12 Jul - 6 min read

Investor presentation on 14 July 2021

Investor presentation on 14 July 2021

Europa Metals Ltd
(Incorporated and registered in Australia
and registered as an external company in
the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on the ASX: EUZ
Share code on AIM: EUZ
Share code on the JSE: EUZ
ISIN: AU0000014342
("the Company")

Investor Webinar - Toral Pb, Zn & Ag Project

Europa Metals, the European focused lead-zinc and silver developer, is pleased to announce that it
will be making an investor presentation at the Turner Pope-Vox Markets webinar on Wednesday,
14 July 2021 at 3.30 p.m. (GMT) which investors may attend via the following link:

Developing Potential Future Lead, Zinc & Silver Production within the EU
The Company is currently conducting a Pre-Feasibility Study (“PFS”) on its wholly owned Toral Lead,
Zinc and Silver project, Spain, with Wardell Armstrong International Ltd as PFS manager, further to,
inter alia, the preliminary economic study successfully completed by Bara Consulting and Addison
Mining Services Limited in November 2020 which determined the following key parameters:

Resource         Indicated Tonnes            3.8m
                 Inferred Tonnes             13m
                 Total Tonnes                17m
                 Av. ZnEq.%                  7.3
Mining           Rate tpa                    700,000
                 Grade ZnEq%                 7.6%
                 Cost                        US$36/t
                 LOM                         12 years
Metallurgy       Process                     Sorting+Flotation
                 Recovery (Average)          85% Zn, 87% Pb, 86% Ag
Capex            Mine                        US$86m
                 Upfront (to production)     US$79m
Financials       NPV                         US$156m
                 IRR                         31.3%
                 Payback Year                4

Located within the province of Castilla y León, north-west Spain, the Toral project is well positioned
to become a potential high grade production source of lead, zinc and silver within the EU trading

For further information on the Company, please visit www.europametals.com or contact:

Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary (Australia)
T: +61 417 978 955
Laurence Read, CEO (UK)
T: +44 (0)20 3289 9923

Linkedin: Europa Metals ltd
Twitter: @ltdeuropa
Vox: Europametals

United Kingdom
12 July 2021
Sponsor: Sasfin Capital (a member of the Sasfin Group)


Appendix: Further information on the Toral Project

Mineral Resource Estimate
    •       An Indicated resource of approximately 3.8Mt @ 8.3% Zn Equivalent (including Pb credits), 4.7% Zn,
            3.9% Pb and 30g/t Ag, including:
                -     180,000 tonnes of zinc, 150,000 tonnes of lead and 3.7 million ounces of silver.
    •       An Inferred resource of approximately 14Mt @ 6.5% Zn Equivalent (including Pb credits), 4% Zn, 2.7%
            Pb and 23 g/t Ag, including:
                -     540,000 tonnes of zinc, 360,000 tonnes of lead and 10 million ounces of silver.
    •       A total resource of approximately 17Mt @ 6.9% Zn Equivalent (including Pb credits), 4.1% Zn, 2.9%
            Pb and 24 g/t Ag, including:
                -     720,000 tonnes of zinc, 510,000 tonnes of lead and 14 million ounces of silver.

Table 1: Summary of Indicated and Inferred mineral resources for the Toral property reported at a 4.0% Zn
equivalent cut-off grade (including Pb and Ag credits) and estimated grade and tonnages at the various cut-
off grades. Figures are rounded to reflect the accuracy of the estimate and, as such, totals may not cast.

  Cut-Off                                                                             Contained   Contained     Ag Troy
                     Tonnes                Zn_Eq        Zn Eq       Zn    Pb    Ag
   Zn Eq                         Density                                              Zn Tonnes   Pb Tonnes       Oz
                    (Millions)             (Pb)%      (PbAg)%       %     %     g/t
 (PbAg)%                                                                                (000s)      (000s)     (Millions)
        6              2.8         2.9       9.5        10.0        5.3   4.5   34       150             130      3.1
        5              3.3         2.9       8.9         9.5        5.0   4.2   32       170             140      3.4
        4              3.8         2.9       8.3         8.9        4.7   3.9   30       180             150      3.7
        3              4.1         2.9       7.9         8.5        4.4   3.7   29       180             150      3.8
        6               8          2.9       7.8         8.3        4.7   3.4   28       370             270      7.2
        5              10          2.9       7.2         7.7        4.4   3.0   26       450             310      8.6
        4              14          2.9       6.5         6.9        4.0   2.7   23       540             360      10
        3              17          2.9       5.9         6.3        3.7   2.4   20       610             400      11
        6              11          2.9       8.2         8.8        4.8   3.7   30       520             390      10
        5              14          2.9       7.6         8.1        4.5   3.3   27       620             450      12
        4              17          2.9       6.9         7.3        4.1   2.9   24       720             510      14
        3              21          2.9       6.3         6.7        3.8   2.7   22       790             560      15
                                                   Transitional Oxide Material
        4               3          2.9       5.2         5.7        2.6   2.9   27       75              83       2.5
                                               Unweathered Fresh Rock
     4            14          2.9        7.2        7.7       4.5   3.0   24        650            430              11

* - Zn Eq (Pb)% is the calculated Zn equivalent incorporating lead credits; (Zn Eq (Pb)% = Zn + Pb*0.926). Zn
Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead; (Zn Eq (PbAg)% = Zn
+ Pb*0.926 + Ag*0.019). Zn equivalent calculations were based on 3-year trailing average price statistics
obtained from the London Metal Exchange and London Bullion Market Association giving an average Zn price
of US$2,680/t, Pb price of US$2,100/t and Ag price of US$16.2/oz.

1.   No mineral reserve calculations have been undertaken. Mineral resources that are not mineral reserves
     do not have demonstrated economic viability.
2.   Numbers are rounded to reflect the fact that an Estimate of Resources is being reported as stipulated by
     JORC 2012. Rounding of numbers may result in differences in calculated totals and averages. All tonnes
     are metric tonnes.
3.   Zn equivalent calculations were based on 3 year trailing average price statistics obtained from the London
     Metal Exchange and London Bullion Market Association giving an average Zn price of US$2,680/t, Pb
     price of US$2,100/t and Ag price of US$16.2/Oz. Recovery and selling factors were incorporated into the
     calculation of Zn Eq values. It is the Company’s opinion that all the elements included in the metal
     equivalents calculation (zinc, lead and silver) have a reasonable potential to be recovered and sold.
4.   Zn Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead and is the
     parameter used to define the cut-off grade used for reporting resources (Zn Eq (PbAg)% = Zn + Pb*0.926
     + Ag*0.019).
5.   Zn Eq is the calculated Zn equivalent using lead credits and does not include silver credits (Zn Eq = Zn
     + Pb*0.926).
6.   The Mineral Resource Estimate set out above for the zinc, lead and silver mineralisation in the Toral
     Project area is based on a 3D geologic model and wireframe restricted block model that integrated the
     exploration work on the Toral project up to 21 January 2020. The block model used uniform cell size of
     25x10x25m to best suit the orientation of the mineralisation and sample spacing. The block model was
     rotated by 20 degrees in plan view to best match the trend of mineralisation. Sub cells were applied to
     better fit the wireframe solid models and preserve accurate volume as much as possible. Cells were
     interpolated at the parent block scale using an Ordinary Kriging.
7.   Following statistical analysis and assessment of the updated assay composite database top cuts of 125g/t
     Ag were applied to the data. No top cuts were applied for Zn or Pb.
8.   The Indicated and Inferred mineral resource category for the Toral lead-zinc-silver project set out in Table
     1 (at cut-off grades greater than 4% Zn Equivalent) comply with the resource definitions as described in
     the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The
     JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute
     of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).
9.   The tonnes and grades reported at a cut-off grade of 3% Zn equivalent are below the economic cut-off
     grade of 4% and as such should not be considered mineral resources, they are shown here for
     comparison purposes only.

Date: 12-07-2021 05:00:00
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