28th Mar 2025 11:00
(Alliance News) - Europa Metals Ltd reported on Friday it had returned to an interim profit, and confirmed that it has up to six months to make an acquisition to avoid being kicked out of AIM market in London.
The company is currently cash shell. It said it has six months to complete an acquisition or acquisitions that constitute a reverse takeover.
"If the company does not complete such a transaction within this period, trading in its AIM securities will be suspended," it warned.
Europa in November last year completed the sale of its 100% interest in the Toral lead, zinc and silver project to Denarius Metals Corp, in exchange for million shares in Denarius.
Last month, Europa dropped its bid to acquire the Tynagh project in Ireland. The brownfield project for lead, zinc, copper and silver is owed by Viridian Metals Ireland Ltd.
For the six months that ended December 31, Europa swung to pretax profit of USD4.8 million, from a loss of USD248,761 a year earlier.
Income for the first half was USD5.6 million, multiplied from USD277,071.
Basic earnings per share was 4.95 US cents, flipped from a loss of 0.26 cents.
Financial asset at fair value through profit USD5.3 million as at December 31. Cash and short-term deposits were USD303,310 as at December 31, up 20% from USD252,075 at June 30.
In Johannesburg, Europa Metals shares were unchanged at 30 rand cents on Friday, and they were also flat at 1.17 pence in London.
By Artwell Dlamini, Alliance News reporter
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