THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN 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.
3 July 2023
Eurasia Mining Plc
Approval of DFS and management changes
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that Rosendra has approved the Definitive Feasibility Study for the Monchetundra project in the Kola peninsula, northwest Russia (the "Monchetundra DFS"). In parallel, management changes have been made to reflect the Company's focus on the possible sale of its assets in Russia, including the Monchetundra project.
With the completion of the Monchetundra DFS, the two open pit mines, with their related plant and facilities, are ready for construction work to commence. While we have an EPCF agreement with Sinosteel in place, the Board does not believe it is appropriate to commence construction immediately due to the ongoing sale process of its Russian assets. It is expected that counterparties will have their own plans for future development, and it is important to leave such options open.
In that regard, James Nieuwenhuys, a mining, processing and EPC specialist, is retiring as the Company's Chief Executive Officer with immediate effect. James has worked hard at taking the project to this milestone after similar work at West Kytlim and the Board wishes him well in his future activities.
In parallel, the project manager in Kola, Konstantin Firstov, is taking on additional responsibilities in accepting the appointment as Country Manager. Konstantin will have oversight of the ongoing discussions regarding the sale process. At present, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale process.
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:
| Eurasia Mining Plc | +44 (0) 20 7932 0418 |
| Christian Schaffalitzky / Keith Byrne | |
| SP Angel (Nominated Advisor and Joint Broker) Jeff Keating / David Hignell / Adam Cowl | +44 (0) 20 3470 0470 |
| Optiva Securities (Joint Broker) Christian Dennis | +44 (0) 20 3137 1902 |
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