28 March 2025
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)
Results for the Half-Year Ended 31 December 2024
Europa Metals is pleased to announce its unaudited results for the half-year ended 31 December 2024 (the "Half-Year Financial Report").
Please see below extracts from the Half-Year Financial Report, being the:
- Review and results of operations
- Consolidated Statement of Profit or Loss and Other Comprehensive Income
- Consolidated Statement of Financial Position
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
A copy of the full Half-Year Financial Report is available on the Company's website at www.europametals.com and on the JSE's website at https://senspdf.jse.co.za/documents/2025/jse/isse/euze/HY2024.pdf.
Any investment decisions should be based on the full Half-Year Financial Report as the information in this announcement does not provide all of the details.
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 8 9486 4036
E: dsmith@europametals.com
Myles Campion, Executive Chairman and acting CEO (UK)
E: mcampion@europametals.com
Beaumont Cornish (Nominated Adviser/Broker)
James Biddle/Roland Cornish
T: +44 (0) 20 7628 3396
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Danielle Christodoulou
T: +27 63 482 3802
Europa Metals Ltd is a company incorporated in Australia and limited by shares, which are publicly traded on the AIM market of the London Stock Exchange (primary listing) and the AltX of the Johannesburg Stock Exchange (secondary listing).
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 pursuant to the European Union (Withdrawal) Act 2018, as amended.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Extracts from the Company's unaudited Half-Year Financial Report are set out below:
Review and results of operations
Europa Metals is a mineral exploration company and currently classified as an 'AIM Rule 15 cash shell'.
Operating Results
For the half-year period ended 31 December 2024, the Group recorded a net profit after tax of $4,834,803 (31 December 2023: net loss of $248,761).
Toral Lead-Zinc-Silver Project, Spain ("Toral" or the "Toral Project")
The Toral Project is situated in northwest Spain in a world class mining jurisdiction which provides the opportunity to create new mines within well-established environmental and mining frameworks and with access to first class power and transport infrastructure.
On 13 November 2024, the Company announced that it had completed its previously announced disposal of 100% of the issued and outstanding shares of Europa Metals Iberia S.L. ("EMI"), the Spanish subsidiary holding the Toral Zn-Pb-Ag Project (the "Toral Project") in the Leon Province, Northern Spain to Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals").
In accordance with the agreement with Denarius Metals, as announced on 17 September 2024, Europa was issued 7,000,000 common shares in Denarius Metals, which are subject to a hold period ending on March 13, 2025. The former Option and Loan Agreements dated 22 November 2022 between Europa and the Denarius Metals were terminated on closing of the transaction.
As advised following completion of the disposal, the Company is now classified as an 'AIM Rule 15 cash shell'. In accordance with AIM Rule 15, the Company has six months to complete an acquisition or acquisitions that constitute a reverse takeover under AIM Rule 14. If the Company does not complete such a transaction within this period, trading in its AIM securities will be suspended.
Corporate
Viridian Metals Limited
On 17 September 2024, the Company announced the signing of a conditional term sheet regarding the proposed acquisition of Viridian Metals Ireland Limited, ("Viridian Metals"), and its 100% owned Tynagh brownfield Pb/Zn/Cu/Ag project in the Republic of Ireland. Subsequent to the end of the reporting period, the Company announced that Europa had decided not to extend the exclusivity period under the term sheet.
The Company will continue to pursue other opportunities.
Shareholder Meetings
On 25 October 2024, the Company held a General Meeting for Shareholders to consider the proposed disposal of the Company's 100% interest in EMI to Denarius Metals. Shareholders voted overwhelmingly in favour of the transaction.
On 29 November 2024, the Company held its Annual General Meeting, whereby all resolutions were duly approved by Shareholders by way of a poll.
Events subsequent to the reporting date
On 17 February 2025, the Company announced that it had decided not to proceed with the proposed acquisition of Viridian Metals, and accordingly, its shares resumed trading on the AIM on that day.
No other matters or circumstances have arisen since the reporting date that may significantly affect the operations of the Company, the results of those operations, or the Company's state of affairs in future financial years.
Daniel Smith
Director
28 March 2025
Consolidated Statement of Profit or Loss and Other Comprehensive Income
| |
| 6 months to 31 December 2024 | 6 months to 31 December 2023 |
| | Note | $ | $ |
| |
|
| |
| Other Income | 2 | - | 277,071 |
| Other gains | 2 | 5,575,725 | - |
| | | 5,575,725 | 277,071 |
| | |
|
|
| Fair value loss on financial assets | | (264,279) | - |
| | |
|
|
| Exploration expenditure | | - | (9,315) |
| Foreign exchange (loss)/gain | | (7,436) | (10,097) |
| Other expenses | 2 | (469,207) | (506,420) |
| Profit /(loss) before income tax | | 4,834,803 | (248,761) |
| Income tax (expense)/benefit | | - | - |
| | |
| |
| Net profit/(loss) after income tax | | 4,834,803 | (248,761) |
| | |
| |
| Other comprehensive income | |
| |
| Items that may be reclassified subsequently to profit or loss: | |
| |
| Net exchange (loss)/gain on translation of foreign operation | - | - | |
| Other comprehensive (loss)/profit for the period, net of tax | | - | - |
|
| |
| |
| Total comprehensive income/(loss) for the period | | 4,834,803 | (248,761) |
| | |
| |
| | |
| |
| Net profit/(loss) for the period attributable to shareholders of the Company: | |
4,834,803 |
(248,761) |
|
| | 4,834,803 | (248,761) |
| | |
| |
| Total comprehensive income/(loss) for the period attributable to shareholders of the Company: | | 4,834,803 | (248,761) |
| | | 4,834,803 | (248,761) |
| | |
| |
Profit/(loss) per share attributable to the ordinary equity holders of the Company
|
Profit/(loss) per share | | Cents per share | Cents per share |
| | | | |
| - basic profit/(loss) per share | 8 | 4.95 | (0.26) |
| - diluted profit/(loss) per share | 8 | 4.85 | (0.26) |
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Half-Year Financial Report.
*Headline and dilutive headline profit/(loss) per share is identical to the basic and diluted profit/(loss) per share included in the table above for the respective periods.
Consolidated Statement of Financial Position
As at 31 December 2024
| | | 31 December | 30 June |
| |
| 2024 | 2024 |
| | Note | $ | $ |
| Current Assets | | | |
| Cash and short-term deposits | | 303,310 | 252,075 |
| Trade and other receivables | | 17,077 | 64,673 |
| Financial assets at FVTPL | 3 | 5,311,446 | - |
| Total Current Assets |
| 5,631,833 | 316,748 |
| | |
| |
| Total Assets | | 5,631,833 | 316,748 |
| | |
| |
| Current Liabilities | |
| |
| Trade and other payables | 5 | 566,894 | 310,773 |
| Borrowings | 6 | 224,161 | - |
| Total Current Liabilities |
| 791,055 | 310,773 |
|
|
|
| |
| Total Liabilities |
| 791,055 | 310,773 |
| | |
| |
| NET ASSETS |
| 4,840,778 | 5,975 |
| | |
| |
| Equity | |
| |
| Contributed equity | 7 | 49,562,236 | 49,562,236 |
| Accumulated losses | | (44,764,087) | (52,856,850) |
| Reserves | | 42,629 | 3,300,589 |
| TOTAL EQUITY |
| 4,840,778 | 5,975 |
|
|
|
| |
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Half-Year Financial Report.
Consolidated Statement of Changes in Equity
For the half-year from 1 July 2024 to 31 December 2024
| |
|
| Employee |
|
|
| | Issued | Accumulated | Share | Option | Total |
| | Capital | Losses | Reserve | Reserve | Equity |
| | $ | $ | $ | $ | $ |
|
|
|
|
|
|
|
| At 1 July 2023 | 49,391,945 | (52,224,070) | 595,010 | 2,795,382 | 558,267 |
| (Loss) for the period | - | (248,761) | - | - | (248,761) |
| Other comprehensive income (net of tax) | - | - | - | - | - |
| Total comprehensive loss (net of tax) | - | (248,761) | - | - | (248,761) |
| Transaction with owners in their capacity as owners | | | | | |
| Performance shares issued | - | - | 66,859 | - | 66,859 |
| Conversion of performance rights | 170,291 | - | (170,291) | - | - |
| Options issued to directors and management | - | - | - | 13,629 | 13,629 |
| At 31 December 2023 | 49,562,236 | (52,472,831) | 491,578 | 2,809,011 | 389,994 |
|
|
|
|
|
|
|
| At 1 July 2024 | 49,562,236 | (52,856,850) | 491,578 | 2,809,011 | 5,975 |
| Profit/(Loss) for the period | - | 4,834,803 | - | - | 4,834,803 |
| Other comprehensive income (net of tax) | - | - | - | - | - |
| Total comprehensive income/(loss) (net of tax) | - | 4,834,803 | - | - | 4,834,803 |
| Transaction with owners in their capacity as owners | | | | | |
| Expiry of options | - | 3,257,960 | (491,578) | (2,766,382) | - |
| At 31 December 2024 | 49,562,236 | (44,764,087) | - | 42,629 | 4,840,778 |
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Half-Year Financial Report.
Consolidated Statement of Cash Flows
For the period 1 July 2024 to 31 December 2024
| |
| 6 months to 31 December 2024 | 6 months to 31 December 2023 |
| |
| $ | $ |
| Cash flows from operating activities | | | |
| Receipts from associate | | - | 277,071 |
| Payments to suppliers and employees | | (183,680) | (323,677) |
| Payment for exploration and evaluation costs | | - | (107,254) |
| Net cash flows used in operating activities | | (183,680) | (153,860) |
| | |
| |
| Cash flows from financing activities | |
| |
| Proceeds from borrowings | | 224,161 | - |
| Net cash flows from financing activities | | 224,161 | - |
| Net increase / (decrease) in cash and cash equivalents |
| 40,481 | (153,860) |
| Cash and cash equivalents at beginning of period | | 252,075 | 653,990 |
| Effect of foreign exchange on cash and cash equivalents | | 10,754 | (11,166) |
| Cash and cash equivalents at end of the period | | 303,310 | 488,964 |
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes in the full Half-Year Financial Report.
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