Episode Details

Interview with Shaun Bunn, Managing Director, Empire Metals

Our previous interview: https://www.cruxinvestor.com/posts/empire-metals-loneee-australian-giant-targets-supply-gap-in-restructuring-titanium-market-8489

Recording date: 26th June 2026

Empire Metals is advancing its wholly owned Pitfield titanium project in Western Australia, positioning it as one of the largest and potentially lowest-cost titanium ore systems globally. Discovered around three years ago, Pitfield has rapidly progressed from exploration to development planning, supported by a large, shallow, and high-grade ore body. Recent drilling has further improved average grades—now estimated at roughly seven times typical mineral sands deposits—with an updated Mineral Resource Estimate expected in the third quarter of 2026.

A major milestone came in June 2026 with the release of an integrated process flow sheet outlining how ore will be converted into high-purity titanium dioxide (TiO2) pigment at a single site. The process combines conventional and novel steps, beginning with scrubbing, screening, and flotation to remove up to 90% of waste material before leaching. The remaining concentrate undergoes a low-temperature sulfuric acid leach, achieving high titanium recovery rates of around 98%. The process also enables recovery of alumina from kaolin as a co-product, improving overall project economics while allowing partial recycling of reagents.

Engineering and cost studies are now underway, with key decisions pending on power supply, acid sourcing, and plant design. The company aims to deliver clear capital and operating cost guidance by early 2027. Rather than competing with low-cost Chinese producers, which dominate about 60% of global TiO2 supply, Empire Metals is targeting premium pigment markets in paints and coatings, where customers pay higher prices for quality and supply security.

The broader market backdrop supports this strategy. Global TiO2 demand stands at 8–9 million tonnes annually and continues to grow steadily, while Western producers face rising costs and financial pressure. With strong infrastructure access, a scalable resource, and a focus on high-margin markets, Pitfield is positioned as a potential new entrant in a tightening global titanium supply chain.

Learn more: https://www.cruxinvestor.com/companies/empire-metals

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