Europa Metals announced the latest assay results from its ongoing validation and infill diamond drilling programme, being conducted by Explomin Perforaciones UE S.L. ("Explomin"), at the Company's 100% owned Toral Pb, Zn & Ag project ("Toral" or the "Toral Project") in northwest Spain. This drilling programme forms part of the 2023 exploration campaign agreed between the Company and Denarius Metals Corp. ("Denarius") pursuant to the definitive option agreement dated 22 November 2022, further details of which are set out in the Company's announcement of 23 November 2022.

In addition, detailed environmental studies are now nearing completion which are required to finalise the formal submission of the Company's mining licence application to the Mines Department of Castilla y León. Highlights: Assays received in respect of seven drill holes at Toral each reporting significant mineralization. Significant intersection from drillhole TOD-044 of 7.95m at 4.46% ZnEq (PbAg), including: 4.25m at 6.17% ZnEq (PbAg); and 1.55m at 11.40% ZnEq (PbAg). Significant intersection from drillhole TOD-045 of 4.95m at 22.71% ZnEq (PbAg).

Significant intersection from drillhole TOD-046 of 1.50m at 11.64% ZnEq (PbAg), including: 1.00m at 15.84% ZnEq (PbAg). Two significant intersections from drillhole TOD-047 of 0.6m at 18.34% ZnEq (PbAg) and 2.4m at 3.72% ZnEq (PbAg). Significant intersections from drillhole TOD-048 of 4.7m at 6.68% ZnEq (PbAg), including: 1.65m at 14.41% ZnEq (PbAg).

A further significant intersection from drillhole TOD-048 of 6.65m at 8.12% ZnEq (PbAg), including: 3.80m at 12.58% ZnEq (PbAg). Significant intersection from drillhole TOD-049 of 5.00m at 6.91% ZnEq (PbAg), including: 1.25m at 20.93% ZnEq (PbAg). Significant intersections from drillhole TOD-050 of 3.90m at 10.30% ZnEq (PbAg), including: 1.45m at 20.69% ZnEq (PbAg).

A further significant intersection from drillhole TOD-050 of 2.4m at 4.98% ZnEq (PbAg). Holes TOD-045 and TOD-046 have both been completed and reliability of the assay results received re-confirmed: High values of silver were identified in one of the holes and in line with the Company's standard operating procedures (SOP), the company re-submitted the sample for re-testing to confirm its veracity and also confirmed the accuracy of results for control samples. All holes to date have been successful in intersecting mineralisation adjacent to an existing, previously reported, high grade intersection within the project's Indicated Resource block.

Hole TOD-051 is currently nearing completion and comprises the final drillhole for this campaign. Detailed environmental work is nearing completion in connection with the Company's forthcoming mining licence application ("MLA") for Toral. The current drilling campaign for a total of up to 7,000m, is focused on a combination of confirmatory and infill drilling within the project's known indicated resource area outlined to date, of approximately 7Mt at 8.1% Zn Equivalent (including Pb credits), 5% Zn, 3.7% Pb and 29g/t Ag.