18th Nov 2021 10:45
(Alliance News) - Europa Metals Ltd on Thursday said it is exploring different ways to maximise the funding of its Toral project in Spain as well as potential new acquisitions.
The European-focused lead-zinc and silver developer said it is seeking potential asset financing through Spanish Federal and regional programmes for its Toral project.
Preparations for a resource and geotechnical drilling programme focused on areas around the expanded indicated resource at Toral are expected to commence in the first quarter of 2022.
"Europa Metals is taking a series of steps to ensure the allocation of funds for maximum effect at its Toral project whilst simultaneously pursuing the potential acquisition of new, value accretive projects for the company. We are also undertaking a full review of the group's cost base, including board level remuneration packages, and establishing a clear strategic pathway through the remainder of 2021/2022 to refocus our efforts on delivering value for shareholders," Chief Executive Laurence Reed said.
Under the cost and strategic review, the company will look at overall group costs, including board remuneration, the optimisation of workflows on Toral, and a transaction review team created to assess potential new projects.
Europa shares were untraded in Johannesburg on Thursday, last trading at ZAR1.24 each. In London, they were down 4.8% to 5.00 pence each.
By Greg Roxburgh; [email protected]
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