Member Info for Shedulike

Yes but in Kipling's day most of our enemies were armed only with a variety of pointed fruit (slight exaggeration but a nod to Curtis, Elton anyway), we now have Mad Vlad and the possibility that the world could go up in smoke in seconds.

I've just been refreshing my memory of where we are to date with the metallurgy as we wait for the final phase so I thought it might help everyone to share this brief summary. From the third phase……..

· Recovery and grade results are believed by Europa Metal's Board to be significantly above average versus concentrates available in the current market, with the lead concentrate grade (combined to a cleaner+scavenger product), considered by the Board, to rank amongst the highest concentrate grades globally;

· Excellent grade and recovery results from metallurgical sample TOD-025H, comprising:

o 83.9% Pb recovery to a 79.2% Pb concentrate;

o 87.7% Ag recovery to 512ppm Ag within Pb concentrate; and

o 87.7% Zn recovery to a 60.0% Zn concentrate. (In the second phase metallurgy this was 77% just to illustrate how it’s been progressive).

This is all we know on deleterious elements so far……

"Importantly, the concentrates are free from a number of deleterious elements otherwise present in concentrates from the region, including iron, arsenic and bismuth. Additional testing has therefore been recommended by WAI to confirm the existence or otherwise of such deleterious elements across other parts of the deposit and, if present, to consider potential methods with which to limit or mitigate their impact".

Newbie I don't think they can sit on them or they and the Nomad would be breaking the rules, I'm just irritated by the constant slippage in timings and as we all know time is not on our side unless there's a funding solution being brokered. Describing the two month wait for the rig as a 'slight delay' really annoyed me particularly as SPI are supposed to be our partners in the CDTI innovation. I'm not worried about the metallurgical recoveries as these are incrementally tweaked throughout the phases of metallurgy and to date they have been good so a bombshell there would be bizarre but I will sleep easier when we have the full picture on deleterious elements, I'm expecting some cadmium and mercury as per Rubiales but it's how they deal with it that's important.

Just logged in hoping we might get a drilling update and it occurred to me that they didn't update on each drill in the last campaign so maybe we won't hear a thing for at least another couple of months on that front. Bit frustrating as I fear we'll just continue to drift without news so what can we expect? Well the geotech was completed end of April so why not tell us about the findings? Okay ground conditions for potential plant locations isn't going to set the world alight but if it was important to conduct the work wouldn't it be important to inform shareholders about the findings? Also wondering what happened to the final metallurgy, this is really, really important and proyectotoral.com told us that WA would be finished towards the end of May, has that slipped as well?

Found this:
'P' Protected Portfolio
A protected portfolio transaction or, if reporting a trade resulting from a worked principal agreement for a portfolio transaction.
What the implications are heaven knows.

Have a look here Teaye:
https://www.londonstockexchange.com/stock/EUZ/europa-metals-ltd/company-page
All 'P' trades today, not seen this before.

Disappointing to see all sells today, any thoughts on them all being flagged as 'P' trades?

Well that would heat a kettle - the strategy is crystal clear now. Anyone crazy enough to buy announcement code 121, as in ""One Two - One Two", okay that would be 1212 so a slight flaw in the case, maybe the MM didn't want to sacrifice too many shares.

That's us re. the geotech not the Russians by the way. Drilling updates have come intraday in the past so you never know, wonder if they'll comment on visual mineralisation?

I'll have a look for the tonight Highside, I think you'd be getting near the Upper Mantle at those sort of depths, was their drill bit a little scorched? :) Hopefully it's just the extra geotech they're doing on the way down that's taking the time.

Still no TD this morning so maybe you're right Bricks, could be the geothermal plan, JV with Rotorua NZ?

Just to change the subject to the here and now I have looked at previous rates of drilling and I reckon they should have easily reached the 700-750m zone all being well. If we don't hear about TO-36 TD soon could they be looking deeper? I notice they are doing some geotech off the parent hole so that might also explain the extra time.

Highside I didn't want to elaborate as I've been over it before but I look back at the SS not as the only reason we are where we are but more as the blow that put us on the back foot ever since. We were never able to raise at advantageous levels and the news flow and regular need for funds became too predictable, I say that in retrospect, hats off to those that anticipated it 2018 / 19 and bailed. Having said that I'm not in despair and I'm convinced we have something significant to work with, I'm nervous about the metallurgy as I just feel we can't afford any disappointments, when it drops I will be skimming straight to the impurities, there will be some it's just about how they are handled, I'm confident the recoveries will be good as they have incrementally progressed them through the various phases. Also need these drills to hit obviously.

Just to be clear I'm far from happy with the situation here - who would be? Given the disappointing SP I guess we're all bound to come up with our own panaceas for why we have been unable to advance the mcap, even if we don't post them. I have my own thoughts starting with the SS, I won't go over it all again you'll be glad to hear :) We have however had some solid work delivered here in the field and IMO that gives us a very good chance of getting out of this with a good outcome. Let's hope that continues starting with some imminent metallurgy and hopefully news of a successful first resource drill soon.

Putting the new projects stuff to one side which I agree is really confusing, the strategy has always been to de-risk and then transact on Toral in whatever form that may take, possible options have been mentioned earlier. I don't really see how promises on specific corporate timelines could really be made with any degree of sincerity, a transaction is dependent on another party and that is beyond our control as are other op delays like the rig going AWOL for two months. Promises might be a comfort blanket for us invested or even attract some new money but until they know for certain what the best course is, best to play their cards close to their chests, I think we were reminded of that with the value event.

I don't really understand what it is you want as the corporate end goal could never have been completely predetermined. In fact I'd be very concerned if they ever closed off options right up to the point of signing off on whichever outcome they decide is best for shareholders. Look at the possibilities you list - EUZ plan to take this to a mine (currently completely unrealistic due to no BFS so for me it would be a huge concern if this was our sole stated strategy), EUZ continue to de-risk with a view to complete sale (what if in the meantime someone comes in with a good JV offer perhaps as part of these energy options?), EUZ continue to de-risk with a view to JV (what if someone comes in with an offer for the entire project, would you want that option ruled out?). I just think it is the only prudent and practical course of action to keep all options open until the optimal outcome is (hopefully) reached. To be fair nobody here invested on a promise of any specific endgame so nothing has changed and we'll have to endure the uncertainty until Myles (again hopefully......) has something concrete to propose to shareholders. Total depth on TO-35 soon?

I don't agree with that Highside, LR was always very clear that the strategy was to progress the various work streams in order to de-risk the asset. There's no way they could be explicit about what corporate outcome that might lead to as it wouldn't be in anyone's interests to rule anything in or out. I'm perfectly happy that this objective is still being followed under Myles but do feel that we need some clarity on the energy project which is emerging on Linkedin.

I'm all for it if it helps with funding. It would also improve our ESG credentials which could have grant implications but I'd like to know the plan rather than piecing things together from Linkedin. Teaye I wouldn't worry about the IP, it's got 18 months to run and in any case we're only funded for this current campaign.

I think it's about time we as shareholders are brought up to speed officially as to what the strategy is here with all this energy stuff. Unless it's all just for fun they're clearly pointing Toral towards being part of an "upcoming innovative project based in cogeneration of energy". We had the geothermal post the other week stating that this was a viable power resource for Toral now this suggesting that they're looking at a bolt on energy project so I think we are due a statement from the top.

Hope so, with the 'slight' :) delay with the drilling it's going to be a long wait for anything else. The end of the month guidance came from Proyectotoral rather than RNS so I had anticipated unofficial guidance to be more accurate than regulated, we'll see....... "The laboratory plans to complete the remaining tests by the end of this month where the previous results will be confirmed. The metallurgical tests brought together the different types of mineralization existing in Toral, in order to design the most optimal and economically profitable process".