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In whatever way it happens. Let me just say that I've been working on these projects since, well, more seriously, since 2003. And, you know, I originally selected the Kola Peninsula as my first new project when I came into the company.

So it's my baby in that sense. And, you know, I really think it would be nice to see the crystallisation of that value as soon as possible, basically. And that's really what we're working to do.

You're a seasoned businessman. And I'm just wondering, is this the project that has given you sleepless nights? Obviously, since the Ukraine crisis it has. But at the same time, you know, I had another project which I often laugh about.

But basically, it's my first time as a geologist. I went to London on a roadshow as a young as a young geologist for another company. And we arrived on Black Monday, 1987 in London.

And by lunchtime, we realised it was pointless to talk to anybody in the city because all the screens were red and nobody was listening. So we went for lunch instead. And so that would have been my worst moment by far.

You know, even though I was only a peripheral player, it was really educational. You can only do what you can do at the end of the day. Exactly.

Yes, I remember that the screens were red, but the pubs were full. Correct. The silver lining.

Christian, it's been an absolute pleasure. Thank you very much indeed. You've answered nearly all the questions.

And I appreciate that. Thank you very much indeed. Thank you.

And thank you to the audience as well. Now, I'm just to let you know that there is a poll which is incoming and I need you to do a quick response to this before the poll appears on our screen. I just want to give a huge thank you to all our speakers and Rob Dubble, the technical director at London Broadcast, Paul Cornelius, Cat Perez, Dave Danu and the production team behind this webinar platform.

And thank you, of course, to our hosts, London South East and Focus IR. We look forward to seeing you at our next webinar. Details to be announced.

And so we're we're expecting that that will improve. And in addition, require, you know, in addition, add further, shall we say, interested shareholders as opposed to just investors for the sake of the share price? I mean, you know, investors who understand the strategic importance of what it is we're doing as a company, which, if you like, has got a bit lost because of the crisis. I mean, that's that's really where that's the reason I gave these slides today to remind people why it is that this asset is really interesting and exciting.

Yeah. And, you know, if, as I said to Thomas, if if there is peace on earth, would you immediately see financiers, institutions, offtakers knocking on your door? Well, I mean, based on the appetite beforehand, I'd have to say yes. I mean, before the crisis, I'd have to say yes.

So here we are. I mean, you and I are speaking virtually at the moment, but who is banging Eurasia Mining's drum in Russia? Who are the company's ambassadors who are making sure that you're relevant and and yeah, that you're relevant in Russia? We're blessed with with having teams of a lot of a lot of our staff have been on in the company a very long time. And it's clear that we've managed to maintain all our licences in good standing.

We've never had a licence cancelled. We've never had any difficulties with our tenure. Basically, everybody's doing their job properly and we are in good standing with the government.

That's all I can say on that matter. And that is as good as it gets in Russia. So I know that a lot of shareholders would.

I mean, you've appeared a couple of times within four weeks. Shareholders are enjoying seeing you virtually. Is there any chance that they'll get to see you in person? What about an AGM? At the moment, yeah.

I mean, the real difficulty is that, you know, we we are conscious of the fact that we are internationally spread as a board, but I haven't I haven't made a decision about that. So thank you for the suggestion, Sarah. I'll think about it.

Very good. Right. So just to recap, because a lot of I had four sheets of A4 of questions for you, mainly to do with the sale and frustration that assets weren't being sold.

But from your response to my first question, it sounds as though a sale isn't a priority, but the development of these... Oh, I wouldn't say that now. Sorry, Sarah. I wouldn't say that.

I'd say sale is a priority. But we are keeping in mind, in view of the changing geopolitical environment, that it could be possible for us to do otherwise. Right.

Understood. So what would you like to have achieved, even under these these sanction filled conditions? What would you like Eurasia Mining to have achieved by the end of this calendar year? I would like to have created the value that we lost before the Ukraine crisis. That's the simple answer.

And that but it's not a prospectus in the sense that it provides new.

It's largely based on last year's annual report. So there won't be any new, improved information that will come out in our own annual report, obviously, which will be due in June this year. OK.

There is a question that has come through about what's the purpose of having an office in Japan and what are the staff doing there to sort of increase shareholder value? Well, the office itself is definitely not closed, but certainly no longer a major priority because we're not developing the hydrogen assets, which we had planned for eastern Russia. That was the main reason why we had the and also with Japanese interest, in fact. So that was the reason it was established in the first place, again, before the crisis in Ukraine.

And so we have had to go back to our basic assets, which is what we're talking about. And however, the directors there have been really helpful and very useful. In particular, they have been adding a lot of value for us in the in the sale process.

And, you know, that's all I can say about it at the moment. I'm really glad to have them in the team. OK, so the value add now.

But is there a crisis where 10 percent of the company's entire share capital is concerned? One person is asking about the quealed court case and disputed ownership of 10 percent of the share capital should shareholders be concerned about that? I don't see why. I mean, there are always rows with with between shareholders themselves. You know, I mean, that's nothing to do with me personally.

And the company is entirely neutral in this argument. We don't we don't really mind. I mean, obviously, it means that that shareholding is frozen in a sense, you know, that they they obviously can't buy or sell until the court cases are resolved.

But as far as the company is concerned, we're neutral. But we want to be sure that when we were being asked to make a decision about the ownership of those shares, that we did not. We did not complete a transaction with the wrong owner.

And that was what the that was what the problem was originally. OK, understood. So how confident are you that you'll get a secondary listing underway soon in 2025 and have a good team? Yes.

We're still on target for the end of this quarter. The end of this quarter, very, very good. That's the plan.

Just remind your UK based investors how they will benefit by you having a dual listing. Well, hopefully if it works well, which which is our objective, because we'll be marketing in a completely different environment, is that we will be increasing the liquidity of the shares, which, by the way, is not bad. I mean, you know, compared to some companies, they're excellent liquidity.

So Christian, I'm sensing a reluctance to sell the assets. And is that because the assets remain exciting to you? And that actually the business climate in Russia is softening, it's becoming more welcoming and sanctions are soon to be lifted? Well, we don't know what's going to happen geopolitically, but I would say that that is correct. Basically, we are feeling partly re- energised by the possibility that we could take the lead on the project.

But at the moment, I can't possibly say that. I have to wait for other people to sort out the geopolitical situation. But at the end of the day, you know, one way or the other, we're going to get value for this.

This is what our objective has been for, well, for years, really. And obviously, and I said this before at the other webinar, when the Ukraine crisis began, we went literally overnight from a seller's market to a buyer's market. You know, we had a lot of people interested in the projects, shall we say, Western companies who simply could not respond immediately after that event.

And that has been something we've had to live with. And as I said, the main thing we've done is we've kept the projects going. We've made sure that the assets are maintained in good standing and that they're available, that they have been continued to develop in order to maintain their value.

We've done that. And that's the best we could do. Okay, understood.

Now, I don't mean to be rude, but for a while, it's appeared as though the company's been dormant and there's been a lot of inertia. But you have raised money successfully. You're capitalised, I think, until this time next year.

So what is that going to? Is that developing those assets that excite you? Or is the biggest cost at the moment storing the concentrate that you've currently got there? No, it's a sort of bimodal activity, really. In other words, we are working hard on making sure that the Russian activities are self-sustaining. And we've achieved that and that they can continue to work and develop the new projects, as well as based on the income and the assets that are being the asset that is being mined in the euros.

Meanwhile, though, we have a lot of things to do, if you like, offshore, to put it crudely, not in Russia. And in particular, of course, we're looking at our secondary listing in Astana. And the reason for that is that there is a big chunk of our former shareholders who are not, unfortunately, served by the London market.

And we were being approached by various, shall we say, investors with that in mind. What can we do about that? And what we're doing is exactly that. We're listing in Astana with that objective.

And that's one of the questions that I've also been getting is, is there a prospectus and so on? Not exactly. We will be publishing what is basically a seven page almost box ticking document that's required by the Astana Exchange, which will be published both in London and in Astana simultaneously.

This just summarises the resources that we have in our, our reserves and resources, which we have within our licence areas. And just pointing out that of the, of the pure EV demand metals, Nornickel and Eurasia Mining are the two quoted public companies with assets in Russia, which are positioned to take advantage of the, of the future demand from the metals that we all expect are going to be required. This is historical slide.

Our capitalisation as of the 20th of May is shown on the left-hand side, all in US dollars. The market capitalisation in the end of 2020 had reached 1.6 billion US dollars. The NPV on the NKT deposit alone by estimated by Ward and Armstrong in 2021 was 1.6, approximately 1.7 million billion dollars.

Research by H.C. Wainwright, who were the people who raised us a lot of money in the past before February, 2022. In fact, this particular research report came out almost within the time of just when the war started in Ukraine. Unfortunately, that is what caused the collapse in our, in our asset value, as we all know.

And then finally they have the ACF report, which also published was based on projections of what we could be worth in the future. But basically I feel that the rest of we are sitting here working on this project simply because we do not want to lose the clear value that sits in the ground within our asset portfolio. So on that note, I'll finish speaking.

I just, as I said, I just wanted to recap to remind shareholders of which I'm sure there are a few online of what it is that we we're working on. As I said, we're expecting to try and get our NKT project completed this year and added to the Machu Tundra to make a combined feasibility study for the development of both projects at the same time. Some people have said, what about the Sino-Steel contract? And I would say, yes, perhaps, but one of the things we have to keep in mind is that we're, that the war is not over yet.

And we have to make sure that whatever we do fits into the geopolitical climate that's available for us. And in the meantime, there is no question that the best way for us to get asset value is a sale of the assets themselves. But we will of course, keep the option open of developing the project ourselves.

Basically it's a large, low case, low cost nickel deposit with a long life considered to be company making. And this is exactly why a company like Eurasia concentrated on trying to develop these assets going forward. And just having a look now at the, at the district, you'll see, if you can see my point cursor, I hope you can.

This is the West Nittus and Lloyd Pishnoon permitted open pit deposits ready for development, which were together are called Monte Tundra. Then we have a licence areas, which are the Monte Tundra flanks. And in particular, then the, the additional NKT in blue here, where, which is, which is, was subject to the ward at Armstrong early feasibility study prior to our more detailed work.

And this the, the combination of everything within that red area is what would be developed as a single mine. You know, obviously phased, but basically the single mine, a few things to point out is that we have two major power lines literally running down this main road here and in this Valley. And that means that the, the area has really good infrastructure.

That's the main road from Ormansk to St. Petersburg, and it's a dual carriageway for part of the part of the road. And then you have the city of Monte Gorsk in here with a refined nickel refinery located right beside NKT. In fact, the early NKT mining was, was what created this development in the first place.

But, but the mine closed without having completed its reserves and resources because it was a different type of deposit, which was being exploited within this licence at the time. Nowadays, we can look at much more lower grade ores that are bulk mined. In the past, they were just mining out veins.

So the reason I show this slide apart from the infrastructure I've just touched on is that we have within the immediate district, a number of other deposits you've, you've, you've seen us write about nude where, where the joint venture is on hold, but basically it's our information and the potential joint venture is available for sale together with our assets over on the West side of this district. And then on top of that, there are a number of other deposits that are fairly well understood, but which obviously could be developed in the future. And as the person with the, with, as, as we expect to be the first company to have a operating mine and processing plant, we're well-placed as first mover within this district with a very long potential history possible in the development.

Where we were all doing lots of it. And today, today, we're resting on the laurels of the people who worked in the 70s.

And really, there is a need now for significant exploration required for sulphide nickel and copper in general. Looking at Russia, we're up in the Arctic, in particular in the Kola Peninsula, which is adjacent there to Finland. You can see it on the map here.

But largely also, if you go eastwards to the Norilsk area, together with what we have in the Arctic, in our part of the Arctic, you have significant copper reserves where Russia is number four in PGMs and number one in palladium, number two in platinum after South Africa. Nickel reserves number three and cobalt number two. So basically the key metals that are required going forward for the modern industry and just modern industrial demand is a very important area.

And it's one of the reasons I think why, shall we say, modern geopolitical developments are focused on trying to sort out the Ukraine crisis and move on, because simply to have such a large part of the planet as not available for mining or exploration or trading is a big problem for the demand of Western industry in particular. To remind you then about what are we on about in Eurasia? Basically, we have the Monte Tundra open pit assets, which are permanent and ready to go. And then together with that, though, what has changed everything was the discovery or the addition of the NKT area, which is immediately northeast of the West Nissus open pit area.

And there we have really large scale assets to be developed. But of course, in timing terms,

they're behind the advanced and completed Monte Tundra feasibility studies and permitting for mining licences. However, we are expecting to complete the NKT permitting the application for mining licences later this year, and then it'll have caught up with Monte Tundra.

And one of the questions that I keep getting more recently, and I haven't answered properly, but let me do it now. The DFS is in a way, partly historical document because it needs to be rebuilt together with the NKT assets. And so this, this will be a combined development.

There's no question about that. And therefore, we need to make significant changes to the development of the project to incorporate the, the base metal, metal, the base metals that are in the NKT assets, while the Monte Tundra licence is largely PGMs with, with by-product copper and nickel. The life of mine we have here is 15 years, but as you'll see in a moment, that will change.

And I'll show you why momentarily. A lot of people have been asking what's tier one. If you Google tier one, just to ask what is, what is a tier one nickel mine about, you'll get this kind of page and you'll see Eurasia mining actually gets mentioned in, in the, in the context of its NKT project.

Okay, well, welcome, everybody. Today, I'm following up on a webinar which we had some time ago, a few weeks ago, where I spoke in general about the corporate activities of our company. And we spoke about our assets.

I answered a lot of questions. So I thought I would do something completely different today. And that is remind everybody what it is that we have in Russia and why are we so tenaciously working to make sure that we get value for all of us.

And probably something which we haven't stressed enough in the past is how advanced our major projects are in the Kola Peninsula in the Russian Arctic. And this first slide, by the way, shows as a background is a rather poor image of the West Kitlam mining area, which has been rehabilitated after. Well, this area had been was completed some six years ago.

And you can see that there is very little trace of our mining activities. And that's what we argue is that for West Kitlam in particular, that our mining activities have very low environmental impact. So moving then to the main assets of the company, which are in the Kola Peninsula up in the Russian Arctic, we have got a suite of metals, which is nickel, copper, a little bit of cobalt and PGMs, platinum group metals, which together form a very valuable asset in itself.

But more importantly, the nickel and copper in particular are key to the new metals required for the battery industry. And in particular for copper, the whole infrastructure required for electronics, for just power lines, even a lot more power lines are being built with the diversified grid that is happening all over the world with renewables, etc. And it's important to look at the

metals in that context.

And we had focused on the Kola Peninsula because it had a history of base metal mining and indeed of PGMs and the PGMs we started on. And then the opportunity came to acquire the adjacent ground, which again, I will touch on momentarily. Just to recap on the details of the industry, basically nickel and copper are two of the primary metals that are supporting industrial activities worldwide.

And I would like to focus particularly on copper, where there was a huge boom of copper production based on the Chilean deposits, which were worked basically from the late 60s through the 70s and to date. However, they have now none of those very large open pit resources have been replaced. And there is little doubt that in the future, we're going to need every tonne of copper we can find.

And in nickel, it's less obvious, but that's because, again, the industry has changed in that there are two types of nickel sulphide and lateritic nickel. And the sulphide metal is also, if you like, a declining resource on the planet, mainly because exploration had gone through such a long fallow period. It's still going on.

In fact, today, very few people are doing proper grassroots exploration, which was the main activity that I joined the industry in the 70s.

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