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Europa Metals Ltd (LON: EUZ) share price surged 9.52% after receiving a €158,628.60 grant from the Spanish Government.
The grant marks the second tranche of a €466,801.50 innovation grant issued by Spain’s Centre for the Development of Industrial Technology (CDTI) as part of government efforts to promote innovation in Spanish companies.
The Europe-focused mining company has been recording and analysing data from a pre-feasibility study conducted earlier this year at its Toral lead-zinc-silver project in Spain after receiving the first tranche of the grant worth €163,380.53.
The work done following the first tranche award has led to the release of the second tranche of funds after the CDTI reviewed all the R&D work done by Europa Metals and its partners led by the University of Salamanca (Air Institute).
Europa Metals also worked closely with its drilling contractors Soluciones Generales de Ingenieria S.L. (SGI) and Sondeos y Perforaciones Industriales de Bierzo SA (SPI) in recording and analysing the data generated from the pre-feasibility study.
Investors cheered the announcement given today’s rally as the mining company advances its work on the Toral mine project, which is estimated to generate $963 million over the mine’s lifetime.
However, Europa Metals may have to invest up to $79 million upfront to get the mine fully operational and is expected to recoup its investment in year four of the mine’s operation.
According to current estimates, the Toral mine should have a 12-year life span where it will produce 700,000 tonnes per year of 7.6% zinc equivalent material annually.
Laurence Read, Europa Metals’ CEO, 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.”
*This is not investment advice.
Europa Metals share price.
Europa Metals share price surged 9.52% to trade at 5.75p, rising from Friday’s closing price of 5.25p.
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