Eurasia Mining Regulatory News (EUA)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

16 December 2021

Eurasia Mining Plc

Tier-1 scale JORC MRE at NKT ex-operating Ni mine

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce a tier-1 scale JORC Mineral Resource Estimate ("MRE") by Wardell Armstrong International ("WAI") at Nittis-Kumuzhya-Travyanaya ("NKT") nickel dominant nickel-copper-PGM mine formerly operated by Norilsk Nickel. NKT is located within the license area held by TGK, Eurasia's 80% owned subsidiary in Kola, immediately to the north of the TGK-owned West Nittis open pit deposit already licenced for mining, where the mining plan has now been developed for the life of mine.

Highlights:

· Tier-1 scale: 305Kt of Nickel, 143Kt of Copper, 57 tons of PGM and Gold (11.2Moz of Platinum equivalent) have been estimated by WAI as JORC-compliant resources for an underground mining operation.

· Nickel is the main metal comprising half of the value in the metal basket on a Net Smelter Royalty ("NSR") basis.

· Although significantly lower metal recoveries have conservatively been assumed for the MRE by WAI, the JORC-compliant Nickel resource has exceeded the Nickel resource registered in the Russian State Cadastre of Mines for NKT (please refer to RNS dated 4 December 2019). Metal recoveries remain a significant upside for the next NKT MRE update.

· About 2/3 of the resources have been defined as reserves under Russian classification by Norilsk Nickel, however the drill core and the trenches have only been analysed for the base metals (Nickel and Copper) and have not been analysed for platinum group metals ("PGM") thus limiting the classification to inferred under the JORC Code due to the application of regression formulas for PGM. Once all the PGM assays have been completed, this data will be used for re-estimation and re-classification providing additional upside for the next NKT MRE update.

· In order to further upgrade the resource Eurasia has engaged with SGS and Alex Stewart International for primary and secondary controls of the PGM assays on the historical drill core and the trenches by Severonickel / Norilsk Nickel as well as on the additional confirmatory drilling just done by Eurasia on NKT.

· The NKT nickel-copper-PGM ore used to be mined and shipped about 1 km distance to Severonickel, the world's largest nickel processing plant. Thus, the NKT area is well served with the infrastructure required for the relaunch of mining and processing and the tailings are planned to be used as backfill to the old NKT mine developed in the past following the best practices in ESG and saving on the tailing storage facility ("TSF") capital expenditure.

· The Competent Person's Report ("CPR") has been prepared by WAI covering the open pit part of the NKT as well as the underground part of the NKT.

· Multiple options for the relaunch have been considered and several case studies have been analysed. A brownfield relaunch like NKT and Nyud is generally a faster and simpler process than a greenfield mine launch.

· The net present value ("NPV") using an 8.33% discount rate for the underground part of the NKT project is $1.2bn under the WAI price forecast and $1.7bn under spot prices. Work on the open pit part is in progress and the NPV of that part will be announced separately.

· The wireframe and the block modelling of the high-grade Nickel, Copper and PGM vein part of the NKT is in progress and represents another upside to the MRE and the NPV.

· The MRE under the JORC Code by WAI on other deposits including on Nyud, another Nickel dominant mine, that (like NKT) used to be in production, will be released separately.

The 38-page summary of the CPR by Wardell Armstrong International is available as an embedded link on this RNS and on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/technical-reports

http://www.rns-pdf.londonstockexchange.com/rns/8166V_1-2021-12-15.pdf

Dr Phil Newall, BSc, PhD, CEng, FIMMM, Director at WAI and Che Osmond, BSc (Hons), MSc, CGeol, FGS, EurGeol, Technical Director at WAI have reviewed the update and consent to the inclusion of the exploration information in the form and context in which it appears here. They are Competent Persons for the purposes of the reporting of these results.

Christian Schaffalitzky, Executive Chairman of Eurasia commented: "The Directors are jubilant to complete an important milestone of our first of a series of JORC mineral resource estimates, that the WAI team has been working on since April this year. We are delighted that a relaunch of the NKT nickel-dominant mine generates a significant NPV of $1.2-1.7bn under various price scenarios. Furthermore, the identification of an open pit part as well as near-surface high-grade veins of the NKT area represent further upsides. We continue to observe significant interest in nickel dominant mines, especially in the ones closer to production like the NKT brownfield relaunch".

James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "The Board members are delighted by the outcome of the hard work done by the Eurasia and Wardell Armstrong International teams. NKT's nickel and copper resource is well drilled, trenched and tested and requires further minor assaying for PGM by-products to upgrade the resources into higher confidence categories. While we continue to advance our projects with excellent existing infrastructure, now with added help of state owned Rosgeo and ERDC, our strategy remains the same: delivering on our promise to maximise the value for Eurasia shareholders".

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements.

For further information, please contact:

About Eurasia Mining Plc

Eurasia Mining plc is a palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.

About Wardell Armstrong International

Wardell Armstrong International is a multidisciplinary Environmental, Engineering and Mining consultancy operating in the UK and internationally helping clients get the best possible financial returns - while doing things in a sustainable, responsible way, continually improving environmental performance in own activities and in the advice to the clients.

GLOSSARY AND DEFINED TERMS

A

Adit A horizontal passage from the surface into the mine providing access to a mineral deposit.

Ag Silver. A metallic chemical element with the chemical symbol Ag (Latin: argentum, from the Indo-European root *arg- for "grey" or "shining") and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal. The metal occurs naturally in its pure, free form (native silver), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a by-product of copper, gold, lead, and zinc refining.

Arsenopyrite A tin-white or silver-white to steel-gray orthorhombic mineral: FeAsS.

Assay A chemical test performed on a sample of ores or minerals to determine the amount of valuable metals contained.

Au Gold. A chemical element with the symbol Au (from Latin: aurum "gold") and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow colour and luster traditionally considered attractive, which it maintains without oxidizing in air or water. It is one of the least reactive solid chemical elements. The metal therefore occurs often in free elemental (native) form, as nuggets or grains in rocks, in veins and in alluvial deposits.

B

Backfill Waste material together with a binder used to fill the void created by mining a mineral deposit (orebody).

Back A term used to denote the roof or ceiling of a mining drift.

Ball mill A steel cylinder filled with steel balls into which crushed ore is fed. The ball mill is rotated, causing the balls to cascade and grind the ore.

Base metal Any non-precious metal (e.g. copper, lead, zinc, nickel, etc.).

Blasthole A drill hole in a mine that is filled with explosives in order to blast loose a quantity of rock.

Bulk mining Any large-scale, mechanized method of mining involving many thousands of tonnes of ore being brought to surface per day.

Bulk sample A large sample of mineralized rock, frequently hundreds of tonnes, selected in such a manner as to be representative of the potential mineral deposit (orebody) being sampled and used to determine metallurgical characteristics.

Bullion Metal formed into bars or ingots.

By-product A secondary metal or mineral product recovered in the milling process.

C

Cage Mining term used for an elevator.

Calcine Name given to concentrate that is ready for smelting (i.e. the sulphur has been driven off by oxidation).

Chalcopyrite A sulphide mineral of copper and iron; the most important ore mineral of copper.

Channel sample A sample composed of pieces of vein or mineral deposit that have been cut out of a small trench or channel, usually about 10 cm wide and 2 cm deep.

Chip sample A method of sampling a rock exposure whereby a regular series of small chips of rock is broken off along a line across the face, back or walls.

Chute An opening, usually constructed of timber and equipped with a gate, through which ore is drawn from a stope into mine cars.

CIM The Canadian Institute of Mining, Metallurgy and Petroleum.

CIM Standards The CIM definitions and standards for mineral resources and mineral reserves adopted by CIM Council from time to time. The most recent update adopted by the CIM Council is effective as of November 27, 2010.

Competent Person

A Competent Person (CP) must have a minimum of five years' experience working with the style of mineralisation or type of deposit under consideration and relevant to the activity which that person is undertaking. A Competent Person must be a Member or Fellow of the relevant country's Institute of Mining and Metallurgy, or Institute of Geoscientists, or of a 'Recognised Professional Organisation'.

Concentrate A fine, powdery product of the milling process containing a high percentage of valuable metal.

Concession That portion of public mineral land which a party has staked or marked out in accordance with federal or state mining laws to acquire the right to explore for and exploit the minerals under the surface.

Contact A geological term used to describe the line or plane along which two different rock formations meet.

Core The long cylindrical piece of rock brought to surface by diamond drilling.

Core sample One or several pieces of whole or split parts of core selected as a sample for analysis or assay.

Cross-cut A horizontal opening driven from a shaft and (or near) right angles to the strike of a vein or other orebody. The term is also used to signify that a drill hole is crossing the mineralization at or near right angles to it.

Cu Copper. A chemical element with the symbol Cu (from Latin: cuprum) and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish. It is used as a conductor of heat and electricity, a building material, and a constituent of various metal alloys.

Custom smelter A smelter which processes concentrates from independent mines. Concentrates may be purchased or the smelter may be contracted to do the processing for the independent company.

Cut-off grade The lowest grade of mineralized rock that qualifies as ore grade in a given deposit, and is also used as the lowest grade below which the mineralized rock currently cannot be profitably exploited. Cut-off grades vary between deposits depending upon the amenability of ore to mineral extraction and upon costs of production.

Cyanidation A method of extracting exposed gold or silver grains from crushed or ground ore by dissolving it in a weak cyanide solution. May be carried out in tanks inside a mill or in heaps of ore out of doors.

Cyanide A chemical species containing carbon and nitrogen used to dissolve gold and silver from ore.

D

Dacite The extrusive (volcanic) equivalent of quartz diorite.

Decline A sloping underground opening for machine access from level to level or from surface; also called a ramp.

Development Underground work carried out for the purpose of opening up a mineral deposit. Includes shaft sinking, cross-cutting, drifting and raising.

Development drilling

Drilling to establish accurate estimates of mineral resources or reserves.

Dilution Rock that is, by necessity, removed along with the ore in the mining process, subsequently lowering the grade of the ore.

Diorite An intrusive igneous rock composed chiefly of sodic plagioclase, hornblende, biotite or pyroxene.

Dip The angle at which a vein, structure or rock bed is inclined from the horizontal as measured at right angles to the strike.

Doré A bar of semi-pure gold and silver usually created at the site of a mine. It is then transported to a refinery for further purification. The proportions of silver and gold can vary wildly with the bar weighing as much as 25 kg. The term is French for "gilded" or "golden"

Drift A horizontal or nearly horizontal underground opening driven along a vein to gain access to the deposit.

E

Epithermal Hydrothermal mineral deposit formed within one kilometre of the earth's surface, in the temperature range of 50° to 200°C.

Epithermal deposit

A mineral deposit consisting of veins and replacement bodies, usually in volcanic or sedimentary rocks, containing precious metals or, more rarely, base metals.

Exploration Prospecting, sampling, mapping, diamond drilling and other work involved in searching for or defining a mineral deposit.

F

Face The end of a drift, cross-cut or stope in which work is taking place.

Fault A break in the Earth's crust caused by tectonic forces which have moved the rock on one side with respect to the other.

Flotation A process in which milled valuable mineral particles are induced to become attached to bubbles and float as others sink.

Fold Any bending or wrinkling of rock strata.

Footwall The rock on the underside of a vein or mineralized (ore) structure.

Fracture A break in the rock, the opening of which allows mineral-bearing solutions to enter. A "cross-fracture" is a minor break extending at more-or-less right angles to the direction of the principal fractures.

G

Galena Lead sulphide, the most common ore mineral of lead.

Grade Term used to indicate the concentration of an economically desirable mineral or element in its host rock as a function of its relative mass. With gold or silver, this term may be expressed as grams per tonne (g/t) or ounces per tonne (opt or oz/t).

Gram 0.0321507 troy ounces.

g/t Grams per metric tonne.

gpt Grams per tonne.

H

Hangingwall The rock on the upper side of a vein or mineral (ore) deposit.

High grade Rich mineralization (ore). As a verb, it refers to selective mining of the best mineralization (ore) in a deposit.

Host rock The rock surrounding a mineral (ore) deposit.

Hydrothermal Processes associated with heated or superheated water, especially mineralisation or alteration.

I

Indicated Mineral Resource

An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed.

Inferred Mineral Resource

An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes.

Intrusive A body of igneous rock formed by the consolidation of magma intruded into other

J

JORC Code "Joint Ore Reserves Committee". The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code') is a professional code of practice that sets minimum standards for Public Reporting of minerals Exploration Results, Mineral Resources and Ore Reserves. The most recent update is from December 2012.

K

km Kilometre(s).

L

Leaching The separation, selective removal or dissolving-out of soluble constituents from a rock or ore body by the natural actions of percolating solutions.

Level The horizontal openings on a working horizon in a mine; it is customary to work mines from a shaft, establishing levels at regular intervals, generally about 50 m or more apart.

Limestone A bedded, sedimentary deposit consisting chiefly of calcium carbonate.

Longhole Mining

One of the mining methods used to conduct bulk tonnage mining underground

M

m Metre(s).

Marble A metamorphic rock derived from the recrystallization of limestone under intense heat and pressure.

Measured Mineral Resource

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity.

Metallurgy The science and art of separating metals and metallic minerals from their ores by mechanical and chemical processes.

Metamorphic Affected by physical, chemical, and structural processes imposed by depth in the earth's crust.

Mill A plant in which ore is treated and metals are recovered or prepared for smelting; also a revolving drum used for the grinding of ores in preparation for treatment.

Mine An excavation on or beneath the surface of the ground from which mineral matter of value is extracted.

Mineral A naturally occurring homogeneous substance having definite physical properties and chemical composition and, if formed under favorable conditions, a definite crystal form.

Mineralization The process or processes by which mineral or minerals are introduced into a rock, resulting in a valuable or potentially valuable deposit.

Mineral Resource

A concentration or occurrence of natural, solid, inorganic or fossilized organic material in or on the earth's crust in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. The term mineral resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which mineral reserves may subsequently be defined by the consideration and application of technical, economic, legal, environmental, socio-economic and governmental factors. The phrase reasonable prospects for economic extraction implies a judgment by the Qualified Person in respect of the technical and economic factors likely to influence the prospect of economic extraction. A mineral resource is an inventory of mineralization that under realistically assumed and justifiable technical and economic conditions, might become economically extractable.

N

Net Smelter Return

NSR: A payment made by a producer of metals based on the value of the gross metal production from the property, less deduction of certain limited costs including smelting, refining, transportation and insurance costs.

Ni Nickel. Chemical element with the atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile.

O

Ore or Orebody A term used to denote the mineralization contained within an economic mineral deposit.

Outcrop An exposure of rock or mineral deposit that can be seen on surface, that is, not covered by soil or water.

Oxidation A chemical reaction caused by exposure to oxygen that results in a change in the chemical composition of a mineral.

Ounce A measure of weight in gold and other precious metals, correctly troy ounces, which weigh 31.1 grams as distinct from an imperial ounce which weigh 28.4 grams.

oz Ounce

P

Pb Lead. A main-group element in the carbon group with the symbol Pb (from Latin: plumbum) and atomic number 82. Lead is a soft, malleable poor metal. It is also counted as one of the heavy metals. Metallic lead has a bluish-white colour after being freshly cut, but it soon tarnishes to a dull grayish colour when exposed to air. Lead has a shiny chrome-silver luster when it is melted into a liquid.

Pd Palladium. Chemical element with the atomic number 46. It is a rare and lustrous silvery-white metal discovered in 1803 by the English chemist William Hyde Wollaston. Palladium, platinum, rhodium, ruthenium, iridium and osmium form a group of elements referred to as the platinum group metals (PGMs). They have similar chemical properties, but palladium has the lowest melting point and is the least dense of them.

PGM The platinum-group metals (abbreviated to PGM; alternatively, the platinoids, platinides, platinum group, platinum metals, platinum family or platinum-group elements (PGEs)) are six noble, precious metallic elements clustered together in the periodic table.

Plant A building or group of buildings in which a process or function is carried out; at a mine site it will include warehouses, hoisting equipment, compressors, maintenance shops, offices and the mill or concentrator.

Pt Platinum. Chemical element with the atomic number 78. It is a dense, malleable, ductile, highly unreactive, precious, silverish-white transition metal. Its name is derived from Spanish platina, a diminutive of plata "silver". Platinum is a member of the platinum group of elements and group 10 of the periodic table of elements.

Pyrite A common, pale-bronze or brass-yellow, mineral. Pyrite has a brilliant metallic luster and has been mistaken for gold. Pyrite is the most wide-spread and abundant of the sulphide minerals and occurs in all kinds of rocks.

R

Raise A vertical hole between mine levels used to move ore or waste rock or to provide ventilation or access.

Ramp An inclined underground tunnel which provides access for exploration or a connection between levels of a mine.

Reclamation The restoration of a site after mining or exploration activity is completed.

Recovery Rate A term used in process metallurgy to indicate the proportion of valuable material obtained in the processing of an ore. It is generally stated as a percentage of the material recovered compared to the total material present.

Refining The final stage of metal production in which impurities are removed from the molten metal.

Refractory ore Ore that resists the action of chemical reagents in the normal treatment processes and which may require pressure leaching or other means to effect the full recovery of the valuable minerals.

Rod mill A steel cylinder filled with steel rods into which crushed ore is fed. The rod mill is rotated, causing the balls to cascade and grind the ore.

S

Shaft A vertical passageway to an underground mine for moving personnel, equipment, supplies and material including ore and waste rock.

Shoot A concentration of mineral values; that part of a vein or zone carrying values of ore grade.

Sill A term used to denote the floor of a mining level or drift. Also, used to denote a mining level developed on mineralization or an orebody.

Skarn Name for the metamorphic rocks surrounding an igneous intrusive where it comes in contact with a limestone or dolostone formation.

Sphalerite A zinc sulphide mineral; the most common ore mineral of zinc.

Stockpile Broken mineralization (ore) heaped on surface, pending treatment or shipment.

Stope An area in an underground mine where mineralization (ore) is mined.

Strike The direction, or bearing from true north, of a vein or rock formation measured on a horizontal surface.

Stringer A narrow vein or irregular filament of a mineral or minerals traversing a rock mass.

Sulphides A group of minerals which contains sulphur and other metallic element such as copper and zinc. Gold is usually associated with sulphide enrichment in mineral deposits.

T

Tailings Material rejected from a mill after most of the recoverable valuable minerals have been extracted.

Tailings pond A low-lying depression used to confine tailings, the prime function of which is to allow enough time for heavy metals to settle out or for cyanide to be destroyed before water is discharged into the local watershed.

Tier 1 Tier 1 deposits are "Company making". They are large, long life and low cost. Using long run commodity prices it generates >$300-600m pa of revenue and is in the bottom quartile of the cost curve. It has very robust economics and will be developed irrespective of where we currently are in the business cycle and whether the deposit has been fully drilled out. It is expected that project's economics will achieve >12% IRR after-tax.

Tonne A metric ton of 1,000 kilograms (2,205 pounds).

Tunnel A horizontal underground opening, open to the atmosphere at both ends.

V

Vein A fissure, fault or crack in a rock filled by minerals that have travelled upwards from some deep source.

W

Wall rocks Rock units on either side of a mineral deposit (orebody). The hanging wall and footwall rocks of a mineral deposit (orebody).

Waste Unmineralized, or sometimes mineralized, rock that is not minable at a profit.

Z

Zn Zinc. From the German Zink, or spelter (which may also refer to zinc alloys), is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2. Zinc is the 24th most abundant element in the Earth's crust and has five stable isotopes. The most common zinc ore is sphalerite (zinc blende), a zinc sulphide mineral.

Zone An area of distinct mineralization.