Europa Metals Ltd (EUZ.L) Metallurgical Testing and Ore Sorting Results

Phase III Metallurgical Testing and Ore Sorting Results for Toral Pb, Zn & Ag Project, Spain

Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce in respect of its wholly-owned Toral project (“Toral” or the “Toral Project”), located in northern Spain, the results of the Phase III, independent, metallurgical testwork conducted by Wardell Armstrong International (“WAI”), and the findings of a successful ore sorting analysis programme carried out by WAI and TOMRA GmbH (“TOMRA”), overseen by Bara Consulting (“Bara”).

Following the completion of this latest programme, Europa Metals’ team is now working with Bara which has been tasked to complete an independent study to update the preliminary economics for the Toral Project. Its economic study will incorporate the significant amounts of new data obtained from the work conducted on Toral since completion of the 2018 Scoping Study.

Highlights :

· The Phase III metallurgical testwork, conducted by WAI, tested the grade and recoveries from three distinct sample types, namely:

o TOD-025H, a high-grade sample; TOD-025L, a low-grade sample; and TOD-024, a weathered sample obtained from the Company’s last drilling campaign.

· Recovery and grade results are believed by Europa Metal’s Board to be significantly above average versus concentrates available in the current market, with the lead concentrate grade (combined to a cleaner+scavenger product), considered by the Board, to rank amongst the highest concentrate grades globally;

· Ore sorting analysis has demonstrated the potential for implementing an X-Ray Transmission (“XRT”) process at Toral based on the findings of Bara’s independent report with the samples being processed by WAI and TOMRA, a leading provider of ore sorting technology;

· Excellent grade and recovery results from metallurgical sample TOD-025H, comprising:

o 83.9% Pb recovery to a 79.2% Pb concentrate;

o 87.7% Ag recovery to 512ppm Ag within Pb concentrate; and

o 87.7% Zn recovery to a 60.0% Zn concentrate.

· Ore sorting results from sample TOD-025L utilising XRT achieved:

o 98% Pb, 94% Zn and 82% Ag recoveries;

o 45%-50% waste rejected; and

o c.3-4 times increase in head grade.

· Post ore sorting flotation results on sample TOD-025L concentrates were:

o 89.4% and 81.5% Pb/Ag recoveries to a lead-silver concentrate grading 53.8% Pb and 640 g/t Ag respectively; and

o 84.7% Zn recoveries to a 52.4% Zn concentrate grade.

· Ore sorting results for lower grade sample from TOD-024, an area previously not considered in the 2018 Scoping Study, utilising XRT achieved:

o 98% Pb, 97% Zn and 92% Ag recoveries;

o 45% – 50% waste rejection; and

o 2 times increase in head grade.

· Post ore sorting flotation results on sample TOD-024 concentrates:

o analysis indicates that this ore type may be beneficiated through sorting plus flotation of the sorted products; and

o 73% Pb, 84% Zn and 81% Ag recoveries to 16.0% Pb, 18.6% Zn and 165 g/t Ag concentrate grade were achieved

· Phase III metallurgical results and ore sorting analysis to be utilised, alongside all key work conducted since the 2018 Scoping Study, to update the Toral Project’s estimated economics through an independent study being conducted by Bara.

Commenting today, Laurence Read, CEO of Europa Metals, said :

“Today’s Phase III metallurgical results, conducted by Wardell Armstrong International, and ore sorting analysis from TOMRA/Bara demonstrate excellent lead, zinc and silver recovery and grades for the Toral Project in addition to identifying certain economic benefits that could result from the implementation of ore sorting during potential future mining activities. While Europa Metals is extremely pleased with the results from the TOD-025, high-grade, sample, it is of particular note that ore sorting could well bring new areas of the deposit’s overall resource into the mineable area having previously been discounted due to the low-grade nature of the ore.

“We are now progressing work with Bara to determine the impact of the recent metallurgical studies, ore sorting, updated resource estimate and other work conducted since the 2018 Scoping Study, on the prospective economics for the Toral Project. Europa Metals looks forward to updating the market on revised economic parameters for Toral and on the Pre-Feasibility Study workstreams underway in due course. ”

Myles Campion, Executive Chairman of Europa Metals, further commented :

“This latest set of metallurgical results indicate the potential to exploit further the resource at Toral. In addition, by investigating the use of XRT in our process route, we expect increased optionality in terms of mining rates and throughput flexibility . Combining the ore sorting results with the very impressive lead concentrate grades achieved from the TOD-025 sample, we firmly believe that Europa Metals is continuing to demonstrate that Toral can provide a high-grade concentrate, whilst allowing for a flexible mining approach.

“Today’s results will now be combined with our previous metallurgical testwork to inform an updated set of economic parameters and provide a roadmap into our next phase of work. ”

Objectives of the Phase III metallurgical testwork and ore sorting analysis

WAI conducted tests on metallurgical samples, representing the expected ore types from Toral, to develop a flowsheet for the potential economical feasible beneficiation of Toral ores to produce marketable concentrates, as well as establishing basic processing data for input into engineering studies. Such work builds on the positive results from WAI’s two previous metallurgical programmes, with the design based on its previous recommendations. Work has also been undertaken with Bara regarding an analysis of the potential for ore sorting at the Toral Project, in order to refine a potential future production process for the discrete treatment of different areas of the resource with increased metal recovery.

Three samples were submitted to WAI for testing, representing different ore types likely to be encountered within Toral during potential future production, with all of the ore sorting samples firstly subjected to an ore sorting process followed by flotation testing. The representative samples were as follows:

Full update

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