LONDON (ShareCast) - (Sharecast News) - Empire Metals moved to reassure investors on Tuesday after a sharp fall in its share price, saying there had been no material change in its operational or financial position and that progress at its flagship Pitfield titanium project remained on track.
The AIM-traded exploration and development company said it continued to advance technical and commercial workstreams at Pitfield, with a maiden mineral resource estimate on schedule for release in October.

It said the estimate would provide the platform for mine scoping studies, while expanded metallurgical testwork and optimisation programmes were under way ahead of continuous pilot-scale operations.

Empire said it was well funded to achieve upcoming milestones, supported by a £4.5m fundraising completed in the second quarter and a cash balance of £6.3m at 30 June.

"Empire has achieved exceptional progress at Pitfield in a very short time and its operational trajectory continues to impress," said managing director Shaun Bunn.

"The combination of outstanding drill results, breakthrough metallurgy, and further injection of capital in May has transformed the company.

"These fundamentals remain unchanged and continue to strengthen.

"Pitfield is now firmly established as a project of global significance, with a unique combination of scale, grade and processing simplicity that sets it apart from other titanium projects worldwide."

Bunn added that the company looked forward to "sharing further milestones in the coming weeks" as it worked to delineate the maiden resource estimate at Pitfield.

At 1605 BST, shares in Empire Metals were down 7.46% at 36p.

Reporting by Josh White for Sharecast.com.

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