Europa Metals Ltd turned in a net loss after tax of A$1.4mln during the six months to December 2019.
During the period the company announced a first indicated resource of 2.7mln tonnes grading 8.9% zinc equivalent and a 12% increase in the total resource estimate at its Toral project in Spain.
The size and grade of the initial indicated resource exceeded management's expectations, and followed a comprehensive update of the resource model utilising a series of new data sets defined on the project area.
The company raised around £1mln in September to carry its programmes forward. Since then the exercise of warrants has added more than £150,000 to the company’s cash balances.
Post the period-end, Europa announced it would be focussing on process engineering and process optimisation studies. This work can largely take place in laboratories or on desktop computers and will help minimise the impact of coronavirus on the company.