Kreuzeck West Drill Planning Advances with Airborne Survey Agreement and Local Team Established

The announcement

Kreuzeck West Drill Planning Advances with Airborne Survey Agreement and Local Team Established

____________________________________________________________________________________
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Europa Metals Ltd
(Incorporated and registered in Australia and registered as
an external company in the Republic of South Africa)
(Registration number 4459850)
(External company registration number 2011/116305/10)
Share code on the ASX: EUZ
Share code on the JSE: EUZ
ISIN: AU0000484420
("Europa", “the Company”)

   KREUZECK WEST DRILL PLANNING ADVANCES WITH AIRBORNE
      SURVEY AGREEMENT AND LOCAL TEAM ESTABLISHED

Airborne electromagnetic and magnetic surveying to commence at Kreuzeck West, with
in-Country Manager appointed and CEO on the ground in Carinthia. Multiple exploration
targets/locations identified at Kreuzeck West, including at the Catacombs prospect.

HIGHLIGHTS

   •   Xcalibur contracted for airborne electromagnetic and magnetic surveying to support
       Europa’s Austrian antimony and gold exploration program.
   •   The survey will utilise Xcalibur’s HeliTEM® helicopter-borne electromagnetic system,
       alongside high resolution magnetics.
   •   Mobilisation in November, commencing at Kreuzeck West and then working along strike
       to the east to cover all three antimony/gold prospects.
   •   Graphite-bearing host rocks and fault zones around Kreuzeck’s historic antimony workings
       and along strike provide a clear geological rationale for electromagnetic surveying.
   •   Combining these two new datasets with historical records and field checks will help
       Europa follow prospective geological corridors beyond known workings and sharpen drill-
       target selection along over 40km of strike.
   •   Multiple proposed drill hole locations identified across at the project area of Kreuzeck
       West, including our priority Catacombs prospect based on the review of existing historical
       data.
   •   Chief Executive Officer and Executive Director Torey Marshall is in Austria building out
       the current team, putting in place administrative systems, negotiations with key contractors
       and continuing discussions with key stakeholders.
   •   Dr Thomas Unterweissacher appointed as In-Country Manager, to lead the Company’s
       on-ground operations in Austria, with the Austrian exploration team formalised to support
       fieldwork, landholder engagement and permitting.

Europa Metals Limited (ASX: EUZ) ("Europa" or the "Company”) an Austrian focused mineral
exploration company advancing antimony, gold and tungsten targets, is pleased to announce it
has entered into an agreement with Xcalibur for airborne electromagnetic and magnetic surveying
to support its Austrian antimony and gold exploration programme.

The Company also provides an update on the establishment of its Austrian operating team and
the progress of exploration planning at its Kreuzeck West Project, the initial focus of the
Company’s exploration programme.

Chief Executive Officer and Executive Director Torey Marshall said:
       “Geophysics is a force multiplier for our program. We have historic antimony workings
       associated with graphite-bearing rocks and fault zones, giving us a geological reason to
       look for conductive corridors. Adding the magnetic picture could help us follow the
       structures, connect the evidence and decide where to focus our next work.
       Being on the ground with our Austrian team has let us move from desktop review to field
       planning. Dr Unterweissacher brings local knowledge that will be important as we work
       with landholders and authorities ahead of drilling. Kreuzeck West is our primary focus, and
       we look forward to providing more detail on the drill targets, including Catacombs as that
       work progresses.”

XCALIBUR AIRBORNE GEOPHYSICS AGREEMENT
Xcalibur’s international airborne geophysics expertise will support Europa’s Austrian antimony
and gold exploration program. Xcalibur brings proprietary airborne technologies, survey
acquisition, processing and interpretation capability, with operating experience across five
continents.

The survey will utilise Xcalibur’s HeliTEM® helicopter-borne electromagnetic system, alongside
high resolution magnetics. Mobilisation is scheduled for November, commencing at Kreuzeck
West and then working along strike to the east to cover all three antimony/gold prospects. Alpine
conditions may affect helicopter-supported surveys.

The geological setting of Europa’s core belt is ideal for usage of this airborne electromagnetic
technology. Historical mining in and around these exploration areas records significant graphite -
bearing host rocks and fault zones. The conductivity of these graphitic shear zones will provide a
target for electromagnetic mapping, while the magnetics will help trace and define geological
structures and any presence of magnetic rocks.

Together, these complementary techniques will guide Europa in connecting the geological picture
around the historic workings and provide a focus for follow-up exploration, greatly enhancing the
selection and targeting of prospects.

Refer to the image in the Pdf version of the announcement.

Figure 1: Kreuzeck West, Kreuzeck East and Goldeck-Siflitz historic workings and project areas.

AUSTRIAN TEAM ON THE GROUND
Mr Marshall has been in Austria since 22nd October. During the visit he has been actively building
the local team, administrative capacity, meeting stakeholders (local/governmental), negotiating
and finalising contracts with Geophysical and Drilling contractors plus building the Corporate
profile of Europa.

Refer to the image in the Pdf version of the announcement.

Picture 1: Weathered sulphide exposure in a roadside cutting at the Strieden historical workings, Kreuzeck West. Photograph taken
during the Company’s recent site visit. The image is illustrative of the style of mineralisation historically worked in the a rea and does
not represent new assay results.

These activities form part of the Company’s stated approach of discussing proposed work
programmes with landholders before seeking the relevant regulatory approvals.

Europa has appointed Dr Thomas Unterweissacher as In-Country Manager. Dr Unterweissacher
is an internationally experienced senior geologist and mining professional with a track record in
critical minerals and precious metals exploration. He will be responsible for all matters permitting
and management inside Austria, reporting to the Chief Executive Officer.

The Company has formalised its Austrian exploration team to deliver the initial programme at
Kreuzeck West and subsequent work across Kreuzeck East and Goldeck–Siflitz.

KREUZECK WEST DRILL TARGETING
Kreuzeck West is the initial focus of Europa’s exploration programme. The project covers an area
of approximately 21.1km² and a trend of approximately 9km, and contains several historical
mining areas, including Rabant, Gurskerkammer, Fundkofel and Knappenstube/Strieden. These
historical workings were active at different times and in separate periods, rather than as
continuous production. Historical mining and sampling records are not necessarily indicative of
the mineralisation that may be identified by modern exploration.

Refer to the image in the Pdf version of the announcement.

Figure 2. Kreuzeck West prospect names, underlying geology, structural interpretation from historical records initial proposed drill
targets, historical grade profiles from historic workings.

 Name                         Commodity              Grade (g/t)

                                                     >5,000t production of stibnite (Sb) ore.
 The Rabant Mines             Sb, Au                 Au 13g/t and 35g/t (1949); Au 0.7g/t, 0.9g/t,
                                                     4.4g/t (dump 1986)

                                                     Au 3.5g/t, 7.2g/t, 8.3g/t (dump 1986); Au 1.4g/t-
 Gurskerkammer                Sb, Au
                                                     10.4g/t (Channels 1989)

                                                     Au 23.5g/t (dump 1986); Au 11g/t (Ag 6g/t) and
 Fundkofel                    Au, Ag                 Au13g/t (Ag 9); Au 14.7g/t (Ag 6.6) average of
                                                     channel sample (1m distance)
Table 1 – Kreuzeck West historical grades.

Following an extensive review of all historic data (including considerable former ‘mine’ data
documented over the last century), the Company has identified multiple drill hole locations across
a number of prospects, including the newly named ‘Catacombs’ prospect; an amalgamation of
smaller prospects and consistent with the goals of the Company to explore district scale targets.

The Catacombs prospect (greater Rabant, Edengang and Gurskerkammer), brings together the
historically mineralised Rabant, Edengang and Gurskerkammer areas within a regional structural
interpretation at Kreuzeck West. Historical workings, antimony-bearing quartz lenses and gold–
antimony occurrences provide the geological starting point. The Catacombs model will be looking
to connect Rabant’s mineralised host shearzone through an interpreted transfer zone at
Edengang and its continuance along east–west structural corridor at Gurskerkammer. This
creates a coherent, district-scale exploration opportunity: rather than treating each occurrence in
isolation, Europa will test the relationships between the favourable host rocks, intersecting
structures and known mineralisation to identify new target areas along the corridor.
The proposed drill holes are designed to test the presence and continuity of mineralisation along
particular target structures that have been shown to be mineralised in historic locations. To that
end, the upcoming geophysical programme is extremely important in de-risking proposed
locations such that they can be refined based on new data.

The proposed drill hole locations are at the planning stage. The number, location, orientation and
depth of holes may change following geophysical acquisition, field verification, landholder
engagement and permitting. Further details on the prospects will be provided over the coming
months.

KREUZECK EAST AND GOLDECK-SIFLITZ
Kreuzeck East covers approximately 20km² and includes more than 23 documented historic
workings in a compact cluster. There are six antimony occurrences along approximately 3km of
the Lessnigbach Shear. Europa plans to investigate structural continuity and prioritise targets
using field verification and geophysical data.

Goldeck-Siflitz is a historic gold and antimony district with four target areas, with mapped workings
and structural trends. Europa intends to rank targets across those trends for follow-up work as
the program advances.

NEXT STEPS
Planned activities and indicative timing, all subject to contractor mobilisation and weather, are:

   •   Xcalibur airborne electromagnetic and magnetic survey – mobilisation in November, with
       Kreuzeck West acquisition November to December 2026.
   •   Landholder engagement and permit applications for the proposed drill holes is ongoing.
   •   General exploration onsite in the form of geological mapping, preparations for the taking
       of hard rock samples, and general compliance with permitting and completing a work
       program for renewal are well underway.
   •   Initial Kreuzeck West drilling – is subject to the finalisation of contracts, abilities of
       proposed drilling contractor, and finalisation of any agreements.

                                               -ENDS-

This release is authorised by the Board of Directors of Europa Metals Limited.

Investor and Media Enquiries
Torey Marshall
                                                        Wilamina Russo
Executive Director & CEO
                                                        Investor Relations
E: tmarshall@europametals.com
                                                        E: wr@janemorganmanagement.com.au

Questco Corporate Advisory Proprietary Limited
JSE Sponsor
E: sponsor@questco.co.za

5 November 2026

ABOUT EUROPA METALS
Europa Metals Limited is a mineral exploration company with a portfolio of antimony, gold and
tungsten projects in Austria. Its initial exploration focus is the Kreuzeck West, Kreuzeck East and
Goldeck-Siflitz projects, which contain documented historic workings and mineral occurrences.
Europa plans to combine historical records with modern geophysics, field verification and drilling
to test priority targets. The portfolio also includes Schellgaden, a historically documented gold
and tungsten district that provides additional exploration exposure.

Europa has its ordinary shares primary listed on the Australian Securities Exchange and
secondary listed on the Alternative Exchange of the JSE Limited.
COMPETENT PERSONS STATEMENT

The information in this announcement that relates to historical exploration results is based on
information compiled by Mr Ian D. Buckingham, FAusIMM, Managing Director of Global
Resources & Infrastructure Pty Ltd. Mr Buckingham is a consultant to the Company and has
sufficient experience relevant to the style of mineralisation and type of deposit under
consideration, and to the activity being undertaken, to qualify as a Competent Person as defined
in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Buckingham consents to the inclusion in this announcement of
the matters based on his information in the form and context in which they appear.

The information in this announcement that relates to certain historical exploration information
relating to the Austrian Projects was previously reported in the Company’s Prospectus dated 27
July 2026 and released to ASX on 14 October 2026. Other historical results in this announcement
are reported from the sources identified in this announcement and Table 1 . The results were
reported in accordance with the 2012 edition of the “Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves”. The Company confirms that it is not
aware of any new information or data that materially affects the information relating to the
exploration results included in the Prospectus.

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JORC Table 1 Kreuzeck West

Section 1 Sampling techniques and data
Criterion               Commentary

                        Historical results reported in the announcement comprise dump samples, channel samples
                        and other samples collected from historical workings at Rabant, Gurskerkammer and
                        Fundkofel. Original sampling methods, sample masses, preparation procedures and analyti cal
Sampling techniques     methods are incompletely documented in the available records. No new rock-chip, channel or
                        other samples have been collected or reported by the Company. The photograph of
                        weathered sulphides at the Strieden roadside cutting is illustrative only and does not
                        represent new assay results.

                        Not applicable. No drilling results are reported. Proposed drill-hole locations remain at the
Drilling techniques
                        planning stage.

Drill sample recovery   Not applicable as no drilling reported.

                        Historical geological descriptions of workings and mineralisation styles are available from
Logging                 published and unpublished records. Sample-specific geological logs for the reported historical
                        samples have not been located.

Sub-sampling
                        Historical sample preparation methods and quality-control procedures are not documented for
techniques and
                        the reported samples.
sample preparation

                        Original assay certificates, laboratories, analytical methods, detection limits, standards,
Quality of assay data   blanks, duplicates and external checks have not been established for the historical results
and laboratory tests    presented. Accuracy and precision cannot be independently verified from the available
                        records.

Verification of
                        . No independent re-assay, twin sampling or other verification of the original assays has been
sampling and
                        undertaken by the Company.
assaying

                        Sample locations are attributed to the named historical workings (Rabant, Gurskerkammer
Location of data        and Fundkofel) on the basis of published descriptions and project maps. Individual sample
points                  coordinates have not been established for all results. Dump samples do not preserve the
                        original underground location.

Criterion                Commentary

                         Spacing, sample numbers and the complete sample populations are not established for the
                         dump and channel groups. Fundkofel’s published “1 m sample intervals” describes sampling
Data spacing and         intervals; it does not demonstrate 1 m spacing between samples or true mineralised width.
distribution             The extent and continuity of sampled workings and any compositing are not established.
                         These selected data do not establish grade continuity or support a Mineral Resource
                         estimate.

Orientation of data in   The orientation of the reported channels relative to mineralised structures is not documented.
relation to geological   Orientation bias cannot be quantified. Dump samples have no preserved in -situ sampling
structure                orientation. No true widths are inferred.

Sample security          Historical chain of custody, storage, transport and sample-security procedures are not known.

                         Historical information for the Austrian projects was reviewed for the Independent Geologist’s
Audits or reviews        Report in the Company’s Prospectus. No independent audit of the individual historical
                         sampling and assay results presented in this announcement has been identified.

Section 2 Reporting of Exploration Results
Criterion                Commentary

                         Kreuzeck West is located in Carinthia, Austria. Following completion of the acquisition of
                         Antimony Ventures Europe Pty Ltd, the exploration licences comprising Kreuzeck West are
                         held by the Company’s Austrian subsidiary. The licences are subject to a 2.5% net smelter
                         royalty. Exploration activities require the relevant regulatory approvals under Austrian mining
                         and related legislation. Full particulars of the licences, including licence numbers and expiry
Mineral tenement and     dates, are set out in the Company’s Prospectus dated 27 July 2026.
land tenure status       Five of the Kreuzeck West licences overlap a water protection zone and three overlap a
                         protected natural monument. Surface access, forestry, water, environmental and mine-safety
                         requirements may affect the timing, location or method of exploration activities, including
                         drilling. These matters will be addressed as part of the landholder engagement and permitting
                         process.

                         All results are historical, not new Company sampling. Hiessleitner (Jahrbuch 1947, published
                         1949) reports Rabant Au on p.48, Gurskerkammer 4% Sb channel material on p.41 and the
                         65.25% Sb massive-ore specimen on p.39; the latter reproduces Canaval’s description.
                         Friedrich (1963), pp.157 and 163, reports Edengang and Gurskerkammer historical values
                         respectively, citing earlier Rohrer records. Kassl and Köstler (2007), p.507, quotes 1898/1900
Exploration done by      operating reports for Fundkofel and Knappenstube. The Quest Minerals 2018 prospectus,
other parties            independent geologist report p.61, reports Fundkofel’s 14.7 g/t Au and 6.6 g/t Ag channel
                         average. The additions attribute dump sampling to 1986 and Gurskerkammer channel
                         sampling to 1989; exact original authors, report titles, sample records and laboratories remain
                         unverified, as do the sources of Fundkofel’s 11/13 g/t Au paired results.
                         The Company has not undertaken new sampling or drilling at the project.

Criterion                Commentary

                         Kreuzeck West lies within the Kreuzeck-Goldeck Complex of the Austroalpine basement,
                         south of the Tauern Window. Historical records describe stibnite mineralisation hosted in
                         shear zones and quartz lenses at Rabant, mixed gold-antimony mineralisation associated with
                         graphitic and metabasitic rocks at Gurskerkammer, and gold-bearing quartz-sulphide veins
                         with arsenopyrite at Fundkofel. The mineralisation is structurally controlled and associated
Geology                  with east–west trending shear zones and fault systems. Graphite-bearing host rocks and fault
                         zones are present in and around the historical workings. These features provide the
                         geological basis for the planned airborne electromagnetic and magnetic survey.
                         The “Catacombs” name used in the announcement is a planning label applied by the
                         Company to a group of historically mineralised areas (including Rabant and Gurskerkammer)
                         for the purpose of district-scale target ranking.

                         Not applicable. No drill-hole results are reported. Proposed drill-hole locations are conceptual
Drill-hole information   and remain subject to geophysical results, field verification, landholder engagement and
                         permitting.

                         No new prospect averages, composites, minimum values or metal equivalents are calculated.
                         Each historical specimen, individual sample, dump group, channel group and mined-rock
                         population is separate. Gurskerkammer’s 14% Sb and 100 g/t Au are not established as one
                         sample; its 4% Sb channel and 65.25% Sb massive-ore specimen are separate. Fundkofel’s
Data aggregation         1–382 g/t selected-ore range, 23.5 g/t dump result, individual Au/Ag pairs and 14.7/6.6 g/t
methods                  channel average are distinct populations; the individual pairs are n ot established as the basis
                         of the average. Knappenstube’s 18–90 g/t Au range is not established as a representative
                         Strieden grade. The historical average’s sample count, weighting, exclusions, cut-offs/capping
                         and full underlying dataset have not been established. Ranges across unlike material are not
                         weighted averages.

                         No widths can be inferred from dump, massive-ore, selected-ore, mined-rock or unspecified
                         historical samples. The Gurskerkammer 4% Sb channel description does not establish a true
Relationship between     width here; sample-specific channel geometry is not documented in the cited description.
mineralisation widths    Fundkofel’s published 1 m sample intervals are not verified true widths or station spacing. The
and intercept lengths    direction, total sampled length and true-width relationships of the channels are not established
                         for all results. Neither the Gurskerkammer 1.4–10.4 g/t range nor the Fundkofel and
                         Knappenstube ore ranges are single intercepts.

                         Project location and historical workings are shown in the figures accompanying the
Diagrams                 announcement and in the Prospectus. These are prospect-scale maps and do not show
                         surveyed positions of individual historical samples.

                         The combined highlights deliberately select historical grades from different campaigns and
                         material types. Rabant’s source describes Au generally as traces, with isolated 13 and 35 g/t
                         values; these are isolated values rather than typical grades. Gurskerkammer’s 65.25% Sb
                         value is a selected massive-ore specimen. Fundkofel’s 1–382 g/t Au range spans selected
Balanced reporting       ores of different rock types, not an established representative population of the deposit.
                         Knappenstube’s 18–90 g/t historical mined-rock range is locality-specific and is not a
                         demonstrated separate Strieden result. The complete 1986/1989 populations and any omitted
                         low or negative results are not established. A range or several listed values does not prove
                         balanced selection.

Criterion               Commentary

                        The Europa prospectus describes Hermann Stollen historical production of 5,480 t of stibnite
                        ore and separately quotes up to 17% Sb at Mariengrube. No matching production grade is
Other substantive
                        established: these are not 5,480 t at 17% Sb, and ore tonnage is not contain ed antimony.
exploration data
                        Original production period and reconciled production/grade records are not available in the
                        reviewed material.

                        Planned work comprises airborne electromagnetic and magnetic surveying (HeliTEM and
                        magnetics), geological mapping, landholder engagement, permitting and, subject to results
Further work
                        and approvals, scout drilling. Proposed drill-hole locations are at the planning stage and may
                        change.

Source references
Hiessleitner: Jahrbuch 1947, published 1949, printed pp.39 (Gurskerkammer massive-ore specimen), 41
(Gurskerkammer channel) and 48 (Rabant Au context).
https://opac.geologie.ac.at/ais312/dokumente/JB0921_001_A.pdf
Friedrich (1963), printed pp.157 (Edengang) and 163 (Gurskerkammer).
https://opac.geologie.ac.at/ais312/dokumente/ALO01_full.pdf
Kassl and Köstler (2007), printed p.507, quoting 1898/1900 operating reports for Fundkofel selected ores
and Knappenstube Nordschlag mined rock.
https://opac.geologie.ac.at/ais312/dokumente/JB1471_503_A.pdf
Quest Minerals Limited (to be renamed High Grade Metals Limited), 2018 Prospectus, independent
geologist report printed p.61 (PDF p.70), Fundkofel channel average and 1 m sample intervals.
https://api.investi.com.au/api/announcements/jgh/320448d4-518.pdf
Europa Metals prospectus in the working materials: main sections 5.5 and 5.9 (project schedule and
transaction), risk section 6.1(b), independent geologist report sections 5.2 and 7, and DLA Piper Legal
Report on Title dated 21 July 2026, Introduction and sections 1.1.1–1.1.3 (printed pp.8–11). These are
dated source statements; later transaction, title and permit changes are not established by them.
The additions are identified in the revised historical-results table as 1986 dump and 1989 channel results;
the original reports, certificates and individual Fundkofel Au/Ag -pair source are not identified in the
reviewed records. Au and Ag values are expressed in g/t; Sb values are percentages. The absence of
original records limits confidence and representativeness, and is not evidence that sampling or quality -
control procedures were never undertaken.

_________________________________________________________________________________________________________
Date: 05/11/2026 07:05:00
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