OtherPure-PlayResource Definition · Stage 2 of 8Announced an upgraded Mineral Resource Estimate for the Pitfield Project (Western Australia), covering the Thomas and Cosgrove deposits -- total Mineral Resource increased to 8.16 billion tonnes @ 4.3% TiO2 (~349 million tonnes contained TiO2), confirming Pitfield as the world's largest known titanium resource, and introducing a Measured Resource classification for the first time (374 million tonnes @ 5.8% TiO2, 21.6 million tonnes contained TiO2) — Aug 2026Pitfield Titanium Project, Western Australia Map
Empire Metals Limited is advancing the Pitfield project in Western Australia's wheatbelt (~160km south of Geraldton), originally acquired in Apr 2022 as a copper-gold (IOCG-style) target from Century Minerals but which drilling in 2023 revealed to host one of the world's largest known titanium (TiO2) deposits instead. The JORC 2025 Mineral Resource Estimate stands at 2.2 billion tonnes at 5.1% TiO2 (113 Mt contained TiO2), spread across a 40km strike to depths of up to 5km. Metallurgical test work has produced titanium dioxide pigment of 99.25% purity with minimal contaminants. Bulk metallurgical testing, mining studies and continuous piloting were planned through 2026 to support a Scoping Study. The company raised £7 million via a share placing to fund this work; cash stood at £8.4 million as at 20 Mar 2026. Shaun Bunn is Managing Director; Greg Kuenzel is Finance Director.
Notable vs. Peers
Financials score of 2.1/10 is weaker than the peer average of 7/10.
Jurisdiction risk score of 9/10 is meaningfully safer than the peer average of 7.3/10.
Cut-off: 2.5% TiO2 cut-off, applied within a Reasonable Prospects for Eventual Economic Extraction (RPEEE) pit-shell constraint (a break-even cut-off of 2.36% TiO2 was separately determined via optimisation studies but is not the reporting cut-off actually used). Maiden JORC (2012) MRE, effective 2025-10-13 (100% basis), covering the Thomas and Cosgrove deposits only: 2.2 billion tonnes @ 5.1% TiO2 for 113 million tonnes contained TiO2. In-situ Weathered Zone (saprolite + weathered bedrock) 1.26Bt @ 5.2% TiO2 (65.6Mt contained TiO2); Indicated category (predominantly Thomas deposit) 697Mt @ 5.3% TiO2 (37.2Mt contained TiO2). Signed off under JORC Code (2012) by Andrew Faragher (MAusIMM), Empire's Exploration Manager.
This company's data hasn't been researched yet
N/A -- resource-definition stage, no active mine
This company's data hasn't been researched yet
All-In Sustaining Cost
This company's data hasn't been researched yet
Not enough peer data yet
This company's data hasn't been researched yet
Not enough peer data yet
This company's data hasn't been researched yet
1.3%
0%100%
27.2% median
2.9%
0%100%
0% median
373 kmfrom Newmont Corporation's Boddington
Outside typical bolt-on range
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
This company's data hasn't been researched yet
Acquisition Susceptibility
2.5/10
Unlikely bolt-onFits the takeout profile
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Smart money
2/10
Three non-executive directors bought stock on the open market on the same day in November 2025, with no offsetting director selling found. The largest disclosed shareholders are UK retail-broker nominee accounts (Hargreaves Lansdown, Interactive Investor, AJ Bell and others), which are custody lines rather than institutional or specialist positions, so they do not count toward this metric.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Technical Report Takeaways
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
