Empire Metals was one of the best AIM stocks of 2023 – more to come?
In 2023, Empire Metals (EEE) discovered a titanium deposit of what it said at the time was of ‘unparalleled size and grade’. Shaun Bunn, Managing Director, says this year's test plant will be the proof of what the company has.
The Pitfield Project is based in Western Australia and is, at least, 40km long, 8km wide and 5km deep from the surface. EEE has just released the initial mineralogical, and met results which confirmed that the mineralisation is dominated by titanite in such quantities as to set Pitfield apart from any previously reported world-class titanium resource. An “unprecedented discovery”, according to Bunn. Management is now pushing ahead with plans to construct a test plant next year ahead of full-scale commercial production.
(AI Video Summary)
Empire Metals' progress with Pitfield titanium deposit development
Empire Metals is currently exploring and developing a special project called The Pitfield Project in Western Australia. Last year, it was one of the best-performing stocks on AIM, a stock market in the UK. They have been working hard to make quick progress by drilling and collecting samples. What they have found is a large deposit of titanium, which is a highly sought-after mineral used in manufacturing goods like paints and plastics. What makes their discovery even more special is that they have also found a type of mineral called titanite that makes extracting the titanium easier. This makes Pitfield economically viable and sets it apart from other projects.
To move the project forward, Empire Metals has assembled a team of experts and plans to start working on the design and economics of the process by the end of this year. They will also build a demonstration plant to show how their process works and the value of their product. The managing director, Shaun Bunn, believes that Pitfield has a huge reserve of titanium and that the demand for titanium is growing, making it a great investment opportunity.
Funding the project
In terms of funding, Empire Metals has already raised £6 million, so they have enough money to keep going for the rest of this year. Bunn also suggests that bigger mining companies are watching the project closely and might want to acquire Empire Metals once they see the success of the plant and the value it brings.
Bunn is confident that Empire Metals is making good progress and expects the demonstration plant to be up and running within the next year. He is proud of how quickly they have achieved important milestones in less than a year of work. He also mentions that next year, once the project is more developed and its value is clear, Empire Metals might start considering attracting potential buyers.
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