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ATM/GA, your inspired guess of 300m for EUA has been vindicated if you calculate that that copper and silver miner in Botswana has, in the round, in the ground and by and large, 7 times everything EUA has. Approx.1.9B divided by 7 = 270m. The answer to your question is therefore that Mr YF is thinking along the same lines as yourself ie 14P sale price. Possibly you had entertained thoughts of 20P but made a prudent discount. My congratulations to you. We won’t fuss any further over the whole vexed question, so let’s agree to wait and see what emerges shortly.

ATM The one with prime mover advantage is going to sell for one third of a billion assets which could be worth anywhere from 50-150(+)B?? Even if the total assets are only worth a measly 50B in situ and not all proven to higher levels your guess for sale price is about 0.75% of the value of resources. Risk/reward for the buyer is————- astronomical. Are you intentionally playing stupid?

I think LOGP’s case is stronger and much more clear-cut than this.

The present price of copper is 3.8 dollars per pound. AISC in Botswana is 1.85 dollars per pound. That is hugely different from EUA’s estimated all-in sustaining costs. Compare like with like.

I will be disappointed to get just c 50-60P. If it is true that there are at least 2 other bidders (various stages of DD) to take on NN it is very unlikely that those figures will not be beaten, maybe by quite a margin. I think CS is confident enough to say in effect: final bids please and be pretty sure that more bids will come. If he is wrong you will be happier than me!!

Del, our CS would do no such thing. Such an offer could not possibly make it to the final round of bids so obviously upon us now. The bidders have spent a lot of money getting this far and have to give it their best shot to at least make it as expensive as possible for NN, the Chinese or Indian companies involved.

Del, Putin would be furious if NN could buy the lot for 50-60P. If a Chinese firm is bidding they will make Putin - and all bedwetters - very happy. Be comforted, my son.

Maybe it’s time to think of answers to my own question. NN are not in good odour with the Kremlin. They were snubbed and not asked to represent Russia in Canada 3/4 years ago. The huge damage to the environment caused by NN was certainly a factor but it may not have been the sole or even most significant reason for favour being shown to EUA in the form of for them affordable licences and huge emphasis on care for the environment. Think of it from Putin’s

perspective. Here is a rival in the shape of Potanin worth $27B and then he reads about the potential of Poaz and the explosion in PGM prices etc etc. Never mind the reality, in his imagination he sees a mega-rich rival worth more than $100B in a nightmare. Potanin knows this and thinks he had better be cautious and maybe with good reason(!) These rivalries are real and cannot be discounted. Maybe Putin would be happy for Potanin to pay through the nose for it. Maybe Potanin thinks it is safer to play the long waiting game and eventually get Poaz through buying Nyud. Maybe Vlad won’t be around then. Fanciful? Ignore this narrative at your peril!

Is it not surprising that NN or others have not applied for an exploration licence if Poaz is as promising as it does appear to be? What exactly is the decision that EUA have yet to make concerning Nyud? They said last April, I think, that their entitlement to Nyud was one of the assets they wished to sell. Presumably they would prove up more of the 5 less developed areas of Nyud (out of 9) in the unlikely event that a sale cannot be achieved. It is noteworthy that Vladimir Ivanchenko considered Nyud to be about half the value of Poaz. May sanity return to this board - serious contributors only, please

I had not forgotten that but I give credit where credit is due. You are due no credit at all, lone wolf.

Tim told us what to do a good while ago. He heeded his own advice. We are paying the price for not heeding it.

No, that person still believes they are in some sense right. One-to-one remedial treatment urgently needed. One day soon an AI super algorithm will be able to sweep these boards clear of all impostors, disruptors, liars and other miscreants, with instant referral on screen for the deranged and mentally sick. What a boon that will be.

I cannot disagree with that. Mining on the Kola Peninsula will outlast a number of CEOs

at NN, if geologist Vladimir Ivanchenko knows what he is talking about. Huge companies like that have to plan and make decisions about where they want to be in 10-20 years’ time, not just 1-2 years. Short-sightedness leads to competitors stealing a march on you. That would be a no-no for Potanin and NN.

In any case there is another way to value EUA which does not involve the concepts inferred, indicated, measured or proven. You do not need to measure corporate greed, personal ambition, competition and the size of bone(s) dogs will fight over. That is a given. According to Rosgeo geologist Vladimir Ivanchenko Poaz is the biggest bone to fight over in all of PGM Europe. He further adds that NN deposits are deeper and poorer than at MT. Maybe he has an agenda but I do not think it matters. NN would gather up the loose change and pay the deposit of 50-60P to secure prime mover advantage for the next 10-15 years in the Kola Peninsula. Platinum prices then at $2000+ as an added incentive? However, this pawn sacrifice is not going to be enough. Wait for the counter sacrifice - and see what NN does - would NN rise to the challenge? - you get a better bet with NN just as with WH!

I have just reread this and wondered if ACF blotted their copy book by referring to an inferred resources JORC. Does Mr YF agree that this is an unforgivable ramp by that outfit?

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner RNS 16 Dec 21 announced a JORC from Wardell Armstrong Intl. (WAI) for NKT (part of M Flanks Kola and north of West Nittis (WN). WAI assigns a low end NPV of US $1,188m, of which 80% is attributable to EUA shareholders. The deposit Inferred Mineral Resource are 50% Ni, 33% Pd and 13% Cu et al. We consider the WAI JORC de-risks Flanks in part. We may also use the inferred resources JORC to raise part of our mineral assumptions. WAI uses a much lower WACC than our NPV. Our new WACC is still approx. 33% higher vs. WAI. Our EUA EV rises to $3.5bn. We use significantly lower long run Ni price and Cu price and a 20% higher Pd price vs. spot, suggesting an Implied EUA VR GBp 115-127. If we use Pd spot price our valuation still rises.

EUA operations plan delayed 12 to 24 months due to 7m suspension and Formal Sale Process

T/C has taken a trip in the Tardis to 1st Jan 2024. Why did you not extend your trip until 5th March? Did the LSD run out?

Thank you for those figures, Mr YF. It is a pleasure to have something worth discussing and not the evasion, repeated garbage and innuendo of BFL. I believe I called out his garbage a couple of months ago and nothing has changed. Now to serious matters:

Do you or indeed any of the super keen researchers on here (I do not belong in that category myself) know or can find out historical data for the inferred resources at WN and/or L and /or V? These figures must exist to justify the time and money spent on proving these up to the present high level.I would be very grateful for a reply from any serious researcher who reads this.

Mr YF, I asked you to discuss the WAI NPV valuation of $1.2 B for a small part of EUA’s assets in the Kola Peninsula. Do you suffer from the same malady as BFL? Get the ball rolling, please.

Then we can consider a valuation of 60P per share.

Now we see you for what you are - a prevaricator and liar. Are you afraid of those who have indoctrinated you? You are afraid to annoy them by breaking ranks? Pretending to be balanced when you are anything but. You are a fake. Others, of course, noticed that long ago. Go and hide now and give people time to forget you before the sale takes place.

BFL, please list the positives that you have spotted since July this year and the AGM.

I will compare your answers with my own and maybe it will turn out that some of your positives will also be on my list. if you suspect you have been negatively indoctrinated at any point try to blow the fog away and give a clear opinion of your own. I do myself question my own investments, like Mr YF, but Mr Christian Schaffilitzky, unless he is some kind of hypnotist and spoofer as well as a company CEO has passed all the scrutiny I have subjected him to in my own mind. Try watching him on video from 2019/20 and see if you can spot anything that I may have missed that points to chicanery in his presentation. You will remember that EUA was chosen to represent Russia at that time in Canada. We are all waiting to see your list of positives, so please do not disappoint us.