(Alliance News) - Europa Metals Ltd on Wednesday noted progress at its flagship project in Spain as losses barely shifted in the 2020 financial year.
Europa Metals is a European-focused lead-zinc and silver developer whose flagship development, the Toral lead, zinc and silver project, is located in the province of Castilla y Leon in north west Spain.
The company posted a pretax loss for the year ended June 30 of USD2.4 million, flat from the year prior.
Revenue was down at USD3,000 from USD42,000 a year before.
The company had net assets of USD2.5 million as at June 30, down from USD2.7 million year on year.
With regards to the results and the development project, Chair Myles Campion said: "Our efficient and cost effective approach to exploration and development has included the successful prosecution of several drilling campaigns designed to extract maximum value and information from each drill hole.
"This approach has also seen Europa Metals successfully complete several phases of exciting metallurgical test work and oversee an increasing level of confidence in the pre-existing mineral resource estimate via the commissioning of regular independent updates."
"During the financial year, we announced our first indicated resource at Toral, which we achieved with the first drilling campaign of 2019," he added.
Going forward, Europa Metals will further its drilling and metallurgical work as it feeds into an updated production flow sheet and assist the project team in identifying efficiencies.
Europa Metals is also advancing the key components of a pre-feasibility study with work commencing on hydrogeology, waste management and geotechnical analysis, while continuing with environmental baseline studies and community engagement.
Europa Metals shares were down 9.3% at 9.08 pence each in London on Wednesday afternoon, and flat in South Africa at ZAR1.91 each.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Europa Metals (EUZ)