansell / Katy Mitchell
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Tel: 020 3829 5000 |
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Tavistock (Financial PR) Emily Moss / Josephine Clerkin
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Tel: 020 7920 3150
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Chapter One Advisors (Australian Financial PR) David Tasker
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dtasker@chapteroneadvisors.com.au Tel: +61 433 112 936 |
About Empire Metals Limited
Empire Metals Ltd (AIM: EEE and OTCQX: EPMLF) is an exploration and resource development company focused on the commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.
Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.
Conventional processing has already produced a high-purity product grading 99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. With excellent logistics and established infrastructure, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.
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