28 January 2019

West Kytlim Production 2019

The Company is pleased to update shareholders on the West Kytlim platinum, palladium, rhodium, iridium and gold mine, and the plans for the coming year.
A contract for the 2019 season has now been agreed between Eurasia’s subsidiary Kosvinsky Kamen (‘KK’) and Uralmetmash (formerly Techstroy) to carry out mining of PGM and gold at the West Kytlim mine.

  • Work is expected to commence on site immediately, with first concentrate production expected in April, as and when running water becomes available
  • Work to continue initially at the Kluchiki area, where work finished on schedule in November 2018
  • Platinum revenues to be split on a 65%/35% basis, in favour of the contractor
  • Refinery contract between KK and the Urals precious metal refinery also renegotiated to include an extra percent payment on London Metal Exchange ('LME') Platinum prices (now at 98% LME, from 97% in 2018)

The Directors of Techstroy, the contractor employed at the West Kytlim mine for the 2018 season who achieved production well in excess of target (a total of 165kg raw platinum against a targeted 100kg), have now registered a new company, Uralmetmash, as a special purpose vehicle to focus on the West Kytlim Project. The roles and responsibilities of each of the parties shall remain largely as before, with Uralmetmash responsible for pit development, mining, ore trucking, washing and disintegration - while KK remain responsible for concentrate upgrade, shipment of mine product and distribution of metal sales revenues.

Commenting on this agreement, Executive Chairman Christian Schaffalitzky said: “We are pleased to be working again with the team that proved so effective during 2018. They were a very efficient operator last year, with a zero accident record, and financially motivated to develop the asset in a sensible manner. Furthermore, we are looking at ways to improve metal recoveries, based on the measured efficiency of the existing process flowsheet. We look forward to updating shareholders on progress and also our longer term development strategy for the West Kytlim reserves and resources before the season commences.”

Further details:
Uralmetmash intend to move on site immediately to prepare for mining, to include stripping of overburden and stockpiling of ore in preparation for washing, which can commence once the seasonal thaw is underway. The thaw can be expected sometime in April 2019.
Further state approved reserves are present elsewhere at Kluchiki and the Company awaits formal approval of a refreshed reserve assessment for this area, which was submitted on completion of a drilling program in 2017/8 (see announcement dated 25 October 2018). A second washplant can be commissioned on approval of this reserve calculation.

Eurasia and KK personnel continue to work on an enlarged exploration program for the West Kytlim Project, to include the recently approved Flanks exploration license and ensure adequate reserves available for future mining seasons. Work on analysis of the previous mining seasons performance has commenced and a sampling program has been outlined for the tailings of the 2018 season. This information will input to proposed modifications to the current circuit, with the possible addition of a jig to recover finer raw platinum fractions. The addition of a hopper to better control the loading of gravels to the front of the circuit, and achieve a more constant flow of material into the trommel, is also expected to improve recovery during the 2019 season.


Wrong thread!


26 March 2019
Eurasia Mining plc (AIM:EUA)

Monchetundra Update Sinosteel EPC Q1 2019

Eurasia Mining PLC, the palladium, platinum, rhodium and gold producing company, is pleased to provide an update on developments at the Monchetundra Project in the first quarter of 2019. Eurasia is developing its Monchetundra Project towards production following the issue of a mining permit for circa 2Moz (2PGE + Gold) deposit in November 2018. An Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package has been signed with Chinese company Sinosteel. Discussions between the parties have been ongoing since issue of the mining permit, as the project is progressed towards the production stage.


  •   Sinosteel advised Eurasia that it is prepared to work in close co-operation with CKE towards commencement of the EPC contract and the expected associated financing.
  •   Land Surveying to mineable detail to commence immediately.
  •   Evaluation of surrounding 'Flanks' to the deposits at Monchetundra as potential new development licenses is already underway - license applications to be made in due course. 

Christian Schaffalitzky, Chairman at Eurasia, added: "We are delighted to advance the Monchetundra Project. The details include not only the engineering components, but also the financing and legal documentation. We will be busy over the coming months developing our plans with Sinosteel for the mine’s start up and expected move towards production.

More via link below:


29 April 2019
Eurasia Mining plc

West Kytlim Update April 2019

Eurasia Mining PLC, the palladium, platinum, rhodium, iridium and gold producing company, is pleased to provide an update on activity on site at the West Kytlim Mine for March and April 2019.

All of the necessary mining equipment has now arrived on site at West Kytlim, the circuit is being assembled in advance of first washing of gravels, which is expected within the following two weeks.

Improvements to the washing circuit which were demonstrated to have performed well in the 2018 mining season have been approved and are being installed by the Company’s contractor. Specifically; a Jig (a fluid-based gravity separation device), has arrived at site and will operate with an additional concentration table adjacent to the wash-plant. These are designed to increase recoveries of precious metal beyond what was achievable in 2018.

Infill reserves upgrade drilling at Bolshaya Sosnovka is ongoing. Samples from the 100m drilled to date are currently being processed at the on-site laboratory, and results will be provided to the market in due course when available.

· All necessary mining equipment in place for mine start up
· Additional gravity recovery circuit added for the 2019 season aimed at increasing recoveries
· Drilling program ongoing at the Bolshaya Sosnovka area - video available on the Company’s Vimeo channel
· Wash-plant within the Kluchiki area relocated after the 2018 season. The directors believe the Kluchiki area still holds sufficient mineable gravels to support a full season of production in 2019, and two wash-plants operating concurrently through 2019-2020.

Christian Schaffalitzky commented; ‘It has been a busy couple of weeks for both our own staff in Ekaterinburg and those of our contractor. Safety on site is paramount, especially during assembly of the plant. We now look forward to building on the success of the 2018 season, which has set a benchmark to surpass in 2019’.

Further details:
Washing of gravels is expected to commence at the Kluchiki Area (‘Kluchiki’) in the next two weeks. The wash-plant has been relocated within the Kluchiki Area, and is intended to operate at full capacity for the entire 2019 mining season. The Company continues to develop plans for adding an additional wash-plant, either contracted or owner-operated during 2019-2020, which should significantly improve total throughput.

A scheduled infill drilling program at the Bolshaya Sosnovka Area is now advanced. 100m of drilling have already been completed, a further 250m are planned for later in the season. Samples from the 100m of drilling completed are now being processed at the laboratory on site.

Results of this drilling program will be published in due course . The results will also be compiled in an updated reserve report for submission at Uralnedra, as soon as practicable. This will complete the reserves infill drilling program at Bolshaya Sosnovka, on approval of the report by the Russian Mining department all gravels at that location will be considered mineable, in accordance with the Russian Mining Standard.

As previously reported (see RNS dated 25 October 2018) a report based on the Kluchiki Area within the West Kytlim project was submitted by the Company’s local subsidiary Kozvinsky Kamen (‘KK’) to Uralnedra (the Urals branch of the Federal Subsoil licencing agency). Further clarifications have subsequently been sought by Uralnedra, and were answered by the Company. The directors of Eurasia are confident the discussions will lead to a positive result in the near term.

Sufficient mineable reserves are already in place at the Kluchiki Area for a single washplant operating at full capacity throughout the 2019 season and for the operation to be upscaled with the addition of a second wash-plant during 2019-2020.

The option of using information from the 2018 and subsequent mining seasons to apply a factor to measured resource and reserve grades, thereby lifting the measured grade and contained reserves of the deposit significantly, is being discussed with Uralnedra. It is standard practice in the industry generally for mining data to supersede exploration data, especially for alluvial deposits of this nature. Further clarity on this matter will be achieved by demonstrating production data from the 2019 season, the second year of production at the mine.

A video of the drilling operation at Kluchiki has been added to the Company’s Vimeo Channel at
For further information please see the Company’s web page at


In November 2016 Eurasia had 1,457,594 shares in issue and a market cap of £11m.

Today Eurasia has 2,462,478,521 shares in issue and a market cap, based on a mid-price of 0.54p, of £13.3m.

Over 1 billion additional shares issued in the last two and a half years for a paltry £2.3m increase in market cap
most if not all of which can be attributed to an increase in the price of PGMs over that period. And this is a company that’s in production!!!

Schaffalitzky presided over the appointment of an incompetent contactor that they had to sack.

Schaffalitzky presided over the issuing of an additional 1 Billion shares over the last two and a half years despite the fact that he said back then that he would try to avoid issuing more shares.

Schaffalitzky claimed West Kytlim would provide sufficient cash making future dilution unnecessary. It hasn’t.

Schaffalitzky has presided over the issuing of presentations that are both inaccurate and misleading.

You need to look at and understand the detail here if you want to get an accurate picture of what’s going on. Last year, from 3 May to 19 September 2018, West Kytlim produced 4,549 ounces of raw platinum. The amount of platinum contained in raw platinum is, at best, 70% so the amount of actual platinum produced is only 3,185 ounces. You then need to factor in the 65/35 split with the contractor. That leaves 1,115 ounces. You then then to factor in the fact that Eurasia only owns 75% of WK. That leaves 836 ounces. You also need to factor in the fact that Eurasia has to sell the platinum to the refinery at 97% (2018 rate) of the LME price and will be charged an additional 2.75% refining fee. That leaves Eurasia with approximately 795 ounces of pure LME grade 1 platinum. On the 1st. November 2018 platinum was about $840/ounce. In other words Eurasia made $667,800 (£514,00) from West Kytlim in 2018. That just about covers the wages and social security costs for 2017.

The above helps explain the reasons why, since the end of the season in 2018, they haven’t published what they made that year and ultimately why they had to do a placing. But then they’ve known all along that they were going to have to do a placing.

TDT :sunglasses:


15 May 2019
Eurasia Mining plc (AIM: EUA)

Annual report and accounts 31 December 2018 and notice of AGM

Chairman’s statement

Last year was a key year for the Company’s development: Eurasia recorded a maiden gross profit and obtained a mining licence on its flagship Monchetundra Project. At the time of writing production is ramping up for the year to full scale at West Kytlim and the Directors now regard Eurasia as an established mining Company.

The Company’s strategy, as outlined since 2015/16 was to develop the West Kytlim Mine to production, and to generate sufficient revenues to allow the Company to pursue development of its further interests, while minimising possible dilution of the shareholder base.

As a standalone unit the mine at West Kytlim demonstrated excellent profit margins during 2018 and contributed to the gross profit at group level. The economics of this style of operation - with limited overheads and capital expenditure are assured, however expanding the mine at West Kytlim to multiple operating sites is now a key objective for the Company. The Directors’ look forward to continued successful production at West Kytlim and believe the Company can grow its West Kytlim operation to become the largest alluvial platinum mine globally. The Directors’ believe West Kytlim mine cash flows, from a single operating and contracted washplant, notwithstanding considerable final settlements of loans through 2018 (which made the Company debt free) are now sufficient to make significant contributions to the running of the Company at Group level.

The issue of the mining license at the Company’s flagship Monchetundra Project in December 2018 was a further welcome addition to an already successful year. The reserves comprise palladium plus platinum, gold and base metals. The Company’s plans for the project’s development with Eurasia’s working partners at Sinosteel (one of the largest corporations in China) and the Central Kola Expedition, the key contractor in the region for both Russian and international companies, can now be progressed. The project is a more considerable undertaking than West Kytlim and could be transformational for the Company. The Company continues to keep all options for this major project’s development on the table and are further encouraged by the potential to add further to the reserve and resource base directly adjacent the project.

Finally, the Directors would like to thank Eurasia’s shareholders, old and new, for their continued support -and look forward to delivering further tangible shareholder value in the coming years. Also, the Directors would like to thank all management and staff for delivering on the Company’s goals in recent years but particularly through the transformational year that was 2018. With the mine at West Kytlim now well established and the Monchetundra Project fully permitted, the Director’s believe they have established a firm base on which to build a strong and diversified exploration and development Company

More via link below:


Chairman’s statement

“…and look forward to delivering further tangible shareholder value in the coming years.”

He’s got to be having a laugh.



From this morning:

03 June 2019
Eurasia Mining plc (AIM: EUA)

West Kytlim Production Update

Eurasia Mining, the palladium, platinum, iridium, rhodium and gold production Company, is pleased to report on production at the West Kytlim Open Pit Mine. Development of ore blocks has been ongoing since the first quarter of 2019 in preparation for the washing season. As mining and development of reserve blocks can be carried out in advance of gravel washing, it was decided to commence mining and to stockpile the ore. It is intended that the ore stockpile be maintained at the washplant site. This ore has been and will be continuously sampled during excavation to confirm the grades and acts as a buffer to ensure continuous feedstock for the onsite washplant. Full scale washing and production started in the second quarter.

· Mining on-going at West Kytlim Project since 1Q2019.
· Ore stockpile of around 30,000m3 of ore creates a buffer of material to ensure constant production.
· Full scale washing and production started in the second quarter.

Chairman, Christian Schaffalitzky commented ‘We are confident of a strong second year at West Kytlim in 2019 with mining ongoing since the first quarter and with the full scale production and washing started in Q2. Our own team and that of our Contractor are building on their experience of last year with several modifications to the circuit aimed at further increasing efficiency and metal recovery. We will publish the improved grades and recovery numbers later this year, after these improvements are confirmed over longer term production period.’

Further detail:

Update in Kluchiki Open Pit Mine:

Reserve blocks have been developed at the Kluchiki Open Pit Mine in the first half of this year. A ore stockpile of around 30,000m3 was established at the washplant site and is now being fed through the trommel using a feeder system. This addition to the washplant is designed to establish a more consistent flow of gravel through the plant than the excavator used to feed the washplant in the 2018 season. Maintaining a consistent flow of material improves washing efficiency and metal recovery.

A graphic of the West Kytlim and its mines is available on the Company’s website at:

A site visit to describe the operation and demonstrate upgrades to the washing circuit by means of video blog is scheduled for later in June 2019. Whilst all updates will be provided through the Regulatory News Service, in the usual way, shareholders are also encouraged to follow the non-regulatory progress at the mine site through the Company’s media channels including:

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.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


10 June 2019
Eurasia Mining plc (AIM: EUA)

West Kytlim DFS approval, Reserves upgrade and Production expansion strategy

Eurasia Mining, the palladium, platinum, iridium, rhodium and gold production Company, is pleased to report that the feasibility study of permanent conditions (equivalent to a Definitive Feasibility Study (‘DFS’) in Western minerals industry reporting codes) has now been approved by the authorities for the Kluchiki Area, where mining is currently ongoing. A revised reserve calculation, prepared in accordance with the DFS is also scheduled for approval by the Russian Government, in accordance with the Russian Mining standard. The reserves at Kluchiki were recalculated after reserves infill drilling, performed in 2018, expanded the ore bodies at that location and upgraded the calculated reserves from C2 to C1 category ore.

Furthermore, a new strategy for reserves approvals has been adopted by the Company going forward. All Russian category C2 Reserves at all areas on the West Kytlim license are expected to be upgraded to C1 category in a single drilling program. The drilling program of circa 2,600 m of shallow drilling, 140m of which has already been drilled at the Bolshaya Sosnovka area, is fully funded. The Company expects this drilling program to be completed during 2019 in parallel with mining, and are excited about the opportunity this presents to increase capacity at site

· Kluchiki DFS now approved by Russian Mining authorities.
· A new strategy for reserve upgrade drilling has been adopted by the Company and is aimed at allowing major capacity expansion. All C2 reserves within the mining license are anticipated to be upgraded to C1 category ore.
· The drilling program is fully funded and now underway.
Production of raw platinum is ongoing at site with recent new additions to the washing circuit reported to be working well.

Chairman Schaffalitzky commented:
“The new drilling program is designed to save time and cost by reducing the reporting required for approvals at individual sites. It also creates the potential to open the project up to much greater production volumes and, by potentially lifting the majority of ore to higher reserve categories, could increase the market value of the asset. We look forward to updating on the program as it progresses throughout this year.”

Further detail:
Kluchiki DFS approval:
The Kluchiki ‘feasibility study of permanent conditions’, considered equivalent to a DFS in western mineral industry reporting codes’, has been approved at a sitting of the Uralnedra Reserves Commission (the Russian Mining Authority). A revised reserves statement, on which the DFS is based, is now scheduled for approval at a later sitting of the Reserves Commission and is aimed at bringing all reserves at the Kluchiki area to Russian C1 category. A final statement on the total current approved reserves at Kluchiki will be issued in due course.

A new strategy for reserve upgrade drilling designed to streamline statutory reporting and allow for capacity expansion:
All C2 reserves within the mining license at the Ust Tylai, Ust Tylai Right, Bolshaya Sosnovka and Kosva Valley areas are anticipated to be upgraded to C1 category ore in an aggressive drilling program to be carried out in parallel with production during 2019. The fully funded program aimed at raising all reserves to C1 category will use drill rigs operated by Eurasia’s drilling contractor is now underway. A second shift will be added to the on-site laboratory to process samples generated.
Shareholders are encouraged to follow the non-regulatory progress at the mine site through the

Company’s media channels including:


Reading between the lines they didn’t have the necessary detail at West Kytlim to satisfy the authorities and are now required to do a whole load of additional drilling.

The same, I expect, applies the Monchetundra except on a much larger, and therefore more costly, scale.

Same old same old from this lot.

TDT :sunglasses:


24 June 2019
Eurasia Mining plc (“Eurasia” or “the Company”),

Issue of Equity & Directors’ Holdings

Eurasia Mining plc (“Eurasia” or “the Company”), the PGM and gold producing company, announces that it has today issued 25,273,400 ordinary shares of 0.1 pence at 0.5 pence per share, being the closing price on 21 June 2019 (the “New Shares”) in settlement of invoices for various services including accrued directors fees.

The Directors and management have decided to continue to receive their compensation in shares and to reinvest the cash generated by the mining at West Kytlim into further expansion of production. It is expected that this will accelerate the payback to the Company and its shareholders and is a further demonstration of Directors’ confidence in the Company’s operations. .

Of the New Shares:

(i) 8,500,000 ordinary shares are being issued to Executive Chairman Christian Schaffalitzky, in lieu of £42,900 accrued directors fees, bringing his total holding to 89,569,517 ordinary shares or 3.60 % of issued share capital;
(ii) 9,920,000 ordinary shares are being issued to Non-Executive Director Dmitry Suschov, in lieu of £49,600 accrued consulting and director’s fees, bringing his total holding, including shares held in a company in which he owns and controls, to 465,647,496 ordinary shares or 18.72% of issued share capital ; and
(iii) A further 6,853,400 ordinary shares are issued at 0.5 pence to consultants in lieu of accrued fees.

Accordingly, the Company has today issued a total of 25,273,400 new ordinary shares (“New Shares”). Application has been made to admit the New Shares to trading on AIM and dealings in the New Shares are expected to commence at 8:00am on or around the 28 June 2019 (“Admission”)

Following Admission, the total number of issued ordinary shares in the Company will be 2,487,751,921 ordinary shares and consequently the total number of voting rights in the Company will be 2,487,751,921. 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 the share capital of the Company under the Disclosure and Transparency Rules.


13 August 2019
Eurasia Mining plc (AIM:EUA)

Monchetundra Update Sinosteel EPC H1 2019

Eurasia Mining PLC, the palladium, platinum, rhodium and gold producing company, is pleased to provide an update on developments at the Monchetundra Project in the first half of 2019. Eurasia is developing its Monchetundra Project towards production following the issue of a mining permit for the circa 2Moz (2PGE + Gold) palladium dominated deposit (as announced on 20 November 2018).

A Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package has been signed with Chinese company Sinosteel. Eurasia and its contractors are making progress on the production preparation activities stipulated by the EPC as TGK’s (Eurasia’s 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK under the subcontracted works for the total amount of $50m, $26.5m of which will be paid by TGK to Sinosteel, as TGK’s contribution equity contribution to the EPC (the remaining $149.5m is a 10 year loan facility at 6mLIBOR + 3.5%).

· Flanks area application finalised and approved by Eurasia’s board for submission to Rosnedra. Eurasia’s TGK as the production license holder has exclusive rights for the flanks that are expected to increase the resources severalfold
· The Detailed Project Design Report (including open pit design, detailed land survey of the two open pit sites, etc.), the preparation of which was contracted to Central Kola Expedition (CKE) is now ready
· Agreement signed with Intec International Projects Pty Ltd to look at process improvements to further enhance the profitability of the project
· Eurasia and its contractors are making good progress on the production preparation activities stipulated by the EPC with Sinosteel as TGK’s (Eurasia’s 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK

Christian Schaffalitzky, Chairman at Eurasia, added: “Our team and our contractors at CKE continue to progress our plans for the development of this palladium dominated open pit mine. It is our intention to significantly increase activity on site over the next 6 to 12 months to accomplish activities stipulated by the EPC with Sinosteel as TGK’s responsibilities to initiate the payments from Sinosteel to TGK. We look forward to launching this mine walking in the steps and learning from our experience from the successful mine launch at West Kytlim”.

Detailed Project Report
Eurasia’s long-standing working partner at the Monchetundra Project, the Central Kola Expedition (CKE), which has a good track record working with Barrick, Norilsk Nickel, B2Gold and others, commenced site work in May. The specific physical works agreed were related to the open pit design, and a detailed land survey of the two open pit sites.

The area of the surface facilities and the related infrastructure is also being surveyed. Provisional locations have been determined and approved by government agencies in approving the Mining Permit, however a further level of precision is required for mining. Forestry clearing and Forestry commission approval is not considered to be a significant factor in infrastructural planning, and it is not expected that any population centres will be directly affected by the open pit mines development.
CKE has also prepared a work proposal for trial mining locations, which can commence under Russian legislation on already approved C2 category ore body.


Full interview: Eurasia Mining PLC’s chairman encouraged by progress at Monchetundra flagship
14:37 Wed 14 Aug 2019

Christian Schaffalitzky, chairman at Eurasia Mining PLC (LON:EUA), tells Proactive that good progress is being made with the groundwork ahead of construction Monchetundra mine in the Kola Peninsula in Russia.

EPC contractor Sinosteel will start to build two open-pit mines and the processing plant at the palladium-rich PGM deposit once the preparation work is done.

That essentially means getting the site ready and making sure all the infrastructure is in place, says Schaffalitzky.

In addition, Eurasia has applied for rights to the flank areas of Monchetundra, which he says can boost the existing 2mln PGM resource ‘several-fold’.


16 September 2019
Eurasia Mining plc (AIM: EUA)

Senior management team appointment

Eurasia Mining PLC, the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has appointed Mr. Alexei Churakov as a Strategic Advisor to the board of the Company (the “Board”). Mr. Churakov is a former Goldman Sachs and Morgan Stanley senior investment banker specialized in the mining sector. He has been involved in multiple mining cross-border M&A transactions operating from Moscow, London and New York. Alexei brings his extensive experience in mining M&A to the Company, as well as his top level contacts with major international and Russian mining and trading companies operating in the platinum group metals, gold and base metals sectors including Lesego Platinum, Boliden Group, Gold Fields, Glencore International, Sumitomo Corporation, Norilsk Nickel, Polyus Gold, Polymetal International, Ural Mining and Metallurgical Company, Russian Platinum and many others.

More via link below:


26 September 2019 (07:00)
Eurasia Mining PLC (AIM:EUA)

Monchetundra flanks application submitted

Eurasia Mining PLC, the palladium, platinum, iridium, rhodium and gold producing company, is pleased to announce that an application for an exploration tenement adjacent to and surrounding the deposits at Loipishnune and West Nittis within the Monchetundra project, has now been submitted to Rosnedra for approval. Eurasia is developing the Monchetundra Project towards production following the issue of a mining permit for the circa 2Moz (2PGE + Gold) palladium dominated deposit and the award of an Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package, to Chinese company Sinosteel. The EPC contract relates to the development of two open pittable deposits at Loipishnune and West Nittis, however the directors believe there is a strong case for further resources in the on-strike continuation of these deposits, which are included in the applied for Flanks area.


· Flanks area application now submitted to Rosnedra. Eurasia’s TGK (Eurasia’s 80% subsidiary) as the production license holder has exclusive rights to the flanks areas which the directors believe have the potential, given drilling success, to increase the resources severalfold.

· An 8km2 area has been applied for to cover on-strike continuation of mineralisation at both the Loipishnune and West Nittis open pittable reserves.

· Significant resource potential has been identified by previous exploration in the area and is recorded in Russian state archives, notably in the Nittis Kamuzhaya Travanya (NKT) Massif area to the north of West Nittis, which contains resources of Palladium, Platinum, Gold, Nickel, Cobalt and Copper. The area between the Loipishnune and West Nittis deposits is also highlighted as having significant potential, further details of which can be found below.

× The Monchegorsk Complex and Monchetundra Massif, which host the West Nittis and Loipishnune deposits are known to contain type examples of the majority of the layered intrusion and contact hosted PGM deposit types recognised globally.

× Regionally, the mineralisation in the Monchegorsk area is recognised (as outlined below) as being genetically related to the Fedorova Pana layered intrusion which contains the Fedorova tundra deposit controlled by Barrick and containing 1.2m oz Platinum and 5.5m oz palladium. With the submission of this Flanks application, and the already state approved reserves in the Loipishnune and West Nittis deposits, directors believe Eurasia to be well established as a dominant player in the PGM space the region.

Executive Chairman at Eurasia Christian Schaffalitzky highlighted ‘It has always been quite clear that the mineralisation at West Nittis was in fact clipping the edge of a much larger potential target in NKT, as a contact hosted PGM target - in fact the area was partially mined for high grade copper and nickel veins in the past but never systematically explored for palladium and other PGMs. Whilst outlining the resource at West Nittis the area was not available as an exploration license. Similarly, at the Loipishnune deposit there is strong support for further on strike extensions to our identified ore body which were not sufficiently outlined prior to the submission of our mine plan. On receipt of the flanks area exploration license these areas will become high priority brown field exploration targets which the directors believe may increase the resources for the project severalfold.’

More via link below:


26 September 2019 (07:05)
Eurasia Mining PLC (AIM:EUA)

Interim report for the six months ended 30 June 2019

Eurasia Mining plc, the platinum and gold production company, announces its interim results for the six months ended 30 June 2019.

Chairman’s Statement

Dear Shareholder,
The first six months of 2019 saw the Company embark on its second season of production at material levels at our West Kytlim alluvial platinum, PGM and gold mine. Production has been ongoing at site since May of this year concurrent with the project’s most aggressive drilling programme in recent years. Earlier in September the Company moved forward in its plan to operate its own mines and purchased the necessary processing plant and other equipment. The West Kytlim mine is now operating on an owner basis, with 100% of metal revenues payable to Eurasia as opposed to 30-35% prior to September this year. Our experience on-site over the past number of years ensures our people have the necessary skills and expertise to successfully run the project from resource definition right through to concentrate upgrade and shipment of saleable product.

Our plans for sustainable phased production increases at the project incorporate resource and reserve upgrade programmes with further capitalisation of the asset from the mine’s cashflow - this at a time of more buoyant metal prices and a generally bullish outlook in the PGM sector, especially for palladium, platinum, iridium and rhodium as well as gold that are all in the basket of metals of our sellable product.

Meanwhile, the Monchetundra Project was progressed considerably with important technical statutory reporting finalised and submitted to the relevant authorities by mid-September 2019. The flanks application surrounding the approved reserves and resources at both the Loipishnune and West Nittis deposits was also finalised and submitted for approval in late-September. Work is now ongoing to tie up the remaining work required to commence the Sinosteel EPC and see the 2Moz Monchetundra project through to production.

Progress has therefore been steady at both of our main projects through 2019. We thank our shareholders and supporters of the Company and look to further build on our recent successes to all our benefit. We also welcome Alexei Churakov to the Company in a role as a strategic advisor. As announced recently Mr Churakov has already made very significant contributions to both the West Kytlim and Monchetundra Projects. It is our intention to continue to broaden the experience base on our board in the coming months as we continue to transition from an exploration focused Company to an established PGM mining Company.

Christian Schaffalitzky
Executive Chairman

Full report via link below:


24 October 2019
Eurasia Mining PLC (AIM:EUA

Engagement with CITIC and VTB Capital

Eurasia, an established producer of palladium, platinum, iridium, rhodium and gold is pleased to announce that CITIC, one of China’s largest investment banks and VTB Capital, one of Russia’s largest investment banks (together the “Banks”) have already started (even prior to signing their respective engagement letters) assisting the Company with strategic options for its current mining assets (the Company’s Kola and Urals assets (the “Assets”)), including assessing the proposals set out in the announcement on 15 September 2019.

If the Company was to dispose of both of its Assets, then AIM Rule 15 (Fundamental Changes of Business) would apply. Such a disposal would require shareholders’ consent, an announcement which contains the information set out in Schedule Four to the AIM Rules; and be accompanied by a circular containing the details of the disposal and convening a general meeting to approve it.

At this time, however, there can be no guarantee that any transaction will occur and/or that the Assets will be sold.

The Banks have agreed to work on a success fee basis, so that their motivation is directly linked to a successful completion of an alternative asset transaction superior to those outlined in the announcement of 15 September 2019. The interest from the Banks is originating from the recent palladium acquisitions namely Stillwater for c. US$2bn by Sibanye in 2017 and NAP for approximately CAD$1bn by Impala Platinum earlier this month. The title of the slides for investors prepared by VTB Capital is as follows: “The Last Non Consolidated Palladium Play”.

Further updates will be provided in due course, as appropriate.

Christian Schaffalitzky, the Chairman of Eurasia commented: “The board is pleased that major banks such as CITIC and VTB Capital, the largest investment banks in China and Russia respectively, are interested in Eurasia’s PGM deposits including the ones in Kola which are much improved in size following the addition of the new ‘Flanks’ areas (see announcement dated 26 September 2019). Our total resource with the account of areas within the flanks contours is about 15 Moz of PGM (mostly palladium) that we believe puts us in a completely different league of major palladium companies already in production stage.”


25 October 2019
Eurasia Mining plc

Exercise of Warrants & Trading Update

Eurasia Mining PLC, the established producer of palladium, platinum, iridium, rhodium and gold in Russia, has received notification from warrant holders to exercise warrants over 16,053,612 shares of 0.1p in the share capital of Eurasia (“the Warrant Shares”). The consideration for the exercise of the Warrant Shares amounts, in aggregate, to a cash value of £85,000.Application has been made for the Warrant Shares to be admitted to trading on AIM, which is expected to be on or around 31 October 2019 (“Admission”). These shares will rank pari passu with the ordinary shares of the Company in issue.

Furthermore, cash payments from the refinery, for sale of metal from the operating West Kytlim mine for PGM already delivered, are due before year end. The payments for platinum will include a final payment for other metals namely palladium, iridium, rhodium and gold. In this regard Eurasia is not planning any new share placings in the foreseeable future.

Commenting on the exercise, Christian Schaffalitzky, Chairman, added: “With the recent share price increase a number of shareholders have indicated they wish to exercise their warrants and hold these shares long term. We are grateful to them and likewise the Directors have indicated they are holding their 22% in the Company on a long-term basis. As the Company prepares for a significant increase in production at the West Kytlim mine next year, the funds from our operations and from the warrants will be used to prepare for mining at the second site and to upgrade our wholly owned equipment, now that we are no longer using a sub-contractor and enjoy 100% of the margin as opposed to 30-35% previously. We, the Directors, therefore believe the Company is in a strong financial position going forward”.

Total voting rights

The Company’s total issued share capital upon Admission will be 2,503,805,533 ordinary shares. 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 Disclosure and Transparency rules.


Hi Totaly_Wired.
Do you know when the warrants were due to expire ?


Hi Ripley94, no but should be easy enough to find out from the EUA website.