Europa Metals said it is implementing a company-wide cost-saving programme as it focuses on testing and resource expansion at its Toral project in Spain and looks for new projects.
"At the start of 2022 our clear focus is on delivering shareholder value by continuing to advance Toral in a cost-effective manner and delivering on a work programme designed to further de-risk the project and maximise the efficiency of the proposed early years' production profile," Laurence Read, chief executive office, said:
"Our cost-cutting programme aims to ensure that our resources are directed as far as possible on project related expenditure and existing operations, as well as the evaluation of potential new complementary projects and opportunities.”
Three directors, including Read, have also agreed to receive 50% of their salaries this year in shares instead of cash with further cost savings intended to be rolled out over the coming months, said the statement.
A new series of work programmes have been scheduled at Toral including additional geotechnical and resource drilling to continue the de-risking process.