Europa Metals Ltd on Tuesday narrowed its full-year loss in a year primarily focused on additional drilling campaigns and metallurgy work.

In the financial year that ended June 30, the Europe-focused lead-zinc and silver developer reported a pretax loss of $2.5 million, narrowed from a loss of $3.3 million. Loss per share narrowed to a 3.57 US cents from 7.03 cents.

Europa’s exploration expenditure was cut back to $1.2 million from $2.0 million a year before.

During the year, Europa Metals said it conducted additional ‘highly successful’ drilling campaigns and metallurgy work. The results from this year’s infill drill campaign allowed the firm to increase its independent indicated resource estimate for its wholly-owned Toral project by around 55%.

The objective of its latest campaign is to extend the pre-existing indicated resource estimate at depth towards the east of the current zone, linking up to a known area of ‘encouraging’ data.

Shares in Europa Metals were untraded in Johannesburg on Tuesday, while in London they were trading 2.2% higher at 3.32 pence.

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