Full Europa Metals Initiation note by Turner Pope

Update on drilling from July 2019 as TOD 23 commenced into high grade area of the Toral lead. zinc and silver project. Discussion between Laurence Read (Director), Luis Perez (Senior Geologist) and Jesus Montero (COO Europa Iberia/Mining Engineer). - not a sexy, short 2 min video but discussion on drilling objectives and advancing understanding of Toral towards development of a mine.

Europa Metals Plc TPI is pleased to provide its latest research note on Europa Metals Plc (EUZ.L). Europa Metals is an exploration and development company focused on its wholly owned Toral Pb-Zn project in NW Spain. The company is currently drilling Toral’s high-grade core with the aim of collecting a bulk sample for metallurgical testwork as well as increasing confidence in the current JORC (2012) compliant inferred mineral resource estimate of 16Mt grading 3.9% Zn, 3.1% Pb and 24g/t Ag. Currently trading on an in-situ resource multiple (US$/t) of just 1.5x, the stock is significantly undervalued compared with our peer group multiple of 24.8x. As such, we value Europa at 0.095p per share which is a simple average between our DCF derived (0.13p per share) and our peer based (0.06p per share) relative in-situ valuation. Our blended valuation offers significant upside to the current share price.

Research out from Brandon Hill today- flashnote on TOD23 drilling; 'Comment This is the second hole of the current drilling programme and the first to hit the target, the first going off-course and hitting the orebody some 100m shallower than design. With the completion of hole TOD-022, Europa has commenced drilling hole TOD-023. ...Hole SJ22 intersected approximately 5m of mineralisation and the Europa technical team have studied the historic core itself in addition to the un- assayed logs of the intersection. The third purpose of TOD-023 is to increase the understanding of how the high grade ore shoots behave and what the relationships might be between the structures as they come to surface. The Toral lead, zinc and silver mineralisation is currently comprised of at least 2, possibly 3, plunging high grade shoots. Higher grade mineralisation is usually identified at 400m from surface at the Toral project with the majority of the currently defined resource present in distinct areas down to 1000m from surface (where the project is open at depth). .... It will also be useful when the ore resources are next calculated being in a cluster of six holes, all of which were assayed.'

Europa Announces Drill Hole TOD22 Complete Event Europa Metals Ltd (“Europa”) has announced that the second hole in the current drilling campaign (TOD-022) at the Company’s 100% owned Toral lead, zinc and silver project has successfully reached its target location having been completed at 761.30m (750m original target depth). Highlights The key aspects of hole TOD-022 are: • Target depth of 750m reached with total of 760m reached on hole closure • Core processed and sent to Assay laboratory for analysis • First successful orientation of 750m target zone drill hole by Europa Metals Comment This is the second hole of the current drilling programme and the first to hit the target, the first going off-course and hitting the orebody some 100m shallower than design. With the completion of hole TOD-022, Europa has commenced drilling hole TOD-023. (Exhibit 1). This hole is located further to the west of the two previous holes. This will serve three purposes, to act as the metallurgical sample and to see if it replicates hole SJ22, a Peñarroya hole (drilling campaign concluded 1984) that is situated within a cluster of assayed holes. Hole SJ22 intersected approximately 5m of mineralisation and the Europa technical team have studied the historic core itself in addition to the un-assayed logs of the intersection. The third purpose of TOD-023 is to increase the understanding of how the high grade ore shoots behave and what the relationships might be between the structures as they come to surface. The Toral lead, zinc and silver mineralisation is currently comprised of at least 2, possibly 3, plunging high grade shoots. Higher grade mineralisation is usually identified at 400m from surface at the Toral project with the majority of the currently defined resource present in distinct areas down to 1000m from surface (where the project is open at depth). The location of Hole TOD23 will contribute to establishing the continuity and extent of the plunging high grade shoots observed in the deposit. It will also be useful when the ore resources are next calculated being in a cluster of six holes, all of which were assayed.

First hole at depth on target and complete. Now targeting prospective historic hole unassayed in the right ‘post code’ within toral for resource and grade. Image pack in the rns well worth looking at.

First hole at depth on target and complete. Now targeting prospective historic hole unassayed in the right ‘post code’ within toral for resource and grade. Image pack in the rns well worth looking at.

First hole at depth on target and complete. Now targeting prospective historic hole unassayed in the right ‘post code’ within toral for resource and grade. Image pack in the rns well worth looking at.

First hole at depth on target and complete. Now targeting prospective historic hole unassayed in the right ‘post code’ within toral for resource and grade. Image pack in the rns well worth looking at.

RNS Number: 1603 F Europa Metals Ltd 11 July 2019 11 July 2019. Drilling Update: Hole TOD-022 Completed, Hole TOD-023 Commenced for Metallurgical sample, Toral Zn, Pb& Ag Project, Spain. ·Drill hole 2 which commenced on 11 June 2019 now completed:.

Drill hole 2 of our current campaign commenced into the high grade Zn Pb and Ag core of the Toral project. This follows our termination of the first hole due to deviation- meaning the trajectory lifted upwards during execution by the contractor above the high grade targets. Performance review initiated and second hole mobilised on the 11th June> Objective to pull met. sample and define first indicated resource.

RNS Number: 0807 C Europa Metals Ltd 13 June 2019 13 June 2019. Drilling Update for the Toral Project, Spain. ·Drill hole 1 terminated at the Company's instruction following a substantial deviation in trajectory:.

'Lawrence Reid at AIM-listed Europa Metals was also relaxed about the zinc price. "I have always said don't buy into this stock just because you see the zinc price going up. I think with us it's about credits and grade, you have to look at the totality of the economics." Europa boasts silver and lead, as well as zinc, and has unveiled a JORC inferred resource for its Spanish Toral asset of 16Mt of 6.9% zinc equivalent (including lead credits) and 25 grams per tonne silver.'

A short film we put together internally following the first week of drilling at Toral. It gives a look at the work being done right now by the team and a brief overview of the campaigns objectives.

Looking at the article below all good but so there is no confusion that is a stock photo and drill diameter is this...

Data and numbers on BHP EV forecasting (copper key supplier): "Hundreds of millions of ICE vehicles will be retired and replaced with new ICE, or traditional hybrids, in the 2020s and 2030s. With each future projected ICE sale, the life cycle clock starts ticking again, and the ultimate theoretical EV takeover point is delayed," McKay said. In BHP's high case, where it assumes EV sales reach 100% in the 2040s and all ICE bans are perfectly executed, the global fleet will still have to turn over three full times before saturation. In the low case, the fleet will have to turn over more than four times, with full electrification of light vehicles sales not achieved until after 2070. BHP has forecast the first 100 million EVs on the road would reduce global oil demand by 1.3 million barrels per day, while its mid-case EV production would provide cumulative net copper demand of 17.3Mt out to 2035, an average annual pace of close to 1Mt. The company said it would address demand for other commodities, as well as its views on battery chemistry in future blogs.