Europa Metals Limited (LON:EUZ, ASX:EUZ) is moving in a more positive direction, declared chairman Colin Bird in the company’s annual results statement.
“Our Toral project, situated in Castila y León, northern Spain, has continued to demonstrate the hallmarks of a high-grade deposit with further scale potential,” Bird said, as he hailed management’s decision to offload its South African operations last year to focus on the Toral project.
READ: Europa Metals raises mineral resources estimates for Toral project following recent re-logging of historical core
The company, formerly known as Ferrum Crescent, is focused on conducting its phase 1 extension drilling programme after which it will proceed on to its planned phase 2 activities at the Toral lead-zinc-silver project.
Meanwhile, the company will continue to seek and evaluate strategic acquisition opportunities within the exploration and mining industry.
The company made a loss before tax of US$1.88mln in the year to the end of June compared to a loss the year before of US$11.3mln, when the company took a US$9.3mln hit related to the sale of its South African businesses.
Revenue was a nominal US$9 (sic), compared to US$17,956 the year before.
Cash and short-term deposits at the end of June stood at US$1.27mln, up from US$503,891 a year earlier.