Europa Metals Ltd (LON:EUZ) told investors that the first half of the year saw it acclimatise to the new and challenging global environment stemming from the coronavirus (COVID-19) pandemic.
Posting results for the year ended June 30, 2020, the company noted that procedures were implemented at an early stage in the onset of the pandemic, which has mitigated the effects on its operations.
READ: Europa "extremely pleased" with Toral project test-work
Looking ahead, the group said it has plans for further drilling and metallurgical work, for the flagship Toral project, which are intended to feed into an updated production flowsheet and components of a pre-feasibility study.
Europa’s first half was boosted by an oversubscribed £1mln fundraising.
“Our efficient and cost effective approach to exploration and development has included the successful prosecution of several drilling campaigns designed to extract maximum value and information from each drill hole,” Europa chairman Myles Campion said in the results statement.
“This approach has also seen Europa Metals successfully complete several phases of exciting metallurgical test work and oversee an increasing level of confidence in the pre-existing mineral resource estimate via the commissioning of regular independent updates.”
The pre-revenue firm reported a US$2.36mln net loss for the first half, and ended June with US$700,642 of cash and short-term deposits.