Empire Metals (EEE) Shares Climbed 10.2% on 2022 Final Results

The Empire Metals Ltd (LON: EEE) share price climbed 10.2% after releasing the final results for the year ended 31 December 2022. The company is still in the exploration stages of all its projects, so it does not have tangible revenue to report.

However, the company achieved some notable milestones in its exploration projects, including the confirmed discovery of a new emerging “Giant” mineral system at the Pitfield Project. It has been found to host titanium mineralisation of globally significant size and grade in addition to widespread anomalous copper values.

Empire Metals also identified titanium-rich mineralisation (between 4% and 10% TiO₂) in all but one of 21 holes drilled, starting at or very near the surface and with nearly a quarter of the holes still ending in high TiO₂ values of up to 154 metres depth.

Only 2% of the highly prospective, giant mineral system has been drilled, indicating enormous potential for additional discoveries through future drilling campaigns. When signing its financial statements, the company had cash at the bank of £1.8 million and was well funded for the planned work programmes. 

The company is now focused on the recent titanium discovery at the Pitfield Project. The firm continued exploration activity at the Eclipse-Gindalbie Project – a highly prospective and high-grade gold project with a new kaolin discovery of potential economic significance.

Empire Metals has significantly grown its exploration footprint across Australia's premier mining regions, with its portfolio now having exposure to commodities including gold, copper, titanium and lithium.

Shaun Bunn, Empire Metals’ Managing Director, commented: “Empire can now boast one of the largest and most prospective exploration footprints across Australia – a premier mining jurisdiction which continues to produce some of the most exciting exploration success stories globally.  Our agreement in April 2022, which saw Empire acquire majority interests in three highly prospective exploration projects, Pitfield, Walton and Stavely, set the tone for our activities for the next year. All projects are in geological regions well known for world-class copper and/or gold discoveries. We are actively leveraging the expertise of our technical team to deliver new discoveries as our exploration programmes continue.”

*This is not investment advice. 

Empire Metals share price. 

Empire Metals' share price climbed 10.17% to trade at 1.95p, from Friday’s closing price of 1.77p.