Empire Metals to Streamline Portfolio with Eclipse Gold Project Sale

Empire Metals Limited (LON: EEE, OTCQX: EPMLF) has announced a conditional agreement to sell its 75% interest in the Eclipse Mining Lease (Eclipse ML), a non-core gold asset located near Kalgoorlie, Western Australia.

The move aligns with Empire’s strategy to concentrate resources on its flagship Pitfield Titanium Project.

The purchaser, described as a reputable Western Australian mining services company, will conduct a three-month due diligence period. The total consideration for Empire’s stake is A$750,000 in cash, contingent upon successful completion of the due diligence process.

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The sale terms include an initial A$50,000 non-refundable deposit, payable within five days of executing the agreement. The remaining A$700,000 will be paid upon completion, assuming due diligence is satisfactory. During the exclusivity period, the purchaser may undertake a small RC drilling programme to further assess the project’s potential.

This transaction represents a strategic shift for Empire Metals, allowing the company to unlock value from a non-core asset. The divestment will also reduce ongoing holding and resourcing costs associated with the Eclipse ML. The freed-up capital and management attention will be directed towards accelerating the development of the Pitfield Titanium Project.

Shaun Bunn, Managing Director, said: “This conditional sale represents a further step in our strategy to streamline the portfolio and focus management attention and capital on advancing the Pitfield Project. Eclipse is a non-core asset for Empire, and this transaction provides an opportunity to unlock value while reducing ongoing holding and resourcing costs. We look forward to progressing the due diligence phase with the purchaser.”

The company continues to evaluate options for other non-core assets, reinforcing its commitment to the Pitfield Project. The sale of the Eclipse Mining Lease is expected to close in early April, pending successful due diligence.