Europa Metals (EUZ ) has granted, in aggregate, 1,380,000 options to the Company's Executive and Non-Executive Directors (the "Incentive Options").  

The Incentive Options are exercisable at 8.89 pence per share for the Executive Directors. 

The Incentive Options are exercisable at 12.89 pence per share for the Non-Executive Directors, being a 45% premium to the 10-day VWAP up to and including 17 December 2020. 

A summary of the Options granted can be found below: 

The Incentive Options for Executive Directors, Laurence Reed and Myles Champion, have been granted in three equal tranches of 200,000. Details of the individual tranches are as follows: 

  1. Tranche 1: vests 4.5Mt Indicated Resource estimate at the Toral Project, reported in accordance with JORC (2012), exercisable at a price of 8.89 pence per share and expiring on or before 18 December 2023; 
  2. Tranche 2: vests on the delivery of a positive Pre-feasibility Study at the Toral Project with an independent recommendation for the Company to continue advancing the project, exercisable at a price of 8.89 pence per share and expiring on or before 18 December 2023; and 
  3. Tranche 3: vests on the submission of an application for a Mining Licence at the Toral Project, exercisable at a price of 8.89 pence per share and expiring on or before 18 December 2023. 

The resultant total options held by each Executive director are set out below: 

Shares in EUZ have traded in a tight range between 7.75p and 11.5p over the past three months to open this morning at 9p following the announcement. 

Reasons to Follow Europa Metals 

EUZ is a European-focused lead-zinc and silver developer focused on The Toral Project, which is located around 400km northwest of Madrid, near Ponferrada in the province of León.  

Certain elements of a PFS for Toral are now also underway with the bore hole for hydrogeological testing now complete, which will enable monitoring to commence.  

Last week, the company renewed its investigation permit for Toral, following a consultation process by regional authorities, for a further three years until 15 November 2023. 

The Company said that over the period it will prioritise the completion of ‘all necessary tasks’ in order to enable an application to be made for a mining licence at the project.  

"As work progresses at Toral over the next three years, Europa Metals will seek to make an application for a full mining licence for the project, at the appropriate time, in accordance with the laws governing non-energy, sustainable metals projects, in order to move the Toral Project towards being permitted for a potential future full development phase,” said Read.