Our opinion on the current state of EUZ

Europa (EUZ) is a European metals developer which operates primarily in Spain where it mines lead, zinc, and silver. They own 100% of the Toral project in Leon Province which has a 3-year investigation permit. In December 2018 a comprehensive scoping study was completed and now Europa is pursuing infill drilling in high-grade areas towards a full feasibility study. This is a mining exploration company included in the JSE's fledgling index. It recently applied to terminate its listing on the Australian Stock Exchange (ASE) and to move its listing from the JSE's main board to the Alt-X. In its results for the year to 30th June 2023 the company reported, "In carrying out its operations during the reporting period, the Group has incurred a loss after income tax for the period from 1 July 2022 to 30 June 2023 of $3,380,397 (2022: loss of $2,463,069). The Group had net assets of $558,267 (2022: $2,734,575) as set out in the Consolidated Statement of Financial Position". Europa is a penny stock which was oscillating between 47c and 80c on thin volumes. It is highly risky because it does not yet have a productive mine. On 17th July 2020 this share gave a very strong on balance volume (OBV) buy signal at 52c and the share moved up to 191c, but then fell back to 104c. This share is volatile, unpredictable, and difficult to evaluate.