Empire Metals is a resource exploration and development company focused on its 70% owned Pitfield titanium project in Western Australia. Pitfield is one of the world’s largest known titanium discoveries and is well-situated to take advantage of excellent transport and energy infrastructure within a Tier-1 mining jurisdiction. Based on our peer group, we estimate Empire’s risk-adjusted equity value of £291m, an 65% upside from current levels. Whilst we see financing, dilution and execution risks ....
