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(Alliance News) - Europa Metals Ltd on Monday posted a narrowed first half loss, with the zinc and silver project developer reporting lower expenses.
In the six months to December 31, Europa posted a pretax loss of AUD1.4 million, about GBP693,575, slimmed from AUD1.5 million a year prior.
Exploration expenditure inched 0.4% lower to AUD954,762, and other expenses were down 18% to AUD483,228.
Europa also posted AUD38,362 in foreign exchange gains, up sharply year-on-year from AUD4,369.
The company operates the Toral lead, zinc and silver project in Spain. On Friday, it said there was a delay in completing the last metallurgical laboratory test on material extracted from the project.
Due to the Covid-19 pandemic, completion of the test has been delayed and consequently also has transferring the data to Wardell Armstrong International in the UK.
Europa added on Monday: "The full impact of the Covid-19 outbreak continues to evolve at the date of this report. The company is therefore uncertain as to the full impact that the pandemic will have on its financial condition, liquidity, and future results of operations during 2020."
Shares in the company were 2.4% higher at 0.017 pence in London on Monday morning. In Johannesburg, they were flat at ZAR0.01 each.
By Eric Cunha; ericcunha@alliancenews.com
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