Eurasia Mining Plc (“Eurasia” or the “Company”), the palladium, platinum, rhodium, iridium and gold producing company announces the expected timing for publication of the annual audited report and accounts of the Company for the year ended 31 December 2021 and Annual General Meeting (‘AGM’).
Due to geopolitical circumstances, the annual audit is running behind schedule, however, at present Eurasia still expects the report and accounts to be published and announced before the end of June 2022. An AGM notice will also follow in due course, with the statutory notice period for the AGM being observed.
A copy of this announcement is also available on Eurasia’s website at:
https://www.eurasiamining.co.uk/investors/news-announcements.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky/ Keith Byrne
+44 (0)207 932 0418
Eurasia Mining* (EUA LN) 6.79p, Mkt Cap £194m – Accounts delayed due to geopolitical circumstances
- Eurasia Mining report the company’s annual audit is running behind schedule but that the directors still expect the report and accounts to be published before end June.
- An AGM notice will also follow, with the statutory notice period for the AGM being observed.
- The Russian sanctions do not prevent the Company from executing on its M&A strategy as announced.
- Management have previously stated that having reviewed European and US sanctions documentation they expect no impact on their operations and activities in Russia.
- Eurasia have previously released resources and reserves on the Monchetundra Project (Loipishnune and West Nittis deposits), the NKT area as well as areas covered by the agreement with Rosgeo.
- The data, reported under the Russian reserves/resources categories, is provided in the form of total contained metal without offering details on ore tonnages or grades on the underlying deposits.
- Reserves are estimated at ~293kt Cu, 388kt Ni, 14kt Co, 4.8moz Pd, 1.5moz Pt, 2.2moz Ag and 0.3moz Au.
- Resources are estimated at ~1,807kt Cu, 1,859kt Ni, 115kt Co, 34.7moz Pd, 8.9moz Pt, 12.7moz Ag and 2.4moz Au.
- Reserves are based on B, C1 and C2 categories under the Russian mining code.
- Resources include P1 and P2 categories and exclude P3.
- Total, reserves and resources are estimated at >184moz PtEq.
- The mix of metals runs at an estimated ~50% Pd, ~30% Ni, ~10% Cu with other metals accounting for the balance.
- Eurasia has been working with Wardell Armstrong on a JORC MRE for the Monchetundra Project.
Conclusion: We look forward to Eurasia completing on the sale of its Russian assets in the relative near term and on the transformation of its business through the acquisition of new mineral assets outside of Russia.
*SP Angel act as Nomad and Broker to Eurasia Mining
About Eurasia Mining Plc
Eurasia Mining plc is a PGM and battery metals producing company, operating the established West Kytlim Mine in the Urals, and also being the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel’s largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.
Eurasia’s project portfolio also includes Nittis-Kumuzhya-Travyanaya (NKT), Tier-1 scale Nickel mine formerly operated by Norilsk Nickel.
A parallel business development strategy based on the Hydrogen Economy forms a new development arm of the Company.
