TIDMEUZ
RNS Number : 9068E
Europa Metals Ltd
01 November 2022
1 November 2022
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
Final Results for the Year Ended 30 June 2022
Europa Metals, the European focused lead, zinc and silver
developer, is pleased to announce its final results for the year
ended 30 June 2022.
A pdf copy of the full Annual Report and Accounts is available
at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9068E_1-2022-11-1.pdf
and will shortly be posted to shareholders who have requested
hardcopies.
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
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
WH Ireland Limited (Broker)
Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather
T: +44 (0)20 7 220 1666
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Sharon Owens
T: +27 (11) 011 9212
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 2022 and subsequently,
Europa Metals Ltd ("Europa Metals" or the "Company") has conducted
additional highly successful drilling campaigns and metallurgy
work, with the results from our 2021 infill drill campaign
facilitating an update to the independent Indicated resource
estimate for our wholly owned Toral Project, effective as of 14
September 2021, to approximately 5.9 Mt @ 7.1% ZnEq (including Pb
credits) within a total resource of approximately 20 Mt @ 6.3% ZnEq
(including Pb credits). This represented a substantial, approximate
55%, increase in the indicated resource component and the updated
resource estimate can be utilised in calculations for feasibility
studies and to support future mine planning.
The 2021 drill campaign targeted the upper more siliceous levels
of the resource at Toral, which exhibits a lower grade and thinner
horizon than the lower carbonate facies. The campaign yielded some
tremendous results with hole TOD-029 intersecting 20.45m @ 2.68%
ZnEq(Pb+Ag) and hole TOD-034 intersecting 14.85m @ 8.36%
ZnEq(Pb+Ag).
The campaign also successfully obtained a bulk sample from some
of the daughter holes from holes TOD-029 and TOD-034 which were
submitted to Wardell Armstrong International Limited ("WAI") for
further metallurgical evaluation. As part of this testwork, we also
engaged TOMRA GmbH in Germany to complete a programme of X-Ray
transmission ("XRT") ore sorting work. Previous programmes had
yielded positive results from such siliceous material illustrating
the ability for the grade of this zone to potentially be
upgraded.
The results from the ore sorting testwork were most reassuring,
with the bulk siliceous sample showing an approximate 43% original
mass rejection of waste and >94% recovery of metals. Carbonate
sampling also returned positive results, improving on previous
testwork with high 90% metal recoveries. This work serves to
continue to support the thesis of utilising ore sorting as a
pathway for leveraging the resource and the results will assist our
planned future engineering studies. Following the year end, the
Company announced further highly encouraging metallurgical testwork
results for Toral, including locked cycle flotation testwork, in
respect of sample material from both the upper siliceous zone and
the lower carbonate zone.
During the first half of 2022, the Company completed a short
geotechnical drill programme involving 5 shallow holes for
approximately 79m in order to inform ground support for potential
future plant construction. In early May 2022, we subsequently
commenced our 2022 resource drilling campaign which is ongoing. The
objective of this latest campaign is to seek to extend the
pre-existing indicated resource estimate at depth towards the east
of the current zone and thereby link up a known area of encouraging
data. If successful, it should enable us to increase the resource
tonnage and enhance the previously envisaged mining plan. The
campaign is also feeding in to our previously announced R&D
collaboration project with the University of Salamanca supported by
Spain's Centre for the Development of Industrial Technology (CDTI),
which is scheduled to be completed later this year.
In summary, the Europa Metals team has continued to advance
Toral on a technical/engineering level and move the project
environmentally and socially towards a Mining Licence Application
(MLA) in a cost-effective manner. Over the coming period, the Board
will continue with its endeavours to establish a clear pathway
forward for Toral as we continue to believe in the clear potential
for the profitable future development of Toral in a stable and
secure first world jurisdiction. In this regard, we were pleased to
recently announce a letter of intent in respect of a proposed 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 it will be afforded the right to acquire
up to an 80% ownership interest in Toral. This proposed transaction
remains subject, inter alia, to confirmatory due diligence by
Denarius, the finalisation and entry into of definitive
documentation and all requisite shareholder and regulatory
approvals as appropriate, and there can be no guarantee that the
transaction will be completed. This proposed investment by Denarius
represents a significant step forward with respect to the
advancement of Toral, but also our ambition to secure potential
further concessions in the surrounding Northern Spain region
In addition, we have continued to persue 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 over 18
projects, with four 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.
Myles Campion
Executive Chairman and Interim-CEO
31 October 2022
Consolidated Statement of Profit and Loss and Other
Comprehensive Income
For the year ended 30 June 2022
2022 2021
$ $
----------------------------------------- ------------ ------------
Revenue - -
Other income 168,268 147,537
Administration expenses (1,327,747) (1,357,427)
Exploration expenditure (1,224,860) (2,044,095)
Foreign exchange gain/(loss) (78,730) (4,679)
Loss before taxation (2,463,069) (3,258,664)
Income tax benefit / (expense) - -
------------ ------------
Loss after income tax for the
year from continuing operations (2,463,069) (3,258,664)
Net loss for the year (2,463,069) (3,258,664)
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss
Net exchange (loss)/gain on translation
of foreign operation (39,490) (383,469)
Other comprehensive income for
the year, net of tax (39,490) (383,469)
------------ ------------
Total comprehensive loss for
the year (2,502,559) (3,642,133)
============ ============
Net loss for the year attributable
to:
Equity holders of the Parent (2,502,559) (3,642,133)
------------ ------------
(2,502,599) (3,642,133)
============ ============
Total comprehensive loss for the
year attributable to:
Equity holders of the Parent (2,502,599) (3,642,133)
------------ ------------
(2,502,599) (3,642,133)
Cents per Cents per
Loss per share share share
Basic loss for the year attributable
to ordinary equity holders of
the Parent (3.57) (7.03)
Diluted loss for the year attributable
to ordinary equity holders of
the Parent (3.57) (7.03)
The above Consolidated Statement of Profit or Loss and Other
Comprehensive Income should be read in conjunction with the
accompanying notes in the full Annual Report and Accounts.
Consolidated Statement of Financial Position
As at 30 June 2022
2022 2021
$ $
------------- -------------
Assets
Current assets
Cash and short term deposits 1,650,056 1,180,768
Trade and other receivables 85,420 84,720
Total current assets 1,735,476 1,265,488
------------- -------------
Non-current assets
Plant and equipment 46,877 66,718
Other receivables 63,018 190,523
Right of use assets 42,292 29,277
Capitalised exploration expenditure 1,229,196 1,276,964
Total non-current assets 1,381,383 1,563,482
------------- -------------
Total assets 3,116,859 2,828,970
------------- -------------
Liabilities and equity
Current liabilities
Trade and other payables 139,119 261,886
Lease liability 22,796 16,505
Unearned income 20,937 -
Total current liabilities 182,852 278,391
------------- -------------
Non-current liabilities
Lease liability 12,507 -
Borrowings 186,925 121,727
------------- -------------
Total non-current liabilities 199,432 121,727
------------- -------------
Total liabilities 382,284 400,118
------------- -------------
Net assets 2,734,575 2,428,852
------------- -------------
Equity
Contributed equity 48,227,649 45,695,303
Accumulated losses (48,843,673) (46,380,604)
Reserves 3,350,599 3,114,153
Total equity 2,734,575 2,428,852
------------- -------------
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 2022
2022 2021
$ $
------------ ------------
Cash flows used in operating activities
Exploration and evaluation expenditure (1,115,564) (1,959,132)
Payments to suppliers and employees (1,083,549) (1,135,162)
Net cash flows used in operating
activities (2,199,113) (3,094,294)
------------ ------------
Cash flows used in investing activities
Payments for plant and equipment (768) (28,056)
Net cash flows used in investing
activities (768) (28,056)
------------ ------------
Cash flows from financing activities
Lease principal repayments (34,783) (25,879)
Proceeds from issue of shares 2,760,272 3,633,082
Transaction costs on issue of shares (138,369) (253,101)
Proceeds from borrowings 250,045 258,513
Net cash flows from financing activities 2,837,165 3,612,615
------------ ------------
Net increase/(decrease) in cash
and cash equivalents held 637,284 490,265
Net foreign exchange difference (167,996) (10,139)
Cash and cash equivalents at 1 July 1,180,768 700,642
Cash and cash equivalents at 30
June 1,650,056 1,180,768
------------ ------------
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/9068E_1-2022-11-1.pdf
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END
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November 01, 2022 06:35 ET (10:35 GMT)
Europa Metals (AQSE:EUZ.GB)
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Europa Metals (AQSE:EUZ.GB)
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から 1 2024 まで 1 2025
