Member Info for Broxburn68

It's probably worth pointing out that the concentrate inventory is effectively sitting in the Russian West Kytlim / KK side of the group, not in Eurasia Mining plc itself.

Yes, I think he is being particularly opaque about the KK sale, judging by the auditor's opinion. Also there is still no detail at all about how they propose to fund TGK to progress the pre-contruction activities at the Kola assets, assuming that this is the course they plan to take.

The "important milestone" of the first significant net profit is misleading as well. Eurasia showed a £7.17m profit for 2025, but that does not mean the business made £7.17m of cash. Most of the profit came from an £8.47m foreign exchange gain. This is an accounting gain caused by exchange-rate movements, mainly linked to the rouble. It is not the same as selling more product or receiving more cash.

If you take out the 2025 foreign exchange gain, Eurasia would actually have made a loss of about £1.25m before tax. It's largely a reversal from 2024, when Eurasia suffered a £6.39m foreign exchange loss

The cash position tells the same story. Cash fell from £3.68m at the end of 2024 to £2.54m at the end of 2025. This happened even though the company raised about US$4m from a placing during the year. So without that placing, the cash position would have looked much weaker. However, EUA did also hold £3.30m of platinum concentrate inventory at year end, which they should be able to convert into cash as required.

All the sales of concentrate were through KK. The only mention of these sales seems to be in the annual report.

Del929

The auditor's note on P50 (5.2) in the accounts indicates that KK is included in the consolidated accounts as a continuing operation. There is no provision for the potential sale, or classification as an asset for sale. The note in full is as follows:

"The Directors concluded that KK/West Kytlim did not meet the IFRS 5 held-for-sale classification criteria as at 31 December 2025, the sale was assessed as not highly probable at the reporting date. Accordingly, KK has not been classified as a disposal group held for sale in the consolidated financial statements, KK continue to be consolidated by the Group in the usual manner, with its assets, liabilities, income and expenses included within the relevant line items of the consolidated financial statements.

The proposed transaction for the sale of KK, a Russian business owned by a Western economy entity during this time of sanctions is unprecedented. The timelines for Regulatory approval are also uncertain. The directors assessed the transaction did not meet the “highly probable” requirement under IFRS 5 and have continued to account for KK as part of continuing operations".

Https://hotcopper.com.au/threads/ann-filing-of-us-1-25-billion-statement-of-claim.9008044/

Wow, good luck with this!

Not suggesting for one moment that achieving anything like the value of the settlement is possible, but good to see the fight against the Spanish government is still tenacious and determined.

Del929

Can anyone here clearly explain what EUA actually needs to do to trigger the Sinosteel EPCF deal?

From what I can see, it looks like EUA would have to put in roughly $26.4m themselves to activate the contract. The overall contract is $176m, and Sinosteel’s financing covers 85% ($149.6m) through a ten-year loan.

There’s also the $50m TGK sub-contract: a subcontract for $50m is assigned to TGK to cover all preparatory engineering and pre-strip works on the two open pit deposits. TGK expects that this subcontract will be sufficient to meet the 15% equity contribution required for the project.. So the question is:

Do they need to spend about $50m up front on prep work,

or

Is it simply the $26.4m contribution needed to kick things off?

Obviously, a straight answer from EUA would clear this up, but as things stand it looks like they still need to raise $26.4m to get the financing activated as a minimum financial contribution.

https://polaris.brighterir.com/public/eurasia_mining_plc/news/rns/story/w3d64jx

There's a good chance here that there will be an initial discrepancy between the share prices on the Kazakhstan exchange on opening and London.

There is likely to be a spike on the secondary exchange on very small volumes which will realign over a few weeks.

We'll see what happens, but be aware of volumes traded in Kazakhstan, and the undoubted ramping which would accompany any such discrepancy, if it occurs.

Same applies to you GLG!

You're better than that punter! Maybe you should go back to posting positive/ negative comments with some reasoned basis like you used to under a different guise.

Crypto, fair point but don't sink back to abuse.

Both of you are better than this, whatever your opinion.

What the hell is going on with this share chat?

I've looked in over a few years now and posted occasionally, but honestly it just seems full of petty tit for tat.

I "know" the majority of these posters over time, sometimes under various avatars, and they can actually be capable of reasoned debate and points of view at times.

What on earth is the point of all this nonsense posted? Surely if you want to encourage/ discourage others about the investment case here you can rise above meaningless abuse to other anonymous avatars and put your points forward in a more intelligent manner?

Here's the most recent video posted in 2018 on Vimeo from EUA themselves, just to put folks in the picture. There are now three wash plants, mind you:

https://vimeo.com/271657537

Oh, for goodness sake! Most of these images are watermarked and have nothing to do with EUA whatsoever.

Love the Indian/ Russian accent too!

Del929

Regarding the secondary/ dual listing we have not heard from EUA as to whether they plan to issue new shares in a placing or not.

The Astana listing will probably facilitate the raising of new funds for the Russian assets in due course. It’s likely that the recent UK placing was for “refinancing” arrangements for the UK company only. Sanctions would not permit funds to be sent to the Russian subs.

If they do not issue new share capital in Astana, there’s likely to be a discrepancy in the share price between the two markets for a few weeks.

This happened when a company I was invested at the time listed on the Spanish Bolsa without issuing new share capital. The Spanish SP was double that in its other listings, before settling back to near parity within a month or so.

Arbitrage between markets is not a straightforward process, so demand considerably outstripped supply, hence the rapid rise in the Spanish SP. It takes time for brokers to buy shares in the UK market and convert them to the local currency.

This rise occurred on tiny volumes.

It will be interesting to see what course of action is taken re placing or not when the new listing becomes live.

B1ll & Spikeyj

Given that there probably *are* issues for EUA raising funds in London, there is an alternative that they can use the secondary listing on KASE if and when they can they can get this approved.

It *is* possible for a company to cancel their main listing and to continue to trade on a secondary exchange, subject to regulatory requirements on both exchanges. This would give EUA the option to raise funds on the KASE exchange, without the probable restrictions which apply to raising funding in the UK.

(For those who would want to keep holding, it would be necessary under these circumstances to register with a broker who is licensed by the KASE to trade the shares)

It needs more than words to make it real..

https://www.youtube.com/shorts/OgagkRcbNAM

YouTube link here:

https://www.youtube.com/watch?v=-ieIGBijJvU

" anyone who says the company cannot sell the concentrate for at least £4,127,939 is literally arguing with the auditors"

These interims are not subject to audit like the annual financial statements are. The valuation of the concentrate may therefore be somewhat more subjective.

Sorry, commas mistyped:

Loss before tax: £6.084m

Borrowed funds (long term): £21.718m

See below extracts from Kosvinsky Kamen Accounts for the YE 31.12.2023, given exchange rate of 115 rub/ £. Full accounts in link.

P&L:

Revenue: £1.395m

Cost of sales: £1.577m

Gross loss: £181,713

Expenses: £6.456m

Loss before tax: £6,084m

Balance Sheet:

VAT tax Asset: £116,478

Cash: £1.14m

Borrowed funds (long term): £21,718m

https://www.audit-it.ru/buh_otchet/6614005227_zao-kosvinskiy-kamen

Mr_Wolfe,

Perhaps some topical selections could be:

For Mac, GMF78, etc: Pied Piper (2:10)

For all those still hopeful here: Better Days Ahead (5:50)

For all who have invested in AIM stocks: Bravemansgame (3:30)

Best of luck to all!