REG - Europa Metals Ltd - Half-year Report
28/03/2025 09:30
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RNS Number : 6771C Europa Metals Ltd 28 March 2025
28 March 2025
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)
Results for the Half-Year Ended 31 December 2024
Europa Metals is pleased to announce its unaudited results for the half-year
ended 31 December 2024 (the "Half-Year Financial Report").
Please see below extracts from the Half-Year Financial Report, being the:
- Review and results of operations
- Consolidated Statement of Profit or Loss and Other Comprehensive
Income
- Consolidated Statement of Financial Position
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
A copy of the full Half-Year Financial Report is available on the Company's
website at www.europametals.com (http://www.europametals.com) and on the JSE's
website at https://senspdf.jse.co.za/documents/2025/jse/isse/euze/HY2024.pdf
(https://senspdf.jse.co.za/documents/2025/jse/isse/euze/HY2024.pdf) .
Any investment decisions should be based on the full Half-Year Financial
Report as the information in this announcement does not provide all of the
details.
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 8 9486 4036
E: dsmith@europametals.com
Myles Campion, Executive Chairman and acting CEO (UK)
E: mcampion@europametals.com
Beaumont Cornish (Nominated Adviser/Broker)
James Biddle/Roland Cornish
T: +44 (0) 20 7628 3396
Questco Corporate Advisory Proprietary Limited (JSE Sponsor)
Danielle Christodoulou
T: +27 63 482 3802
Europa Metals Ltd is a company incorporated in Australia and limited by
shares, which are publicly traded on the AIM market of the London Stock
Exchange (primary listing) and the AltX of the Johannesburg Stock Exchange
(secondary listing).
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
Extracts from the Company's unaudited Half-Year Financial Report are set out
below:
Review and results of operations
Europa Metals is a mineral exploration company and currently classified as an
'AIM Rule 15 cash shell'.
Operating Results
For the half-year period ended 31 December 2024, the Group recorded a net
profit after tax of $4,834,803 (31 December 2023: net loss of $248,761).
Toral Lead-Zinc-Silver Project, Spain ("Toral" or the "Toral Project")
The Toral Project is situated in northwest Spain in a world class mining
jurisdiction which provides the opportunity to create new mines within
well-established environmental and mining frameworks and with access to first
class power and transport infrastructure.
On 13 November 2024, the Company announced that it had completed its
previously announced disposal of 100% of the issued and outstanding shares of
Europa Metals Iberia S.L. ("EMI"), the Spanish subsidiary holding the Toral
Zn-Pb-Ag Project (the "Toral Project") in the Leon Province, Northern Spain to
Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals").
In accordance with the agreement with Denarius Metals, as announced on 17
September 2024, Europa was issued 7,000,000 common shares in Denarius Metals,
which are subject to a hold period ending on March 13, 2025. The former Option
and Loan Agreements dated 22 November 2022 between Europa and the Denarius
Metals were terminated on closing of the transaction.
As advised following completion of the disposal, the Company is now classified
as an 'AIM Rule 15 cash shell'. In accordance with AIM Rule 15, the Company
has six months to complete an acquisition or acquisitions that constitute a
reverse takeover under AIM Rule 14. If the Company does not complete such a
transaction within this period, trading in its AIM securities will be
suspended.
Corporate
Viridian Metals Limited
On 17 September 2024, the Company announced the signing of a conditional term
sheet regarding the proposed acquisition of Viridian Metals Ireland Limited,
("Viridian Metals"), and its 100% owned Tynagh brownfield Pb/Zn/Cu/Ag project
in the Republic of Ireland. Subsequent to the end of the reporting period, the
Company announced that Europa had decided not to extend the exclusivity period
under the term sheet.
The Company will continue to pursue other opportunities.
Shareholder Meetings
On 25 October 2024, the Company held a General Meeting for Shareholders to
consider the proposed disposal of the Company's 100% interest in EMI to
Denarius Metals. Shareholders voted overwhelmingly in favour of the
transaction.
On 29 November 2024, the Company held its Annual General Meeting, whereby all
resolutions were duly approved by Shareholders by way of a poll.
Events subsequent to the reporting date
On 17 February 2025, the Company announced that it had decided not to proceed
with the proposed acquisition of Viridian Metals, and accordingly, its shares
resumed trading on the AIM on that day.
No other matters or circumstances have arisen since the reporting date that
may significantly affect the operations of the Company, the results of those
operations, or the Company's state of affairs in future financial years.
Daniel Smith
Director
28 March 2025
Consolidated Statement of Profit or Loss and Other Comprehensive Income
6 months to 6 months to
31 December 2024 31 December 2023
Note $ $
Other Income 2 - 277,071
Other gains 2 5,575,725 -
5,575,725 277,071
Fair value loss on financial assets (264,279) -
Exploration expenditure - (9,315)
Foreign exchange (loss)/gain (7,436) (10,097)
Other expenses 2 (469,207) (506,420)
Profit /(loss) before income tax 4,834,803 (248,761)
Income tax (expense)/benefit - -
Net profit/(loss) after income tax 4,834,803 (248,761)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Net exchange (loss)/gain on translation of foreign operation - -
Other comprehensive (loss)/profit for the period, net of tax - -
Total comprehensive income/(loss) for the period 4,834,803 (248,761)
Net profit/(loss) for the period attributable to shareholders of the Company:
4,834,803 (248,761)
4,834,803 (248,761)
Total comprehensive income/(loss) for the period attributable to shareholders 4,834,803 (248,761)
of the Company:
4,834,803 (248,761)
Profit/(loss) per share attributable to the ordinary equity holders of the
Company
Cents per share Cents per share
Profit/(loss) per share
- basic profit/(loss) per share 8 4.95 (0.26)
- diluted profit/(loss) per share 8 4.85 (0.26)
The above Consolidated Statement of Profit or Loss and Other Comprehensive
Income should be read in conjunction with the accompanying notes in the full
Half-Year Financial Report.
*Headline and dilutive headline profit/(loss) per share is identical to the
basic and diluted profit/(loss) per share included in the table above for the
respective periods.
Consolidated Statement of Financial Position
As at 31 December 2024
31 December 30 June
2024 2024
Note $ $
Current Assets
Cash and short-term deposits 303,310 252,075
Trade and other receivables 17,077 64,673
Financial assets at FVTPL 3 5,311,446 -
Total Current Assets 5,631,833 316,748
Total Assets 5,631,833 316,748
Current Liabilities
Trade and other payables 5 566,894 310,773
Borrowings 6 224,161 -
Total Current Liabilities 791,055 310,773
Total Liabilities 791,055 310,773
NET ASSETS 4,840,778 5,975
Equity
Contributed equity 7 49,562,236 49,562,236
Accumulated losses (44,764,087) (52,856,850)
Reserves 42,629 3,300,589
TOTAL EQUITY 4,840,778 5,975
The above Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes in the full Half-Year Financial
Report.
Consolidated Statement of Changes in Equity
For the half-year from 1 July 2024 to 31 December 2024
Employee
Issued Accumulated Share Option Total
Incentive
Capital Losses Reserve Reserve Equity
$ $ $ $ $
At 1 July 2023 49,391,945 (52,224,070) 595,010 2,795,382 558,267
(Loss) for the period - (248,761) - - (248,761)
Other comprehensive income (net of tax) - - - - -
Total comprehensive loss (net of tax) - (248,761) - - (248,761)
Transaction with owners in their capacity as owners
Performance shares issued - - 66,859 - 66,859
Conversion of performance rights 170,291 - (170,291) - -
Options issued to directors and management - - - 13,629 13,629
At 31 December 2023 49,562,236 (52,472,831) 491,578 2,809,011 389,994
At 1 July 2024 49,562,236 (52,856,850) 491,578 2,809,011 5,975
Profit/(Loss) for the period - 4,834,803 - - 4,834,803
Other comprehensive income (net of tax) - - - - -
Total comprehensive income/(loss) (net of tax) - 4,834,803 - - 4,834,803
Transaction with owners in their capacity as owners
Expiry of options - 3,257,960 (491,578) (2,766,382) -
At 31 December 2024 49,562,236 (44,764,087) - 42,629 4,840,778
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes in the full Half-Year Financial
Report.
Consolidated Statement of Cash Flows
For the period 1 July 2024 to 31 December 2024
6 months to 31 December 2024 6 months to 31 December 2023
$ $
Cash flows from operating activities
Receipts from associate - 277,071
Payments to suppliers and employees (183,680) (323,677)
Payment for exploration and evaluation costs - (107,254)
Net cash flows used in operating activities (183,680) (153,860)
Cash flows from financing activities
Proceeds from borrowings 224,161 -
Net cash flows from financing activities 224,161 -
Net increase / (decrease) in cash and cash equivalents 40,481 (153,860)
Cash and cash equivalents at beginning of period 252,075 653,990
Effect of foreign exchange on cash and cash equivalents 10,754 (11,166)
Cash and cash equivalents at end of the period 303,310 488,964
The above Consolidated Statement of Cash Flows should be read in conjunction
with the accompanying notes in the full Half-Year Financial Report.
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