(Alliance News) - Europa Metals Ltd on Wednesday said annual loss widened largely due to a one-off loss on deconsolidation.

Shares in Europa Metals were down 5.9% to 1.93 pence each in London on Tuesday morning.

In the financial year that ended June 30, the Europe-focused lead-zinc and silver developer said pretax loss widened to USD3.4 million from USD2.5 million a year earlier.

This was largely due to a one-off loss on deconsolidation of USD1.3 million, as administration expenses fell to USD1.2 million from USD1.3 million, exploration expenditure fell to USD990,477 from USD1.2 million, while it swung to a foreign exchange gain of USD44,724 from USD78,730.

It posted no revenue, unchanged from a year earlier, although other income ticked up to USD177,279 from USD168,268.

Europa Metals also incurred a one-off GBP115,958 as a share of net loss of associate.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.