Empire Metals Limited has decided not to extend the completion date for the acquisition of the Stavely Project, located in Victoria, Australia, and has consequently terminated the acquisition. The company's focus is on accelerating the development of the Pitfield Titanium Project in Western Australia, leading to the decision to rationalize its exploration portfolio. Shaun Bunn, Managing Director, emphasized the company's commitment to concentrating all energy and resources on the Pitfield Project to achieve its development milestones.
The Stavely Project was part of the three prospective Australian-based exploration projects acquired by Empire Metals from Century Minerals Pty Ltd. The completion of the sale and purchase of the Stavely Project was subject to certain conditions precedent, including the grant of the tenement comprising the Stavely Project, which was not fulfilled by the deadline. Consequently, the company has decided to focus its resources on the rapidly developing titanium project at Pitfield, and the Stavely Project will revert to Century.
Empire Metals' current focus is on the Pitfield Project in Western Australia, which has demonstrated the presence of a newly recognized giant titanium-rich mineral system. The company aims to target a maiden resource in 2024 and the construction of a demonstration plant in the following year. This strategic decision aligns with the company's goal to develop a pipeline of projects at different stages in the development curve, with a current emphasis on advancing the Pitfield Project.
For further information, interested parties can visit the company's website or contact the provided representatives. Empire Metals Limited is an AIM-listed exploration and resource development company with a project portfolio comprising copper, titanium, and gold interests in Australia and Austria.