Eurasia Mining Plc

Eurasia Mining Plc (LSE AIM: EUA; also listed on the Astana International Exchange) is a UK-incorporated platinum-group-metals (platinum, palladium, rhodium, iridium) producer and developer with secondary gold, nickel and copper exposure. All of its principal assets are located in RUSSIA: the producing West Kytlim alluvial PGM mine in the Urals, and the Monchetundra and NKT development assets on the Kola Peninsula in the Russian Arctic. This is flagged prominently because it is the single most material fact about the company for a reader assessing jurisdiction risk. MID-TRANSITION, BUT not the TRANSITION the HEADLINE SUGGESTS. Eurasia's FY2025 annual results (30 June 2026) state that the company 'continues to prioritise a complete exit from Russia through the disposal of its Russian assets.' In practice, however, only one asset is under a sale agreement, and the proceeds are earmarked for building out the other two -- which are also Russian. Read together, the disclosures describe a relocation of activity from the Urals to the Russian Arctic, not a wind-down. WEST KYTLIM -- PRODUCING, and CONTRACTED for SALE BUT not sold. West Kytlim is a long-running alluvial (placer) PGM operation reported on resource-tonnage and annual-production terms rather than through any discounted-cashflow study. It remains in production: mining continued through the 2025 season with output exceeding 10,000 oz of PGM concentrate across six wholly owned enrichment plants, and the company's 30 July 2026 update confirms that 'current mining at West Kytlim (WK) continues as approved and production is underway to comply with the licence agreement.' In late 2025 Eurasia's indirect subsidiary Eurasia Mining Services agreed conditional terms to sell its 68% interest in ZAO Kosvinsky Kamen, the licence holder, to LLC KS Logistics -- described as a non-sanctioned Russian infrastructure, transport, retail and IT business. The transaction values the assets at approximately US$251 million, but after Russian regulatory discounts and exit taxes the cash consideration is RUB 671.2 million (roughly US$9 million: about US$7.3 million upfront and US$1.7 million within twelve months). Shareholders approved the disposal at a general meeting on 15 January 2026, passing all resolutions. Completion has not OCCURRED: it remains conditional on Russian state approvals that were still awaited at the FY2025 results (30 June 2026) and still outstanding at the 30 July 2026 company update. Eurasia therefore still owns and operates the mine. MONCHETUNDRA and NKT -- RETAINED and BEING ADVANCED, not MARKETED. Despite the exit language, these Kola Peninsula assets are the stated destination of the West Kytlim proceeds, which the company intends to use 'to finance the start of production at Kola'. They hold 99.7% of Eurasia's reserves and resources. Monchetundra (Loipishnune and West Nittis deposits) has a JORC-compliant Mineral Resource with Wardell Armstrong International as Competent Person and a Definitive Feasibility Study submitted in December 2022; detailed design and a mining plan were expected to be announced as early as Q3 2026. NKT, an ex-operating nickel mine, carries a JORC Mineral Resource effective 16 December 2021 (305kt Ni, 143kt Cu, and 57t combined PGM+Au) and was progressing toward completion of a Feasibility Study during 2026 -- but note that its PGM/Au component is Inferred-only and unassayed, because the drill core and trenches were analysed for nickel and copper only. A fourth asset, Nyud, is no longer under company control: the Rosgeo joint venture expired and the project was written off in Eurasia's 2022 annual results. REPORTING and DISCLOSURE GAPS, STATED AS FACTS ABOUT the company. Eurasia discloses no NPV, IRR or mine-life figure for any asset -- West Kytlim because a placer operation of this type is not reported through a DCF study, and Monchetundra/NKT because no such economics have been published. West Kytlim's reserves and resources are reported only under the Russian classification system (B, C1, C2 categories; approved mineable reserves of about 4,477 kg PGM, potentially 6,402 kg depending on operational data, against broader district potential cited at 21.6t) and have never been restated under JORC -- a reporting-code gap rather than an absence of material. The company's stage tag reflects West Kytlim's actual, current production; it would need to be revisited if and when that disposal completes.