Europa Metals Ltd (AIM:EUZ, JSE:EUZ) has decided not to extend its exclusivity agreement with Viridian Metals Ireland Limited covering the Tynagh brownfield lead-zinc-copper-silver project in Ireland.
The company said it was unable to secure funding for near-term feasibility work due to market conditions.
"Tynagh had all the right qualities to be an operating mine in the near term and could be producing significant cashflow for its size and relatively modest expected CAPEX, but with current market conditions, finding the near term funding to realise that goal has proved very difficult in Europe,” acting CEO and executive chair Myles Campion said in a statement.
“Europa will now renew its search for projects that can be brought into the company and add value for all shareholders."