21
February 2025
Europa Metals
Ltd
("Europa
Metals", "Europa", the "Company" or the "Group") (AIM, AltX:
EUZ)
Corporate
update
Europa Metals, ("Europa" or the "Company"), provides a
corporate update.
As announced on 17 February 2025,
the Company decided not to extend
exclusivity over the Tynagh project via Viridian
Metals Ireland Limited and the Company's shares
resumed trading on AIM on 17 February 2025.
The Company is very aware that,
since the resumption of trading on AIM, the share price has
declined considerably, however the Company is not aware of any
reason for this decline. To the contrary, the Company believes that
there is a major disconnect between the Company's share price and
the implied net asset value represented largely through its holding
in Denarius Metals Corp. (Cboe CA: DMET)
(OTCQX: DNRSF) ("Denarius"), as further detailed
below.
The transaction with Denarius was
duly approved by a considerable majority of Europa shareholders at
the extraordinary general meeting held in October 2024 and, as
previously stated, Europa is subject to a holding period ending 13
March 2025 in respect of the 7 million shares it received in
Denarius pursuant to the transaction (see announcement published on
13th November 2024). This holding at recent pricing
implies a value of between 2.5p and 3p per Europa share.
Europa has not undertaken a capital
raising in over 2 years and accordingly, has not diluted its
shareholders in pursuit of capital. During this time the directors
have been substantially accruing their fees/salaries (which is
reflected in Note 19 to the Company's 2024 Annual Report) to
provide the Company with a long enough runway to complete a
transaction.
The Company, rather than go to the
market and raise funds at a significant discount to the detriment
of existing shareholders, have completed a transaction which now
puts Europa on a more solid footing and offers optionality to the
Company.
Over the coming months, management
will pursue all options to deliver the best possible outcome for
all shareholders, and will update the market in due
course.
Pursuant to AIM Rule 15, the Company
has six months from its disposal of the
Toral Project, as announced on 13 November 2024, to make an
acquisition or acquisitions which constitutes a reverse takeover
under AIM Rule 14.
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
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.
