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 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.

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. '

Contact:

Dan Smith

Tel: +61 417 978 955

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