Toral Resource Tables

Average Grade
Class	Tonnes (Mt)	ZnEq (PbAg)(%) (7)	Zn (%)	Pb (%)	Ag (g/t)
Indicated	7	8.9	5.0	3.7	29
Inferred	13	6.5	4.1	2.3	19

Metal Content
Class	Zn (Kt)	Pb (Kt)	Ag (Ozs)
Indicated	349	260	6,600,000
Inferred	540	300	8,000,000

(1) Prepared by Europa Metals Ltd. Please refer to Europa Metals press release dated November 30, 2022 for further details regarding the Mineral Resources estimate.
(2) The independent Competent Person for the Mineral Resource Estimate, as defined by the JORC Code (2012 edition), is Mr Richard Siddle, MSc, MAIG, an employee of AMS since November 2014. The effective date of the Mineral Resource Estimate is 5 November 2022. Mr Siddle completed a site visit from 1 – 4 November 2022.
(3) No mineral reserve calculations have been undertaken. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured, however it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(4) The Indicated and Inferred mineral resource categories for the Toral lead-zinc-silver project set out in the table above (at cut-off grades >3.5% Zn Equivalent) comply with the resource definitions as set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. The JORC Code, 2012 Edition. Prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).
(5) Numbers are rounded to reflect the fact that an Estimate of Resources is being reported. Rounding of numbers may result in differences in calculated totals and averages. All tonnes are metric tonnes.
(6) Zn equivalent calculations were based on 3 year trailing average price statistics obtained from the London Metal Exchange and London Bullion Market Association giving an average Zn price of US$2,865/t, Pb price of US$2,053/t and Ag price of US$22.17/oz. Recovery and selling factors were incorporated into the calculation of Zn Eq values. It is both the Company’s and Competent Persons’ opinion that all the elements included in the metal equivalents calculation (zinc, lead and silver) have a reasonable potential to be recovered and sold.
(7) Zn Eq (PbAg)% is the calculated Zn equivalent incorporating silver credits as well as lead and is the parameter used to define the cut-off grade for reporting resources (Zn Eq (PbAg)% = Zn + Pb*0.842 + Ag*0.026).
(8) The tonnes and grades reported at a cut-off grade of 3.5% Zn (PbAg) equivalent are considered to have a reasonable prospect of eventual economic extraction, however a cut-off grade of 4% Zn (PbAg) is taken forward as the base case for resource reporting.
(9) The Mineral Resource Estimate set out above for the zinc, lead and silver mineralisation in the Toral Project area is based on a 3D geologic model and wireframe restricted block model that integrated the exploration work on the Toral Project up to 5 November 2022. The block model used a cell size of 25m along strike (east) and down dip (vertical) in areas of more dense sampling, a cell size of 50m was used elsewhere. A single cell dimension was used over the width of the mineralised unit. The block model was rotated by 20° in plan view to best match the trend of mineralisation. Sub cells were applied to better fit the wireframe solid models and preserve accurate volume as much as possible. Cells were interpolated at the parent block scale using a Median Indicator Kriging method. The estimate was completed using Micromine 2022.5 software.
(10) No Top Cuts were applied to the 2m downhole composite data used for grade estimation. A broad linear relationship between Pb+Zn grade and Bulk Density was identified from scattergrams and the formula 2.7 + 0.02(Pb+Zn%) used to estimate block density in relation to block grade within the block model, density was capped at 3.5 g/cm3.
(11) The block model was restricted with wireframes representing the main mineralised structure at Toral which is located along a Carbonate-Shale contact, an approximate 0.4%Pb+Zn cut-off grade was used for modelling. Wireframes were generated using Micromine’s implicit vein modelling tool and were restricted to the topography.
(12) The updated Mineral Resource Estimate includes new data from drillholes TOD-041 and TOD-042. A total of 61,545m of drilling is included in the drillhole database for the Toral Project. This includes environmental monitoring drillholes, 174 diamond drill holes (including wedges) and 4 reverse circulation (RC) drillholes in addition to 19 underground channel samples for 18.75m. Average core recovery is approximately 80% and is in excess of 95% for Europa Metals drilling.
(13) Drill and UG channel sample data spacing across the current resource area ranges from approximately 50-100m x 50- 100m centres within the most densely tested area situated in the NW, stepping out to approximately 200m x 200m within the mid-section and 100-200m x 500m in the SE.
(14) To the northwest the resource is truncated by the licence boundary and extends approximately 10m past the south easterly most drillhole which was mineralised but contained sub-economic grades (3m at 2.4% ZnEq). The total strike length of the modelled mineralisation within the licence area is approximately 3.1km. The structure remains open to the southeast. Down dip the model was extrapolated approximately 50-200m below the deepest sample in the northwest and central parts of the deposit, and approximately 250-280m below the deepest sample in the southeast with consideration of depths tested along strike to the northwest. The model’s extent is from surface to a range of approximately 800 – 1,150m below the surface. Extents of extrapolation are considered appropriate for the level of information, deposit type, strike and depth extents tested, observed and geostatistical grade continuity and the assigned resource classification.