COMING SOON21 Oct 2020 16:38
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.
Sign In
Follow the stocks
