Europa Metals Ltd said on Friday its interim loss slimmed as exploration and development activities continued.
The Europe-focused lead-zinc and silver developer reported pretax loss of $1.2 million for the six months that ended December 31, narrowed from $1.4 million a year earlier.
Over this period, loss per share reduced to 1.48 US cents from 2.31 cents.
As at December 31, cash and short-term deposits slipped to $1.5 million from $1.7 million as at June 30 last year. Total liabilities climbed by 51% to $578,055 from $382,284.
Europa Metals said it continued with its exploration and development activities to advance its understanding of its wholly-owned Toral lead, zinc and silver project in the Castilla y Leon region, Spain as a potential future low capex and high margin base metals mine.
On the back of the latest drill campaign results, the company commissioned an updated independent mineral resource estimate from Addison Mining Services Ltd, which yielded a 19% increase in the indicated mineral resource and a 14% increase in grade.
‘This positive result will enable our project team to utilise a substantial tonnage of independently reported indicated resources in the mine plan for the forthcoming mining licence application scheduled to be submitted by 31 July 2023 to the Junta of Castilla y Leon,’ Europa Metals said.
Shares in Europa Metals were flat at 3.05 pence on Friday morning. They also remained unchanged at R 0.59 in Johannesburg.
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