This strategic decision was the culmination of many years of hard work by our team in realising the11 Feb 2021 20:06
Years and years of hard work - they'll get the maximum for share holders - THEY WON'T BE RUSHED!.
NOTE: first mover advantage in Kola PGM , approval of MT is what has spurred interest in EUA by multiple parties. WHAT DOES THAT SAY to you? - It tells me MT is a monster!!!
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.
Christian Schaffalitzky, Executive Chairman.
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We still have $7m in the bank
Generating cash at WK
DFS sorted - "On approval West Kytlim will contain the largest soft rock PGM resource globally."
Tipli sorted
MT - monster
48,405m drilling
(announced via RNS of 18 August 2020) is related only to one part of the Flanks License (NKT) and comes on the top of
33,100m drilled by Eurasia’s Joint Venture with Anglo American Platinum. The Russian feasibility study on the NKT
palladium dominant mine (within the boundaries of the Flanks License) gives 15% IRR at the palladium price of $659
per 1 oz, while the current palladium price stays above $2,000 per 1 oz due to long term structural deficit in the palladium
market.