Empire Metals (AIM: EEE) has completed the sale of its 75% interest in the Eclipse Mining Lease near Kalgoorlie, Western Australia, finalising the disposal of a non-core gold asset as the company sharpens its focus on the development of its flagship Pitfield Titanium Project.
The transaction has generated total cash proceeds of A$750,000, comprising the A$50,000 non-refundable deposit previously received and the remaining A$700,000 payment now received on completion following satisfaction of all conditions under the sale agreement.
Management said the disposal forms part of its ongoing strategy to streamline the asset portfolio and concentrate both capital and management resources on advancing Pitfield, which is emerging as one of the company’s key growth opportunities.
Managing Director Shaun Bunn said the completion of the sale marks the successful conclusion of the Eclipse divestment process and enables the company to focus entirely on progressing the Pitfield Titanium Project.
The sale continues Empire’s strategy of monetising non-core assets while preserving financial flexibility as it advances what it believes is a potentially world-class titanium discovery in Western Australia.
For investors, the transaction provides additional cash resources without dilution and further demonstrates management’s commitment to prioritising assets capable of delivering the greatest long-term value.
