Company Update & AGM
Eurasia Mining plc provided an operational update, confirming that the sale of West Kytlim is proceeding as planned and is anticipated to fund the commencement of production at the Kola projects in the Arctic, targeting end of 2026 to early 2027. The company expects to announce the detailed design and mining plan for the Monchetundra mine this quarter. Eurasia Mining plc is not considering a capital raise before a peace settlement, but if delayed, the West Kytlim sale will proceed to finance the Kola projects without shareholder dilution.
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Eurasia Mining plc ("Eurasia" or the "Company"), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company, announces a company update on the latest operational developments. The Company will give the following update at the AGM today.
West Kytlim
The current mining at West Kytlim (WK) continues as approved and production is underway to comply with the licence agreement and to preserve the asset for sale. In parallel, we continue to anticipate the WK sale approval as a part of our exit strategy in the near term, although there is no statutory deadline as with similar transactions. Should a peace settlement materialise before that, we will reassess our strategy. Otherwise, we intend to proceed with the WK disposal in order to finance the start of production at Kola. As stated in the Chairman's statement in the annual report, the Company is not contemplating any capital raise ahead of a peace settlement. If peace is delayed, we will instead pursue the WK sale and launch Kola on that basis without any shareholder dilution.
Kola projects in the Arctic
The planned development and initial production from the Monchetundra (MT) mine in the Arctic remains the target for commencement end of 2026 - early 2027. The option to initiate the Sinosteel contract remains open. The completion of the WK sale would more than cover our capital requirements. We are expecting to announce the MT detailed design and the mining plan as early as this quarter.
Christian Schaffalitzky, Executive Chairman, commented:
"The Company remains confident that the approval of the West Kytlim sale is proceeding as planned. The Arctic remains our top priority, not only because Eurasia has 99.7% of its reserves and resources there, but also because international investors are being invited to work in the Arctic in accordance with international law. Regarding the AGM, the Board thanks shareholders for their continuing interest and support and we will keep the market informed with any progress made."
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