The short answer

Empire Metals (LSE:EEE) said on 27 October 2026 that the scoping study for its Pitfield titanium project in Western Australia, managed by engineering group DRA Global, was on track to be finalised in the first quarter of 2027. In the same update it reported that pilot-scale metallurgical testing had begun, with the first stage covering mineral separation and titanium extraction from the project's weathered ore.

The testing is designed to confirm process design parameters before the company moves from the scoping stage to a pre-feasibility study. In effect, Empire is trying to show that a flowsheet proven at smaller scale still works with larger volumes of material.

About the company

Empire Metals is an exploration and development company whose main asset is the Pitfield titanium project in Western Australia. Titanium is used mainly as titanium dioxide pigment, found in paints, plastics and paper, and as titanium metal, used in aerospace, defence and medical applications. The company's aim is to produce both a pigment product and a feedstock for titanium sponge metal from the same deposit.

It has not yet built a mine. Its progress is measured by studies, resource upgrades and testing, and it relies on raising Capital from shareholders to fund each stage.

Background to the project

LSE:EEE is an exploration and development company whose main asset is Pitfield. In August it upgraded the mineral resource estimate to 8.16 billion tonnes at 4.3% titanium dioxide, which it describes as the world's largest titanium resource. That total includes a newly declared measured category of 374 million tonnes at 5.8% and a near-surface weathered zone of 4.39 billion tonnes at 4.4%.

The weathered zone matters because shallow, softer material is usually cheaper to mine and process than hard rock, and it is the ore type now going through pilot testing. Earlier in the year the company completed an integrated processing flowsheet aimed at producing high-purity titanium dioxide pigment and feedstock for titanium sponge metal.

What the pilot work has to establish

A scoping study is an early-stage economic assessment, typically with wide cost ranges. Its usefulness depends on credible inputs for recoveries, reagent use, energy Demand and product quality. Pilot-scale testing generates those inputs from continuous operation rather than small batches, and can expose problems, such as impurities or poor separation, that bench tests miss.

The company said testing was intended to produce high-purity titanium dioxide for product development, meaning samples could also be used in discussions with potential customers.

The scoping study matters because it should be the first document to put indicative numbers on what developing Pitfield might cost and earn. Until it appears, the Investment case rests largely on resource size and the promise of the flowsheet rather than on any published estimate of project returns.

Funding and corporate steps

Interim results for the six months to 30 June 2026 showed cash of £12.4 million and a loss of about £1.88 million. During the half LSE:EEE raised £8 million from existing institutional shareholders and agreed to sell its 75% interest in the Eclipse Mining Lease for A$750,000, a deal completed in June. The company is also pursuing a dual listing on the Australian Securities Exchange, which it had scheduled for the second half of 2026.

Risks and limitations

Scaling up metallurgy is a frequent point of failure for new mineral projects. A large resource does not by itself establish economic viability: capital costs, product pricing, offtake agreements and permitting will all weigh on any eventual development decision. Pre-feasibility and later studies will require further funding, implying possible dilution.

Understanding the resource statement

The resource of 8.16 billion tonnes at 4.3% titanium dioxide contains about 351 million tonnes of titanium dioxide, if the figures are multiplied directly. Such calculations show scale but do not represent what can be recovered economically. The measured category of 374 million tonnes at 5.8% carries the most geological confidence, and the weathered zone of 4.39 billion tonnes at 4.4% is the shallow material being used for pilot testing.

In a scoping study, the most important question is which part of the resource would be mined first and at what rate. A high-grade, near-surface zone is attractive because it can support early production at lower cost, and the measured category provides the level of confidence needed for early mine planning.

Scoping, pre-feasibility and feasibility

Mining studies progress in stages. A scoping study is a broad assessment with wide accuracy ranges, a pre-feasibility study narrows cost and design choices, and a definitive feasibility study provides the detail needed for a final investment decision and bank financing. Each stage costs more than the previous one and requires more technical data. By moving from bench-scale tests to pilot-scale testing, the company is gathering the data required for the pre-feasibility stage.

The involvement of DRA Global, an engineering group, as manager of the scoping study provides independent technical work, which helps investors and potential partners to assess the output.

Funding position

Cash of £12.4m at 30 June, together with the £8 million raised from existing institutional shareholders in the half, shows reliance on Shareholder funding, which is typical for a company at this stage. The loss of about £1.88m is small relative to cash, so the current balance covers the near-term study work. The sale of its 75% interest in the Eclipse mining lease for A$750,000 shows the company focusing on Pitfield. A dual listing on the Australian Securities Exchange could provide access to a deeper pool of mining investors in the country where the project is located.

What the next steps involve

The next stage for a development company of this kind is to complete its studies, agree funding, and obtain the permits needed for construction. Each step takes time and money, and the results of one study determine the design of the next. Shareholders therefore watch for technical milestones, as these set the pace at which the project can move towards a construction decision.

Dates to watch

The key disclosed milestone is completion of the DRA-managed scoping study in the first quarter of 2027. Before then, investors may see pilot test results and an update on the ASX dual listing, which on the company's own timetable would fall by the end of December. Beyond the scoping study, the stated next step is a pre-feasibility study, for which no timetable has been given.