Empire Metals’ (AIM:EEE) wholly owned subsidiary Empire Metals Australia has completed the sale of its 75% interest in the Eclipse mining lease, following satisfaction of all conditions precedent under the sale and purchase agreement.
The Eclipse mining lease is described as one of Empire Metals’ non-core gold assets, located near Kalgoorlie in Western Australia.
The agreement provides for a total consideration of $750,000 in cash, comprising a $50,000 non-refundable deposit previously paid and the remaining balance of $700,000 received on completion.
Empire Metals entered the conditional sale and purchase agreement with its joint venture partner for the mining lease in December 2025.
Empire Metals no longer holds an interest in the asset, with its former joint venture partner obtaining the entirety of the lease.
The company will continue to review options for other non-core assets, aligning with its strategy to accelerate development activities at the Pitfield Titanium Project.
Managing Director Shaun Bunn says the company is pleased to have completed the sale of its 75% stake in Eclipse.
“With all conditions now satisfied and the consideration received in full, this transaction concludes the divestment of a non-core asset and allows us to direct our full attention and resources to advancing the Pitfield Titanium Project,” Bunn says.
Empire Metals is an explorer and resource developer focused on the commercialisation of the Pitfield Titanium Project in Western Australia, which hosts a resource of 2.2 billion tonnes at 5.1% titanium dioxide containing 113 million tonnes of contained titanium dioxide.
Write to Maddison Elliott at Mining.com.au
Images: Empire Metals
