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Short-form announcement: Final Results for the Year Ended 30 June 2023, Notice of AGM
Europa Metals Ltd
(Incorporated and registered in Australia and registered as
an external company in the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on AIM: EUZ
Share code on the JSE: EUZ
ISIN: AU0000014342
("Europa Metals" or "the Company" or "the Group")
Short-form announcement: Final Results for the Year Ended 30 June 2023
Notice of AGM
Europa Metals, the European focused lead, zinc and silver developer, is pleased to announce its final
results for the year ended 30 June 2023.
A pdf copy of the full audited Annual Report and Accounts is available for viewing on the following
websites:
JSE website: https://senspdf.jse.co.za/documents/2023/jse/isse/euze/YE2023.pdf
The Company's website: http://www.europametals.com/site/news-announcements/annual-reports-
archive
The full audited Annual Report and Accounts will shortly be posted to shareholders who have requested
hardcopies. At the same time the Company will be posting its Notice of AGM to be held at Building 3, 566
Chiswick High Road. London W4 5YAL at 10.00am (UK time) on Thursday, 30 November 2023. A copy
of the Accounts and Notice of AGM, including salient dates and times, is available on the Company's
website, www.europametals.com.
Key extracts of the Company's audited Report and Accounts is available for viewing on the Company's
website: http://www.europametals.com/site/news-announcements/latest-aim-announcements
Chairman and Interim CEO's statement
During the financial year ended 30 June 2023 and subsequently, Europa Metals has secured funding for Toral
via a third party agreement, conducted additional highly successful drilling campaigns and combined with
additional metallurgical work, facilitated an update to the independent Indicated resource estimate. The
resources at the Toral Project, effective as of 30th November 2022 contain an Indicated Resource of 7 Mt @
8.1% ZnEq (including Pb credits) within a total resource of approximately 20 Mt @ 6.8% ZnEq (including Pb
credits). This represented a substantial, approximate 19%, increase in the indicated resource tonnage and a
14% increase in grade. The updated resource estimate can be utilised in calculations for feasibility studies
and to support future mine planning.
Towards the close of 2022 Europa confirmed the signing of a definitive agreement, a US$6m farm-in
arrangement with Denarius Metals Corp. (TSXV: DSLV; OTCQB: DNRSF) ("Denarius"), involving a two stage
option and joint venture, pursuant to which Denarius will be afforded the right to acquire up to an 80%
ownership interest in Toral.
The Option Agreement entered into with Denarius pursuant to which it has been granted an initial option (the
"First Option") to subscribe for 51 percent of the share capital of Europa Metals Iberia S.L. (EMI), the 100
percent owned Spanish subsidiary of Europa Metals which holds the Toral Project, and a further option (the
"Second Option") to potentially acquire an additional 29 percent of EMI's share capital from Europa Metals.
The First Option is for an initial exercise period of three years may be exercised by Denarius conditional upon,
inter alia:
• it assuming operatorship and making expenditures on the Toral Project of US$4,000,000;
• completion of a preliminary economic assessment ("43-101 PEA") compliant with National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101") on the Toral Project.
• Expenditures to include the completion and submission of a mining licence application in respect of
Toral to the local Junta. This was completed in October 2023.
The Second Option may be exercised by Denarius within a period of one year from the date of closing of the
First Option conditional upon:
• exercise of the First Option;
• completion of a NI 43-101 compliant pre-feasibility study (the "PFS") on the Toral Project at its own
cost;
• and payment of US$2,000,000 cash to Europa Metals.
This investment by Denarius represents a significant step forward with respect to the advancement of Toral
and is the culmination of a strategy the board has employed in seeking a long term partnership for the project.
As part of the agreement the parties have also signaled the ambition to secure potential further concessions
in the surrounding Northern Spain region therefore expanding the footprint around Toral.
The 2022 drill campaign focused on expanding the known existing indicated resource area, with the objective
of extending the pre-existing indicated resource estimate at depth towards the east of the current zone and
thereby linking up a known area of encouraging data. This campaign was the most successful to date for
Europa with the highest grade intersection being drilled on the project, TOD-042 intersecting 5.25m@23.24%
ZnEq(Pb+Ag), including 2.5m@44.55% ZnEq(Pb+Ag).
With the successful drilling finished, the results combined with the recently completed metallurgical test work
from earlier in the year were inputted into a new resource calculation. Indicated Resource of 7 Mt @ 8.1%
ZnEq (including Pb credits) within a total resource of approximately 20 Mt @ 6.8% ZnEq (including Pb credits).
This represented a substantial, approximate 19%, increase in the indicated resource tonnage and a 14%
increase in grade.
The campaign also completed our R&D collaboration project with the University of Salamanca supported by
Spain's Centre for the Development of Industrial Technology (CDTI), with the final payment being received
during 2023.
Over the coming period, the Board will continue with its endeavours to capitalise on the potential of Toral for
the profitable future development of Toral in a stable and secure first world jurisdiction. In addition, we have
continued to pursue our stated business development strategy and identify promising complimentary
opportunities for portfolio expansion. As at the end of the reporting period, the management team had reviewed
further projects, with 3 being discussed and evaluated at Board level, and we intend to continue such activity
and to identify, investigate and assess additional opportunities of potential interest. Further updates will be
provided as and when appropriate.
In conclusion, the Europa Metals team has worked diligently and very successfully on the technical aspects of
Toral, increasing both resource size and grade and we have also brought in a dedicated partner in Denarius.
The funding that is now in place will enable the de-risking process to continue and has facilitated the
submission of a Mining Licence Application to the relevant authorities with a subsequent Pre-Feasibility Study
to follow.
Myles Campion
Executive Chairman and Interim-CEO
31 October 2023
Salient financial information required to be disclosed under the JSE Listings Requirements:
% change Year ended Year ended
30 June 2023 30 June 2022
$ $
Total comprehensive loss for the year (35.1) (3 380 397) (2 502 559)
Basic loss per share (cents) (7.3) (3.83) (3.57)
Headline loss per share (cents) (7.3) (3.83) (3.57)
Diluted loss per share (7.3) (3.83) (3.57)
Net assets (79.6) 558 267 2 734 575
No dividend has been paid or declared since the start of the financial year and the Directors do not
recommend the payment of a dividend in respect of the financial year (2022 Nil).
Auditor's report
The annual financial statements for the year ended 30 June 2023 have been audited by the Company's
external auditors, BDO Audit (WA) Pty Ltd, in accordance with Australian Accounting Standards, and
they have issued an unmodified audit report on these consolidated financial statements. The auditors
have drawn attention to a material uncertainty relating to going concern but have not modified their
opinion in this regard.
The Annual Report has been compiled on a going concern basis. In arriving at this position the Directors
are satisfied that the Group will have access to sufficient cash as and when required to enable it to fund
administrative and other committed expenditure. The Directors are satisfied that they will be able to raise
additional funds either through implementation of strategic joint ventures/a farm-in or via a form of debt
and/or equity raising. In addition, the Directors have continued to pursue a strategy to reduce costs.
Shareholders should refer to the full audit report for an overview of the audit engagement. The annual
report containing the auditors' full audit report can be accessed at the following link:
http://www.europametals.com/site/news-announcements/annual-reports-archive
Short-form announcement
This short-form announcement is the responsibility of the Directors of the Company and is a summary of
the information contained in the audited results for the year ended 30 June 2023 which were released on
SENS on 1 November 2023 and can be found on the Company's website
(http://www.europametals.com/site/news-announcements/latest-aim-announcements).
Any investment decision by investors and/or shareholders should be based on consideration of the full
audited results for the year ended 30 June 2023, copies of which are also available, at no charge, on
request from the Company by emailing info@europametals.com during business hours.
For further information on the Company, please visit www.europametals.com or contact:
Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary (Australia)
T: +61 417 978 955
Myles Campion, Executive Chairman and acting CEO (UK)
T: +44 (0)20 3289 9923
Beaumont Cornish Limited (Nominated Adviser & Broker)
James Biddle/ Felicity Geidt
T: +44 (0)20 7628 3396
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Danielle Christodoulou
T: +27 (0)11 011 9216
United Kingdom
1 November 2023
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, as amended.
Date: 01-11-2023 09:00:00
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