Location

The Toral Project is located approximately 400 km or 4 hours’ drive northwest of Madrid in the Province of León, an established mining region.

It is located next to a main highway and is very well connected to several industrial ports in northern Spain as well as a major zinc smelter in the Asturias region.

Project Overview

The Toral Project represents a unique opportunity to develop a high-quality base metal project in the heart of western Europe in a pro mining jurisdiction. The Company is progressing Toral towards potential underground mine development.

In October 2023, the formal application for a mining license for Project was completed by EMI and submitted to the Junta of Castille and Leon, the local mining authority.

The Toral exploration license covers an area of 20.29 km².

Geology and Exploration Overview

The Toral Project consists of a traditional polymetallic (zinc-lead-silver) deposit extending over a length of about 6 km with a total of 2,032 hectares in the geological zone corresponding to the Lower Cambrian Vegadeo limestones and the Los Cabos Series of the mid-Cambrian and early Ordovician, a mineralised area of more than 40 km in extent at the NW of Spain.

The Project has a robust exploration history, with over 60,000 m drilled by multiple companies from 1972 to date.

Since acquiring the project in 2017, Europa Metals has completed 39 drill holes (~12,000 m), relogged 9,000 m of historic core, created a new database, and completed hydrogeological, geotechnical, and metallurgical studies.

The 2023 drilling campaign, funded by Denarius under the Option Agreement with Europa Metals, comprised of 9 holes for a total of approximately 6,200 m. The drilling campaign represented a combination of confirmatory drilling followed by a series of in-fill drillholes designed to corroborate the existing Indicated MRE.