PFS18 Sep 2020 21:18
As with all things EUZ it isn't 100 per cent clear but sounds to me like it isn't fully funded. We'll only know for sure if someone asks the company the question. They won't talk to me so will have to be a 'mate' lol. This is from the funding RNS;
Use of Proceeds
The net proceeds from the Fundraising will primarily be utilised towards completion of certain key components of a Pre-Feasibility Study ("PFS") in respect of the Company's wholly owned Toral lead-zinc-silver project located in the Castilla y León region, northern Spain ("Toral" or the "Toral Project"), as well as for the Company's general working capital requirements. The PFS workstreams concerned will include:
· Hydrogeological studies to ascertain sub surface water conditions;
· Drilling targeting increases in the confidence level of the overall mineable resource for Toral; and
· Further metallurgical, geotechnical, waste management and environmental work components.
The Board of Europa Metals believes that completion of the above PFS components will further demonstrate the viability of the Toral Project by advancing the Company's understanding of metallurgy and hydrogeological conditions, defining the parameters for waste management and environmental considerations, as well as potentially upgrading areas of the current resource into higher categorisations."
'Certain key components' doesn't sound like the full PFS to me but it could be interpreted differently I guess. However comments from both MC and LR seem to suggest as I suspect that this money will not fund the whole PFS.
MC
"With the completion of this significant Fundraising, Europa Metals can see a clear pathway to completing major items that will form part of a PFS."
LR
"...we have taken the decision to raise funds to complete certain key components of a PFS."
and
"The Fundraising will enable the Company to undertake key work items necessary for the eventual completion of a full PFS"
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