1st Oct 2019 09:24
(Alliance News) - Europa Metals Ltd on Tuesday said its loss widened in its most recently ended financial year due to higher costs.
The development company reported a pretax loss of USD2.4 million for the year to the end of June compared to loss of USD1.9 million a year earlier, as exploration expenditure rose to USD1.4 million from USD413,393. Meanwhile, revenue remained insubstantial but multiplied to USD42,000 from USD9,000 year-on-year.
The company had net assets of USD2.7 million, up from USD2.5 million a year prior.
"The first half of 2019 saw Europa Metals adapt to challenging equity market conditions and lay the foundations for what has been a successful exploration programme," said Non-Executive Chair Colin Bird.
Europa Metals has recently completed its drill campaign into the high-grade area of the Toral lead, zinc and silver project located in the province of Castilla y Leon, north west Spain. The company said it is targeting its first independent resource estimate and is awaiting metallurgical testwork results.
Europa Metals shares were trading 2.5% higher in London on Tuesday morning at 0.025 pence each, while in Johannesburg the shares were flat at ZAR0.01 each.
By Evelina Grecenko; [email protected]
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