Member Info for del929

@Paul, cheers. Feel free to copy, add your own and email them to the company. I believe the more people that do it the better chance we have of receiving a response. I will probably send mine tonight.

That’s what I intend to do, the BOD are welcome to give us information to convince me otherwise should they feel the need. It may also ensure there will be no technical glitches on the day of the AGM/vote

Scuba101; is the other one possibly DR, he’s got 16.2M 😉

Here’s my updated questions, any comments appreciated.

1. 12 May 2021 we received a proposal from a credible party, 28 Oct 2021 buyers DD was complete, are we still in active negotiations with these.

2. The Group’s current (as at 29 June 2023) cash position is around £40,000, US treasury Bonds valued at £1,646,255 plus around £4.1M for the concentrate at WK. What’s our projected monthly cash burn.

3. Reserves & Resources, we’ve had no update since the JV expired on 26 Feb despite losing the rights to 8 of the assets.

4. Will the proposed changes in the BOD result in an increase or decrease of expenditure

5. NKT open pit updates, when is this due for completion

6. NYUD; is there an expiry date to take up the licence, have we paid for our 75% entitlement in full, is there any possibility of an update on the JORC. Is there a breakdown of total costs paid for the Rosgeo JV

7. Why did the BOD not inform shareholders when the 2 x court cases were lodged against EUA and why no mention of either in the AR, what’s the worst case scenario we can expect

8. Why was it decided to host a virtual AGM only?

9. How many NDAs remain in place & when do they expire

10. Why was the AR not released until 3 July, when it was expected early June

11. Options; 130m @ 0.6p = £780,000 (£540,000 without CS & DS). Can you explain why you feel it was “fair & reasonable” to extend all of these to 2 Nov 2023

12. "we also note recent precedent transactions which have successfully completed despite the geopolitical situation." Whats prevented/ preventing the BOD from selling our Assets?

13. James Nieuwenhuys, stated in an RNS on joining the BOD “leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders". Was this achieved?

14. In the AR you stated “No further significant expenses are forecast for the Monchetundra project” Have we paid our Royalty payment of circa £187,000 for MT due in Nov 2023

15. DFS; I appreciate it was only approved just prior to the release of the AR, how long before the BOD read & digest the contents & give shareholders an overview of their thoughts

16. Can you clarify why there is a requirement to reinstall Resolution 6 considering it wasn’t necessary last year and you’ve advised we are fully funded for the next year

17. Communications between the BOD & shareholders are not acceptable. Invariably they are not clear, open to debate, often conflicting with previous communication received & deliberately vague

@Paul & James; I’m heading out but will look at your comments later. Not emailed them to the company yet as need to do some fine tuning etc and wanted to get others comments/thoughts first. More than happy for others to do email as well the more the merrier I think and it’s in our best interest.

Anyone got anything they think I’ve missed or would like to add?

1. 12 May 2021 we received a proposal from a credible party, 28 Oct 2021 buyers DD was complete, are we still in active negotiations with these.

2. The Group’s current (as at 29 June 2023) cash position is around £40,000, US treasury Bonds valued at £1,646,255 plus around £4.1M for the concentrate at WK. What’s our projected monthly cash burn.

3. Reserves & Resources, we’ve had no update since the JV expired on 26 Feb despite losing the rights to 8 of the assets.

4. Will the proposed changes in the BOD result in an increase or decrease of expenditure

5. NKT open pit updates, when is this due for completion

6. NYUD; is there an expiry date to take up the licence, have we paid for our 75% entitlement in full, any news on the JORC

7. Why no mention of the 2 x court cases in the AR, what’s the worst case scenario

8. Why was it decided to host a virtual AGM only?

9. How many NDAs remain in place & when do they expire

10. Why was the AR not released until 3 July, when it was expected early June

11. Options; 130m @ 0.6p = £780,000 (£540,000 without CS & DS). Can you explain why you feel it was “fair & reasonable” to extend all of these to 2 Nov 2023

12. "we also note recent precedent transactions which have successfully completed despite the geopolitical situation." Whats prevented/ preventing the BOD from selling our Assets?

13. James Nieuwenhuys, stated in an RNS on joining the BOD “leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders". Was this achieved?

14. Have we paid for our Royalty payment of circa £185k for MT due in Nov 2023

No worries Saint, I think we’re all losing it a bit with this asset sale 🤯

@Saint

Regarding the most common questions received from our shareholders to put to the Board at the AGM:

Q1: Why is the company seeking further authority, given a large fundraising has just been undertaken?

It would be quite unusual to not seek authority and these resolutions are put to shareholders at every AGM. The Board considers the Company very well-funded and does not currently have specific intentions for a further fundraising, however, the Board asks that its members make that option available, for example, in case the Rosgeo Joint Venture development this year results in proving a resource higher than already released (104.6Moz Pt eq) and only if further funding will add value to Eurasia taking into account the implications of shareholder dilution, which the Board and management prefer to limit, being collectively the largest shareholders in Eurasia Mining.

Q2: Have the board used the circa £14m from the recent placing?

No. As announced on 4 June 2021 the cash balance of Eurasia is c.$23m. The work programme is being developed in relation to the Rosgeo Joint Venture.

Q3: Can the board release a comprehensive update regarding the potential asset sale?

Our RNS of 12 May 2021 stated the Company had received a proposal for the potential acquisition of substantially all of the Company's assets, and that the transaction would make the Company subject to AIM rule 15 (any disposal which exceeds 75% in any of the class tests is deemed to be a disposal resulting in a "fundamental change of business"). The Company has provided as much detail as permitted by the AIM Rules regarding this proposal and looks forward to providing more detail when appropriate and permitted by the AIM Rules. Proceeding under the remit of AIM Rule 15 would require a shareholder circular to be published and a general meeting of shareholders held to approve any transaction.

Q4: If commenced, how long will it take for the Monchetundra Project preparatory works assigned to TGK?

The engineering, procurement and construction ("EPC") contract allows for an 18-months to 2-year construction phase to commence in line with pit preparation works, undertaken by Eurasia subsidiary TGK, in a sub-contract costed within the EPC. These preparatory works include stripping at West Nittis and Loipishnune, transportation and compacting and dumping, slope grading, compacting of run of mine pad.

Q5: If a dividend is paid, following a sale of assets, what would be the dividend date?

The Directors and management (being the largest shareholders in Eurasia) intend to proceed with a dividend payment as soon as practicable following a sale. The date from which a shareholder qualifies for a dividend will be determined when the terms for a sale are agreed.

@Saint.

Found it, RNS 22 June 2021

https://www.lse.co.uk/rns/EUA/agm-update-and-shareholder-questions-98cmqkxg267lvl6.html

BoB; this is what James states on appointment, do you feel his work here is complete? I really hope he’s secured the deal 😀.

James Nieuwenhuys, Eurasia's CEO and Executive Director: "In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the Company and its world class assets, Monchetundra and West Kytlim, leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders".

@Saint; my thinking was the last time they had a virtual AGM (covid) I’m positive they put out a circular answering a lot of shareholders questions in advance of the meeting to save time on the day and possible repeated questions. I’m voting before the AGM by telephone with Halifax as I don’t trust technology (I’m old school) and would hate to not register my vote plus wasn’t there were log in issues at the last one? Each to there own as we all want the same outcome. My opinion is if I’d performed like that in my previous employment I’d be asked to justify why, I don’t see why this should be any different.

@Saint; we get one chance per year to ask questions of our BOD, the Asset Sale is the single most important thing which we are all waiting on and you think this is an acceptable update?

Possible sale of Russian Assets

“The Board remains of the view that any buyer is likely to be found in BRICS countries. This process has now run on substantially longer than the Company's management team had anticipated. We acknowledge shareholder frustration regarding the duration of the sale process, however, we also note recent precedent transactions which have successfully completed despite the geopolitical situation. Further updates will be made as appropriate although there is currently low visibility as to when this might be. As ever, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale process.”

@Saint; do you honestly know where we are at with the Asset sale? I think why a shareholder would like more info is blatantly obvious. Clearly the markets not convinced otherwise 3p would be a distant memory.

@KoC; Is it just me who finds it a coincidence that JN retires with no notice just a few weeks prior to the AGM 🤔. Is it possible that CS wants to try make himself indispensable at the vote?

Then the BOD have a virtual AGM but no explanation as to why (I think covid restrictions are lifted now) Do they simply not want to face shareholders and answer difficult questions, very easy to have a technical “glitch” at the AGM if things get heated 😉

@Magnum; we could ask but I doubt they’d do that. Maybe it’d be easier to ask them to justify why they think it’s “fair & reasonable” to extend them all. My gripe with it is it allows Alexei to wait for news before committing to buy his 20m or so, you remember that tvvat who sold around 28M and crashed the SP 🤬

@ Saint; I’d not expect them to breach any NDAs however they could answer many other questions, a generic update on the asset sale (in simple plain English) wouldn’t go amiss. You know like we are currently negotiating with x amount of companies, the buyer who completed DD is still at the table. Why the Reserves & Resources hasn’t been updated since Rosgeo expired (that can’t be under an NDA as they’d previously gave us the details)

Stej; it seems a reasonable request imo. I also note we can vote then change our mind and re vote at the AGM. I wonder if the BOD can see the registered votes well in advance and maybe issue some updates if it’s not looking like the vote they want 🤔

I’ve emailed the company and asked if they are willing to address shareholders questions prior to voting, it’s in their best interest to clarify certain points which shareholders are rightly wanting to know. If they’re not willing or able to do that then I’m voting no for resolution 4 & 6. CS I has 110M reasons to sell the company but is it possible that while he’s still receiving a big salary it’s not so important for him. Unfortunately I don’t have that luxury in life and can’t wait forever.

@BoB; do you have a link to it? Was that the one for institutional investors that was “leaked”?

They’ve probably had lots of offers but in true EUA fashion they never answered the phone or bothered to reply to the offer email 😳🤬. In all seriousness though, their communication skills are abysmal so it’s not beyond the realms of impossibility that their negotiation skills are just as bad! Imagine trying to get a straight answer out of them. Is it possible that CS & Dimitri are too heavily invested here and that’s blurring their ability to think realistically in the current situation?

Good on you Stej; the more people that email them the more chance we have of them providing information. No point complaining after the AGM as it’s too late, it’s time they started giving us the facts rather than RNS that are open to debate. They gave a good clear update ref selling the WK concentrate so why not for all the other items.