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

Europa has announced a fundraising arranged by Turner Pope that raised, in aggregate, £2.0m (gross) through a placing of new ordinary shares at 12.75p each, representing a c.22.7% discount to the closing price on 18 August 2020 and c.31.9% of the Company’s enlarged issued share capital.

Confidence in the Company’s future opportunity has been reflected through major shareholder, Deutsche Balaton Aktiengesellschaft’s participation, along with subscriptions from both the CEO and Chairman, in this funding round which follows last Friday’s publication of an updated resource model that delivered a c.40% increase in the Indicated Resources from Europa’s 100%-owned Toral Project (‘the Project’). Europa is now expected to combine this with engineering components and third phase metallurgical results to derive a key set of revised economic parameters.

These will form one of a number of core components that Europa has been progressively assembling over the past three years in anticipation of a Pre-feasibility Study (‘PFS’). TPI expects further updates throughout 2021.


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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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