Europa Metals reduces its losses thanks to successful drilling campaigns
(Alliance News) – Europa Metals Ltd pared its full-year loss on Tuesday in a year mainly focused on additional drilling campaigns and metallurgy work.
In the fiscal year that ended June 30, the European-focused lead-zinc and silver developer reported a pre-tax loss of $2.5 million, compared to a loss of $3. $3 million. The loss per share narrowed to 3.57 cents US from 7.03 cents.
Europa’s exploration expenditures were reduced to $1.2 million from $2.0 million a year earlier.
During the year, Europa Metals said it carried out “very successful” drilling campaigns and metallurgical work. The results of this year’s infill drilling campaign have allowed the company to increase its independent indicated resource estimate for its 100% owned Toral project by approximately 55%.
The objective of its latest campaign is to extend the pre-existing indicated resource estimate at depth to the east of the current area, connecting to a known area of ”encouraging” data.
Europa Metals shares were off trade in Johannesburg on Tuesday, while in London they traded up 2.2% to 3.32 pence.
By Heather Rydings; [email protected]
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