TPI provides its latest research note on Europa Metals Limited (EUZ.L).

Europa has announced the results of the Phase III independent, metallurgical testwork carried out by Wardell Armstrong International (‘WAI’).

Along with analysis examining potential for implementing X-Ray Transmission (‘XRT’) ore sorting that was undertaken by TOMRA GmbH (‘Tomra’) and overseen by Bara Consulting (‘Bara’).

Together these appear to demonstrate that the Toral Project (‘the Project’) is capable of delivering recovery and grades at a consistent premium to market average concentrates, while also opening potential for additional zones of the resource to be brought into the mineable area.

Bara is now expected to combine these results with previous data in order to produce an independent update to the Project’s preliminary economics, which will build upon its 2018 Scoping Study report.

This is expected to provide a roadmap for the next phase of work while the Company progresses toward the Project’s Pre-feasibility Study.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Europa Metals Limited. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.

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