Long-Term Incentive Plan and Grant of Awards
Empire Metals Limited
16 July 2026
Empire Metals Limited / LON: EEE, OTCQX: EPMLF / Sector: Natural Resources
16 July 2026
Empire Metals Limited
("Empire" or the "Company")
Adoption of Long-Term Incentive Plan and Grant of Awards
Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, announces that the Board has adopted a Long-Term Incentive Plan (the "LTIP") and has made awards under it to directors, senior management and employees (the "Awards").
Summary of the LTIP and the Awards
The Awards comprise, in aggregate, 8,250,000 nil-cost share awards to be satisfied from ordinary shares already held by the Company's Employee Benefit Trust (the "EBT Awards") and options over 12,000,000 new ordinary shares of the Company with an exercise price of 40 pence per share (the "Options"). The Awards together represent approximately 2.67% of the Company's issued ordinary share capital. As the EBT Awards are satisfied from the ordinary shares already held by the Employee Benefit Trust, they create no new dilution. Following the Awards, the Company's aggregate outstanding share-scheme commitments (all outstanding options plus shares held by the Employee Benefit Trust) represent approximately 12.70% of issued ordinary share capital.
Vesting of all Awards is subject to demanding share-price performance conditions. Each Award vests in four equal tranches of 25%, with each tranche vesting only when the Company's closing share price has been at or above the relevant target for 10 consecutive trading days, subject to the holder remaining in service at the trigger date:
|
Tranche |
Cumulative vesting |
Share-price target |
Premium to 40p exercise price |
|
Tranche 1 |
25% |
£0.50 |
+25% |
|
Tranche 2 |
50% |
£0.63 |
+57.5% |
|
Tranche 3 |
75% |
£0.78 |
+95% |
|
Tranche 4 |
100% |
£0.98 |
+145% |
Awards to Directors and PDMRs
The Awards to the directors of the Company and to persons discharging managerial responsibilities ("PDMRs") are as follows:
|
Name and position |
EBT Awards |
Options (40p) |
Total |
|
Shaun Bunn, Managing Director |
3,000,000 |
3,000,000 |
6,000,000 |
|
Greg Kuenzel, Finance Director |
3,000,000 |
3,000,000 |
6,000,000 |
|
Phil Brumit, Non-Executive Director |
250,000 |
500,000 |
750,000 |
Awards over a further 2,000,000 EBT shares and 5,500,000 Options have been made to other employees of the group, including the Company's Australian-based team. Neil O'Brien (Chairman) and Peter Damouni (Non-Executive Director) have received no Awards.
Related-party transaction
The Awards to Shaun Bunn, Greg Kuenzel and Phil Brumit, each a director of the Company, constitute related-party transactions under AIM Rule 13. Neil O'Brien and Peter Damouni, being the directors independent of the Awards, consider, having consulted with SP Angel Corporate Finance LLP, the Company's Nominated Adviser, that the terms of the Awards to the directors are fair and reasonable insofar as the Company's shareholders are concerned.
MAR disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.com or contact:
|
Empire Metals Ltd Shaun Bunn / Greg Kuenzel / Arabella Burwell
|
Tel: 020 4583 1440 |
|
S. P. Angel Corporate Finance LLP (Nomad & Joint Broker) Ewan Leggat / Adam Cowl
|
Tel: 020 3470 0470 |
|
Canaccord Genuity Limited (Joint Broker) James Asensio / Christian Calabrese / Rory Blundell / Charlie Hammond
|
Tel: 020 7523 8000 |
|
Zeus Capital Limited (Joint Broker) Harry Ansell / Katy Mitchell
|
Tel: 020 3829 5000 |
|
Tavistock (Financial PR) Emily Moss / Josephine Clerkin
|
Tel: 020 7920 3150 |
|
Chapter One Advisors (Australian Financial PR) David Tasker
|
dtasker@chapteroneadvisors.com.au Tel: +61 433 112 936 |
About Empire Metals Limited
Empire Metals Ltd (AIM: EEE and OTCQX: EPMLF) is an exploration and resource development company focused on the commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.
Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.
Conventional processing has already produced a high-purity product grading 99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. With excellent logistics and established infrastructure, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1. |
Details of the person discharging managerial responsibilities/person closely associated |
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|
a) |
Name: |
1) Shaun Bunn 2) Greg Kuenzel 3) Phil Brumit |
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2. |
Reason for the notification |
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|
a) |
Position/status: |
1) Managing Director 2) Finance Director 3) Non-Executive Director |
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|
b) |
Initial notification/Amendment: |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name: |
Empire Metals Limited |
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|
b) |
LEI: |
2138002IOR7OCZZPB279 |
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4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of no par value VGG3036T1012 |
||||||||||||
|
b) |
Nature of the transaction: |
Grant of options |
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c) |
Price(s) and volume(s): |
|
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d) |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above |
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e) |
Date of the transaction: |
14 July 2026 |
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f) |
Place of the transaction: |
AIM, London Stock Exchange |
||||||||||||
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||||||||||
|
a) |
Name: |
1) Shaun Bunn 2) Greg Kuenzel 3) Phil Brumit |
||||||||||||
2. |
Reason for the notification |
|||||||||||||
|
a) |
Position/status: |
1) Managing Director 2) Finance Director 3) Non-Executive Director |
||||||||||||
|
b) |
Initial notification/Amendment: |
Initial notification |
||||||||||||
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||||||||
|
a) |
Name: |
Empire Metals Limited |
||||||||||||
|
b) |
LEI: |
2138002IOR7OCZZPB279 |
||||||||||||
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of no par value VGG3036T1012 |
||||||||||||
|
b) |
Nature of the transaction: |
Issue of shares held by the Company's Employee Benefit Trust |
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c) |
Price(s) and volume(s): |
|
||||||||||||
|
d) |
Aggregated information: Aggregated volume: Price: |
Single transactions as in 4 c) above |
||||||||||||
|
e) |
Date of the transaction: |
14 July 2026 |
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|
f) |
Place of the transaction: |
AIM, London Stock Exchange |
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