TIDMEUZ
RNS Number : 7465S
Europa Metals Ltd
18 November 2021
18 November 2021
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Corporate Review & Operational Update - Toral Pb, Zn &
Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver
developer, is pleased to announce a corporate review and
operational update.
Further to the recent GBP1.5m (gross) fundraising and successful
draw down of the second tranche of EUR158,628.60 of the Company's
innovation grant from the Spanish Government Centre for the
Development of Industrial Technology ("CDTI"), the Company has
commenced a number of initiatives and strategic refocusing to
progress its development during the remainder of 2021/2022, as
summarised below.
-- The Company's subsidiary, Europa Metals Iberia SL, is
actively seeking potential asset financing through Spanish Federal
and regional programmes with Insomnia Consulting ("Insomnia") (
https://www.insomniaconsulting.es ) engaged to assist with
applications through the appropriate channels. Insomnia has a
strong track record in advising its clients on all facets of
Spanish financing initiatives and client partnership agreements and
will provide financing application support particularly in respect
of Europa Metals' work at its wholly owned Toral Project ("Toral
Project" or "Toral") implementing innovative new processes and
designs in the Castilla y León region.
-- Preparations for a resource and geotechnical drilling
programme focused on areas around the expanded indicated resource
at Toral planned to commence in Q1 2022. The key objectives of the
anticipated limited programme shall be to 'fill in' areas within
the Company's existing block model and test the University of
Salamanca's correctional algorithm in accordance with the
requirements of the CDTI grant.
-- Progression of work regarding the potential utilisation of
dry stack tailings which should serve to underpin low water usage,
review of the potential for waste design/storage and reclamation
initiative involving local, disused quarry sites.
-- An internal review of the project's proposed early years'
production profile based on the 2021 drilling campaign results and
new indicated resource area in order to seek to enhance its payback
period.
A cost and strategic review has also been initiated focused
on:
-- Overall Group costs, including board remuneration.
-- Optimisation of workflows on Toral to yield the maximum
benefit and further de- risk/enhance the project's economics.
-- Transaction review team created to assess potential new
projects and opportunities for Europa Metals alongside progressing
pathways for the advancement of the Toral Project.
Commenting today, Laurence Read, CEO of Europa Metals, said
:
"Europa Metals is taking a series of steps to ensure the
allocation of funds for maximum effect at its Toral Project whilst
simultaneously pursuing the potential acquisition of new, value
accretive projects for the Company. We are also undertaking a full
review of the Group's cost base, including board level remuneration
packages, and establishing a clear strategic pathway through the
remainder of 2021/2022 to refocus our efforts on delivering value
for shareholders.
"Toral is a well-advanced project that has a defined pathway to
achieving a potential high margin production start for a relatively
low capital expenditure outlay. We shall continue to assess how
best to optimise the early years of potential future production at
Toral in addition to commencing a highly targeted drilling campaign
within the lower, higher grade zones of the project supported by
the second tranche of the CDTI grant of EUR158,628.60 successfully
drawn down earlier this month.
"Work is also underway to progress the potential for a low water
usage tailings storage design, coupled with a back fill and
storage/reclamation initiative utilising local disused quarries in
the area. The implementation of such initiatives as part of our
tailings design at the Castilla y León site will likely be
incorporated into our next stage of regional financing applications
supported by Insomnia Consulting .
"The Board also believes that identifying and securing potential
new attractive projects can add value to Europa Metals and is
undertaking a review of the Group's cost base to ensure that
maximum benefit is derived from the application of the net proceeds
from the latest fundraising. We look forward to providing further
updates as and when appropriate."
For further information on the Company, please visit:
www.europametals.com
Linkedin: Europa Metals ltd
Twitter: @ltdeuropa
Vox: Europametals
or contact:
Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary
(Australia)
T: +61 417 978 955
Laurence Read, CEO (UK)
info@europametals.com
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
WH Ireland Limited (Joint Broker)
Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather
T: +44 (0)20 7220 166
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker/James Pope
T: +44 (0)20 3657 0050
Sasfin Capital Proprietary Limited (a member of the Sasfin
group)
Sharon Owens
T (direct): +27 11 809 7762
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018.
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END
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