Europa Metals, the European focused lead-zinc and silver developer, announces an operational and strategic update in respect of its wholly owned Toral lead, zinc and silver project ('Toral' or the 'Toral Project') situated in the region of Castilla y Leon, north west Spain.

The Company has commenced the year with a review of both its operations at, and data collated in relation to, its promising Toral Project, including the resource drilling programme and scoping study work conducted over the last two years. As a result, the Board intends to focus the Company's activities on engineering and processing optimisation during the course of H1 2020. The current diamond drilling campaign will therefore conclude following the completion of hole TOD-025, where drilling operations recommenced earlier this month. Samples from holes TOD-024 and TOD-025 will be sent for assay, with results expected later in Q1 2020.

Laurence Read, Executive Director of Europa Metals, commented: 'Europa Metals has generated significant amounts of data on its Toral Project over the last two years and, in light of the prevailing challenging market conditions, we believe that further resource delineation drilling will not generate significant incremental value for shareholders at the current time.

'Accordingly, whilst we are pleased with progress on the current drill campaign, once hole TOD-025 has been completed and assay results released, we shall not commission a JORC resource update or conduct further drilling for the time being. Through completion of the second phase of metallurgical testwork and focusing on flow sheet optimisation and offtake potential, we believe that we can progress the project and advance such important workstreams whilst efficiently deploying capital and marketing the project's potential and viability to both the industry and potential partners.'

Myles Campion, Technical Director of Europa Metals, further commented: 'Our efforts over the past 2-3 years have produced substantial data on Toral, significantly advancing our understanding and knowledge of the deposit. Our next steps are key in furthering and securing the potential development scenarios for Toral. The results from our ongoing work will enable us to further assess both process and development options, whilst at the same time conserving capital.'

Contact:

Dan Smith

Tel: +61 417 978 955

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