TIDMEUZ
RNS Number : 9232R
Europa Metals Ltd
01 November 2023
1 November 2023
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
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 at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9232R_1-2023-10-31.pdf
, and 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
5YA at 10.00am on Thursday 30 November 2023. A copy of the Accounts
and Notice of AGM is available on the Company's website,
www.europametals.com.
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
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.
Key Extracts from the Company's audited Report and Accounts are
set out below :
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
30(th) 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
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
For the year ended 30 June 2023
2023 2022
Note $ $
----------------------------------------- ----- ------------ ------------
Revenue
Other income 3(b) 177,279 168,268
Administration expenses 3(c) (1,228,058) (1,327,747)
Exploration expenditure (990,477) (1,224,860)
Foreign exchange gain/(loss) 44,724 (78,730)
Share of net loss of associate 10 (115,958) -
Loss on deconsolidation 10 (1,267,907) -
Loss before taxation (3,380,397) (2,463,069)
Income tax benefit / (expense) 5 - -
------------ ------------
Loss after income tax for the
year from continuing operations (3,380,397) (2,463,069)
Net loss for the year (3,380,397) (2,463,069)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Net exchange (loss)/gain on translation
of foreign operation - (39,490)
Other comprehensive income for
the year, net of tax - (39,490)
------------ ------------
Total comprehensive loss for
the year (3,380,397) (2,502,559)
============ ============
Net loss for the year attributable
to:
Equity holders of the Parent (3,380,397) (2,502,559)
------------ ------------
(3,380,397) (2,502,559)
============ ============
Total comprehensive loss for the
year attributable to:
Equity holders of the Parent (3,380,397) (2,502,559)
------------ ------------
(3,380,397) (2,502,559)
Cents per Cents per
Loss per share share share
Basic loss for the year attributable
to ordinary equity holders of
the Parent 7 (3.83) (3.57)
Diluted loss for the year attributable
to ordinary equity holders of
the Parent 7 (3.83) (3.57)
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes
Consolidated Statement of Financial Position
As at 30 June 2023
2023 2022
Note $ $
------------- -------------
Assets
Current assets
Cash and short term deposits 8 653,990 1,650,056
Trade and other receivables 9 23,179 85,420
Total current assets 677,169 1,735,476
------------- -------------
Non-current assets
Plant and equipment - 46,877
Other receivables 9 - 63,018
Right of use assets - 42,292
Capitalised exploration expenditure 10 - 1,229,196
Investment in associate 10 - -
Total non-current assets - 1,381,383
------------- -------------
Total assets 677,169 3,116,859
------------- -------------
Liabilities and equity
Current liabilities
Trade and other payables 11 118,902 139,119
Lease liability - 22,796
Unearned income - 20,937
Total current liabilities 118,902 182,852
------------- -------------
Non-current liabilities
Lease liability - 12,507
Borrowings 12 - 186,925
------------- -------------
Total non-current liabilities - 199,432
------------- -------------
Total liabilities 118,902 382,284
------------- -------------
Net assets 558,267 2,734,575
------------- -------------
Equity
Contributed equity 13 49,391,945 48,227,649
Accumulated losses 16 (52,224,070) (48,843,673)
Reserves 15 3,390,392 3,350,599
Total equity 558,267 2,734,575
------------- -------------
The above Consolidated Statement of Financial Position is to be
read in conjunction with the accompanying notes in the full Annual
Report and Accounts.
Consolidated Statement of Cash Flows
For the year ended 30 June 2023
2023 2022
Note $ $
------------ ------------
Cash flows used in operating activities
Exploration and evaluation expenditure (990,683) (1,115,564)
Payments to suppliers and employees (748,481) (1,083,549)
Net cash flows used in operating
activities 20 (1,739,164) (2,199,113)
------------ ------------
Cash flows used in investing activities
Payments for plant and equipment - (768)
Loan to associate (212,330) -
Cash on deconsolidation (120,213) -
Net cash flows used in investing
activities (332,543) (768)
------------ ------------
Cash flows from financing activities
Lease principal repayments (16,601) (34,783)
Proceeds from issue of shares 1,033,155 2,760,272
Transaction costs on issue of shares - (138,369)
Proceeds from borrowings - 250,045
Net cash flows from financing activities 1,016,554 2,837,165
------------ ------------
Net increase/(decrease) in cash
and cash equivalents held (1,055,153) 637,284
Net foreign exchange difference 59,087 (167,996)
Cash and cash equivalents at 1 July 1,650,056 1,180,768
Cash and cash equivalents at 30
June 8 653,990 1,650,056
------------ ------------
The above Consolidated Statement of Cash Flows should be read in
conjunction with the accompanying notes in the full Annual Report
and Accounts which can be accessed via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9232R_1-2023-10-31.pdf
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