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. Whether EUA or its operations are subject to UK/EU/US post-2022 Russia sanctions restrictions remains an unresolved open question on this row, recorded rather than asserted either way. 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.
Notable vs. Peers
- Jurisdiction risk score of 2/10 is meaningfully riskier than the peer average of 7.5/10.
- Trading within 7% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · West Kytlim mining licence received final approval from the Russian government (Prime Minister Medvedev), converting the exploration licence to a mining licence, in July 2015 -- the Mining Allotment application that followed was submitted Feb 2016 and approved April 2016. Exact day within July 2015 not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Eurasia signed an EPCF (Engineering, Procurement, Construction and Financing) contract with Sinosteel, a Chinese state-owned mining group, in October 2016 -- the company's real decision/financing-commitment event for building the West Kytlim washplant. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Site facilities and infrastructure were put in place at West Kytlim ahead of first gravel washing in September 2016, as mining and other permits became available in H2 2016. No single dated 'construction start' release found; recorded reached-but-undated. · Source
- Reached — date not disclosed · First gravel washing at West Kytlim commenced in the first weeks of September 2016 and continued to early November 2016, ahead of a full production season in 2017. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
- Reached — date not disclosed · Genuinely reached, but no source found gives a single 'commercial production declared' threshold for this kind of operation: West Kytlim (Ural Mountains, Russia) is a small-scale, seasonal alluvial (placer) platinum-group-metals and gold operation that has been active for many years (multiple processing plants commissioned over time) -- genuinely Eurasia's currently-producing asset (the much larger Monchetundra/Arctic PGM-nickel project remains development-stage, not yet producing, and is explicitly NOT the basis for this write). West Kytlim is currently the subject of a pending divestment as a non-core asset (only 0.3% of group reserves; shareholder vote held January 2026). Left null with this structural and status context noted. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Former CEO of South African Lesego Platinum Mining Limited; former Chief Operating Officer at Polyus Gold, Russia's largest gold producer.
Executive Chairman of Eurasia Mining Plc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Eurasia Mining's share register (as of May 6, 2026) is dominated by retail broker nominee accounts (Hargreaves Lansdown 25.12%, Interactive Investors 12.79%) plus a large individual shareholder, Dmitry Suschov, at 15.78%. We found no producer, major, or named resource-specialist fund holding shares, and no confirmed recent on-market insider buying.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
[Task #678 addendum, 2026-08-25 -- economics found that the Task #317 wave 7 pass concluded did not exist.] That pass reported "no PEA/PFS/FS-style NPV, IRR, or mine-life figure is publicly disclosed for either West Kytlim ... or Monchetundra/NKT/Nyud". Two of those are now available and one changes the record. (1) MINE LIFE -- WRITTEN. Eurasia's own FY2025 annual results RNS (30 Jun 2026, published after that pass) state West Kytlim is "capable of sustaining production at current levels for a mine life in excess of 15 years"; mineLifeYears = 15 is that stated floor. (2) NKT ECONOMICS -- FOUND BUT DELIBERATELY NOT WRITTEN. Eurasia's "NKT Update" RNS (27 Aug 2025) reports a 2021 Competent Person Report by Wardell Armstrong International giving NKT "US$1.2-1.7bn NPV and 37-47% IRR according to WAI (for the room and pillar mining part, not including the open pit)". Four independent reasons it stays out of dcfNpvUsd/irrPct rather than being bridged to a midpoint: it is a RANGE spanning US$500m, far too wide to average under this repo's two-sources rule (global principle #9 bridges CLOSE values, it does not average a wide gap); it is partial-scope (underground room-and-pillar only, explicitly excluding the open pit) -- the same partial-scope exclusion applied to SLP/Thaba and ODY; the 8.33% discount rate attached to it comes from a THIRD-PARTY equity research note (ACF Equity Research flash note, 20 Dec 2021), not from Eurasia, so the company has never stated the basis of its own headline figure; and it describes NKT, a pre-production asset, not the producing mine the company's stage claim rests on. (3) RESOURCE -- STILL CORRECTLY NULL. The same 27 Aug 2025 RNS gives NKT 305 kt nickel, 143 kt copper and 57 t PGM+gold, but states in terms that "the drill core and the trenches have only been analysed for the base metals (Nickel and Copper) and have not been analysed for PGM thus limiting the classification to inferred under the JORC Code" -- 100% Inferred, so excluded from ouncesFound under the Measured+Indicated-only convention, and denominated in contained tonnes besides. No resource figure was found published for Monchetundra itself or for West Kytlim. STAGE RISK, flagged not acted on: 68% of West Kytlim -- Eurasia's only producing asset -- is contracted for sale, shareholder-approved at an EGM in early 2026, completion pending Russian state approvals on an uncertain timeline. stage=PRODUCTION and this mine life both need rechecking when that completes.