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(EUA) Eurasia Mining Share Chat

Discussion in 'General Share Chat (EUA)' started by rodrod1, Mar 15, 2016.

  1. BigP

    BigP Keeping the Faith

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    Business Prospects

    "The company has a large resource base of mines which puts it among the key companies in the world operating in the platinum, rhodium, iridium and palladium metals' arena, and other than that, the company is also one of the lowest-cost producers of gold in the world. The boost from commodity prices, management experience and strategies, and key projects at hand seem to be working in favour of the company.

    One of the things that is worth noting about the company is that it has been able to retire all its long-term debts with internal accruals and equity capital raising while a large part of its operations still entails mining and exploration. This may prove to have a significant value in the long run, as per the company."

    https://kalkinemedia.com/uk/news/on...with-high-growth-potential-eurasia-mining-plc

    Out of date, but still useful.

    And just for what's it worth:-

    PGM's value finished last week,
    https://www.apmex.com/palladium-price
    GOLD $1,974.60 + $40.00
    SILVER $27.67 + $0.59
    PLATINUM $944.70 + $12.60
    PALLADIUM $2,275.90 + $30.40
     
  2. BigP

    BigP Keeping the Faith

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    I think for new investors wanting a crash course on the company and the situation Zak Mir sums it up pretty well, most on here have probably read it already.
    https://www.powerof78.com/category/eua/
     
  3. BigP

    BigP Keeping the Faith

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    RNS Number : 3726Z
    Eurasia Mining PLC
    18 September 2020

    EURASIA MINING PLC

    ("Eurasia" or "the Company")

    Appointments of Chief Executive Officer, Chief M&A Officer and Board Changes

    Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce the appointment of James Nieuwenhuys, formerly a Non-Executive Director, as Chief Executive Officer and Executive Director of the Company with immediate effect. Christian Schaffalitzky remains as Executive Chairman. The Directors have agreed to release Dmitry Suschov from the Board in order to allow him to focus as the Company's Chief M&A Officer on the M&A work streams with Eurasia's professional advisers.

    Mr Nieuwenhuys has held senior positions including Chief Executive Officer at South African Lesego Platinum Mining Limited, Chief Operating Officer at Polyus Gold, Russian largest gold producer. James also held senior positions at a number of EPC organisations. The Directors believe that the experience of James and his relationships especially among PGM producers in Russia, China and South Africa, are beneficial for the Company in its ongoing work streams.

    Mr Suschov has a successful track record of leading the strategic sales of companies in the natural resource sector including the sale of a silica sand mine and the second largest global carborundum production company to Indian Murugappa Group, the sale of a natural resource company to Danish natural resource fund, the sale of a gas company to a major Russian investment group and other deals.

    Comments

    Christian Schaffalitzky, Eurasia's Executive Chairman commented: "This reorganization is designed to optimise our execution team. We are delighted that James has agreed to take on the CEO role. James's focus will be to work with our advisers on the sale process. Since joining Eurasia in November 2019 after completing due diligence on behalf of a potential buyer, James has got detailed knowledge of Eurasia's assets and he is of immense help both in terms of the sale process and in terms of demonstrating to the interested parties the strength of our own management team and its capacity to execute. Dmitry changes his routine Board roles for the role of Chief M&A Officer and together with James will strengthen the management team involved in the work streams with several interested parties. We are grateful to Dmitry for his long-term hard work on the Board level over 10 years and the Directors look forward to working with him in his new capacity".

    James Nieuwenhuys, Eurasia's CEO and Executive Director: "In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the Company and its world class assets, Monchetundra and West Kytlim, leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders".

    Dmitry Suschov, Eurasia's Chief M&A Officer commented: "I am grateful to my fellow Directors for their support in taking over my functions on the Board, so that I could focus on the work with our professional advisers. I am delighted that James has decided to assume the CEO position. I am thankful to the Board and to James for offering me the Chief M&A Officer position, as I am already working with our advisers on M&A".

    Further details:

    James Nieuwenhuys has a mining engineering background and has held senior positions at Lesego Platinum, Polyus Gold in Russia, Polyus Gold in China, SNC-Lavalin EPC, Bateman EPC and XCEL Engineering and Management EPC. James has Mechanical Engineering Degree from the University of Cape Town.

    Dmitry Suschov has investment, finance and M&A background with a successful strategic sales track record. Dmitry has Diploma with honours in finance from Finance University under the Government of Russia and Advanced Diploma in management accounting from CIMA/UK.

    A new company presentation has now been uploaded to the presentations section of our website and may be reached by the following link:

    https://www.eurasiamining.co.uk/investors/presentations
     
  4. TwitterPost

    TwitterPost Demi God of BlueShare

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  5. BigP

    BigP Keeping the Faith

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    RNS Number : 4732Z
    Eurasia Mining PLC
    18 September 2020

    EURASIA MINING PLC

    ("Eurasia" or "the Company")

    AGM Results

    Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce that AGM resolutions 1-7 have been passed (please see notice of AGM RNS dated 27 August 2020). Due to COVID-related delays in processing the votes held in nominee accounts, special resolutions 8 and 9 have not been passed and the Company does not intend to pursue these resolutions having fulfilled its funding requirements as announced via RNS on 18 August 2020 (General Update and Institutional Placing at 22.5p).

    A new company presentation has now been uploaded to the presentations section of our website and may be reached by the following link:

    https://www.eurasiamining.co.uk/investors/presentations
     
  6. BigP

    BigP Keeping the Faith

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    Eurasia Mining boasts strong finances as sales process continues
    The company's finances are the best they've been in the past decade, Christian Schaffalitzky said.

    [​IMG]
    Eurasia Mining PLC (LON:EUA), which put itself up for sale earlier this year, confirmed in its interim results statement that it is in a strong financial position.

    The move to raise the ‘for sale’ sign was the culmination of many years of hard work by the team in realising the value in its projects, chairman Christian Schaffalitzky said in a statement.

    Financial results, released after market close on September 30, confirmed a US$1.09mln loss and it ended the half with US$50,895 of cash. In August, it raised US$10mln through an institutional share placing.

    READ: Eurasia shuffles management to focus on sale
    Schaffalitzky highlighted that the company’s finances are now considerably stronger than at any point in the past decade, as it advances the sales process.

    “With the final approval of the Flanks license surrounding Monchetundra, the Company has been successful in establishing a dominant position and a first mover advantage in Kola PGM, which, coincident with developments in the PGM market, has spurred interest in the company,” he said.

    “The board and executive team have now been restructured to fully focus on the sale process.

    “Meanwhile our mine at West Kytlim is now owner operated. Running the mine ourselves has created synergies and efficiencies particularly in the project's geological and concentrate upgrade functions.”

    He added: “West Kytlim is now a sustainable and long-term low cost PGM resource in the Urals, where again we have established a dominant stance.”

    “Shareholders should recognise that the process Eurasia is in now implies that the company is very limited in what it can discuss in the public domain. Nevertheless, we look forward to updating our many long-term supporters and new members.”
     
  7. BigP

    BigP Keeping the Faith

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    RNS Number : 6679A
    Eurasia Mining PLC
    30 September 2020



    EURASIA MINING PLC

    ("Eurasia" or "the Company")

    Interim report for the six months ended 30 June 2020






    Chairman's Statement


    As you are aware, our Company is now in an offer period and has appointed several professional advisers including UBS on investment banking side and recently DLA Piper on the legal side to work with the Company through the sale process. This strategic decision was the culmination of many years of hard work by our team in realising the value in our projects. With the final approval of the Flanks license surrounding Monchetundra, the Company has been successful in establishing a dominant position and a first mover advantage in Kola PGM, which, coincident with developments in the PGM market, has spurred interest in the Company.

    The board and executive team have now been restructured to fully focus on the sale process.

    Meanwhile our mine at West Kytlim is now owner operated. Running the mine ourselves has created synergies and efficiencies particularly in the project's geological and concentrate upgrade functions. Our Definitive Feasibility Study for the project's resources, contracted to GIP (see RNS 18 August 2020) is on schedule and the new Tipil license Area (24.5km2) is aimed at further increasing the life of mine. West Kytlim is now a sustainable and long-term low cost PGM resource in the Urals, where again we have established a dominant stance.

    Lastly the Company is in a strong financial position, considerably stronger than at any point in the past decade. Following the completion of the Placing with institutional investors announced in August 2020, the Company raised US$10m.

    Shareholders should recognise that the process Eurasia is in now implies that the Company is very limited in what it can discuss in the public domain. Nevertheless, we look forward to updating our many long-term supporters and new members.




    Christian Schaffalitzky, Executive Chairman.

    ENQUIRIES:

    Eurasia Mining Plc

    Christian Schaffalitzky/ Keith Byrne

    +44 (0)207 932 0418


    SP Angel Corporate Finance LLP (Nomad and Joint Broker)

    Ewan Leggat / David Hignell / Soltan Tagiev

    +44 (0)20 3470 0470

    Optiva Securities (Joint Broker)

    Christian Dennis

    Tel: +44 (0) 20 3137 1902


    Market Abuse Regulation (MAR) Disclosure

    Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.



    MARKET SUMMARY

    Platinum prices have recovered from a reaction to the Global Pandemic in March and are now trading at greater than US$870/ounce1. Palladium continues to perform strongly, well established above US$2,000, a 26%1 increase year on year, driven by predicted continuing strong demand from automakers (tighter ecological standards and higher loadings of palladium per vehicle) against tight global supply. Rhodium, now the most valuable PGM in our metals' basket has reached US$11,000/ounce1, a 120% increase on last year. Gold is also up 26% year on year trading above US$1,800/ounce1.

    The Covid pandemic has had the effect of reducing both demand and supply in the platinum market, however early forecasts of negative impacts have been reconsidered. Revised 2020 forecasts now suggest an annual deficit of ~336 koz as a result of an expected 15% decline in production (95% of this fall from reduced South African output) and a 12% fall in recycling supply.2 Chinese automotive demand (the largest global consumer of PGM) also recovered earlier than was predicted again driven by higher loadings per one vehicle and is expected to grow 27% year on year.2

    1: Kitco.com

    2: WPIC Quarterly: https://platinuminvestment.com/files/455578/WPIC_Platinum_Quarterly_Q2_2020.pdf


    ENVIRONMENTAL AND HSE

    Eurasia is committed to the highest Corporate Social Responsibility and environmental management standards at its mines. No injuries occurred for the period being reported and in general our surface mining methods do not create as significant a risk of injury as underground mining. A host of measures have been introduced to ensure the safety of our workforce. Areas mined are remediated on a schedule detailed within our mining, forestry and environmental permits. We are committed to ensuring the land disturbed by mining activities is returned in a safe and stable landform that does not cause environmental harm and is able to sustain post-mining land use.

    Shareholders are encouraged to read our new corporate presentation on our HSE standards published here:

    https://www.eurasiamining.co.uk/investors/presentations


    OPERATIONS UPDATE

    West Kytlim

    On taking over production from the contractor the Company expedited the approval of the mining development plan and mining permit which was successfully approved on 30 June 2020. Although the Company had no legal right to produce prior to 30 June, the preparation works had commenced on the production sites well ahead of receiving the permit to make sure the Company meets its targets. The Company is now producing 4 PGM* (with rhodium now a significant contributor to the Company's metal revenue) and gold, according to the production plan and receives revenue from the refinery on schedule.

    The Definitive Feasibility Study (DFS) commissioned to GIP (designed to upgrade all resources identified on the West Kytlim mining license to mineable categories) has now been submitted for approval to Rosnedra (Russian state agency for subsoil use) in Moscow. Assigning all resources to mineable categories removes the bottleneck in the permitting process, which had restricted building out the mine to full capacity and is designed to improve the project's development and value. On approval West Kytlim will contain the largest soft rock PGM resource globally. The DFS will allow concurrent mining of several areas, which is expected to increase production while also eliminating single asset risk. The Company has sufficient funds to launch mining at several pits at once. More updates will be provided regarding the DFS in due course.

    · Platinum, Palladium, Rhodium, and Iridium


    MONCHETUNDRA

    Monchetundra is a palladium dominant project near the town of Monchegorsk and PGM processing facilitieson the Kola Peninsula. The production license was awarded in November 2018 and the financed Engineering Procurement Construction and Financing contract is in place with Chinese group Sinosteel.

    Since the final approval of the Flanks licence (see RNS of 25 August 2020) the Company has been putting together the database of information from previous drilling campaigns in the Flanks area, that is considerable. 48,405m drilling (announced via RNS of 18 August 2020) is related only to one part of the Flanks License (NKT) and comes on the top of 33,100m drilled by Eurasia's Joint Venture with Anglo American Platinum. The Russian feasibility study on the NKT palladium dominant mine (within the boundaries of the Flanks License) gives 15% IRR at the palladium price of $659 per 1 oz, while the current palladium price stays above $2,000 per 1 oz due to long term structural deficit in the palladium market. For more details on the palladium market structural deficit please refer to the Company's annual report released on 1 July 2020 as well as Eurasia's new corporate presentation published here:

    https://www.eurasiamining.co.uk/investors/presentations

    Finally, the Company welcomes the incorporation of the Monchegorsk Development Agency, as announced by Norilsk Nickel on 16 September 2020, established by Monchegorsk's municipal administration and Norilsk Nickel to focus on Business and Investment in the Monchegorsk area, where the Monchetundra project is located.

    James Nieuwenhuys, Chief Executive Officer.
     
  8. BigP

    BigP Keeping the Faith

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    The switch to green energy and electric vehicles will see demand for battery metals and copper boom over the coming decades.

    But at the moment, the pipeline of projects to meet that demand appears wholly inadequate.

    MINING.COM’s sister company MiningIntelligence studied the 65 global properties with exposure to copper, cobalt and nickel globally that had feasibility studies completed in the last five years.

    In aggregate, the proven and probable reserves of copper in terms of contained tonnes of metal at the 65 projects totalled 21.9 million.

    That’s only equal to a single year of global production of the bellwether metal and of course not 100% of these reserves will be extracted.

    In terms of cobalt, reserves total 224.7 kilotonnes of contained cobalt at these projects, which is more than the estimated current annual production of around 130 kilotonnes.

    However, projections are for annual demand for cobalt growing to more than 200 kilotonnes per year as soon as 2025 as the portable electronics and electric vehicle markets expand rapidly.

    The move to nickel rich chemistries for electric vehicle batteries and a robust stainless steel industry – nickel’s number one source of demand – gives the metal a similar demand curve to cobalt.

    With a modest 2.65 million tonnes of nickel outlined in the 65 feasibility studies analyzed by MiningIntelligence, exploration for nickel – and copper and cobalt – would have to step up a gear.

    EUA-multiple bidders trying to secure our resources ;)
     
  9. BigP

    BigP Keeping the Faith

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    Eurasia Mining shares rally as the company prepares for sale

    • 9th October 2020
    Three years after it first started digging metal out of the ground, AIM-listed precious metals miner Eurasia Mining (LSE:EUA) is in the process of selling its platinum and palladium assets and projects in Russia.

    This year’s pandemic has highlighted how very few independent players remain in the PGMs (platinum group metals) market – note the full South African lockdown – and despite the initial knock to platinum and palladium prices will likely work in favour of Eurasia’s sale plans.

    The company is currently in an offer period and has enlisted the likes of UBS and legal firm DLA Piper to work through the sales process. It also has a success-fee arrangement with China’s investment group CITIC, a long-term partner.

    Eurasia Mining has not mentioned any potential buyers but the company’s executive chairman Christian Schaffalitzky frequently talks about a rising demand from China’s car producers for PGMs. Given the success-fee arrangement with CITIC it stands to reason that the firm is looking at the Chinese market for a buyer.

    Eurasia Mining has one operational mine, West Kytlim in the Urals, which has been producing platinum and several other precious metals since 2018. Over the last year it has gained full control over the mining operations in West Kytlim and has been granted an additional exploration licence for an adjacent project that could expand the life of the mine. It’s other major project is the Monchetundra palladium located, in Russian terms, not far from the border with Finland and only 3km away from Severonickel, one of the largest PGM processing plants operated by Russia’s Norilsk Nickel.

    Monchetundra is a fully permited open pit project which will eventually produce palladium, platinum, iridium and gold. In August the company was granted an additional licence for Monchetundra Flanks.

    Mining in the age of corona
    Throughout the pandemic Russia has had a high number of daily cases and has locked its borders for the better part of spring and summer, making it difficult for non-Russians to enter. At the same time the country was keen to avoid interruptions to mining, one of its key industries, and has encouraged miners to continue operating. So throughout the crisis West Kytlim mine remained operational with the open pit operations undergoing only relatively minor adjustments to ensure staff safety.

    In the broader platinum and palladium market COVID played a convoluted role this year. South Africa’s production, the world’s largest, completely stopped between March and April and then only came back in dribs and drabs. While you might expect that this caused platinum and palladium to rise, it didn’t. Instead, they plunged to the lowest level since 2008 as car sales ground to a halt during the first wave of lockdowns. Both metals, but particularly palladium are a key component in emission-reducing car converters. Now that the coronavirus is going through its second wave cars have become the preferred mode of travel while public transport remains shunned, a picture that is likely to remain in place for at least another six if not nine months.

    The Eurasia Mining team
    The company brought in a safe pair of hands to lead the sale, appointing former non-executive director James Nieuwenhuys as the new chief executive. He brings with him experience of both the South African platinum industry and Russia’s precious metals production, having previously worked as the CEO of South Africa’s Lesotho Platinum and the COO at Russia’s gold producer Polyus Gold. Nieuwenhuys joined Eurasia last November after completing due diligence for a buyer.

    The mining company’s financials are not yet as strong as they could be, but are continously improving. Eurasia’s revenue declined to £1.13m in 2019, down from £2.57m the year before, but during that year the company bought its own mining equipment which allowed it to gain full control of the West Kytlim in June this year.

    When Eurasia Mining initially started mining in 2018 the mine was operated by a contractor and the revenue was split, with Eurasia Mining keeping 35%, whereas now all of the revenue goes to the company. The net loss in 2019 also decreased to £800,000, down from a £2.62 million in 2018. In the first six months of this year the firm’s revenue was £48,000 while the net loss widened to £1.1m.

    “The Company is in a strong financial position, considerably stronger than at any point in the past decade. Following the completion of the placing with institutional investors announced in August 2020, the company raised $10m,” said Christian Schaffalitzky, Eurasia’s executive chairman.

    The miner has no debt and it still has an unused credit line of $1m from its largest shareholder, put in place in June 2018.

    Eurasia Mining shares spike
    The planned sale has sparked a lot of investor interest and shares have been rising all of this week, rallying from 18.75 at the end of September to 34.90 today. Given the overall state of the platinum and palladium market, the interruptions in South African output of PGMs because of COVID and the strong demand from the car industry, PGM prices may have some way to go. A solid operational setup and a positive PGM price picture mean that the miner is well positioned for a sale.
     
    mart101 likes this.
  10. BigP

    BigP Keeping the Faith

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    RNS Number : 3564H
    Eurasia Mining PLC
    03 December 2020

    EURASIA MINING PLC

    ("Eurasia" or "the Company")


    West Kytlim DFS update


    Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce West Kytlim definitive feasibility study ("DFS") update.


    Definitive Feasibility Study

    As previously announced, the Company had engaged GeoInvestProject ("GIP") to prepare the DFS for its West Kytlim project. The DFS has now been approved by the working meeting of the Russian State Committee on Reserves. The final approval is expected to happen this month. The DFS approval is an important milestone for the West Kytlim project for several reasons:

    1. It eliminates single asset risk by allowing production at several open pits concurrently and shifting the equipment between them when and if required to provide for consistent production volumes to be achieved.

    2. Concurrent mining allows for the increase in production volumes compared to the sequential approach to mining adopted by the contractors prior to Eurasia taking over the project as owner-operator this year.

    3. The DFS allows all year-round mining operation for stripping, earth moving and mining activities to happen also in winter months (while the water is frozen) in preparation for the next season and also to stockpile the ore for treatment.


    Early preparations for 2021 production

    DFS preparation and approvals were the main focus of the Eurasia team at West Kytlim this year, while concurrently the Company also started preparation for 2021 early this year based on the lessons learnt from the delayed 2020 mining permit (the issue of which was previously announced in the interim financial report on 30 September 2020). West Kytlim produced 1,525 oz of raw platinum this season. The lessons learnt and preparation activities for 2021 include:

    1. Technical project documentation preparation for 2021 production has been assigned to GIP, which has successfully performed on the preparation and approval of the DFS.

    2. Early application for permission from forestry authorities, that was identified by the Company as a major bottleneck in previous years, as well as early applications for other permits.

    3. Acquisition of additional equipment to increase the production volumes in anticipation of the concurrent mining at several open pits, for example a Komatsu D155 bulldozer has already arrived and commissioned on site to add to overburden stripping, earth moving and stockpiling machinery at West Kytlim that is in operation all year-round.

    4. Early stripping, earth moving and stockpiling activities for 2021 production have already started.


    COVID-19 prevention

    Strict measures in relation to prevention allowed for zero COVID-19 cases at West Kytlim production sites to date and Eurasia is maintaining its COVID prevention discipline going forward.


    Comments

    Christian Schaffalitzky, Executive Chairman commented: "The Directors are delighted with the finalisation of the DFS and the approval process aimed at production increase in these exciting times for PGMs especially for palladium and rhodium. The Company is committed to its strategy, while also adding value to its projects. Further announcements will be made in due course".


    Market Abuse Regulation (MAR) Disclosure

    Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
     
  11. BigP

    BigP Keeping the Faith

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    [​IMG]
    RNS Number : 6252L
    Eurasia Mining PLC
    14 January 2021



    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.


    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.


    14 January 2021


    Eurasia Mining Plc

    Update on Formal Sale Process


    Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to provide an update on the Formal Sale Process initiated by the Company under the UK Takeover Code.


    Since launching the Formal Sale Process on 1 July 2020, Eurasia and its advisers have engaged with a wide range of parties, and have to date received non-binding offers in respect of both a possible acquisition of the Company as well as other transaction structures.


    Progress to date has been slower than expected reflecting the complexity of the process, involving several parties and structures, as well as external factors including COVID-19 related travel restrictions, and more recently delays resulting from western and Russian holiday periods. Notwithstanding these factors, discussions regarding proceeding to binding proposals are continuing. Until a transaction is finally concluded there can be no certainty that a transaction will occur or on what terms.


    Further announcements will be made when appropriate.
     
  12. BigP

    BigP Keeping the Faith

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    21 January


    EURASIA MINING PLC

    ("Eurasia" or "the Company")

    West Kytlim DFS Approved

    Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities and close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce the approval of the West Kytlim definitive feasibility study ("DFS") by a formal meeting of the Russian State Committee on Reserves.

    Approval of theDefinitive Feasibility Study

    The DFS is the final stage feasibility study that starts with the concept/scoping study, then develops into preliminary feasibility study/studies ("PFS") followed by feasibility study/studies ("FS") and finally by DFS.

    As previously announced, the DFS was prepared by GeoInvestProject ("GIP"), an independent technical and engineering consulting company.

    The DFS formal approval is a step change in the development of West Kytlim, eliminating single asset risk by allowing production at several open pits concurrently, thereby increasing production volumes in comparison to a sequential mining approach.

    In addition, the DFS allows for year-round stripping, earth moving and ore stockpiling in advance of the ore processing.

    Ongoing Operations

    The stripping and earthmoving activities are ongoing and unaffected by COVID-19 (zero cases to date thanks to the mechanised open pit nature of the operations and the strict prevention measures implemented) and are set to continue uninterrupted until the spring when running water will allow the resumption of ore beneficiation, which will run concurrently with mining operations.

    The cash position of the company is over $7m after significant CAPEX made into production expansion and after rehabilitation of the areas already mined at West Kytlim.

    Comments

    Christian Schaffalitzky, Executive Chairman commented: "The Directors are pleased with the DFS approval, aimed at production increases, and confirming West Kytlim's position as the world's largest operation of this type. After significant capital investment at West Kytlim into the production scale up and into the rehabilitation, the cash position of Eurasia is robust with over $7m, while the Company is pursuing its strategy as previously reported. Further announcements will be made in due course".


    Market Abuse Regulation (MAR) Disclosure

    Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
     
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  13. BigP

    BigP Keeping the Faith

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    28 January 2021

    EURASIA MINING PLC

    ("Eurasia" or the "Company")

    Share Price Movement & Update

    Eurasia Mining plc has noted the adverse movement in the Company's share price yesterday, following announcement of the trade yesterday for 27,400,000 shares by Alexei Churakov (the "Shares"). Eurasia had received no notification of this trade prior to it being reported by Alexei Churakov himself via RNS on 27 January 2021.

    The Company and its professional advisers continue to work on the Formal Sale Process as recently reported via RNS of 14 January 2021. The operations of the Company are ongoing with the DFS for West Kytlim formally approved as announced on 21 January 2021.

    The Company has made initial enquiries of Alexei Churakov regarding the sale of the Shares, and he has now notified the Company that:

    · he sold the Shares to cover an urgent and critical cash call,

    · all the Shares were acquired by Veles International ("Veles"), a subsidiary of an investment company Veles Capital,

    · he has no intention to sell his remaining shares and/or options.

    The Company is continuing with these enquiries.

    The Company notes that the acquisition by Veles evidences interest in Eurasia among institutional shareholders. Veles is a well-established and one of the oldest professional institutional investors in Russia.


    Market Abuse Regulation (MAR) Disclosure

    Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
     
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    15 March 2021

    EURASIA MINING PLC

    ("Eurasia" or the "Company")

    West Kytlim Update

    Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, is pleased to provide an update on its West Kytlim project in the Urals, including the completion of the Technical Project report for West Kytlim, which has now been submitted to the Russian authorities, and further information in respect of the definitive feasibility ("DFS"), the approval of which was announced by the Company on 21 January 2021.

    Completion of the Technical Project for the entire deposit of West Kytlim

    With the successful DFS development by GIP (an independent technical and engineering consulting company) and the state approval, the Company engaged GIP to develop the Technical Project for the entire West Kytlim deposit (the "Technical Project") including an ore schedule for all areas/pits (Malaya Sosnovka, Klyuchiki, Bolshaya Sosnovka, etc). The Technical Project prepared by GIP has been reviewed by Eurasia technical team and has been submitted to Environmentaland Industrial Supervision Service (Rostechnadzor).

    The Technical Project is based on concurrent production at three pits, the first two being Kluchiki and Bolshaya Sosnovka (the largest pit at the entire deposit of West Kytlim): mining at Kluchiki (mined through 2019 and 2020 seasons) is ongoing whilst Bolshaya Sosnovka is being prepared for mining (please see our website for recent photographs from site).

    Minutes of the DFS Formal Approval

    The highlights of the minutes of the formal meeting of the Russian State Committee on Reserves are as follows:

    · A set of parameters was defined as final and permanent for the West Kytlim deposit. These include the deposits complexity: number 2 (simple) on a scale of 1 to 4, cut off grades in defining the limits of an ore block, minimal thickness of an ore block, as well as other technical deposit characteristics*.

    · The DFS as submitted and now approved is not the Company's mine plan but allows for mining at several open pits concurrently.

    · Several seasons of operational data have allowed reclassification of reserves and resources such that all of the reserves are now in B, C1 and C2 categories (i.e. ready for mining).

    · The total mineable reserves B+C1+C2 are 4,477kg (of which over 65% are B and C1 categories) raw PGM (inclusive of platinum, palladium, iridium, rhodium and gold reserves and not including any resources, please see the further information on the reserves below).

    · Operational data has now demonstrated exploration data to be understated both in terms of grade and dimensions of ore bodies. The total difference calculated against three years of operational data stands at 43% (i.e. the minable reserves calculated to 4,477kg raw PGM may, based on operational data, finally contain 6,402kg Raw PGM).

    The last bullet above confirms the prudent and conservative approach to the minable reserves estimation by Eurasia.

    * Some technical calculations require a metals price basket as input and it should be noted the metals price period used for the DFS was the year from August 2019 to September 2020. The price used for Platinum, for example was 1,181RUR/g versus a current (15 March 2021; source Kitco.com) 2,836 RUR/g. For this reason the Company is afforded flexibility in determining the final mining parameters applied to the projects development.


    Current approved mineable reserves at the West Kytlim Project (Tipil and Project Flanks not included in the table)

    Russian Reserves Category

    Gravels

    Raw PGM1,


    Native Free Au2

    '000 m3

    kg

    Kg









    В+С1

    9,329

    2,920

    66

    С2

    4,430

    1,557

    10

    В+С1+С2

    13,760

    4,477*

    76






















    Notes on the above:

    *The Reserves and resources stated are the minable reserves and resources of the project (while actual reserves at production are higher, please see the last point in the highlights above). Eurasia owns 68% in West Kytlim.

    1Raw PGM occurs as nuggets of iso-ferrum PGM containing platinum, palladium, iridium and rhodium as well as gold.

    2 Further gold occurs as native gold nuggets which are also recovered separate to gold contained in iso-ferrum PGM nuggets.

    The report further states an amount of 21,600kg Raw PGM as an author's calculation of P1 category for the metallogenic potential of the district surrounding the mine for which exploration licences have been issued or are being progressed.

    Equivalence between Russian and Western resource project approval and development stages.

    The DFS report submitted for approval is, per the Russian Natural Resources industry nomenclature, referred to as a TEO of Permanent Conditions ("TEO") and sets out the parameters by which the resource and reserve may be defined, a further resource and reserve calculation with which to update the state balance, and a summary project development scheme including ore beneficiation and proposed metallurgical processes. The report is considered to be equivalent in scope and detail to a Definitive Feasibility Study (DFS) as defined in for example the JORC Code. The subsequent reporting requirement which falls directly after the now approved TEO/DFS is the Technical Project as described above.


    Rehabilitation

    Rehabilitation activities have been ongoing every year since 2016 with the rehabilitation programme for 2020 successfully completed to date.


    Environment, Social and Governance (ESG) Standards Adopted

    West Kytlim is a unique operation due to the following:

    · open pit nature of the operations

    · no blasting

    · stripping, excavation and hauling

    · no chemicals used in the production process

    · water being fully recycled

    · ongoing rehabilitation with recovery back to previous land use within 5 to 10 years post mining.

    The above-mentioned factors make West Kytlim not only a low cost PGM producer (on the bottom of the global cost curve), but also an environmentally friendly (green) operation that is important for Eurasia's focus on best practice Environmental and Social Governance principals.

    The environmentally friendly nature of Eurasia's mining process and indeed of PGMs themselves (in terms of their applications as catalysts reducing emissions and in fuel cells) have already been recognised by the inclusion of Eurasia into the relevant ESG indexes and portfolios as announced via RNS on 17 February 2021. Eurasia's full ESG compliance is a focus of institutional investors including BlackRock, Fidelity, KLP, Premier Miton, TIAA and others that have become shareholders in the Company within the last 12 months.

    West Kytlim Flanks license application progress

    The Company would like to clarify that it is in the advanced approvals of the license surrounding the West Kytlim license referred to as the West Kytlim Flanks, a final award of the license is expected soon. The outline of the area was revised to the east of the license and resubmitted in August 2020. The second application has to date received all the approvals and awaits a sign off by Federal Ministry for Natural Resources. The Company will continue to pursue this approval so that the further resources in the area may be developed, however in the medium-to-long term Eurasia's production expansion program is covered by the fully approved and issued Tipil license (24.5km2) and the current production license (21.5km2) valid till 2040.

    More information about the Tipil license is set out in the Company's announcements of 10 August 2020, 9 April 2020, 4 December 2019 and 17 June 2019.

    More information about the West Kytlim Flanks is set out in the Company's announcements of 25 August 2020, 4 Dec 2019 and 17 Dec 2019.

    Comments

    Christian Schaffalitzky, Executive Chairman commented: "We are pleased to be making very significant progress in building out the mine at West Kytlim. The Company is delivering on a phased expansion with careful and minimal capital outlay at a fully de-risked low cost PGM mining asset, quite unique globally being the largest of its kind. We welcome the recent growth in our metals price basket especially in iridium and rhodium and look forward to updating further from West Kytlim in due course. The Directors are also delighted with the institutional investors recognising the fundamentals of Eurasia and its compliance with the ESG standards, while the Company with its advisers are making progress with the strategic options available for Eurasia. Further announcements will be made in due course".



    Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

    About Eurasia Mining Plc

    Eurasia Mining plc is a palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also 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.
     
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    26 March 2021


    Eurasia Mining Plc


    Binding Agreement Signed with Rosgeo


    Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has signed a legally binding agreement ("Rosgeo Agreement") to create a new joint venture (the "JV") with Russian state-owned company Rosgeo ("Rosgeo"). Joining forces with Rosgeo in Russia with regard to the JVexpands Eurasia's world-class portfolio of mining assets on the Kola Peninsula ("Kola").


    Impact of the Rosgeo Agreement on the Company


    The Rosgeo Agreement allows Eurasia to gain a 75% equity stake in each of the nine new mining assets (the "Additional Assets"). The remaining 25% equity stakes will continue to be held by Rosgeo.


    Eurasia has paid an initial consideration of c.US$0.5 million of cash (the "Initial Consideration") for its share in the JV. In addition, incremental consideration would become payable under an earn-out structure (the "Earnout") in the event that Eurasia decides to proceed to develop the Additional Assets. The total of the Initial Consideration and the Earnout (if applicable) is capped at 75% of the value set under the relevant Russian law if the Additional Assets had initially been auctioned by the Russian state instead of being acquired by Rosgeo.


    The decision on whether to proceed and thereby incur all or part of the Earnout is wholly at the discretion of Eurasia. The Earnout (if Eurasia decides to proceed) will be spread over the period of the development of the Additional Assets. Eurasia has 24 months in which to decide whether to select some or all of the assets to develop. If Eurasia determines not to proceed with any assets, no consideration would be due beyond the Initial Consideration.


    The Additional Assets have a total of 104.6 Moz Platinum equivalent resources as at 31.12.2020 (source: Russian Feasibility Study ("FS"), TsNIGRI, Russian State Cadastre of Mines) according to the Russian standards and are comprised of:


    · Four palladium, platinum, copper, nickel and cobalt open pit deposits, upon which Russian FS completed and reserves (according to the Russian standards) approved by the Russian State Committee of Reserves (GKZ).


    Each of the four open pit deposits, which are located directly adjacent to Monchetundra, have already been studied by Eurasia with block modelling and open pits' optimisations performed by the Company. According to the due diligence done by Eurasia, the ores are suitable for toll treatment over distances of 5 to 8km with beneficiation and mineral processing at the proposed plant site between the Company's open pit deposits at Loipishnune and West Nittis.


    · A further five mostly open pit palladium, platinum, copper, nickel and cobalt assets are included in the JV, where Eurasia has carried out due diligence including c.20km of exploration drilling and some 12 thousand samples taken by Eurasia.


    Eurasia will be the operator of the JV and, if it chooses to do so, will develop the Additional Assets by implementing an EPCF (Engineering, Procurement, Commissioning and Financing) structure similar to that signed with Sinosteel for the Monchetundra open pit mines.


    In total Eurasia has already invested some US$8.3 million across the Additional Assets.


    The cash balance of the Company is currently around US$6 million with zero debt.


    The Company's existing mining operations in West Kytlim and Monchetundra will not be affected by the JV, except that the ores from the Additional Assets could be toll treated at the extension of the Monchetundra processing plant to be constructed on "turn key" basis in accordance with the signed EPC and Financing contract signed by Eurasia's subsidiary with Sinosteel. See the Company's announcement of 4 December 2019 for further information of the Company's EPC and Financing contract with Sinosteel.


    Strategic rationale


    The Rosgeo Agreement brings a number of benefits for the Company, including:


    · adding highly-attractive electric battery metals to Eurasia's metal basket (copper, nickel and cobalt on top of palladium and platinum all contained in the Additional Assets);


    · partnership with 100% state owned company focused on ESG with Environmental Management System in full compliance with ISO 14001:2015 as well as Health and Safety System in full compliance with BS OHSAS 18001:2007;


    · reinforcing Eurasia's best-in-class focus on ESG and exposure to long-term green trends globally, including via the application of the expanded metal basket to green technologies, in particular hydrogen energy and electric batteries; and


    · enhancing Eurasia's balanced portfolio of assets which combines de-risked in-production and near-term production with long-term expansion.


    Other key terms of the Rosgeo Agreement


    The Rosgeo Agreement provides that Eurasia acquires 75% equity stakes in each of the Additional Assets and Rosgeo will retain 25% equity stakes in the Additional Assets (being those companies holding relevant licenses for palladium, platinum, copper, nickel and cobalt projects outlined above). Eurasia also has a call option to acquire 25% from Rosgeo after completion of the reserves audit under the JORC Code. Any engagement with Rosgeo as a contractor in relation to the Additional Assetswill be on an arm's length basis.



    Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are delighted to sign this agreement with Rosgeo, which by expanding Eurasia's open pit assets both in palladium, platinum and in battery metals by a total of 104.6 Moz Platinum equivalent resources, unlocks a number of additional opportunities for the Company and its shareholders. By enhancing Eurasia's focus on 'green energy metals' it provides a unique opportunity to increase exposure to the important ESG and clean energy segments, whilst also positively balancing the asset portfolio. Furthermore, we look forward to working with Rosgeo, a global company with renowned proficient technical capabilities and the best partner we could have in Russia, as we are making progress on the strategic options available to the Company."


    James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "We are excited to significantly expand our portfolio by adding open pit deposits adjacent to our Monchetundra and creating a unique open pit mining PGM and battery metals district on the Kola Peninsula, where we are already established with open pit Monchetundra mine with 64% of palladium in the basket and with AISC in the first quartile of the global cost curve. With my mining EPC experience as COO of Polyus in Russia, as well as at management positions with SNC-Lavalin, Bateman and XCEL Engineering and Management and our team of experienced professionals we are going to roll out the EPCF structure we put in place for Monchetundra to the Additional Assets significantly strengthening our position in the open pit PGM and battery metals district of Kola, where similarly to the Urals open pit PGM district, we have first mover advantage in these times, when the traditional PGM districts are starting to struggle with various challenges posed by the underground mines like energy issues, environmental issues and floods to name a few".


    Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.


    A copy of this announcement is also available on Eurasia's website at:

    https://www.eurasiamining.co.uk/investors/news-announcements.
     
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    [​IMG]
    RNS Number : 0521V
    Eurasia Mining PLC
    09 April 2021



    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.


    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.


    9 April 2021


    Eurasia Mining Plc


    Director Appointment


    Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has appointed Mr. Tamerlan Abdikeev as a non-executive Director of the Company and the head of Eurasia's office in Japan ("Eurasia Japan").


    About Tamerlan Abdikeev


    Tamerlan holds a Master's Degree in International Relations and Modern Japanese Studies from Oxford University.Tamerlan has held various positions in financial industry in Asia and Europe. He was in charge of corporate planning at the State Street Bank and business development director at United Investments Japan. In 2005 Tamerlan joined PIMCO, a global investment management firm with more than US$2.21 trillion in assets, as part of the business management function across Asia Pacific (China, Singapore, Australia) and established the company's Hong Kong office in 2006. Later he relocated to PIMCO Europe in Munich, assuming responsibility for regional business development covering Russia, CIS and Eastern European markets. After returning to Tokyo in 2010 Tamerlan founded INVERO Advisors, an investment, strategy consultancy and M&A boutique focusing on private equity, project finance, global strategy, business development and cross-border M&A.


    Japanese Platinum Group Metals ("PGM") Market Brief Summary:


    · Japan, a top 4 region in terms of PGM demand (after China, Europe and North America) in 2020 according to Johnson Matthey, has an ambition to get the leadership position as a hydrogen focused economy to meet its zero-emission goal.


    · Development of new generation of catalysts based on modified materials utilising PGM to be implemented in various fields, including but not limited to hydrogen production, fuel cells and treatment of nuclear contaminated water.


    · Japanese recent investments in PGM deposits include Japan Oil, Gas and Metals National Corporation (JOGMEC) ownership of 12.95% and Hanwa's acquisition of 9.75% in Platinum Group Metals Ltd in South Africa.


    Tamerlan's achievements for Eurasia


    Reputable members of Japan's business community related to PGM are in discussion to join Tamerlan at Eurasia Japan.


    Tamerlan has introduced several Asian companies interested in working with Eurasia, including a Japanese US$21b net revenue company, that is already present in a PGM mining asset.


    Christian Schaffalitzky, Executive Chairman of Eurasia commented: "We are delighted that Tamerlan is joining us. He brings along his Asian strategic investors, that are keen on the move to hydrogen and fuel cells using PGM as catalysts and have active interests in PGM mineral deposits having been hit by the PGM supply disruptions".


    AIM Disclosures


    The following details in relation to the appointment of Mr Tamerlan Niyazovich Abdikeev, aged 42, are disclosed in accordance with Schedule 2(g) of the AIM Rules:


    Current directorships or partnerships

    Previous directorships or partnerships in the last 5 years

    Invero Advisors Co., Ltd


    Invero Technology Solutions Co., Ltd


    Invero Trading Co., Ltd


    RJABINA Trade LLC


    SMEAT LLC


    WAGYU LLC



    Mr Abdikeev holds no ordinary shares or options in the Company.
     
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    Eurasia Mining Plc


    Notice of Extraordinary General Meeting



    Eurasia Mining plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, announced that an Extraordinary General Meeting (the "EGM") of the Company will be held at the East India Club, 16 St James's Square, London, SW1Y 4LH at 11am on 28 April 2021.



    A statement from executive Chairman Christian Schaffalitzky follows below;



    Dear Shareholder,


    As announced on 26 March 2021, Eurasia entered into a transformational joint venture with Rosgeo (the "JV" or the "Rosgeo JV"), a 100% Russian state-owned company, to gain a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project on Kola. The remaining 25% equity stakes will be held by Rosgeo.


    The Directors of Eurasia are recognising several dominant market trends:


    · greener world (including hydrogen economy, EVs, hydrogen and electric hybrids) driving the demand for PGM and battery metals resulting in more favourable metal prices;


    · ESG focused open pit mining sources of PGM and battery metals;


    · expected PGM and battery metals supply challenges driven by legacy issues in the traditional mining districts of SAR and Russia; and


    · the emergence of Kola as a new district for predominantly open-pittable PGM and battery metals (Nickel, Copper and Cobalt) projects akin to the Finnish style of PGM-Cu-Ni-Co deposits.


    The Company is well placed to follow the model successfully implemented at West Kytlim and Monchetundra in developing a new global district for PGM and battery metals mining on Kola. The Company acknowledges the ESG focus adopted by its JV partner Rosgeo and its in-depth knowledge, experience, expertise and network of contacts, that make Rosgeo an ideal partner for the development of the Kola PGM district.


    Kola PGM and Battery Metals District


    The Company's flagship asset is Monchetundra PGM and battery metals project near the town of Monchegorsk on Kola. The project hosts 1.9Moz PGM reserves and resources within the approved mining permit and a further 13Moz (according to the Russian Cadastre of Mines) in Eurasia's adjacent license. In addition, further predominantly open pit deposits exist in the Monchegorsk region and host 104.6Moz of Platinum equivalent Russian Code reserves and resources that are now part of the Rosgeo JV. This creates the basis for a globally significant combination of deposits to be developed as a new mining district alongside traditional PGM supply from South Africa and Norilsk regions that have to cope with various challenges posed by underground mining, legacy infrastructure, energy supply and environmental issues.


    The Kola deposits are predominantly open pittable in a mining friendly jurisdiction with existing infrastructure. Having worked in Russia and Kola for more than two decades and through a 15-year JV with Anglo American Platinum, Eurasia has long recognised the PGM and battery metals opportunities on Kola.



    Recent corporate activity


    With the development of the Company's own asset at Monchetundra, the favourable trends now established in the PGM and battery metals markets, and the successfully concluded Rosgeo JV, the Board recognises that the Kola projects should be developed concurrently with the strategic options being progressed by the Company.


    The Directors also welcome aboard Tamerlan Abdikeev as our new Non-Executive Director and the head of Eurasia in Japan, who has already added significant value by bringing interested parties from Japan, that are keen to secure PGM deposits for nuclear contaminated water cleaning and for the hydrogen economy, where Japan is striving to take the global leadership position. Tamerlan has introduced Asian strategic investors to Eurasia who are committed to the move to hydrogen and fuel cells using PGM as catalysts and have active interests in PGM mineral deposits after being hit by the PGM supply disruptions.



    Regarding the general meeting and resolution to be put to our members, The Directors are confident that the ability to allot securities and demonstrate a capacity to develop the Kola PGM and battery metals district independently of other strategic options available to the Company benefits the Company and its Shareholders by improving Eurasia's negotiating position. The resolution proposed is a standard resolution proposed and passed at all recent Company Annual General Meetings but which, for reasons related to delays in processing votes held in Nominee accounts was not passed at the 2020 AGM held on 18 September 2020.



    The purpose of the EGM is to seek Shareholder approval for the following Resolution:


    Resolution 1 - General Power to allot securities



    That Directors be given the general power to allot equity securities pursuant to section 571 (as defined by section 560 of the Companies Act 2006 ("2006 Act") for cash, either pursuant to the authority conferred by resolution 7 as set out in the notice of, and passed at, the last annual general meeting of the Company, held on 18 September 2020, or by way of a sale of treasury shares, as if section 561 of the 2006 Act did not apply to any such allotment, provided that this power shall be limited to:


    a) the allotment of equity securities in connection with an offer by way of a rights issue to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings and to holders of other equity securities as required by the rights of those securities or as the Board otherwise consider necessary, but subject to such exclusions or other arrangements as the Board may deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange; and

    b) the allotment (otherwise than pursuant to paragraph (a) above) of equity securities up to an aggregate nominal amount of £250,000.


    The authority granted by this resolution will expire on the conclusion of the Company's next annual general meeting (unless renewed, varied or revoked by the Company prior to or on that date) save that the Company may, before such expiry, make offers or agreements which would or might require equity securities to be allotted (or treasury shares sold) after the authority expires and the Directors may allot equity securities (or sell treasury shares) in pursuance of any offer or agreement as if the authority had not expired.


    The circular, which includes the notice of the EGM, (the "Circular") and a Form of Proxy will be posted to shareholders. The Board strongly urges shareholders to review the contents of the Circular in their entirety, including the documents referred to therein, and to consider the Board's recommendation that shareholders vote in favour of the Resolution.


    The Circular, the Form of Proxy, and copies of the documents referred to in the Circular will be made available to view on the Company's website; www.eurasiamining.co.uk.
     
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    Wed, 12th May 2021 18:08

    RNS Number : 4503Y
    Eurasia Mining PLC
    12 May 2021

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.


    THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.



    12 May 2021


    Eurasia Mining Plc


    Potential asset sale, conclusion of the FSP and other updates

    Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that a proposal has been received for the acquisition of certain assets of the Company, the conclusion of the strategic review and Formal Sale Process ("FSP") and an update on its operations.


    As announced via RNS on 14 January 2021, Eurasia and its advisers have engaged with a wide range of parties interested in acquiring either the assets and/or the Company. The Company has more recently focused its attention, including providing due diligence access, on a limited number of potential bidders who had shown consistent interest in Eurasia and its high-quality asset base.


    However, after conclusion of the joint venture with Rosgeo("Rosgeo JV") in which Eurasia will gain a 75% equity stake in nine PGM and battery metals assets (four of which are post Russian Feasibility Study with state approved reserves) with a total of 104.6Moz of Platinum equivalent ("Pt eq") Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project on Kola (as announced on 26 March 2021), the Company has now received several proposals including a proposal from a credible party for the potential acquisition of substantially all of Company's assets. The Board has decided to focus on this potential asset sale.


    The Board has therefore also decided that it is time for the Company to exit from the Formal Sale Process, which has been prolonged due in part to COVID-19 lockdowns-related delays in conducting site visits (as announced on 14 January 2021).


    Until a transaction is finally concluded there can be no certainty that a transaction will occur or on what terms.


    Following this announcement, the Company is no longer considered to be in an offer period, as defined in as defined in the Code, and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased.


    West Kytlim update


    As announced via RNS of 15 March 2021, further to the approved DFS the Technical Project prepared by GIP was submitted to the Russian authorities. The Technical Project is based on concurrent production at three pits, the first two being Kluchiki and Bolshaya Sosnovka (the largest pit at the entire deposit of West Kytlim).


    Eurasia is now pleased to confirm that the Technical Project was formally approved and 3 plants will be in operation this year (as opposed to 1 plant last year). The 1st plant has commenced production and the 2nd and the 3rd are expected to commence production in this current quarter. Not only does this allow an increase in production volumes, but also mitigates the single asset risk that the Company was exposed to in previous years.


    The Technical Project to bring grid power to the mining sites is being tendered to further improve the environmental footprint of the operations and thereby contribute to Eurasia's commitment to best-in-class ESG standards (for more information on the ESG at West Kytlim please refer to the RNS of 15 March 2021).


    The Board will continue to explore value creating options for the Company. Eurasia's current advisers will be advising on these value creating options.


    Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are committed to maximising the value for all the shareholders, and we are delighted to have received a proposal from a credible party that could allow us to pay a significant dividend to all shareholders. We are also committed to the concurrent development of the Company in two PGM districts: in the Urals, where we have recently had our DFS and Technical Project approved to expand volumes with 3 plants in production this year (as opposed to 1 plant in previous years); and in the second district of Kola, where we concluded the Rosgeo JV to significantly expand our presence both in PGM and in battery metals segments. The Board has a strong confidence in our opportunity to create a globally significant PGM and battery metals producer that can be achieved through our Rosgeo JV".


    James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "After significantly strengthening our position in the open pit PGM district of the Urals and in the PGM and battery metals district of Kola recently, we are enthusiastic to advance a potential deal that provides an opportunity to monetise the value to Eurasia's shareholders. We are also focused on the creation of a globally significant producer of PGM and battery metals. We believe the timing is perfect taking into account the consistent supply disruptions in PGM and battery metals segments".


    Further AIM Rule Disclosures


    Shareholders should note that one of the potential transactions proposed is one to which AIM Rule 15 (the fundamental disposal rule) would likely apply. Accordingly, a circular would be published by the Company and the transaction would be conditional on the consent of the Company's shareholders being given in a general meeting.



    A copy of this announcement is also available on Eurasia's website at:

    https://www.eurasiamining.co.uk/investors/news-announcements.
     
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    EURASIA MINING PLC

    ("Eurasia" or "the Company")

    Private Placement of US$20m for Rosgeo JV

    20 May 2021

    Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has entered into a securities purchase agreement for a private placement of 53,306,751 new ordinary shares of the Company (the "Placing Shares") and warrants (the "Warrants") to purchase up to 53,306,751 ordinary shares (the "Warrant Shares") to a single institutional investor at the market price of 26.5p per ordinary share and associated Warrant, for gross proceeds of £14,126,289, or approximatelyUS$20m(not including any gross proceeds from the exercise of the Warrants), before deducting placement agent's fees and offering expenses.

    The Warrants have an exercise price of 26.5p per ordinary share and may be exercised at any time upon issuance and prior to the 3-year anniversary of the issuance date.

    H.C. Wainwright & Co. is acting as the exclusive placement agent in the United States for this private placement.

    The net proceeds of the placing are intended to be used primarily to finance the joint venture with Rosgeo ("Rosgeo JV"), as announced via RNS dated 26 March 2021. The Directors have decided to limit the financing to £14,126,289 to keep shareholder dilution to a minimum and to focus primarily on advancing certain Rosgeo JV projects to production via EPC and financing contracts with minimum equity injections.

    The total number of ordinary shares to be issued pursuant to the private placement, and assuming exercise of all of the Warrants, is 106,613,502 new ordinary shares, which would represent approximately 3.72 per cent of the Company's enlarged fully diluted share capital of 2,865,315,183 ordinary shares.

    Application for Admission & Total Voting Rights

    The Placing Shares and Warrant Shares will rank pari passu in all respects with the existing ordinary shares of 0.1p each in the capital of the Company. Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ('Admission'). It is expected that Admission and settlement of the private placement will occur on or about 25 May 2021.

    As a result of the issue of the Placing Shares as described above, the issued share capital of the Company, with voting rights, will consist of 2,812,008,432 ordinary shares of 0.1p each, assuming no exercise of the Warrants. As the Company does not hold any shares in treasury, this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the UK Disclosure Guidance and Transparency Rules.


    Comments

    Christian Schaffalitzky, Executive Chairman commented: "The Directors are delighted, that an institutional investor is providing finance at the market price of 26.5p without a discount to help us develop further new projects in the low-cost open pit mining district of Kola where, via Rosgeo JV, we have significantly advanced our presence in both PGM and battery metals. The Board is confident that this strategic financing allows us to take Rosgeo JV to the next level, while Eurasia and its advisers are focused on advancing our strategy as announced on 12 May 2021".


    James Nieuwenhuys, CEO commented: "We have deliberately kept shareholders' dilution to a minimum, leveraging our track record of signing an EPC and financing contract with Sinosteel. My experience working for several leading EPC contractors including SNC-Lavalin, Bateman and XCEL Engineering & Management combined with our Director Tamerlan Abdikeev's experience with Japanese EPC contractors, opens new doors. We are committed to our strategy of maximising the return for our shareholders while adding value to all our assets, including the ones within the scope of the Rosgeo JV".
     

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