Member Info for mac4671

The only prediction that hasn't come true is how long things would take to get done CAW.

You still have not answered yesterdays question. You stated that they would not pay millions for assets worth billions, so, how did NKT underground reach an NPV of $1.2b, and, how much did they pay for the MT flanks application which covers the current part of NKT that they have?

I'll wait patiently for your answer, you do like to push your opinion while ignoring the figures, it is something duly noted!

GLA

Funding above what they took was also available -

"· The Directors have reduced the financing size to approximately $15m from the higher amount offered to Eurasia"

But, they only took what they needed. The reason is quite simple, confidence in their budgeting for the project, they knew at the time that the $35m was sufficient to cover everything that they wanted to get done, that includes JORC by WAI on the entire project. Now, if they budgeted for it and they're now depleting the raised funds for it at the rate i have shown you, it means that they can only be doing one thing. Moving to JORC and to the position of being able to own 100% of all Rosgeo JV assets, it's a stipulation in the original RNS to do with the JV that they can move to 100% ownership on successful completion of JORC.

The block modelling and open pit optimisations for 6 of the 9 were done back in Sept of last year, about 11 month ago now, it only left 3 for block modelling and open pit optimisation work. From there they work to JORC, NPV, DFS etc.

GLA

"So what has changed to make it 'quite unusual' - something has been sold to mitigate the need." - No CAW, they raised what they needed fund wise to match their budget. Follow what i have posted and you will see that they have budgeted until March next year, the time they have until to make the development decisions on the Rosgeo JV assets, the entire JV, not just one small section of it!

You never rely on sale of assets from a separate project to fund a different project, because, well, that sale of assets is never 100% guaranteed. What is guaranteed is hard cash for funding in the bank, hence the appropriate fund raising to the tune of $35m at the time and them then stating in RNS -

"· The cash balance of Eurasia now is about $35m with no debt

· The financial position of the Company is sufficient to accomplish its commitments in relation to Rosgeo JV, where a JORC resource by Wardell Armstrong is to be announced shortly"

That was enough to JORC the entire lot when it was raised, they know this from budgeting for the project!

If you extend your house what do you do? You get a quote, the cost, you then figure out how you will fund what you want done and get said funds for the project. The Rosgeo JV is no different, just the quote comes from themselves as they have to figure out all of the future associated costs to do with the project, they then get the appropriate funds to cover the budget (quote), in our case it was the $35m raised with institutional investors.

GLA

The raised $35m as titled at the time 'for the Rosgeo JV' was them raising the appropriate funding for the projects budget. It's all in RNS and very easy to follow.

GLA

It's a separate project CAW, you do individual budgeting for such things, the sale is never 100% guaranteed until all of the paperwork is signed, which means they have to secure appropriate funding for the project to match their forecast budget. If the sale falls through the project falls through under your scenario, you just don't do things your way in business.

GLA

The just under 34% comes from the stated £28m from RNS, clearly exchange rates change over time etc. But, the circa approx £9.5m is what we currently have left going off the known to all expenditure rate, which, just so happens to give us enough at the expenditure rate to last until the decision deadline of March next year. It's almost like someone sat and figured all of this out in a pre project budget, amazing really!

GLA

It's not a view CAW, that's what the numbers tell us. They run out of money in 6 months time. You can work out the specific percentage of the Rosgeo JV funds that they've spent to date from what i've just provided. They have just under 34% of the funds left to JORC all Rosgeo JV assets, that tells anyone what they're doing.

GLA

Expenditure rate, dec 21 : 22,009,507 - may 22 : 14,200,000 = £7,809, 507. That's for 5 month, so, it's approx at a £1,561,901.4 per month expenditure rate. We're at Sept pretty much, so that figure times by 3 = £4,685,704.2

14,200,000 - 4,685,704.2 = £9,514,295.8 : approximately what we have left of the raised $35m which was stated to be enough to cover the Rosgeo JV.

The figures only match one scenario as we only have enough left for 6 more months at that expenditure rate, now, where does that take us? Oh that's right, March next year, the deadline in place for them to have made their decision on which Rosgeo JV assets to develop. They have to JORC, NPV etc on the lot to make that decision as they have to know whether it is financially viable or not to take them to production, that can only be done by the correct analysis, DFS being the final one prior to any construction beginning.

GLA

It's actually 65% funds spent on 22% of the Rosgeo JV assets, even attaching two of the nine assets to the equation.

Makes zero sense at this stage of their expenditure!

GLA

CAW we're in a clear news blackout situation, i think that's been pretty clear since the conflict began.

The funds were raised for the Rosgeo JV, that's all assets in the JV, those funds are rapidly being spent, approx £8m from the Dec 2021 period to the May 2022 period. RNS tells us that, by now they have spent at least 65% of the raised funds.

Your position is suggesting that they've spent 65% of the raised funds on one (possibly two) of the Rosgeo JV assets. We'll go with two to give you the benefit of the doubt, that's 65% spent on approx 28% of the assets. The figures simply don't match what you try to claim, what they do match is what the BOD has stated about what the funds were raised for, the Rosgeo JV in its entirety.

You need to think about this rationally, both NKT and NYUD open pits are very simple relaunch projects, the vast majority of work was done by previous operators, hence relaunch. The vast majority of expense, therefore what the raised Rosgeo JV funds will be used for is on the other 'non relaunch' assets.

If it is not the case they will simply run out of money only having done NYUD and possibly part of one other under what you suggest, that's illogical given that we were specifically told the raised funds were enough for WAI to JORC all Rosgeo JV assets etc.

GLA

Please also do see here, where it states what the funds were to be used for, again, on the other JV assets also -

"including Nyud, Moroshkovoe and other major Rosgeo JV platinum group metals ("PGM") and battery metals open pit deposits"

"The net proceeds of the Private Placement are intended to be used primarily to finance the joint venture with Rosgeo ("Rosgeo JV"), as announced via RNS dated 26 March 2021, including Nyud, Moroshkovoe and other major Rosgeo JV platinum group metals ("PGM") and battery metals open pit deposits.

The cash position of the Company prior to the Private Placement is about $20m with no debt and after significant investments made into the West Kytlim operating mines and plants expansion, as well as into the Monchetundra project as announced on 1 September 2021. The cash position of Eurasia after the Private Placement will be approximately US$35m.

After receiving a more sizable offer, the Directors have decided to limit the size of the Private Placement relative to the offer to minimise shareholder dilution and at the same time place the Company in a stronger position."

It's all in RNS, multiple times!

GLA

The bit CAW likes to ignore the most -

"The focus at Monchetundra during 2022 has been on the analysis of this catalogue of projects - the Kola Battery Metals and PGM projects"

That's all of them, not just the ones CAW has chosen. Sorry, i just can't take your posts seriously any more lol

GLA

"Monchetundra - 2021 Highlights

· Definitive Feasibility study on schedule for submission in 2022.

· Wardell Armstrong International engaged for various comprehensive studies on Eurasia and its projects (also the ones included in the agreement with Rosgeo), i.e. JORC standard MRE reporting and NPV analyses.

· Recalculation of MT and Flanks resources and pit outlines, reflecting metal price increase since Feasibility study of 2016.

· Recognition of NKT as a Nickel dominant mine relaunch opportunity, as a standalone project or integrated with Monchetundra.

A new mining-focused CEO was appointed at Kola subsidiaries level in July 2021 as the Group seeks to develop the options available at Monchetundra, the Monchetundra Flanks, NKT and projects within the Rosgeo agreement. The Monchegorsk area is quite unique globally in having high levels of extensive previous exploration and reporting, and numerous deposits of a similar deposit style and metallurgical type in both the Monchegorsk and Monchepluton Massifs, directly adjacent to a major infrastructure corridor and in a mining friendly jurisdiction. This has created a large body of work by previous explorers and producing mines, state funded and private.

The focus at Monchetundra during 2022 has been on the analysis of this catalogue of projects - the Kola Battery Metals and PGM projects. The task for Eurasia and its subsidiaries has been in identifying the most sensible and economic means to schedule project development, within the context of the Rosgeo agreement and as independent projects. Wardell Armstrong International have been appointed as chief mining consultants to manage the reporting process in some cases undertaking new resource calculations"

GLA

CAW you're talking absolute nonsense, it is clearly stated that the raised funds is for the Rosgeo JV in its entirety, the cash burn through those funds tells anyone what's going on. You literally pick the snippets which suit your opinion and ignore all of the rest of the provided information in RNS, at this stage your posting is laughable at best tbh.

GLA

Cash burn of the $35m that they raised and said would cover the Rosgeo JV commitments -

"Completion of US$20m financing for Rosgeo JV"

"Completion of US$15m financing for Rosgeo JV"

From doing the budgeting they know that the figure was enough at the time -

"· The cash balance of Eurasia now is about $35m with no debt

· The financial position of the Company is sufficient to accomplish its commitments in relation to Rosgeo JV, where a JORC resource by Wardell Armstrong is to be announced shortly"
----------------------------------------------------------

"Apart from the progress on the ground, we strengthened the Company's balance sheet by way of two financings through private placements with institutional investors raising gross aggregate proceeds of US$35 million (circa £28 million). This has allowed us to make careful investments in developing our assets and also has given us flexibility in our approach to facilitating diversification in the future"

"In 2021 the Group raised gross funds of $35 million (2020: £7.9 million) from equity markets through two placings lead by H.C. Wainwright & Co. No options or warrants were exercised in the period reported. At 31 December 2021 the Group had a cash balance of £22,009,507"

"The Group's current (as at 30 May 2022) cash position is around £14,200,000 with the reduction since December 2021 being accounted for by £3,900,000 in capital expenditure, £1,300,000 on development expenditure on its assets portfolio, and £3,500,000 in costs"

GLA

For those without Instagram......March 31 2020 -

"absolute.precision
Exploration Manager of Eurasia Mining PLC Alexei Boucher visited our office today in order to discuss a joint project with our company. We can’t share the details yet, but this is going to be a complex one, involving the whole range of our tools and services. Stay tuned for the updates!

#eurasiamining @inertialsensing #limgroup @xplorationproducts #absoluteprecision #aplimited #twingyro #slimgyro #corepro #acoustic #drilling #mining #engineering #surveying"

https://www.instagram.com/p/B-ZhwV-jEjC/?igshid=YmMyMTA2M2Y=

4 x 3 = 12 months later -

"26th Mar 2021 5:00 pm RNS Binding Agreement Signed with Rosgeo"

2 x 3 = 6 month later -

30 September 2021 -

"· Block Modelling and open pit contouring and optimisation complete for 6 of 9 Rosgeo JV projects."

Only 3 left at that stage....

GLA

I'll try and explain this further to help some of you, NYUD is a brown field relaunch right. So, if it is a relaunch is has an extensive amount of work already done on it, yes? So, that makes it part of this -

"· Four palladium, platinum, copper, nickel and cobalt open pit deposits, upon which Russian FS completed and reserves (according to the Russian standards) approved by the Russian State Committee of Reserves (GKZ).

Each of the four open pit deposits, which are located directly adjacent to Monchetundra, have already been studied by Eurasia with block modelling and open pits' optimisations performed by the Company. According to the due diligence done by Eurasia, the ores are suitable for toll treatment over distances of 5 to 8km with beneficiation and mineral processing at the proposed plant site between the Company's open pit deposits at Loipishnune and West Nittis."

So, where will the vast majority of work and therefore expense come in, well, the other areas, not NYUD and POAZ which were previously operated. Satellite imagery shows anyone the opens pits already in place on NYUD and POAZ, so, the rest fall here -

"· A further five mostly open pit palladium, platinum, copper, nickel and cobalt assets are included in the JV, where Eurasia has carried out due diligence including c.20km of exploration drilling and some 12 thousand samples taken by Eurasia."

The ones that require the most work and therefore the most expense.

I think peoples biggest mistake is not fully realising what work has already taken place at Monchegorsk, both by Eurasia and Anglo, but, also previous operators like Norilsk.

When they raised the $35m it was enough to cover all Rosgeo JV assets to be JORC'd etc by WAI, both raising RNS are titles stipulating X amount of cash for the Rosgeo JV and RNS specifically states that they had enough to cover their commitments to the JV.

GLA

A simple counter thread to the clear as day green box game!

The DFS is scheduled to be complete in November, it's in RNS. The timeline to have Rosgeo JV assets analysed for block modelling and open pit optimisations is also in RNS. It's 3 month per Rosgeo JV asset, going from the information that has been released to date, that's circa 27 month total. 4 were done prior to Rosgeo JV announcement (Absolute Precision were here 12 months prior (4 x 3 = 12), the RNS at the time states such things, a further two were done by the following Sept (2 x 3 = 6), that only left 3 to do block modelling and open pit optimisations on ( 3 x 3 = 9), 9 months after Sept 2021 is June 2022 to have all block modelling and open pit optimisation work done. That leaves 5 months until November when a stated DFS for MT will be released.

We know from RNS that they had analysed the four they did to a point where they knew the ore was toll treatable to the MT plant, that's working on a wider plan for area isn't it, so, when the further 5 are done they will have arrived at a similar point, they will know how the ore is to be treated for the assets. JORC, NPV, DFS etc is all simply progression on top of what they were already doing with the known block modelling and open pit optimisation work!

There is no ramping in the above, it's simply what they're doing and what they raised the $35m for. To know how the ore can be treated they have to figure out what tonnage will come from said asset/s daily, monthly, yearly, over the course of the mines life etc.

I hope all genuine shareholders have a lovely evening, these green boxes don't have the IQ to create an effective counter debate, hence why they waffle nonsense constantly!

GLA

I agree Tim, they did that the last time. So, i'll drop the block modelling and pit optimisation in to another thread also. People can look at the RNS and Absolute Precision info themselves, the dates etc and figure it all out.

GLA

The DFS is scheduled to be complete in November, it's in RNS. The timeline to have Rosgeo JV assets analysed for block modelling and open pit optimisations is also in RNS. It's 3 month per Rosgeo JV asset, going from the information that has been released to date, that's circa 27 month total. 4 were done prior to Rosgeo JV announcement (Absolute Precision were here 12 months prior (4 x 3 = 12), the RNS at the time states such things, a further two were done by the following Sept (2 x 3 = 6), that only left 3 to do block modelling and open pit optimisations on ( 3 x 3 = 9), 9 months after Sept 2021 is June 2022 to have all block modelling and open pit optimisation work done. That leaves 5 months until November when a stated DFS for MT will be released.

We know from RNS that they had analysed the four they did to a point where they knew the ore was toll treatable to the MT plant, that's working on a wider plan for area isn't it, so, when the further 5 are done they will have arrived at a similar point, they will know how the ore is to be treated for the assets. JORC, NPV, DFS etc is all simply progression on top of what they were already doing with the known block modelling and open pit optimisation work!

There is no ramping in the above, it's simply what they're doing and what they raised the $35m for. To know how the ore can be treated they have to figure out what tonnage will come from said asset/s daily, monthly, yearly, over the course of the mines life etc.

I hope all genuine shareholders have a lovely evening, these green boxes don't have the IQ to create an effective counter debate, hence why they waffle nonsense constantly!

GLA