Client NewsEurasia Mining plc: Share Price Movement and Progress Update
Eurasia Mining Plc (“Eurasia” or the “Company”), the palladium, platinum, rhodium, iridium and gold producing company notes the movement in the Company’s share price yesterday and notes that the share price remains below the 26.5p price at which the $20m private placement, assisted by H.C. Wainwright, with US professional institutional investors was completed on 26 May 2021 and would like to announce the following summary:
· Significant developments have been made at our operating West Kytlim mine, the world’s largest alluvial PGM mine, with 3 washing plants launched to production
and several open pit areas being stripped including one at Kluchiki and two at Bolshaya Sosnovka as opposed to one area and one plant in previous years – single
asset risk is therefore eliminated at West Kytlim. Electricity grid connection and electric dragline are on track to be commissioned as announced via RNS on 11
August 2021 to further reduce the mine’s carbon footprint, improve Eurasia’s ESG credentials and reduce the cost of production that is already in the lowest
quartile of the global PGM cost curve.
· Rosgeo has confirmed to Eurasia that the process on the license for Nyud and Moroshkovoe open pit deposits is in an advanced state.
· Block modelling and open pit optimisations are now complete for 6 out of 9 Rosgeo JV projects that in total represent 104.6Moz of platinum equivalent resource
(according to the Russian State Cadastre of Mines) as announced via RNS on 26 March 2021.
· The Monchetundra Definitive Feasibility Study (DFS), contracted to CKE and EMR (both defined below), is in the final stages of its development further to the
successful completion of geotechnical and other studies performed by Gipronickel (an engineering arm of Norilsk Nickel) as well as an audit by Wardell Armstrong
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