Europa Metals Limited (LON:EUZ) is developing a silver, lead and zinc deposit at Toral in Spain.
A recent scoping study put a net present value (NPV) on the Castilla y León project of US$110mln using a discount rate of 8%.
At 0.02p, the company is valued at just over £2.2mln.
How is it doing
The scoping study projected an internal rate of return (IRR) or 24.4% with total capital expenditure put at US$110mln.
Plans in 2019 include an infill drilling campaign; completion of the first metallurgical test work programme; commencement of environmental studies and hydrogeological characterisation.
The study was based on a previous JORC compliant resource estimate comprising 16 million tonnes in the Inferred category, equating to 640,000 tonnes of zinc, 510,000 tonnes of lead and 13 million ounces of silver.
Raised £960,000 in March to fund resource definition drilling.
What the boss says: Laurence Read
"Toral is demonstrating itself to be a highly robust lead, zinc and silver project located in a first world jurisdiction.”
"Fundraising allows Europa Metals to move its Toral project forward, with the planned commencement of a diamond drilling campaign into the high-grade core of Toral.
"The programme will allow the company to increase its understanding of the high-grade lead, zinc and silver content at the centre of Toral in addition to obtaining fresh metallurgical samples which could then be used for pre-marketing of the Toral concentrate."
Resource definition drilling to identify characteristics of metals in the concentrate
Drilling later in the year in high-grade areas alongside metallurgical work to upgrade resource to indicated status
Currently, mapping and re-logging core
Changes to regulations governing the use of land for mining in north-west Spain’s Castilla y Leon region can give a boost to Toral
Recently shifted primary listing to AIM from ASX to reflect focus on Europe and where shareholders are largely based. Europa still has listing on Johannesburg’s AltX market.