Half-year Results

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold mining company, today reports its unaudited interim results and operational summary for the six months ended 30 June 2024.

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

As announced in the Annual Report, which was published earlier in this month of September, the first six months of 2024 reflected the maintenance of the Company's assets in good standing while continuing with our possible asset sale process.

At West Kytlim, low level work and maintenance required to comply with the regulations continued. The PGM concentrate inventory stockpile continues to be stored in a secure facility with some additional material generated from the required compliance. High grades of Osmium (c.2% Osmium metal content in the PGM concentrate) were discovered recently through several tests of 3 representative samples selected from over 6Koz of concentrate by internationally certified laboratory Anserteko. The discovery of high grades of Osmium leads to significant increase of the value of the existing PGM concentrate inventory, as well as the significant increase of the in-situ value of the reserves and resources of the West Kytlim mine and its revenue generation potential.

At Monchetundra, work in preparation for mine construction neared completion and the advancing of NKT tier-1 (according to Wardell Armstrong International, please refer to RNS dated 16 December 2021) brownfield asset continued.

Post period end, in September the Company entered into a trade finance facility to provide additional liquidity in addition to the stored metal concentrates. As described in the Company's announcement dated 6 September 2024, the facility will provide up to £2.5 million to the Company in tranches upon certain milestones being achieved, and is convertible by the lender at an average conversion price of 2.7 pence per share, being a premium to the current share price.

The Company continues to monitor the sanction regimes in the US, UK and EU to ensure ongoing compliance. The Company remains satisfied that its activities are not prohibited under the sanctions' rules.

Our strategy continues to focus primarily on the potential sale of the Company's assets in Russia, being the West Kytlim operating mine, the Monchetundra Project mining license, the NKT brownfield project and the entitlement to the Nyud brownfield project. The Company remains committed to this possible sale and, as ever, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale process.

We are grateful to our shareholders for their continued support and I look forward to providing information regarding our forthcoming AGM.

Christian Schaffalitzky

Executive Chairman

Condensed consolidated statement of comprehensive income

for the six months ended 30 June 2024

Other comprehensive (loss)/income:

Items that will not be reclassified subsequently to profit and loss:

Items that will be reclassified subsequently to profit and loss:

General information

Eurasia Mining plc (the "Company") is a public limited company incorporated and domiciled in Great Britain with its registered office at International House, 42 Cromwell Road, London SW7 4EF, United Kingdom and principal place of business at Clubhouse Bank, 1 Angel Court, EC2R 7HJ. The Company's shares are listed on AIM, a market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (the "Group") are related to the exploration for and development of platinum group metals, gold and other minerals.

The financial information set out in these condensed interim consolidated financial statements (the "Interim Financial Statements") do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2023, prepared in accordance with UK-adopted International Accounting Standards, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified. The report did not contain a statement under Section 498(2) of the Companies Act 2006.

Basis of preparation

The Group prepares consolidated financial statements in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. These condensed consolidated interim financial statements for the period ended 30 June 2024 have been prepared by applying the recognition and measurement provisions of the standards and the accounting policies adopted in the audited accounts for the year ended 31 December 2023.

These Interim Financial Statements have been prepared under the historical cost convention.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

The Interim Financial Statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.

Accounting policies

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2023.

Revenue

Loss on revaluation of stock available at 30 June 2024 represents platinum concentrate ready for sale or refining, which was valued (i) using methodology set in the refining and sale and purchase agreement made with local refinery and (ii) exchange rate and metal prices at 30 June 2024.

Property, plant and equipment

Intangible assets represent capitalised costs associated with Group's exploration, evaluation and development of mineral resources.

Trade and other receivables

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

Issued deferred shares with a nominal value of 4.9 p:

Deferred shares have the following rights and restrictions attached to them:

• they do not entitle the holders to receive any dividends and distributions;
• on return of capital on a winding up the holders of the deferred shares are only entitled to receive the amount paid up on such shares after the holders of the ordinary shares have received the sum of 0.1p for each ordinary share held by them and do not have any other right to participate in the assets of the Company.

There had been no change in the issued share capital during the reporting period

The capital redemption reserve was created as a result of a share capital restructuring in earlier years. There is no policy of regular transactions affecting the capital redemption reserve.

The equity-based payments reserve represents a reserve arisen on (i) the grant of share options to employees under the employee share option plan and (ii) on issue of warrants under terms of professional service agreements.

Borrowings

In December 2023, the Group entered into unsecured loan facility to borrow RUB 5 million (GBP 44,014 at the rate exchange rate as at 31 December 2023) at 20% per annum: Russian central bank rate of 16% at the date of the borrowing (19% at the date of this report) plus 4% margin at the date of the borrowing (1% at the date of this report). The loan is repayable by 31 December 2024. No borrowing costs were capitalised in 2023 and 2024.

Lease liabilities

The Group has the following leases in place:

• Leases of mining equipment. The average lease term is 4.5 years, expiring in 2025. The Group has option to purchase the equipment for a nominal amount at the maturity of the finance lease. The Group's obligation under finance leases are secured by the lessor's title to the leased assets.

Interest rates underlying obligations under finance leases are fixed at respective contract dates ranging from 21.9% to 23.5% per annum. For comparison Russian central bank rate is 19% at the date of this report.

• Rent of offices and other properties. The average lease term is three years expiring in 2025. There is no option to purchase properties at the end of rental period.

Interest rates underlying obligations under finance leases are fixed at respective contract dates at 10.27% per annum.

The provision is discounted using a risk-free discount rate of from 14.66% to 16.67% (2023: 12.01% to 12.61%) depending on the commitment terms, attributed to the Russian Federal Bonds.

Provision is estimated based on the sub-areas within general West Kytlim mining licence the company has carried down its operations on by the end of the reporting period. Timing is stipulated by the forestry permits issued at the pre-mining stage for each of sub-areas. Actual costs in respect of the long-term provision recognised by 30 June 2024 will be incurred within 2025-2040.

Commitments

During 2020 the Group entered into several lease agreements to lease mining plant and equipment. As at 30 June 2024 the average lease term was one year.

During 2023 the Group entered into several rent agreements to rent office and other properties. As at 30 June 2024 the average rental term was 1.5 year.

Present value of minimum lease payments £119,466 (30 June 2023: £245,848).