RE: New report on EUA from Mind Money - 1st Septmeber1 Sep 2025 18:51
Here is the English translation of your document:
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Eurasia Mining
A bet on platinum group metals, rare earth metals, and geopolitical warming.
As well as an option to participate in a global Arctic project!
September 1, 2025
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Overview
In July 2025, Eurasia Mining PLC obtained a listing on the Astana International Exchange (AIX). This event drew our attention to the company, and we decided to study its business more closely.
We believe the company could serve as a clear proxy for three trends:
Rising prices of platinum group metals (PGMs)
Rapidly growing global demand for battery and rare earth metals
Improved geopolitical environment in Eurasia
Additionally, we see the company’s shares as a relatively cheap option for participating in a potential future global Arctic project.
We note high uncertainty in possible development scenarios and refrain from setting a target price. However, based on our scenarios, in a base case, our conservative valuation exceeds the current market cap by 2–3 times.
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Company Profile
Eurasia Mining PLC is a mining company founded in 1995, registered in the UK. Its shares have traded on the London Stock Exchange AIM market under the ticker EUA since 1996.
The company specializes in:
Platinum group metals (PGMs)
Gold
Battery metals (nickel, copper)
Rare earth elements
Main assets are in Russia:
West Kytlym (Tylay-Kosvinsky) deposit in the Urals
Monchetundra & NKT projects in the Kola Peninsula
Asset portfolio includes:
Over 80 tonnes of PGMs
258,000 tonnes of copper
390,000 tonnes of nickel
Independent JORC-compliant reports prepared by Wardell Armstrong confirm resources.
Metal basket includes:
Metals for EV batteries (40% of EV battery cost)
Hydrogen energy metals
Osmium (used in medicine)
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Shareholding Structure (June 10, 2025)
Hargreaves Lansdown – 22%
Deloan Investments – 15.78%
Interactive Investor – 15.09%
QUEELD Ventures – 10.41%
Halifax Share Dealing – 6.66%
Barclays – 4.42%
AJ Bell – 4.16%
Blackrock – 3.24%
(No controlling shareholder; management owns ~20%, largest stake held by Dmitry Suschev)
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Main Operating Assets
ZAO Kosvinsky Kamen – operates West Kytlym (largest alluvial PGM deposit globally).
Reserves: 11+ tonnes PGMs & gold
JORC reserves/resources: 20+ tonnes
6 processing plants operational
PGM production target: 64,000 oz/year
Cost: $300–400/oz
Project NPV @10%: $420M, @12%: $365M
AO Terskaya Mining Company – operates Monchetundra & NKT on Kola Peninsula
Reserves: 200 tonnes PGMs & gold, 292,000 tonnes copper, 385,000 tonnes nickel
NPV @10%: $4.3B, @12%: $3.56B
Planned production start: 2028
Output: 1M oz/year at each site
Operating cash flow potential: $600M (Monchetundra), $400M (NKT)
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Financials & Risks
No current debt, but $90M debt expected for proj
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