Member Info for Jarv55

Furion I don't think Putin will grab the assets and I don't think we will get a sale yet either, I think they are waiting for these elections to be over. If Trump gets in it will be a whole different ball game for the war. Thart doesn't mean that Eua can't move forward with Eua2 though especially as we are getting out of Russia.

CS isn't going any where until we get a sale.

Furion bit of a daft post of course he is keeping the minerals we are selling.

GLG actually agree with you on this he should get the rns out so we know what is going on.

Seeking Susan is full of s h i t . If we had a deal like that we would be suspended.

I don't think its the dfs the buying here started on the 4th June

Shares to buy do explain why you think they will be bust.

Del the AR will only go up until the end of 2023 a lot has happened since then with the tax cases, so I am hoping they can give us some details on that. I am probably being stupid to even think that they will, but its time they let us know what their plans are. I personally don't expect a sale for a while but they can defo update us on the cash situation.

Regarding the Nda's they can last from 1 year to 3 years lets say the first buyer is still at the table we don't know how long they have been there but lets guess 2021, we know the most recent nda was signed in June last year, now depending on the length of that nda 1 to 3 years they could indeed be coming to an end or it may go on for another 2 years, if its only a 1 year nda contract from June it could possibly allow the company to finally give us an update that is straight forward and to the point, instead of all this cloak and dagger stuff we have had to put up with for the last 4 years.

So Christain lets be having you. Get rid of Yellow Jersey who lets face it don't know their ars from their elbows due to having very little information given to them, so tell us where do we stand and where are we going?

What is our cash position now? John Meyer let it slip we have sold half of the concentrate is that true? Have we had money back due to Vat? What money have we got back from the tax cases? What are the costs for care and maintenance Cough! How much are all the bod being paid? How many bidders are at the table? Will we get costs back from the case with Queeld seeing as we are neutral now? We know their shares are worth a lot of money if they weren't they would not be fighting for them. So will we ever get to see the DFS or is that a state secret now? Are we still selling the assets and branching out into renewables (presumably somewhere a bit safer) or something that is not directly mining related? If we are branching out into Eua2 will we buy new assets and have a name change? Is the buyer Chinese seeing as the company said Hong Kong are involved. So many questions it is time for some answers!

Bill lets see if we get any more info in the AR.

If anyone does have any questions would suggest contacting Eua's Pr that is what they are being paid for.

shiv@yellowjerseypr.com

I think that's all the questions that I have received from the shareholders today together with the historical ones.

I thank you all for engaging so actively in our business. That's what this AGM is about. It's what it's for.

As I keep explaining and we keep reiterating, we've said in the AGM, in the annual report, we are focused very much on capitalizing on our work,

which for me, I've been with the company 20 years, and we've taken what were greenfield projects and turned them into significant assets.

That was the job we were given to do as explorers, which is what I am.

We now have the assets ready for development. One of them, of course, is an actual mine, and the other is ready for mining.

In that regard, we have been very successful. The eruption of the Ukraine crisis has clearly derailed the value creation,

and I can't take the blame for that I didn't start the war.

Basically, we must do the best we can, unless we will continue to do on your behalf, and all our behalfs.

Regarding speculations about what a sale would look like in Russia,

I can't possibly answer that question either, because no two sales have been treated the same way in Russia up to this point.

This final question was the ongoing court case of the period in November. That is the Queeld and Mispare one that I've referred to already,

and it has no affect on the sale or assets.

In fact, the sale of the assets doesn't affect the share question.

The shareholding question is entirely within Eurasia. If we sell the assets, that's what belongs to Eurasia.

The shareholder is not relevant.

The important is that whatever the board decides to do, it must protect the interest of all the shareholders, and that is what the court case did about.

The question here about how much of our cash last year was spent on due diligence,

and the answer is not much.

Most of the expenditure was completing the development of West Kytlim,

and as I explained already, that was all done.

It was already committed and spent before the war broke out.

We had committed to the drag line, the electrification of the size, all of that was underway.

So basically, that's what most of the money was spent on last year.

There's a question here about the other Rosgeo JV areas.

I can't ask that question directly except to say that we have to keep it under review.

What we're doing now is not under sanction, and we must be aware that anything new that we do is also clear.

That's all I can say about that.

There is a point made that if we set our Russian assets in a way,

you could consider us to be a cash shell, but that might not be the case by the time we get there if we are looking at new projects.

That's true. I can't possibly comment on that at this time.

There's questions here about what can we identify to prospective purchases?

I've made it very clear we can't do that, and we're not allowed to, even if we wanted to,

because AIM will only agree to us publishing an actual commitment from a potential purchaser.

The procedure would be quite straightforward.

Basically, what would happen is if we get a formal offer, we'll announce it to the market,

and that formal offer will then be put to the shareholders and held at a meeting of the shareholders to decide whether they want to accept this or not.

It's a very simple process.

The question here asking about this duration version two, what would it look like?

We're still developing that, but we will keep you informed when we have a clear roadmap for that.

Regarding a timeline to appoint a new CEO, I think I've said already that we would do that

when the sales process has reached its conclusion.

Our larger shareholder Dmitry Suschov.

His current role in the business remains a specialist.

He has a specialist role within the merger and acquisitions activities of the company,

and he's still very active in that area.

Needless to say he also, like myself, as significant shareholders care a lot about the sales process being successful.

I must stress that. Some people seem to think that we act independently of the shareholders.

We are shareholders, and it's important that we get a result on behalf of the company.

There's a question here about the Ukraine crisis generally and its effect on us,

and I've already said that we are not affected by sanctions directly,

and can there be a sale, of course there can, but the problem is there are a lot of factors now

which are unpredictable, and we have to live with that.

But it doesn't interrupt what we're trying to do, nor is anybody stopping us from trying to do that.

Are we being restricted by regulators and what we announced to the public?

Well, we have to follow the AIM rules. We have to follow the Stock Exchange rules.

We are restricted from speculating, for example, which is what you want us to do.

You would like us to tell you everything we could about the sale process, blow by blow.

And as that is the dominant activity that we're involved in, it would be great if I could do that.

But not only by AIM rules, but also by the restrictions under confidentiality agreements with a buyer

we can't say any more than that.

And I know it's frustrating for you, but there's nothing I can do about it.

Sorry, I don't understand my question. I'll pass it over.

The question here about the shareholders who invested at 26p.

I don't know the status of our current shareholder lists.

Perhaps I should know, but I didn't find out before this meeting.

And what I would say is, and this is an important part of the question,

are such big shareholders receiving information that everybody else is not in the answer?

It's very clear. Of course, they're not.

We only communicate by RNS or by Twitter in so far as we can,

where it cannot be market sensitive data on Twitter, it can nearly be background information.

But the only way we communicate with shareholders is by RNS.

That's the rule, and that's all we do.

A question about the drag line. It's performing very well.

At the moment, it has carried out a lot of stripping work, and is also now stockpiling ore for treatment.

So, yes, it's working very well now.

There were some hiccups in mid-2022 when it first commissioned, but they've all been sorted out.

I would add, by the way, the main thing to say about West Kytlim is that we have basically rejigged,

or we're in the middle of completing a complete re-calculation of the way the operations will be organized now

that the electric-dominated operation, and there are a number of places where significant savings

and operation costs are being made, and we want to complete that process of making a full assessment of where we go

with the mining operations from now on.

There's a question here about the mining industry in general, and how it affects where Eurasia would go in the future.

I can only highlight that we've spoken about Eurasia version 2, which is basically moving into the hydrogen economy, and in fact, renewable energy in general,

which was linked directly to our projects in our mining projects in Russia.

That was our intent.

But now, obviously, the expertise that we've developed and the background that we've gained means that we would look at projects

as a way of transitioning maybe out of pure mining.

But again, that relies on having a successful sale and development of our new business plans going forward.

Here's a personal question.

Do I intend to retire after the asset sale, and are I going to retire this year?

Well, all I can say to that is I've been working with the company for 20 years,

I'm still a very significant shareholder in the company.

I want to see the asset sale completed successfully.

It's very much my, I don't like the word "swansong",

but clearly it's something that needs to be done, and with a view, I'll answer this question later,

but with a view to where Eurasia will go in the future, as we have spoken about in general without being specific,

I think it's fair to say that at 70 years old I deserve a rest.

There's a second question about the accounts, which I think I've already answered,

the 28 million, and as I said, it's all the expenditure that we've made of significance ourselves in the projects in Russia.

There's a question here about the dividend, and so on.

All I can say is that's our plan.

A dividend should we make a successful sale, there should be a special dividend.

It's very much what we plan to do, but first of all, we have to get the sale done,

and that is on which that's a particular question is related.

There's a question here regarding what the variations in remuneration for directors.

Basically, I'm not quite sure what this is based on, except to say that the Japan office does have different workloads throughout the year,

and that can vary the amount of expenditure under the headings of the Japanese directors.

There's a question here about will the company proceed with the Sinosteel contract,

if we don't manage to sell the project. Let's just say that that is not a question

we're really considering in detail, we want to sell the project,

but clearly that is definitely an option.

It's a very good EPC-F contract which includes the financing element of it as well,

and it is very attractive and certainly is an option for Eurasia to be considered in the future,

should we not sell, but as I said, our priority is the sale of our assets.

Regarding would we sell the stockpiled PGMs?

Yes of course we would, and it's just part of what we have as our reserves in the company.

The favorite question which I get on phone calls from a couple of my long-term shareholders is,

can you give us any confidence that we will achieve our ambition in the sale of its assets?

All I can say is that we're very hopeful that a sale will be completed this year,

and there are a number of reasons for that, but obviously because of confidentiality,

I know this is very frustrating for you, but because of confidentiality with the perties to

we are speaking, we cannot say more than that for the moment.

There's a question here about do we have a good relationship with Russian authorities?

Well, I think the fact that I've been working now in Russia for 20 years,

we have local teams who have been largely Russian professionals working on our behalf everywhere,

and certainly we have never encountered, apart from some traditional sort of football type

of attitude from some Russian officials, we have not met any serious objections to anything we do,

and in fact I've always been impressed by the way in Russia that they very much follow the rulebook,

with everything to do with licensing, regulations and compliance, and you must comply.

So for example, the fact that we can't give the details of the DFS is very much part of their regulatory scheme.

There is a question about Artem, which I hope he doesn't mind the answering,

regarding his role in the company and the asset sale,

but it's linked to also a good question about the DFS,

why was it required before any sale took place?

And the answer to that is, two part, first of all,

Artem is a valued member of our board and has been a really great help during the sale process.

He also has a background in resources and was a specialist in corporate governance issues at Shell previously.

We did expect to achieve a sale prior to completion of the DFS originally,

but the DFS had to be carried out anyway for the completion of that project

and also our obligations under the mining license.

So that completes the list of questions that were sent to us in advance.

I'm now going to the list of questions which have been presented subsequently at this meeting.