TIDMEUZ
RNS Number : 5461R
Europa Metals Ltd
08 November 2021
8 November 2021
Europa Metals Ltd
("Europa Metals", the "Company" or the "Group") (AIM, AltX:
EUZ)
EUR158,628.60 Tranche 2 of Spanish Government's Innovation
Grant
Drawn Down Toral Pb, Zn & Ag Project, Spain
Europa Metals, the European focused lead-zinc and silver
developer, is pleased to announce that all the requisite work
documentation submitted to the Spanish Government Centre for the
Development of Industrial Technology ("CDTI") in relation to the
Stage 1 milestone of its EUR466,801.50 innovation grant (the
"Grant"), has been approved and the Company has now drawn down and
received the second tranche of the Grant being EUR158,628.60.
Further details of the Grant were set out in the Company's
announcement of 19 October 2020.
Following receipt of the initial tranche of EUR163,380.53,
Europa Metals worked closely with its innovation partners, the
University of Salamanca (Air Institute), the drilling contractors,
Sondeos y Perforaciones Industriales de Bierzo SA ("SPI") and
Soluciones Generales de Ingenieria S.L. ("SGI") in recording and
analysing the data generated from the 2021 Pre-Feasibility Study
drilling campaign at the Company's wholly owned Toral Project.
Using new down-hole monitoring technologies, developed by SPI and
SGI, the University of Salamanca has now compiled a sufficient data
set from over 2,800m of diamond drilling at Toral, to create an
initial, correctional algorithm to be further researched to move
towards potential commerciality. Stage 2 work will see Toral
continue to be used as a live testing environment by the
partnership as the University of Salamanca continues its analysis
and any future commercial benefit from an eventual product will be
shared by the partners. On completion of the Stage 2 work,
currently estimated to occur during 2022, a third, and final,
tranche of EUR 144,792.37 will then be available for draw down
subject to a review by the CDTI confirming that the requisite
criteria of the innovation programme have been met.
Commenting today, Laurence Read, CEO of Europa Metals, said
:
"The Spanish Government agency tasked with promoting commercial
innovation in Spain, the CDTI, has now approved our partnership's
Stage 1 work with respect to developing a corrective drilling
algorithm and, consequently, we have now drawn down a further
EUR158,628.60 to progress the live study testing. The innovation
partnership we have created integrates the pursuit of real R&D
into our existing work programmes at the Toral Project.
"It is an exciting time in the Spanish mining industry with
significant new cross border investments being made into this
region of the EU and we believe partnering to develop potential new
processes and technologies with government, a leading university
and suppliers is extremely beneficial as the sector opens up.
Further updates will be provided as and when appropriate. "
About CDTI
The CDTI ("Centro para el Desarrollo Tecnológico Industrial";
https://www.cdti.es/) is a Public Business Entity in Spain, under
the auspices of the Ministry of Science and Innovation, which
fosters the technological development and innovation of Spanish
companies. The Grant made to Europa Metals is categorised as a
partly refundable loan (with a nil per cent. interest rate) with
the funds received at each stage to be allocated towards the
development of R&D technologies relating to the recording and
correction of drillhole deviation at the Toral Project. Application
for the Grant was made further to the abovementioned ongoing work
by Europa Metals and the AIR Institute, linked to the University of
Salamanca, in conjunction with SPI.
Grant terms
As announced previously, the Grant monies can be drawn down by
Europa Metals in up to three tranches subject to certain,
pre-defined, operational milestones being met. The core objectives
are to retrieve and process data from the Toral drilling campaign
in order to develop algorithmic software for use in exploration
campaigns to correct drilling deviation.Biannual repayments of
EUR21,822 begin in 2024, running for 7 years until 2031, with a
fixed interest rate being set by the prevailing Euribor rate at
inception of nil per cent.
Europa Metals anticipates that the Grant will enable the Company
to apply for reductions in taxes payable, relating mainly to labour
costs, and is satisfied that the terms of the Grant do not prevent
the Company from participating in other grant application processes
save where there is a specific technological overlap.
Once the funds received have demonstrably been spent on
appropriate R&D exploration activity at the Toral Project by
the Company, 70 per cent. of the total Grant will be repayable with
the balancing 30 per cent. then not required to be repaid.
For further information on the Company, please visit:
www.europametals.com
Linkedin: Europa Metals ltd
Twitter: @ltdeuropa
Vox: Europametals
or contact:
Europa Metals Ltd
Dan Smith, Non-Executive Director and Company Secretary
(Australia)
T: +61 417 978 955
Laurence Read, CEO (UK)
info@europametals.com
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
WH Ireland Limited (Joint Broker)
Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather
T: +44 (0)20 7220 166
Turner Pope Investments (TPI) Limited (Joint Broker)
Andy Thacker/James Pope
T: +44 (0)20 3657 0050
Sasfin Capital Proprietary Limited (a member of the Sasfin
group)
Sharon Owens
T (direct): +27 11 809 7762
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 by virtue of the European Union
(Withdrawal) Act 2018.
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