Europa Metals Ltd (AIM:EUZ, JSE:EUZ) said the final tranche of its loan from the Spanish government's Centre for the Development of Industrial Technology (CDTI) has been drawn down.
A sum of €137,572.34 was received from CDTI. The funds are being used for the development of R&D technologies at the group's Toral lead, zinc and silver project in the region of Castilla y León in northwest Spain.
"We are pleased to have received the final tranche of the CDTI loan towards the R&D project that has been carried out at Toral over the last 3 years,” said executive chairman and acting CEO Myles Campion.
Due to reduced expenditure during the final stage 3 milestone, funds from tranche 3 have been reduced, with the total principal loan amounting to €459,881.47.
The lead, zinc and silver developer said in a statement that it, alongside the University of Salamanca and drilling contractors, have been recording and analysing data at Toral since 2020.
As a result, sufficient data has been gathered from over 5,000 metres of diamond drilling to create a correctional algorithm to further research potential commerciality.