2024 Annual Results - Replacement

The following amendments have been made to the 'Annual Results for the year ended 31 December 2024' released on 1 July 2025 at 07:10 under RNS 0906P.

• The following wording was omitted from the 'Finance' section of the 'Chairman's Statement' and the penultimate paragraph of the 'Going concern' information in Section 2 of the 'notes to the financial statements' of the previous announcement and has now been included as follows: "Subsequent to the year-end, the Company has successfully raised net proceeds of £2,813k from a private placement of shares."
• In the 'consolidated statement of profit or loss and other comprehensive income statement', the ordering of the statement has been adjusted to include the Company's operating loss for the Year to 31 December 2024 and the Year to 31 December 2023. These figures have been included in this announcement as £8,506,035 and £7,044,981, respectively.
• The following wording was omitted from the final paragraph of the summary of the material accounting policies in Section 4, sub-paragraph 4.5 'Foreign Currencies', 'Transaction and balances' of the 'notes to the financial statements' of the previous announcement and has now been included as follows: "Foreign currency differences arising on inter-company loans to subsidiaries denominated in USD are re-translated at year-end rates at the reporting date. Any differences are reported through other comprehensive income on the basis the loans are effectively part of the parent's investment in the subsidiary over a long-term period."
• In Note 24 'Trade and other payables' in the 'Notes on the financial statements' section of the previous announcement, the figures for the year ended 31 December 2023 referenced the Company's trade and other payables for the year ended 31 December 2022. This announcement has been changed to reflect the Company's trade and other payables to the year ended 31 December 2023.

Note that the only changes to the results for the year ended 31 December 2024 are presentational and the results themselves are unchanged.

Eurasia Mining Plc

Annual Results for the year ended 31 December 2024

The Company's full Annual Report, including the audited financial statements for the year ended 31 December 2024 (the "Annual Report") will be posted to those Eurasia shareholders electing to receive paper format notifications. The Company is grateful to the remaining shareholders choosing to receive digital notifications and the Annual Report is also available for download from the Company's website at: https://www.eurasiamining.co.uk/investors/financial-reports.

Information regarding the Company's forthcoming Annual General Meeting will be announced shortly.

During 2024, the planned sale of our assets remained the primary focus for the Company. To ensure this, work is maintained at an adequate level to keep all our projects in good standing. More recently, with possible major changes to the geopolitical landscape, the Company is reviewing its options for the future development of the Kola assets. Recent news of US interest in development of critical metals in the Russian Arctic supports a possible thawing in the relationship between these countries. Such a development would favour our assets in Kola.

The past 12 months also saw the Company secure its future outside of Russia, with a financing of approximately $4 million completed in March 2025. This provides financing for Eurasia for at least 24 months without further use of the trade finance facility entered into in September 2024. In parallel, the Company initiated actions to achieve the secondary listing in Astana, Kazakhstan, to improve the marketability of our shares. This is being realised at the time of writing.

The platinum price remained stable during the year, with the market in deficit for the third year running. This has seen a 30% rise in the price of the metal by mid-2025.

West Kytlim

Under the terms of the licence a minimally required amount of concentrate (a 'black sand' concentrate containing platinum, osmium, palladium, iridium, rhodium, ruthenium and gold) was produced during the year, totalling 187kg (less than in the previous production season) to keep the licence in good standing and in sale ready condition to allow for the strategy of full exit from Russia.

This allowed us to maintain the licence with no requirement for additional funding from the parent company.

Monchetundra

Following the completion of the Definitive Feasibility Study ("DFS") at Monchetundra, a plan has been put in place for starter pits at West Nittis and Loipishnune, with initial planned production of c.130koz per annum and potential to expand to 1,000koz per annum at full capacity. However, this development needs to take account of the adjacent NKT and Monchetundra Flanks, where exploration work was completed in 2024 and the results submitted to the authorities. Ultimately the development of these projects requires the mine and plant infrastructure to be fully integrated to save on time and capital.

Possible sale of Russian Assets

During the year, a number of parties were in discussions with the Company regarding the potential acquisition of our Russian assets. Eurasia continues to prioritise a complete exit from Russia via selling all remaining Russian assets (comprising West Kytlim, Monchetundra and NKT) via a competitive process among strategic investors. As ever, there can be no guarantee that Eurasia will enter into binding agreements.

Sanctions

During 2024, the Company continued to monitor the sanctions regime, with additional changes throughout the year, supported by legal advice sought where appropriate. The Board remains satisfied the Company's activities are not prohibited under the sanctions' rules. Furthermore, the Company does not engage and has not engaged with any sanctioned persons, entities or agencies.

Legal Disputes

As announced in 2024, the litigation in Russia against tax authorities was successfully concluded at the Supreme Court in Moscow. This final decision, binding on the tax authorities, returned to the Company in cash the excessive mining tax totaling $1.3 million, including legal costs.

The dispute on the ownership of the Queeld and Mispare shares was resolved with respect to the position of the Company, which was to make sure that the Company dealt with the reissue of shares to the legally entitled owner. While the dispute between the potential claimants continue, Eurasia remains neutral on the final decisions of the Court.

Finance

The Company entered into a trade finance facility in September 2024 to provide for short-term capital. In March 2025 a placing for approximately $4 million was completed that covers Eurasia's long-term financing needs. We also expect significant refunds from HMRC for VAT paid. These items are discussed below in the Strategic Report.

Subsequent to the year-end, the Company has successfully raised net proceeds of £2,813k from a private placement of shares.

Outlook

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 licence, the NKT brownfield project and the entitlement to the Nyud brownfield project. The Company remains committed to this possible sale.

In conclusion, and once again after a challenging year for the Company, I want to thank our staff, colleagues and fellow Directors for their dedication and hard work. I would also like to thank shareholders, who have always shown patience in recognising that most of our development plans have been disrupted by the continuing difficult geopolitical situation, outside our control. We will continue to provide shareholders with further updates regarding our key objectives, including the possible sale of our Russian assets.

Schaffalitzky

Executive Chairman

Strategic Report

OPERATIONS UPDATE

Eurasia Mining Plc is a battery metals, PGM and green hydrogen Company with a focus on environmental and sustainability focused solutions, and with awareness of the future outlook for the world energy supply landscape. Eurasia is an international company incorporated in the UK with its headquarters in London and listed on the AIM market of London Stock Exchange.

The Central Kola Peninsula Battery Metals (predominantly Nickel and Copper) and PGM assets developed around the Company's Monchetundra asset remain the flagship assets of the Company. These assets are well located in the Murmansk region, adjacent to the town of Monchegorsk, home to Norilsk's Severonickel nickel and PGM processing facility.

At West Kytlim, electrical power supports most of the equipment on site, saving on diesel and thereby reducing total emissions from the sites. This provides a more environmentally sustainable and attractive asset as well as a lower cost operation for the ongoing sale discussions.

The Company has demonstrated a consistent approach to creating value by bringing quality projects from exploration through to mining, as well as marketing for its proposed strategic sale following the Board's decision to exit from Russia.

KOLA BATTERY METALS AND PGM

The projects in Kola represent 'company maker' assets comprising PGM and Nickel-Copper projects on the Kola Peninsula. As these projects are well advanced, with the next step being their development, they represent a 'first mover' advantage in a district that has further battery metals and PGM deposits. The first plant constructed could therefore benefit from a major cost advantage in including further reserves for development. This has the potential to make our projects a cornerstone for long term PGM and Battery Metals production.

To enable the sale of the assets and to exit from Russia, the completion of the DFS for the open pits at Loipishnune and West Nittis within the Monchetundra project has added significant value for the sale process.

No significant expenditure or work programme is planned for the Monchetundra Project going forward, as the next step will be the development of the mine and processing plant.

The NKT project, adjacent to Monchetundra, comprises a brownfield Tier-1 scale deposit: 305Kt of Nickel, 143Kt of Copper, 57 tons of PGM and Gold (11.2Moz of Platinum equivalent) as estimated by Wardell Armstrong International (WAI) as JORC-compliant resources for an underground mining operation. The WAI report also included open pit optimisations for the project

NKT adds major value to the existing Monchetundra asset. Exploration work has been completed and the project is now going through the appraisal by the Authorities in preparation for the issue of a mining licence.

WEST KYTLIM

Open Pit PGM and Gold mine with a sustainability focus. Predominantly powered by grid (hydro-derived) electric power.

As required under the mining licence, the project continues to produce platinum concentrate which sustains the operations in Russia. Mining is low impact with washing plants operating to produce concentrates. The environmental impact is reduced in this near-surface operations, with rehabilitation proceeding as the mining progresses. At present three enrichment plants are operating, with the goal of expanding to six once the additional licenced areas for mining are added.

KEY PERFORMACE INDICATORS

Results for the year - the Group has made a loss before tax of £8,647,845 for the year ended 31 December 2024 (2023: loss before tax of £6,682,941). The single largest item causing this variation is foreign exchange movements.

Shareholder return and share price performance.

The Company's shares are quoted on the AIM market of the London Stock Exchange and the shares have traded at between 1.38p and 3.75p* (2023: 1.475p and 4.5p) during the year under review. A range of factors both internal and external to the Company can impact share price performance, including significant geopolitical developments and uncertainty therein, commercial and new business developments, operational performance and metal price and metal price forecasting fluctuations. The ongoing conflict in Ukraine had a significant effect on the Company's share price as investor perception was affected across all business sectors.

*Based on yahoo finance closing prices for 01 January 2024 to 31 December 2024

EXPLORATION AND DEVELOPMENT

The Group maintained sufficient funding to develop and expand operations during the year reported.

The West Kytlim asset, following considerable investment over the past number of years is considered by management to be fully capitalised and capable of sustained production at current levels for a life of mine in excess of 15 years, excluding further resources and reserves to be defined in both the West Kytlim Flanks and Typil licence areas adjacent to the mining licence.

No further significant expenses are forecast for the Monchetundra project.

The NKT Project is being assessed either as a standalone mine relaunch adjacent to the Monchetundra Project or with its reserves and resources integrated with those at the Monchetundra Project for concurrent development, with exploration work completed.

A Loan Facility was taken out with Sanderson Capital Partners in September 2024. Drawdowns were made in 2024 totalling £400,000.

Consolidated statement of profit or loss and other comprehensive income

Other comprehensive income:

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

Items that will be reclassified subsequently to profit and loss:

Loss per share attributable to equity holders of the parent:

The accompanying notes are an integral part of these financial statements.

Consolidated statement of financial position

The accompanying notes are an integral part of these financial statements.

Consolidated statement of changes in equity

The accompanying notes are an integral part of these financial statements.

Consolidated statement of cash flows

The accompanying notes are an integral part of these financial statements.

Notes to the financial statements

1 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, 142 Cromwell Road, London SW7 4EF, United Kingdom and principal place of business at Clubhouse Holborn, 20 St Andrew Street, EC4A 3AG, United Kingdom. The Company's shares are listed on the AIM Market of the London Stock Exchange plc. The principal activities of the Company and its subsidiaries (collectively "Group") are related to the exploration for and development of battery metals, platinum group metals, gold and other minerals as well as green hydrogen projects.

2 Going concern

As at 31 December 2024, the Group's cash balance was £3,682,292 (£1,318,065 in 2023).

The Group's debt consists of (i) borrowings of £262,706 (at 31 December 2023 - £44,014) and (ii) lease liabilities in relation to the acquisition of mining machinery for a total amount of £ 26,105 (at 31 December 2023 - £164,144).

Other items:

• 41,551,563 warrants over ordinary shares of 0.1p each in the Company. These warrants, which were granted to institutional investors on 23 September 2021, have an exercise price of 26p per share, being the Company's share price at the time of grant.
• warrants over 72,033,188 ordinary shares at an exercise price of 8.74p per ordinary share.
• HMRC VAT refunds expected to currently net £453,679 during 2025.

In parallel, the Russian assets are for sale and discussions continue with several parties.

Subsequent to the year-end, the company raised net proceeds of £2,813k from a private placement of shares.

The Directors have prepared detailed bottom-up financial forecasts to address these various scenarios for the Group's operations. The forecasts for the current mining operations in Russia show that sufficient cashflow is expected to be generated in Russia to finance the operating costs of its operations, expenditure across other parts of its asset portfolio and to keep the projects in good standing. The cash at bank at 31 December 2024 is assessed as sufficient to sustain its costs including the cross-listing in London and in Astana for at least until the end of 2026.

Basis of preparation of the financial statements and disclosure

The financial statements for the year ended 31 December 2024 have been prepared on a going concern basis.

Accordingly, the financial statements have been prepared on a going concern basis as the Directors are of the opinion that the Group has sufficient funds to meet ongoing working capital and general corporate expenses.

Material accounting policies

Amendments to IFRS 16: Lease Liability in a Sale and Leaseback

The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16. Earlier application is permitted and that fact must be disclosed.

The amendments have no impact on the Group's financial statements .

Amendments to IAS 1: Classification of Liabilities as Current or Non-current

• What is meant by a right to defer settlement;
• That a right to defer must exist at the end of the reporting period;

The amendments are effective for annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The amendments have no impact on the Group's financial statements.

Amendments to IAS 7 and IFRS 7 - Supplier Finance Arrangements

The amendments have no impact on the Group's financial statements.

Amendments to IAS 21: Lack of Exchangeability

On 15 August 2023, the IASB issued Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The amendments are effective for annual reporting periods beginning on or after 1 January 2025. IAS 21 sets out the requirements for determining the exchange rate to be used for recording a foreign currency transaction into the functional currency and translating a foreign operation into a different currency. If a currency lacks exchangeability, it can be difficult to determine an appropriate exchange rate to use. While relatively uncommon, a lack of exchangeability might arise when a government imposes foreign exchange controls that prohibit the exchange of a currency or that limit the volume of foreign currency transactions.

The Group is currently assessing the impact of the amendments on the Group's financial statements.

4 Summary of material accounting policies

4.1 Basis of preparation

4.2 Presentation of financial statements

4.3 Basis of consolidation

• Power over the investee;
• Exposure, or rights, to variable returns from its involvement with the investee;
• The ability to use its power over the investee to affect the amount of investor's returns.

4.4 Business combinations

In a business combination achieved in stages, the Group remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognise the resulting gain or loss, if any, in profit or loss or other comprehensive income, as appropriate.

4.5 Foreign currencies

Functional and presentation currency

Transaction and balances

Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency differences arising on inter-company loans to subsidiaries denominated in USD are re-translated at year-end rates at the reporting date. Any differences are reported through other comprehensive income on the basis the loans are effectively part of the parent's investment in the subsidiary over a long term period.

Group companies

4.6 Share-based payments

4.7 Revenue

The Group has determined that it is the principal in the sales transactions as the Group holds the mining licence and has the rights to the underlying resources. The Group controls the sales process, from selecting the customer to determining sales price.

4.8 Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Deferred tax

4.9 Property, plant and equipment

Mining assets

Stripping activity asset costs

In alluvial mining operations, it is necessary to remove overburden and other waste in order to access or improve access to the ore body. Associated costs are recognised as a stripping activity asset. A stripping activity asset is initially measured at cost and subsequently carried at cost less depreciation and impairment losses.

A stripping activity asset is depreciated on a systematic basis over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity. The Company incurs stripping costs in a staged manner for specific, identified locations. Once the extraction activities in a particular location are complete, the related capitalised stripping asset is charged to the profit and loss account (i.e., units of production method)."

Assets under construction

Assets under construction are fixed asset investments that have not been commissioned by the year-end. The expenses associated with acquisition, building, delivery and other allowed expenses are first capitalised as assets under construction and then, once completed, depreciated over their useful life.

Other assets

The estimated useful lives are as follows:

Plant & machinery 3-30 years

4.10 Intangible assets

Exploration and evaluation of mineral resources

Exploration and evaluation expenditure comprise costs that are directly attributable to:

• researching and analysing existing exploration data;
• conducting geological studies, exploratory drilling and sampling;
• examining and testing extraction and treatment methods; and/or
• compiling prefeasibility and feasibility studies.

Expenditures related to the development of mineral resources shall not be recognised as exploration and evaluation assets.

Exploration and evaluation of mineral resources shall no longer be classified as intangible assets when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, hence, they are reclassified as property, plant and equipment. Exploration and evaluation of mineral resources shall be assessed for impairment, and any impairment loss recognised, before reclassification.

4.11 Investments in subsidiary undertakings

Investments in subsidiaries are measured at cost less accumulated impairment.

4.12 Impairment testing for intangible assets and property, plant and equipment

In assessing whether an impairment is required, the carrying value of the asset is compared with its recoverable amount. The recoverable amount is the higher of the fair value less costs of disposal (FVLCD) and value in use (VIU).The FVLCD is estimated based on future discounted cash flows expected to be generated from the continued use of the asset, including any expansion prospects and eventual disposal, using market-based commodity prices, exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements based on the latest life of mine plans. These cash flows were discounted using a real post-tax discount rate that reflect the current market assessments of time value of money.

4.13 Inventories

4.14 Cash

4.15 Financial instruments

Recognition and derecognition

A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Classification and initial measurement of financial assets

Financial assets are initially measured at fair value adjusted for transaction costs (where applicable). ). In subsequent period, financial assets are recognised at amortised cost.

Classification and initial measurement of financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, financial liabilities are recognised at amortised cost.

Impairment of financial assets

Trade and other receivables and contract assets

The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics they have been grouped based on the days past due.

Financial liabilities at amortised cost (Loans and Borrowings)

Amounts borrowed from third parties are recorded initially at fair value, being the amount received under the agreements less issuance costs, and subsequently measure at amortised cost using an effective interest rate. There are times when there are conversion options included in the Group's borrowing agreements. The conversion options are analysed under IAS 32 - Financial Instruments: presentation to determine the proper classification. If the option is determined to be equity, the fair value of the conversion option is included in other reserves, with the fair value of the liability portion being recorded as a liability with interest accruing under the effective interest rate. If the conversion option is determined to be a liability, it is treated as a derivative financial instrument measured at fair value through profit or loss.

When a conversion option is exercised, the fair value of the shares issued is recorded in share capital and share premium. The amortised carrying value of the liability portion is extinguished. If the conversion option is an equity instrument, this is reclassified/adjustedto retained earnings. If the conversion option is a liability component, it is extinguished. Any difference between the carrying value of the liability and the conversion option and the fair value of share issued is taken to the profit and loss as gain or loss on extinguishment.

Warrants

The Company has issued warrants in association with debt and equity issuances and as compensation to suppliers or vendors in exchange for services. These are determined to be equity instruments. When warrants are issued with debt or as compensation to suppliers or vendors, the value of the warrants are included within the share-based payments reserve that sits within the other reserve. When warrants are issued together with equity issuances any fair value associated with these are recognised when the warrants are exercised within share premium. On exercise of the warrants, the value of the warrants are transferred from other reserves to the profit and loss reserve as applicable.

4.16 Provisions

Environmental protection, rehabilitation and closure costs

4.17 Segmental reporting

5 Critical accounting judgements and key sources of estimation uncertainty

5.1 Key sources of estimation uncertainty

5.1.1 Provision for environmental rehabilitation

Provision is made for close down, restoration and environmental rehabilitation costs based on the estimated future costs using information available at the reporting date. Costs are estimated based on the observable local prices, fees and already agreed contract for specific jobs. The provision is discounted using a risk-free discount rate from 15.01% to 18.91%attributed to the Russian Federal bonds with corresponding maturity.

5.1.2 Impairment review of the mining assets

The impairment assessment of the West Kytlim mining asset was performed by calculating the higher of fair value less cost of disposal and value in use and compared against the carrying value of the mining assets. Projected cash flows from 2024 to 2043 were used to assess the fair value less costs of disposal. The chosen period is consistent with the quantity of the approved reserves and resources and available for mining operations. No impairment has been recognised.

Assumptions used throughout 2024-2043:

Platinum/Gold price $1,172-1,381/oz / $1,825/oz

Pt grade 0.45 g/tonne

Process recovery 89.7%

Post-tax discount rate 7.74%

5.1.3 Impairment review of the intangible asset

Intangible asset represents the Monchetundra development and Nittis-Kumuzhya-Travyanaya (the "NKT") exploration and evaluation assets. NKT, previously referred to as The Monchetundra Flanks, is a northeast extension of the Monchetundra mineralisation. Monchetundra has been assessed as an economically viable asset for the purpose of preparing and submitting a Definitive Feasibility Study for the mines development. Parameters of the assessment have been evaluated by an expert panel of mining industry professionals and are being regularly evaluated by the Company for signs which can trigger impairment of the asset. The NKT exploration and evaluation asset falls under the IFRS 6 treatment. There were no indicators of impairment identified during the course of the year ended 31 December 2024.

5.1.4. Impairment of investments in subsidiary and receivables from subsidiaries

The Company's financial statements, and in particular its investments in and receivables from subsidiaries, are affected by certain of the critical accounting judgements and key sources of estimation uncertainty.

The critical estimates and judgments referred to application of the expected credit loss model to intercompany receivables (note 26). Management determined that the interest free on demand loans were required to be assessed on the lifetime expected credit loss approach and assessed scenarios considering risks of loss events and the amounts which could be realised on the loans. In doing so, consideration was given to factors such as the cash held by subsidiaries and the underlying forecasts of the Group's divisions and their incorporation of prospective risks and uncertainties.

In relation to impairment of investments in subsidiary please refer to Note 4.11.

6 Segmental information

During the year under review management identified the Group consisting of separate segments:

Revenue recognised in 2024 relates to the sale of PGM concentrate from the stockpile of 2022 and 2024 (2023: PGM concentrate from the stockpile of 2022).

9 Profit/(loss) for the year

Profit/(loss) for the year has been arrived at after charging:

* * Total depreciation for the year ended 31 December 2024 was £369,486 (2023: £1,139,921)

10 Finance cost

* In 2022 the Group took a decision to postpone the sale of platinum and other metals due to a strong Ruble and low platinum price. Improved parameters of valuation led to partial reversal of the loss recognised in 2022.

12 Income taxes

tax charged in the statement of profit and loss

Tax payable by the Group for the year ended 31 December 2024 is £221 (2023: £90).

Reconciliation of the total tax charge

Total accumulated tax losses at 31 December 2024 - £28,126,784, (31 December 2023 - £28,348,555)

The Group operates in the following jurisdictions with the following applicable tax rates:

*UK companies are subject to corporate income tax of 25% effective April 1, 2023 from the previous tax rate of 19% (average tax rate in 2023 is 23.5%).

Tax payable for the year ended 31 December 2023 is £221 (2023: £90).

13 Property, plant and equipment

Group property, plant and equipment

The Group's right of use assets represents plant and machinery type assets acquired under lease terms.

The stripping asset is also a component of the mining assets; however, this is being shown separate from the mining assets for presentational purpose.

Assets in the course of construction

At 31 December 2024 the Group's intangible asset consisted of the Monchetundra development assets and Nittis-Kumuzhya-Travyanaya (the "NKT") development assets.

The Company did not directly own any intangible assets at 31 December 2024 (2024: nil).

15 Subsidiaries

Details of the Company's subsidiaries at 31 December 2023 are as follows:

The Group has assessed the estimated credit losses of these loans and given the effective interest rate of the loans is 0%, there would be an immaterial loss expected on these loans.

Amounts due from related parties are non-interest bearing and are repayable on demand. No advances were made in 2024.

17 Inventories

Inventories held by the Group are stated at the lower of cost and net realisable value (Note 11). The inventory recognised as expense is recorded under cost of sales (Note 9).

18 Trade and other receivables

Issued and fully paid ordinary shares with a nominal value of 0.1p

Issued and fully paid deferred shares with a nominal value of 4.9p

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

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

• 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.

Issue of ordinary share capital in 2024:

21 Share based payments

Warrants outstanding at the end of the year have the following expiry date and exercise prices:

All the listed warrants were exercisable as at 31 December 2024 (2023 - all).

54,347,826 warrants were granted by the Group in 2024 (2023: nil).

The share-based payments reserve represents (i) reserve arisen on the grant of share options to employees under the employee share option plan and (ii) reserve arisen on the grant of warrants under terms of professional service agreements and/or issued under terms of financing arrangements.

23 Borrowings

In 2024, the Group entered into a number of unsecured loan facilities to borrow RUB 55.3 million (GBP 215,502 at the rate exchange rate as at 31 December 2024) at 20% per annum. The loans were partly repaid in 2024, the remaining amount of RUB 24.5 million (GBP 172,507 at the exchange rate as at 31 December 2024) was repaid in January 2025.

On 6 September 2024 the Company signed a convertible loan agreement with Sanderson Capital Partners Ltd ("Sanderson") to borrow up to GBP 2,500,000. The loan is repayable in 12 months from the date of signing. Sanderson has an option to convert all or part of the loan into Company's shares.

24 Trade and other payables

The provision is discounted using a risk-free discount rate of from 15.01% to 18.91% (2023: 12.01% to 12.61%) depending on the commitment terms, attributed to the Russian Federal Bonds.

26 Related party transactions

Transactions with subsidiaries

The amounts owed by subsidiaries are unsecured and receivable on demand.

Transactions with key management personnel

The Group considers that the key management personnel are the Directors of the Company.

An analysis of remuneration for each Director of the Company during 2024:

An analysis of remuneration for each Director of the Company during 2023:

Potential number of shares that could be issued following exercise of warrants:

There is no dilutive effect of share options or warrants (2023: nil) as the Group was in a loss position.

28 Commitments

During 2020 the Group entered into several lease agreements to lease mining plant and equipment. As at 31 December 2024 the average lease term was 0.5 years and present value of minimum lease payments £26,105 (2023: £164,144).

The Group has no other material commitments.

29 Risk management objectives and policies

Financial risk management objectives

The Group's operations are limited at present to investing in entities that undertake mineral exploration. All investments in exploration are capitalised on project basis, which are funded by shareholders funds and fixed rate borrowings. The Group's activities expose it to a variety of financial risks including currency, fair value and liquidity risk. The Group seeks to minimise the effect of these risks on a daily basis, though due to its limited activities the Group has not applied policy of using any financial instruments to hedge these risks exposures.

Risk management is carried out by the Company under close board supervision.

Foreign currency risk

The following significant exchange rates have been applied during the year:

Interest rate risk

As the Group has no significant interest-bearing assets, the group's operating cash flows are substantially independent of changes in market interest rates.

The Group has interest bearing loan disclosed in the notes 23. All such liabilities are at a fixed rate of interest.

Fair values

Credit risk

Liquidity risk

Ultimate responsibility for liquidity risk management rests with the board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group's short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, borrowing facilities, cash and cash equivalent by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

Capital risk

Capital is monitored on the basis of its carrying amount and summarised as follows:

30 Events after the statement of financial position date

There have been no further adjusting events after the statement of financial position. All external loans (non-intercompany) of the subsidiaries have been repaid to date.