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Avrupa Minerals benefits from a diversified portfolio of exploration projects in Europe, including the historically significant Iberian Pyrite Belt in Portugal and promising licenses in Finland and Kosovo. The company’s prospect generator model allows it to leverage partnerships to fund exploration, reducing capital risk. Recent developments include the return of full interest in the Alvalade Project and ongoing earn-in agreements with partners like Western Tethyan Resources on the Slivova Project. The company’s liquidity position and working capital as of the end of 2025 support continued exploration activities. Successful exploration results and advancement of mining licenses could enhance asset value and attract further investment.

The company’s entire portfolio remains at the exploration stage, with no assurance of discovering commercially viable mineral deposits. Mineral exploration is inherently speculative and subject to risks including commodity price volatility, regulatory hurdles, and competition from better-funded companies. The withdrawal of joint venture partners, such as MATSA from the Alvalade Project, highlights potential challenges in securing and maintaining partnerships. The company has no operating revenue and relies on equity financing, which may dilute shareholders and is subject to market conditions. Operational activities are seasonal and dependent on government approvals, which may delay progress. These factors contribute to uncertainty and risk in the company’s business model.

Avrupa Minerals operates in the junior mineral exploration sector, which is characterized by high risk and speculative outcomes. Its moat is limited due to the early-stage nature of its projects and the absence of producing assets or revenue streams. The company’s prospect generator model and partnerships with established mining companies provide some operational leverage and risk-sharing. Its focus on politically stable European jurisdictions with established mining histories, such as the Iberian Pyrite Belt in Portugal, offers geographic and regulatory advantages. However, the competitive nature of mineral exploration and dependence on successful discovery and development limit sustainable competitive advantages.

• Exploration Risk: All properties are at the exploration stage with no guarantee of discovering economically viable mineral deposits, which could result in loss of invested capital.
• Financing Risk: The company relies on equity issuance and partner funding to finance operations; inability to raise capital could delay or halt exploration activities.
• Regulatory and Political Risk: Exploration activities depend on obtaining and maintaining licenses and permits in multiple jurisdictions, which may be subject to delays or changes in regulations.
• Market and Commodity Price Risk: Fluctuations in commodity prices and market demand can affect the economic viability of mineral projects and investor interest.
• Partnership Risk: Dependence on joint venture partners for funding and operational support introduces risk if partners withdraw or fail to meet obligations.

• Avrupa Minerals Ltd. is a junior exploration and development company focused on mineral exploration in Europe, specifically Portugal, Finland, and Kosovo.
• The company uses a prospect generator model to identify valuable mineral deposits in politically stable and prospective European regions.
• Avrupa Minerals' common shares trade on the TSX Venture Exchange under the symbol 'AVU'.
• As of December 31, 2025, the company had 76,074,754 common shares outstanding.
• The company has subsidiaries and joint ventures in Portugal (MAEPA, PorMining), Kosovo (Innomatik Exploration Kosovo LLC, AVU Kosova LLC), and Finland (Akkerman Finland OY).
• The company holds exploration licenses and mineral rights in the Iberian Pyrite Belt in Portugal, including the Alvalade Project with a 100% interest.
• The Alvalade Project is located in southern Portugal, covering approximately 115 square kilometers, with historical mining activity nearby.
• Avrupa entered into a joint venture with Minas de Aguas Teñidas, S.A. (MATSA) for the Alvalade project, but MATSA withdrew in early 2025, returning its interest to Avrupa.
• The company has exploration projects in Kosovo, including the Slivova Project, where Western Tethyan Resources can earn up to 85% interest by funding exploration and development.
• In Finland, Avrupa and its JV partner AFOy hold multiple exploration licenses near the Pyhäsalmi copper and zinc mine.
• All properties are at the exploration stage; there is no assurance of commercially viable mineral deposits.
• Operations are seasonal and dependent on exploration rights, joint venture agreements, and government approvals.
• The company has no revenue and has historically financed operations through equity issuance.
• As of December 31, 2025, Avrupa had cash of CAD 493,359 and working capital of CAD 316,969.
• The company reported a net loss of CAD 27,501 for the year ended December 31, 2025.
• Liquidity ratios as of December 31, 2025, include a current ratio of 1.61 and a cash ratio of 1.13, indicating moderate short-term liquidity.
• The company’s general and administrative expenses were approximately CAD 600,000 budgeted for 2026.
• The company’s business is subject to risks typical of mineral exploration, including the speculative nature of exploration, competition, regulatory requirements, and commodity price volatility.