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· Eurasia has no bank accounts with Russian state-owned banks.
· The Company also has no relationship with any Russian state-owned banks.
· Eurasia's production (palladium, platinum, rhodium, iridium and gold) from the operating mines is sold in the domestic market at prices with a market discount to the LME prices fixed in USD, while the costs are mainly fixed in Roubles, whereby a weakening Rouble exchange rate has a positive impact on the bottom line of the Company.
· The Sanctions do not prevent the Company from executing on its strategy as announced.
Eurasia Mining Plc
Kola Nickel Incorporation
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that Eurasia has incorporated a 100% beneficially owned subsidiary, Kola Nickel LLC, following the Tier-1 Scale JORC Mineral Resource Estimate produced by Wardell Armstrong International ("WAI") at NKT, a nickel mine formerly operated by Norilsk Nickel (as announced via RNS on 16 December 2021).
Highlights:
· Nickel is now the main metal in Eurasia's basket of metals (on a Net Smelter Royalty basis) following the JORC Mineral Resource Estimate produced by Wardell Armstrong International at NKT. Work is being finalised on the high-grade veins part and the open pit part of NKT, as well as on the assaying to upgrade the resource to be separately announced in due course (please refer to RNS dated 16 December 2021).
· Kola Nickel LLC was incorporated as Eurasia's 100% beneficially owned subsidiary in order to carve out all the nickel assets of Eurasia into one subsidiary company.
· Similar to NKT, Nyud's main metal is also nickel. Nyud is included in the agreement with Rosgeo (for more information on Nyud please refer the last bullet point below and RNS of 26 August 2021).
· Wardell Armstrong International was engaged by Eurasia to produce JORC Mineral Resource Estimate at Nyud, as well as a CPR and net present value model. The results of this engagement is almost complete and will be announced separately.
· Like NKT, Nyud is a nickel open pit mine previously operated by Norilsk Nickel. A trial open pit was developed at Nyud by Norilsk Nickel and nickel dominant ore was shipped directly to Severonickel, the world's largest nickel processing plant. Similar to NKT, the Nyud area is well served with the infrastructure required for the relaunch of mining and processing and the tailings will be used as backfill for the old NKT mine developed in the past, following the best practices in ESG and saving on the tailings storage facility capital expenditure.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are focused on further prioritising nickel as Eurasia's main metal, while we consolidate formerly operating nickel mines in one subsidiary company. We continue to observe significant interest in nickel dominant mines, especially in the ones closer to production like formerly operating NKT and Nyud brownfields relaunch".
James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are looking forward to finalising the consolidation of formerly operating nickel mines on the Kola Peninsula. Splitting our nickel, PGM and hydrogen projects into separate subsidiary companies allows us to execute on our strategy as announced".
Glossary
"Tier 1 Scale" means deposits that are "company making". They are large, long life and low cost. Using long run commo
I’m expecting Kermit the frog to appear with the monthly update later, this is becoming an absolute muppet show. People have a lot of money invested here and expect a bit more professionalism from ALL involved in running the business.
It’s sometimes feels like the board are out of their depth, please sort this out and start acting like a multi million pound business.
Seems like an as you were rns with 165 for September as most expected, no surprises good or bad but I’m sure it will drop as usual after all update, seems to be the norm. Trying to stay positive but this share makes that difficult at the moment.