Europa Metals announced following its highly successful 2022 drilling campaign, a 19% increase to the Indicated Mineral resource and a 14% increase in grade, in respect of an updated independent Mineral Resource Estimate (MRE) for the Company's 100% owned Toral Pb, Zn & Ag project in the Castilla y León region, northern Spain. JORC (2012) Mineral Resource Estimate - November 2022: This new updated independent MRE, effective as of 5 November 2022, for the Toral deposit. It is reported at a cut-off grade of 3.5% Zn (PbAg) equivalent, to encapsulate resources that are considered to have a reasonable prospect of eventual economic extraction, however a cut-off grade of 4% Zn (PbAg) is to be taken forward as the base case for resource reporting.

This MRE complies with the resource definitions as set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code, 2012 Edition, prepared by: The Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC).