Colin Bird, chairman of the AIM-listed explorer, said the results of ongoing metallurgical testwork would help the firm make an “initial determination” on potential products from the project, which could then be used in discussions with third-party buyers.
He added that the company was currently seeing “strong performances” in prices for zinc, lead and silver, the three main products expected form any mining at Toral.
Bird also said the group would be exploring outside the current resource area to identify any “significant” presence of copper in the area following detection of the metal during previous drilling activity.
“The results of our exploration activities will be communicated to all stakeholders within our local area, in addition to the wider community and offtake groups, and our next phase of work for Toral will see us progress our formal stakeholder engagement process and move towards a potential mining licence application and development decision”, the chairman said.
In the figures for the year ended 30 June, Europa reported a pre-tax loss of US$2.4mln, compared to a US$1.9mln loss in 2018, mainly due to higher exploration expenses.
Europa also ended the period with a cash balance of US$1.05mln compared to US$1.27mln a year ago.
In late-morning trading on Tuesday, Europa’s shares were 2% higher at 0.03p.