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@LB, the BOD also stated in the Rosgeo JV agreement RNS on 26 March 2021;
“Eurasia had invested some US$8.3 million across the Additional Assets at the time of the announcement”
That averages around $900k per asset spent before they even had the agreement in place.

IMO they never told us exactly what there plans are for the JV so it’s impossible to know if it’s going as expected, it certainly doesn’t feel that way with NYUD. If they get the JV extended beyond 26 March then rinse & repeat would be very good (as long as things move quicker than with NYUD). Ref the share options, it’d be good for shareholders confidence and our bank balance to see them taken up as soon as they are legally able to (assuming that’s the reason they didn’t previously)

@Ragsrob; I find them stating the JV is fully funded as a bit of a red herring, do they mean just for NYUD or all 9 assets? It’s not very clear and with funds running low I can’t see how they can progress anything else without an asset sale. Likewise how can they state 80% of any sale will be paid as a dividend unless they know the 20% remaining would cover the future projects? To state that they’d have to have had an idea of the offer for MT & costs to proceed with Rosgeo.

@Ragsrob “Imo Anyone invested with a ounce of sense would welcome a raise if it facilitated a sale”
I’d not welcome a raise, the BOD turned down an offer of additional funds at around 26p so they can Feck right off if they want my vote to raise at these levels. If they require more funds I’d want it to be accompanied by some pretty comprehensive details as to why they now need it and first I’d want to see some BOD resignations.

I believe the next 3 months are going to be make or break for EUA. MT DFS, NYUD licence, NKT open pit JORC are all pending, the Rosgeo JV expires on 26 March. The BOD have to deliver something, unfortunately everything seems reliant upon Russian Gov depts who to date have gave us nothing since the “Special Op” commenced, IMO thats not a coincidence. Meanwhile the available cash is running down (I’d love to see a breakdown of expenditure) and won’t last forever. WK income is never going to fund the BODs long term plans and I cant see a placement getting shareholders approval. Meanwhile the BOD and their salaries have increased and I’ve genuinely lost count of the amount of licences we have applied for. I’ve no idea what the short, medium or long term future of EUA is anymore. The BOD have notoriously been economical with the truth/facts and slow to give us updates. On paper this has massive potential but it appears we’ve hit a brick wall. The BOD has spent a hell of a lot of money circa $45m income from 3 placements and to date only WK has actually progressed. The Rosgeo JV has been very expensive with zero returns to date and has possibly taken our focus away from where it should be (Russian Asset sale) Has the BOD tried to run before they could walk or even crawl or are they totally out of their depth in this current situation? The numerous appointments over the last couple of years may suggest so. My confidence in the current BOD selling anything is at an all time low. Please BOD prove me wrong!

Q1 could be interesting;
1. 12th May 2021; “We are delighted to have received a proposal from a credible party that could allow us to pay a significant dividend to all shareholders” 603 days ago.
2. Nyud Licence; (1 Sept 2021) in advanced state 491 days ago.
3. Asset sale; (28 Oct 2021) buyers DD complete 434 days ago.
4. NKT JORC; (16 Dec 2021) Work on the open pit part is in progress and the NPV of that part will be announced separately 384 days ago.
5. NYUD JORC (8 Feb draft CPR with BOD for review) 331 days ago.
6. Rosgeo JV; options on 8 Assets expires 26 March.
7. 151,000,000 BOD & management options are due to expire 2 May 2023.
8. MT DFS: submitted Dec 2022.

Thanks LB, let’s hope they give you a response to clarify the situation. IMO cash will become an issue fairly soon. There’s still investment needed at WK (1 more dragline & 3 wash plants I believe). Work been carried out by WA, licences pending which I’d assume will all have costs associated to them if approved. BOD salaries, Japan & UK offices running costs, Rosgeo JV has 8 more assets to pick from by 26 March and look how much we’ve spent on NYUD! plus probably lots of other things we’re not aware of. The current cash, WK stash and tax credits along with ongoing Income from WK isn’t going to be enough to cover all those for long. I don’t think another placing is an option as I think they’d struggle to get shareholders approval at present. IMO approval of MT DFS will be very quickly followed by a sale of MT announcement.

Lenoman, thanks for confirming. So we must have spent a minimum of $31m on Rosgeo (assuming all the WK $10m has been spent on the 1 dragline & 3 wash plants) and only confirmed NYUD so far for Rosgeo, it’d be nice to know how much went to WA and what all the work they’ve done for us so far is.

Ian, all those costs I understand relate to WK which I understood was funded by a separate placement of $10m. If my memory serves me right there was an additional two placements of $35m specifically for the Rosgeo JV. I may be wrong but it’s certainly in my memory somewhere, I’m sure someone can correct me if I’m incorrect.

Truth; I actually agree with you reference the cash situation. We have no idea how much they still have to pay out for WA to complete the NKT open pit, any other costs for Rosgeo or simply to buy out their 25% of NYUD if we ever get the licence. Also should we decide to proceed with any of the other 8 assets, is there a cost as that’s due to expire on 26 March. Ref WK I’m positive but not certain we were planning having two drag lines and 6 wash plants which all will have to be paid for. Having said all of that, the BOD must be fully aware of their outgoings v incoming & current available funds and you’d like to think they will have it all covered.

Cheers LB, appreciate it.
Truth; what a very childish response. Thanks for your valuable input!

The total of reserves and resources in the table on EUAs website is 184.6Moz of Platinum equivalent for Rosgeo, MT & NKT with a comprehensive breakdown by metal.
Does anyone know what the reserve & resources figures breakdown are for MT, NKT & Rosgeo?
All I can find is;
NKT; 11.2Moz of Platinum equivalent resources.
Rosgeo; 104.6 Moz Platinum equivalent resources.
MT 2Moz Pt eq in reserves.

On 26 March 2021 EUA announced a JV with Rosgeo which included 9 additional assets with a total of 104.6 Moz Platinum equivalent resources.
Eurasia has 24 months in which to decide whether to select some or all of the assets to develop. Eurasia had invested some US$8.3 million across the Additional Assets at the time of the announcement.
An additional $35,000,000 was raised in 2 placements to fund the project.
NYUD licence was originally applied for on 1 Sept 2021.
JORC with BOD for review on 8 Feb 2022.
We have spent a hell of a lot of funds, time & effort with zero return to date. Surely it’s got to come good very soon.

I view this as good news, “IF” it applies to EUA then clearly it’s in Russia’s best interest to approve the transfer of the Nyud, future Rosgeo & all other licences pending including MT DFS.

Mac, you stated this “ If they were not looking at the long term, then why make an application which has been known to take circa 9 month (approx) previously to complete?”
Yet for months you’ve been stating the ERDC agreement fast tracks everything (except obviously Nyud licence) I wish you’d make your fecking mind up!

KRSS; do you have a link or can point us in the direction of who’s stating that? It’d be great if true

Rob, they referenced the Japanese office assisting, that could mean absolutely anything. The BOD have said no news due to NDAs, silence on both parties until licences etc are in place and also keeping their heads down due to the Ukraine war so why would they suddenly start giving us hints on Japan in the one update they’ve gave us in months? They’re probably saying that to justify the having the directors & an office there. I thought they said it’s a BRICS country?

I’m focusing on what’s hopefully going to happen in 2023 as that’s got to be EUAs priority right now. Get the Russian assets (MT & NKT) DFS & JORC and sell them. All this talk of the Rosgeo JV, EUA V2, Japan & Sakhalin Islands is getting way ahead of ourselves. Do we really think NYUD licence transfer is taking so long because of an admin error or something similar or more likely because we are a UK company (remember our agreement with ERDC was supposed to make things quicker/easier) I can’t think of ANYTHING the Russian Authorities have approved for EUA since the war in Ukraine started, that tells us that nothing is as simple as it was going to be a year ago.

Mac, those updates are from earlier this year, I’d imagine a hell of a lot has changed since Putin decided to invade Ukraine. NYUD is officially our “template” for the Rosgeo JV projects and look how slowly that’s proceeding, 483 days ago the BOD advised us it was in an advanced state! We need to be realistic that plans/expectations and blatantly official approvals from the Russian authorities have probably changed since Feb 2022. IMO we should focus on the MT DFS which has just been submitted (how long that will take for approval?) and the NPV for the NKT open pit which the BOD told us they were working on 376 days ago. Both of these assets could be sold immediately and then let’s see how the Rosgeo JV & EUA v2 plays out.

Excellent post @lovelyboy. The NYUD licence transfer has been (and still is) a bit of a disaster, it’s obviously taken much longer than expected. As a template for future Rosgeo JV projects I’d say that something would have to change as the process seems to take far too long. Hopefully issues will have been identified and resolved. With a bit of luck they might get Nyud issued ASAP but not holding my breath.