Video fly through for the Toral Project

18 November 2020

Europa Metals Ltd

("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)

Video fly through for the Toral Pb, Zn & Ag Project, Spain

Europa Metals, the European focused lead-zinc and silver developer, is pleased to release a new 3D model flyover video, demonstrating the Toral Pb, Zn and Ag project located in the region of Castilla y León, north-west Spain.

The video follows the announcement of the new Independent economic report and mining approach released this morning and can be viewed using the following link: https://www.youtube.com/watch?v=qLbiyfItXbY&feature=youtu.be

Highlights of the Economic Report can be found below, with access to the full RNS using the following link: https://www.londonstockexchange.com/news-article/EUZ/result-from-independent-preliminary-economic-study/14759739

Highlights:

· US$156m NPV at an 8% discount rate

· 31.3% IRR

· 17Mt @ 6.7% ZnEq (including Pb credits) resource (JORC 2012) including indicated resource of 3.8Mt @ 8.1% ZnEq (including Pb and Ag credits) - 4% cut off grade

· Sub-Level Longhole Stoping ("SLOS") mining method selected

· 700k tonnes per annum operation with a 7.6% ZnEq mined grade:

o SLOS with ramp/raise-bore shaft access;

o 10% dilution;

o 3.5m average mined mineralised widths

· Processing comprises an ore sorting front-end using X-ray Transmission ("XRT") followed by grinding and flotation

· Grade/recovery: 3.3% Pb/87%; 4.2% Zn/86%; 26.7g/t Ag/85%

· US$79m upfront Capex

· 3-year trailing average metals prices of US$2,668/t for zinc, US$2,099/t for lead and US$16.5/oz for silver

· US$963m Revenue over Life of Mine ("LOM")

· US$477m Opex over LOM

· US$471m EBITDA over LOM

· 49% Operating Margin (US$63.56/t all-in cost)

· 12-year LOM scenario

· Conceptual LOM production schedule incorporates 100% of the existing Indicated resource in the early years, ending with elevated zinc grades in the deep Inferred zones

· Deposit open to the east and at depth for potential production expansion during the mine's life

· Project's 3-year Investigation Permit renewed until 15 November 2023 (as announced previously on 12 November 2020)

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: +61 417 978 955

Laurence Read, CEO (UK)

T: +44 (0)20 3289 9923

Linkedin: Europa Metals ltd

Twitter: @ltdeuropa

Vox: Europametals

Strand Hanson Limited (Nominated Adviser)

Rory Murphy/Matthew Chandler

T: +44 (0)20 7409 3494

Turner Pope Investments (TPI) Limited (Broker)

Andy Thacker

T: +44 (0)20 3657 0050

Sasfin Capital Proprietary Limited (a member of the Sasfin group)

Sharon OwensT (direct): +27 11 809 7762

Tavistock (PR)

Emily Moss/ Oliver Lamb

T: +44 (0) 207 920 3150 / +44 (0)7920 100 161/ EuropaMetals@Tavistock.co.uk