REG - Eurasia Mining PLC - Annual Results for the year ended 31 December 2024
01/07/2025 07:15
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RNS Number : 0906P Eurasia Mining PLC 01 July 2025
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30 June 2025
Eurasia Mining Plc
Annual Results for the year ended 31 December 2024
Eurasia Mining Plc ("Eurasia" the "Company" or the "Group"), the palladium,
platinum, rhodium, iridium and gold mining company, announces its audited
financial results and operational summary for the year ending 31 December
2024 (the "2024 Annual Results").
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
(https://www.eurasiamining.co.uk/investors/financial-reports) .
Information regarding the Company's forthcoming Annual General Meeting will be
announced shortly.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
SPARK Advisory Partners Limited
Andrew Emmott
+44 (0)20 3368 3555
Oak Securities
Jerry Keen
Tel. +44 (0)20 3973 3678
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha
Thambirajah
+44 (0)207 932 0418
eurasia@yellowjerseypr.com (mailto:eurasia@yellowjerseypr.com)
Chairman's statement
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.
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.
C. Schaffalitzky
Executive Chairman
30 June 2025
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
Note Year to Year to
31 December 31 December
2024 2023
£ £
Sales 8 6,636,001 2,069,262
Cost of sales 9 (6,701,131) (1,564,224)
Gross (loss)/profit (65,130) 505,038
Administrative costs 9 (2,055,218) (1,185,490)
Investment income 3,232 55,159
Finance cost 10 (144,695) (83,101)
Other gains 11 - 391,983
Other losses 11 (6,385,687) (6,364,529)
Loss before tax (8,647,498) (6,680,940)
Income tax expense 12 (347) (2,001)
Loss for the year (8,647,845) (6,682,941)
Other comprehensive income:
Items that will not be reclassified subsequently to profit and loss:
NCI share of foreign exchange differences on translation of foreign operations 15 901,049 530,146
Items that will be reclassified subsequently to profit and loss:
Parent's share of foreign exchange differences on translation of foreign 2,319,969 1,352,061
operations
Other comprehensive expense for the year, net of tax 3,221,018 1,882,207
Total comprehensive loss for the year (5,426,827) (4,800,734)
Loss for the year attributable to:
Equity holders of the parent (6,552,157) (5,486,899)
Non-controlling interest 15 (2,095,688) (1,196,042)
(8,647,845) (6,682,941)
Total comprehensive loss for the year attributable to:
Equity holders of the parent (4,232,188) (4,134,838)
Non-controlling interest 15 (1,194,639) (665,896)
(5,426,827) (4,800,734)
Loss per share attributable to equity holders of the parent:
Basic and diluted loss (pence per share) 27 (0.23) (0.19)
The accompanying notes are an integral part of these financial statements.
Consolidated statement of financial position
Note 31 December 31 December
2024 2023
£ £
ASSETS
Non-current assets
Property, plant and equipment 13 6,928,215 10,210,983
Assets in the course of construction 13 161,131 336,131
Intangible assets 14 2,761,023 3,148,382
Total non-current assets 9,850,369 13,695,496
Current assets
Inventories 17 322,597 2,305,108
Trade and other receivables 18 1,482,947 1,736,589
Other financial assets 30,561 63,610
Current tax asset 3,019 5,806
Cash and cash equivalents 19 3,682,292 1,318,065
Total current assets 5,521,416 5,429,178
Total assets 15,371,785 19,124,674
EQUITY
Issued capital 20 61,575,811 61,233,311
Other reserves 22 6,868,839 4,548,870
Accumulated losses (50,609,713) (44,057,556)
Equity attributable to equity holders 17,834,937 21,724,625
of the parent
Non-controlling interest 15 (5,262,083) (4,067,444)
Total equity 12,572,854 17,657,181
LIABILITIES
Non-current liabilities
Lease liabilities - 24,966
Provisions 25 250,695 397,747
Total non-current liabilities 250,695 422,713
Current liabilities
Borrowings 23 262,706 44,014
Lease liabilities 26,105 139,178
Trade and other payables 24 2,101,359 861,498
Current tax liabilities 221 90
Provisions 25 157,845 -
Total current liabilities 2,548,236 1,044,780
Total liabilities 2,798,931 1,467,493
Total equity and liabilities 15,371,785 19,124,674
The accompanying notes are an integral part of these financial statements.
Consolidated statement of changes in equity
Note Share capital Share premium Deferred shares Other reserves Translation reserve Accumulated losses Attributable to equity holders of the parent Non-controlling interest Total
£ £ £ £ £ £ £ £ £
Balance at 1 January 2023 2,853,560 51,308,068 7,025,483 3,924,026 (343,097) (38,954,777) 25,813,263 (3,401,548) 22,411,715
Issue of ordinary shares on exercise of options 20 11,000 35,200 - - - - 46,200 - 46,200
Reversal on cancellation or exercise of options and warrants - - - (384,120) - 384,120 - - -
Transaction with owners 11,000 35,200 - (384,120) - 384,120 46,200 - 46,200
Loss for the year - - - - - (5,486,899) (5,486,899) (1,196,042) (6,682,941)
-
Other comprehensive income
Exchange differences on translation 22 1,352,061 - 1,352,061 530,146 1,882,207
of foreign operations
Total comprehensive loss - - - - 1,352,061 (5,486,899) (4,134,838) (665,896) (4,800,734)
for the year ended 31 December 2023
Balance at 31 December 2023 2,864,560 51,343,268 7,025,483 3,539,906 1,008,964 (44,057,556) 21,724,625 (4,067,444) 17,657,181
Note Share capital Share premium Deferred shares Other reserves Translation reserve Accumulated losses Attributable to equity holders of the parent Non-controlling interest Total
£ £ £ £ £ £ £ £ £
Balance at 1 January 2024 2,864,560 51,343,268 7,025,483 3,539,906 1,008,964 (44,057,556) 21,724,625 (4,067,444) 17,657,181
Conversion of loan notes 14,822 327,678 - - - - 342,500 - 342,500
Transaction with owners 14,822 327,678 - - - - 342,500 - 342,500
Loss for the year - - - - - (6,552,157) (6,552,157) (2,095,688) (8,647,845)
Other comprehensive income
Exchange differences on translation 22 2,319,969 - 2,319,969 901,049 3,221,018
of foreign operations
Total comprehensive loss - - - - 2,319,969 (6,552,157) (4,232,188) (1,194,639) (5,426,827)
for the year ended 31 December 2024
Balance at 31 December 2024 2,879,382 51,670,946 7,025,483 3,539,906 3,328,933 (50,609,713) 17,834,937 (5,262,083) 12,572,854
The accompanying notes are an integral part of these financial statements.
Consolidated statement of cash flows
Note Year to Year to
31 December 31 December
2024 2023
£ £
Cash flows from operating activities
Loss for the year (8,647,845) (6,682,941)
Adjustments for:
Income tax expense recognised in profit or loss 347 2,001
Depreciation of non-current assets 13 369,486 1,139,921
Stripping assets transferred to inventory 13 2,614,205 -
Finance costs recognised in profit or loss 10 144,695 83,101
Investment income recognised in profit or loss (3,232) (55,159)
Loss recognised on disposal of investments - 53,408
Loss recognised on valuation of inventory - (391,983)
Rehabilitation cost recognised in profit or loss 40,374 104,158
Net foreign exchange (gains)/losses 11 6,385,687 6,311,121
903,717 563,626
Movement in working capital
Decrease/(increase) in inventories 1,521,567 1,372,033
Decrease/(increase) in trade and other receivables (2,328) 840,011
(Decrease)/increase in trade and other payables 1,523,743 (987,299)
Cash inflow/(outflow) from operations 3,946,699 1,788,371
Income tax paid 1,410 (2,965)
Net cash generated from/(used in) operating activities 3,948,109 1,785,406
Cash flows from investing activities
Proceeds from sale of investment securities - 3,651,014
Investment income 2,276 382
Amounts advanced to non-related parties - (61,620)
Proceeds from repayment of non-related party loans 25,294 -
Purchase of property, plant and equipment 13 (1,522,327) (3,519,254)
Proceeds from disposal of property, plant and equipment - -
Payment for exploration and evaluation assets 14 (221,409) (912,820)
Net cash used in investing activities (1,716,166) (842,298)
Cash flows from financing activities
Proceeds from issue of equity shares - 46,200
Proceeds from issue of convertible loan notes 342,500 -
Proceeds from short-term loan 23 506,883 44,014
Repayment of short-term loan (300,151) -
Repayment of lease liability (125,962) (116,905)
Interest paid (29,096) (49,887)
Net cash used in from financing activities 394,174 (76,578)
Net increase/(decrease) in cash and cash equivalents 2,626,116 866,531
Effects of exchange rate changes on the balance of cash held in foreign (261,889) (558,374)
currencies
Cash and cash equivalents at beginning of year 1,318,065 1,009,908
Cash and cash equivalents at end of year 3,682,292 1,318,065
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.
Eurasia Mining Plc's consolidated financial statements are presented in Pounds
Sterling (£), which is also the functional currency of the parent company.
2 Going concern
The going concern position of the Group covers period of not less than 12
months from the date of signing of this annual report (the "Review period").
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:
1) 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.
2) warrants over 72,033,188 ordinary shares at an
exercise price of 8.74p per ordinary share.
3) 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.
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
3.1 New and revised relevant standards that are effective for annual periods commencing on or after 1 January 2024
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
In September 2022, the IASB issued amendments to IFRS 16 to specify the
requirements that a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure the seller-lessee does
not recognise any amount of the gain or loss that relates to the right of use
it retains.
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
In January 2020 and October 2022, the IASB issued amendments to paragraphs 69
to 76 of IAS 1 to specify the requirements for classifying liabilities as
current or non-current. The amendments clarify:
· What is meant by a right to defer settlement;
· That a right to defer must exist at the end of the
reporting period;
· That classification is unaffected by the likelihood
that an entity will exercise its deferral right;
· That only if an embedded derivative in a convertible
liability is itself an equity instrument would the terms of a liability not
impact its classification.
In addition, a requirement has been introduced to require disclosure when a
liability arising from a loan agreement is classified as non-current and the
entity's right to defer settlement is contingent on compliance with future
covenants within twelve months.
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
In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and
IFRS 7 Financial Instruments: Disclosures to clarify the characteristics of
supplier finance arrangements and require additional disclosure of such
arrangements. The disclosure requirements in the amendments are intended to
assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity's liabilities, cash flows and exposure to
liquidity risk.
The amendments have no impact on the Group's financial statements.
3.2 Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group
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
The consolidated financial statements of the Group and the Company financial
statements have been prepared in accordance with UK-adopted International
Accounting Standards in conformity with the requirements of the Companies Act
2006.
These 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 consolidated financial
statements.
4.2 Presentation of financial statements
The consolidated financial statements are presented in accordance with IAS 1
Presentation of Financial Statements. The Group has elected to present the
"Consolidated Statement of Profit or Loss" in one statement.
4.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company. Control is achieved where
the Company has all of the following:
· 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.
The results of subsidiaries acquired or disposed of are included in the
Consolidated Statement of Profit or Loss from the effective date of
acquisition or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies in line with those used by
other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in
full on consolidation.
Non-controlling interests in the net assets of consolidated subsidiaries are
identified separately from the Group's equity therein. Non-controlling
interests consist of the amount of those interests at the date of the original
business combination and the non-controlling party's share of changes in
equity since the date of the combination.
4.4 Business combinations
The Group applies the acquisition method in accounting for business
combinations. The consideration transferred by the Group to obtain control of
a subsidiary is calculated as the sum of the acquisition-date fair values of
assets transferred, liabilities incurred, and the equity interests issued by
the Group, which includes the fair value of any asset or liability arising
from a contingent consideration arrangement. Acquisition costs are expensed as
incurred.
The Group recognises identifiable assets acquired and liabilities assumed in a
business combination regardless of whether they have been previously
recognised in the acquiree's financial statements prior to the acquisition.
Assets acquired and liabilities assumed are generally measured at their
acquisition-date fair values.
Goodwill is stated after separate recognition of identifiable intangible
assets. It is calculated as the excess of the sum of a) fair value of
consideration transferred, b) the recognised amount of any non-controlling
interest in the acquiree and c) acquisition-date fair value of any existing
equity interest in the acquiree, over the acquisition-date fair values of
identifiable net assets. If the fair values of identifiable net assets exceed
the sum calculated above, the excess amount (i.e. gain on a bargain purchase)
is recognised as a profit or loss immediately.
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
The individual financial statements of each group entity are prepared in the
currency of the primary economic environment in which the entity operates
("the functional currency"). The consolidated financial statements are
presented in GBP, which is the functional and the presentation currency of the
Company.
Transaction and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions. Foreign
exchange gains and losses resulting from the settlement of such transactions
and from the translation at year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognised in the profit or
loss.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are not retranslated.
Group companies
The results and financial position of all the Group entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:
• assets and liabilities for each statement of financial position presented
are translated at the closing rate at the date of that statement of financial
position;
• income and expenses for each Statement of Profit or Loss are translated at
average exchange rates (unless this average is not a reasonable approximation
of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the rate on the dates of the
transactions); and
• all resulting exchange differences are recognised as a separate component
of other comprehensive income.
4.6 Share-based payments
Equity-settled share-based payments to employees and others providing similar
services are measured at the fair value of the equity instrument at the grant
date. Fair value is measured by use of Black Scholes model. The expected life
used in the model has been adjusted, based on management's best estimate, for
the effects of non-transferability, exercise restrictions and behavioural
considerations.
The fair value determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting period, based
on the Group's estimate of shares that will eventually vest.
Equity-settled share-based payment transactions with other parties are
measured at the fair value of the goods and services received, except where
the fair value cannot be estimated reliably, in which case they are measured
at the fair value of the equity instruments granted, measured at the date the
entity obtains the goods or the counterparty renders the service.
All equity-settled share-based payments are ultimately recognised as an
expense in the profit or loss with a corresponding credit to "Share-based
payments reserve".
Upon exercise of share options, the proceeds received net of attributable
transaction costs are credited to share capital, and where appropriate share
premium. No adjustment is made to any expense recognised in prior periods if
share options ultimately exercised are different to that estimated on vesting
or if the share options vest but are not exercised.
When share options lapse or are forfeited the respective amount recognised in
the Share-based payment reserve is reversed and credited to accumulated profit
and loss reserve.
4.7 Revenue
The Group earns its revenues primarily from the sale of platinum and other
precious metals from the West Kytlim mine. The Company enters into a contract
with its main customer to deliver all mined metals extracted from the mine.
There is one performance obligation under the sales contract, and that is the
delivery of metals. As such, the entire price under the contract is allocated
to the single performance obligation. Revenue is recognised when control over
the metals passes to the customer.
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
The tax payable is based on taxable profit for the year. Taxable profit
differs from profit as reported in the statement of comprehensive income
because it excludes items of income or expense that are taxable or deductible
in other years and it further excludes items that are never taxable or
deductible. The Group's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the statement of
financial position date.
Deferred tax
Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the consolidated financial statements. However,
the deferred income tax is not accounted for if it arises from initial
recognition of goodwill, initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable profit or loss. Deferred
income tax is determined using tax rates (and laws) that have been enacted or
substantively enacted by the statement of financial position date and are
expected to apply when the related deferred income tax asset is realised, or
the deferred income tax liability is settled.
Deferred income tax assets are recognised to the extent that it is probable
that future taxable profit will be available against which the temporary
differences can be utilised.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries and associates, except where the timing of the
reversal of the temporary difference is controlled by the Group and it is
probable that the temporary difference will not reverse in the foreseeable
future.
4.9 Property, plant and equipment
Mining assets
Mining assets are stated at cost less accumulated depreciation. Mining assets
include the cost of acquiring and developing mining assets and mineral rights,
buildings, vehicles, plant and machinery and other equipment located on mine
sites and used in the mining operations.
Mining assets, where economic benefits from the asset are consumed in a
pattern which is linked to the production level, are depreciated using a unit
of production method based on the volume of ore reserves. This results in a
depreciation charge proportional to the depletion of reserves.
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
Depreciation is charged to write off the cost or valuation of assets over
their estimated useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method are reviewed at each
year end, with the effect of any changes in estimate accounted for on a
prospective basis.
The estimated useful lives are as follows:
Plant &
machinery 3-30 years
The gain or loss arising on the disposal or retirement of an item of property,
plant and equipment is determined as the difference between the sales proceeds
and the carrying amount of the asset and is recognised in profit or loss.
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.
The carrying values of non-financial assets are reviewed annually for
impairment when events or changes in circumstances indicate the carrying value
may not be recoverable. The recoverable amount of non-financial assets is the
greater of net selling price and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. For an asset that does not
generate largely independent cash inflows, the recoverable amount is
determined for the cash generating unit to which the asset belongs. If such
indication of impairment exists and where the carrying values exceed the
estimated recoverable amount, the assets or cash generating units are written
down to their recoverable amount. Impairment losses are recognised within
operating loss.
4.12 Impairment testing for intangible assets and property, plant and equipment
At each statement of financial position date, the Group reviews the carrying
amounts of the assets to determine whether there is any indication that those
assets have suffered an impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where it is not possible to estimate the
recoverable amount of an individual asset, the Group estimates the recoverable
amount of the cash-generating unit to which the asset belongs. Where a
reasonable and consistent basis of allocation can be identified, corporate
assets are also allocated to individual cash-generating units, or otherwise
they are allocated to the smallest group of cash-generating units for which a
reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet
available for use are tested for impairment annually, and whenever there is an
indication that the asset may be impaired.
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.
Value in use is determined as the present value of the estimated cash flows
expected to arise from continued use in its current form and eventual
disposal. Value in use cannot take into consideration future development. The
assumptions used in the calculation are often different than those used in a
FVLCD and therefore is likely to yield a different result.
If the recoverable amount of an asset (or cash-generating unit) is estimated
to be less than its carrying amount, the carrying amount of the asset
(cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised immediately in profit or loss. Where an impairment loss
subsequently reverses, the carrying amount of the asset (cash-generating unit)
is increased to the revised estimate of its recoverable amount, but so that
the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset
(cash-generating unit) in prior years. A reversal of an impairment loss of the
assets is recognised immediately in profit or loss.
4.13 Inventories
Inventories are measured at the lower of cost and net realisable value. The
cost of inventories is based on the first-in first-out principle, and includes
expenditure incurred in acquiring the inventories, production or conversion
costs and other costs incurred in bringing them to their existing location and
condition. In the case of manufactured inventories and work in progress, cost
includes an appropriate share of production overheads based on normal
operating capacity.
Net realisable value is the estimated selling price in the ordinary course of
business, less the estimated costs of completion and selling expenses.
4.14 Cash
Cash and cash equivalents comprise cash balances, call deposits and highly
liquid investments with maturities of three months or less from the
acquisition date that are subject to insignificant risk of changes in their
fair value.
4.15 Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred.
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
The Group recognises an allowance for expected credit losses using the
'expected credit loss (ECL) model'. In applying, the Group considers a broader
range of information when assessing credit risk and measuring expected credit
losses, including past events, current conditions, reasonable and supportable
forecasts that affect the expected collectability of the future cash flows of
the instrument.
Measurement of the expected credit losses is determined by a
probability-weighted estimate of credit losses over the expected life of the
financial instrument.
Trade and other receivables and contract assets
The Group makes use of a simplified approach in accounting for trade and other
receivables as well as contract assets and records the loss allowance as
lifetime expected credit losses. These are the expected shortfalls in
contractual cash flows, considering the potential for default at any point
during the life of the financial instrument. In calculating, the Group uses
its historical experience, external indicators and forward-looking information
to calculate the expected credit losses using a provision matrix.
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.
If debt agreements are modified, any difference between the fair value of the
original debt and the modified debt is included as a gain or loss on
modification. If the modification is significant, this is considered an
extinguishment of the old debt and recognition of new debt.
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
A provision is recognised if, as a result of a past event, the Group has a
present legal or constructive obligation that can be estimated reliably, and
it is probable that an outflow of economic benefits will be required to settle
the obligation. Provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the
time value of money and the risks specific to the liability. The unwinding of
the discount is recognised as finance cost.
Environmental protection, rehabilitation and closure costs
Provision is made for close down, restoration and environmental rehabilitation
costs (which include the dismantling and demolition of infrastructure, removal
of residual materials and remediation of disturbed areas) in the financial
period when the related environmental disturbance occurs, based on the
estimated future costs using information available at the reporting date. The
provision is discounted using a discount rate equal to yield to maturity of
relevant state bonds and the unwinding of the discount is included in interest
expense.
The provision is reviewed on an annual basis for changes to obligations,
legislation or discount rates that impact estimated costs or lives of
operations.
Restoration and environmental rehabilitation costs are either expensed to the
cost of production or capitalised as part of property, plant and equipment
depending on mine operational circumstances.
4.17 Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the Chief Operating Decision-Maker. The Chief Operating
Decision-Maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Executive
Directors of the Group that make the operating decisions.
5 Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
5.1 Key sources of estimation uncertainty
The following are the key assumptions / uncertainties at the statement of
financial position date, which have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next
financial year.
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:
West Kytlim Monchetundra Corporate and other segments Total
Geographical location Urals Mountains, Russia Kola Peninsula, Russia London, UK
Activity Operating mine and revenue generating unit Licenced mining project Management and investment
2024 £ £ £ £
Non-current assets 7,046,034 2,703,478 100,857 9,850,369
Total assets 11,929,783 2,879,656 562,346 15,371,785
Total liability 1,102,666 489,845 1,206,420 2,798,931
Revenue 6,636,001 0 6,636,001
Loss for the year (6,024,469) (839,292) (1,784,084) (8,647,845)
2023 £ £ £ £
Non-current assets 10,109,352 3,107,756 478,388 13,695,496
Total assets 14,786,256 3,273,798 1,064,620 19,124,674
Total liability 817,921 182,004 467,568 1,467,493
Revenue 2,069,262 - - 2,069,262
Loss for the year (3,196,028) (866,563) (2,620,350) (6,682,941)
7 Employees
Average number of staff (excluding Non-Executive Directors) employed
throughout the year was as follows:
2024 2023
By the Company 3 3
By the Group 78 77
8 Revenue
Disaggregation of by primary markets is as follows:
Year to 31 December 2024 Year to 31 December 2023
Group Company Group Company
£ £ £ £
Revenue from sale of platinum and other precious metals 6,636,001 - 2,069,262 -
Revenue from management services - 120,000 - 120,000
6,636,001 120,000 2,069,262 120,000
Disaggregation of revenue from contracts with customers:
Year to 31 December 2024 Year to 31 December 2023
Group Company Group Company
Russia Cyprus Russia Cyprus
£ £ £ £
Revenue from external customers
- Sale of platinum and other precious metals 6,636,001 - 2,069,262 -
Revenue from related parties
- Management services - 120,000 - 120,000
6,636,001 120,000 2,069,262 120,000
Timing of revenue recognition
At a point of time 6,636,001 - 2,069,262 -
Over time - 120,000 - 120,000
6,636,001 120,000 2,069,262 120,000
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:
Year to 31 December 2024 Year to 31 December 2023
Group Company Group Company
£ £ £ £
Cost of sales (6,701,131) - (1,564,224) -
Administrative expenses (2,055,218) (1,306,844) (1,185,490) (1,947,134)
Cost of sales includes:
Cost of concentrate sold (6,701,131) - (1,564,224) -
Administration expenses include:
Staff benefits expenses 836,965 495,880 1,000,362 678,413
Depreciation* 19,486 - 20,921 419
Audit fees payable 74,208 74,208 142,924 142,924
Staff benefits expense:
Wages, salaries and Directors' fees 743,242 478,382 904,524 654,582
Social security costs 93,723 17,498 94,737 22,730
Other short-term benefits - 1,101 1,101
836,965 495,880 1,000,362 678,413
* * Total depreciation for the year ended 31 December 2024 was £369,486
(2023: £1,139,921)
10 Finance cost
Year to 31 December 2024 Year to 31 December 2023
Group Company Group Company
£ £ £ £
Interest on obligations under finance leases 17,159 - 49,887 -
Interest on unsecured borrowings 59,770 32,699
Unwinding of discounts on provisions 67,766 - 33,214 -
144,695 32,699 83,101 -
11 Other gains and losses
Year to 31 December 2024 Year to 31 December 2023
Group Company Group Company
£ £ £ £
Gains
Reversal of loss on valuation of inventories to net realisable value * - - 391,983 -
- - 391,983 -
Losses
Net foreign exchange loss (6,385,687) (258,215) (6,311,121) (162,020)
Loss on disposal of investments - - (53,408) (53,408)
The majority of the foreign exchange gains and losses are a result of the
revaluation of monetary assets and liabilities in the subsidiary accounts as a
result of movements in the Rouble exchange rates.
* 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
(a) tax charged in the statement of profit and loss
Year to Year to
31 December 2024 31 December 2023
Group Group
£ £
Current tax (347) (2,001)
(347) (2,001)
Tax payable by the Group for the year ended 31 December 2024 is £221 (2023:
£90).
There was no tax payable by the Company for the year ended 31 December 2024
(2023: nil) due to the Company having taxable losses.
(b) Reconciliation of the total tax charge
Year to Year to
31 December 2024 31 December 2023
Group Group
£ £
Loss before tax (8,647,498) (6,680,940)
Current tax at 25% (2023: 23.5%) (2,161,874) (1,570,021)
Adjusted for the effect of:
Unrecognised tax losses carried forward 2,161,527 1,568,020
Actual tax expense 347 2,001
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:
Jurisdiction Year to Year to
31 December 2024 31 December 2023
United Kingdom 25%* 23.5%*
Russia 20% 20%
Cyprus 12.5% 12.5%
*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
(a) Group property, plant and equipment
Mining asset Stripping asset Property Plant and machinery Right of use assets Office fixture and fittings Total
£ £ £ £ £ £
Cost
Balance at 1 January 2023 4,381,562 717,169 23,976 5,970,174 780,699 12,332 11,885,912
Additions 2,598 2,703,247 - - 30,621 1,974 2,738,440
Transfer from assets under construction - - - 991,394 - - 991,394
Disposals - - - (1,433) - (2,298) (3,731)
Exchange differences (881,649) (153,851) (1,604) (1,280,750) (167,479) (2,152) (2,487,485)
Balance at 31 December 2023 3,502,511 3,266,565 22,372 5,679,385 643,841 9,856 13,124,530
Additions 88,887 778,978 - 443,032 - 2 1,310,899
Transfer from assets under construction - - - 319,213 - - 319,213
Disposals - - - (185,968) - (164) (186,132)
Charged to Profit and loss - (2,614,205) - - - - (2,614,205)
Exchange differences (611,026) (653,202) (1,175) (1,135,686) (128,747) (1,970) (2,531,806)
Balance at 31 December 2024 2,980,372 778,136 21,197 5,119,976 515,094 7,724 9,422,499
Depreciation
Balance at 1 January 2023 (872,345) - (1,397) (985,157) (417,803) (8,979) (2,285,681)
Disposals - - - 1,433 - 2,298 3,731
Depreciation expense - - (81) (1,005,627) (131,950) (2,263) (1,139,921)
Exchange differences 205,534 - 299 211,339 89,630 1,522 508,324
Balance at 31 December 2023 (666,811) - (1,179) (1,778,012) (460,123) (7,422) (2,913,547)
Disposals - - - 185,968 - 164 186,132
Depreciation expense - - (60) (329,776) (38,732) (918) (369,486)
Exchange differences 153,345 - 237 355,543 92,008 1,484 602,617
Balance at 31 December 2024 (513,466) - (1,002) (1,566,277) (406,847) (6,692) (2,494,284)
Carrying amount:
at 31 December 2024 2,466,906 778,136 20,195 3,553,699 108,247 1,032 6,928,215
at 31 December 2023 2,835,700 3,266,565 21,193 3,901,373 183,718 2,434 10,210,983
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.
(b) Assets in the course of construction
2024 2023
£ £
Cost
Balance at 1 January 336,131 696,026
Additions 211,428 780,814
Commissioned assets (319,213) (991,394)
Exchange differences (67,215) (149,315)
Balance at 31 December 161,131 336,131
14 Intangible assets
In 2024 and 2023 intangible assets represented only capitalised costs
associated with the Group's exploration and evaluation of mineral resources.
2024 2023
£ £
Cost
Balance at 1 January 3,148,382 2,859,368
Additions 221,409 912,820
Exchange differences (608,768) (623,806)
Balance at 31 December 2,761,023 3,148,382
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:
Name of subsidiary Place of incorporation Proportion of ordinary shares held Principal activity
Urals Alluvial Platinum Limited Lampousa 1, 1095, 100% Holding Company
Nocosia, Cyprus
ZAO Eurasia Mining Service Office 219/7, 36 Engelsa Street, Yekaterinburg, Sverdlovsk Region, Russian 100% Holding Company
Federation
ZAO Kosvinsky Kamen 1, Pushkina Street, Kytlym Settlement, Karpinsk, Sverdlovsk Region, Russian 68% Mineral Evaluation
Federation
ZAO Terskaya Mining Company Office 110, 23, Komsomolskaya Street, Monchegorsk, Murmansk Region, Russian 80% Mineral Evaluation
Federation
ZAO Yuksporskaya Mining Company Office 110, 23, Komsomolskaya Street, Monchegorsk, Murmansk Region, Russian 100% Mineral Evaluation
Federation
OOO Kola Mining Office 110, 23, Komsomolskaya Street, Monchegorsk, Murmansk Region, Russian 100% Mineral Evaluation
Federation
OOO Kola Nickel Office 110, 23, Komsomolskaya Street, Monchegorsk, Murmansk Region, Russian 100% Mineral Evaluation
Federation
Eurasia Mining (UK) Limited 142 International House Cromwell Road, London, UK 100% Dormant company
The Group's assets are located in Russia. From 2022 additional sanctions to
those which had existed since 2014 are being imposed on certain activities,
entities and individuals connected with Russia, which continue to evolve and
which are being carefully monitored by the Company in accordance with its
sanctions compliance policy, and with the assistance of its external legal
advisers. While Eurasia is not an entity connected with Russia, the Company
has satisfied itself that neither of its current activities are prohibited
under US, UK or EU sanctions rules. Furthermore, the Company does not engage
and has not engaged with any sanctioned persons/ entities or agencies.
Sanctions introduced by the Russian Federal government have also not affected
the Company, although this is being closely monitored. The Company closely
monitors all regulatory requirements and changes to the laws, rules and
regulations, taking steps whenever necessary to ensure compliance with new
legislation.
The Company's investments in subsidiaries presented on the basis of direct
equity interest and represent the following:
2024 2023
£ £
Investment in subsidiaries (i) 1,132,246 1,132,246
Investment in subsidiaries represents the Company investments made into its
100% subsidiary Urals Alluvial Platinum Limited (the "UAP"), which in turn
controls other subsidiaries within the Group.
Subsidiaries with material non-controlling interests ("NCI")
Summary of non-controlling interest
2024 2024
£ £
As at 1 January (4,067,444) (3,401,548)
Loss attributable to NCI (2,095,688) (1,196,042)
Exchange differences 901,049 530,146
As at 31 December (5,262,083) (4,067,444)
Non-controlling interest on subsidiary basis
2024 2023
£ £
ZAO Kosvinsky Kamen (4,238,774) (3,174,845)
ZAO Terskaya Mining Company (1,023,309) (892,599)
(5,262,083) (4,067,444)
ZAO Kosvinsky Kamen
2024 2023
£ £
Non-current assets 7,046,034 10,109,352
Current assets 4,883,749 4,676,904
Total assets 11,929,783 14,786,256
Non-current liabilities 21,239,646 21,406,796
Current liabilities 2,085,878 1,333,528
Total liabilities 23,325,524 22,740,324
Net assets (11,395,741) (7,954,068)
Equity attributable to owners of the parent (7,156,967) (4,779,223)
Non-controlling interests (4,238,774) (3,174,845)
Loss for the year attributable to owners of the parent (4,096,639) (2,173,299)
Loss for the year attributable to NCI (1,927,830) (1,022,729)
Loss for the year (6,024,469) (3,196,028)
Total comprehensive expense for the year attributable to owners of the parent (2,377,744) (1,163,422)
Total comprehensive expense for the year attributable to NCI (1,063,929) (472,363)
Total comprehensive expense for the year (3,441,673) (1,635,785)
Net cash outflow from operating activities (3,317,099) (2,416,882)
Net cash used in investing activities 1,249,485 (2,638,626)
Net cash from financing activities 122,959 990,614
Net cash (outflow)/inflow (1,944,656) (4,064,894)
ZAO Terskaya Mining Company
2024 2023
£ £
Non-current assets 2,703,478 3,107,756
Current assets 176,178 166,042
Total assets 2,879,656 3,273,798
Non-current liabilities 3,075,699 3,075,223
Current liabilities 1,538,785 1,490,743
Total liabilities 4,614,484 4,565,966
Net assets (1,734,828) (1,292,168)
Equity attributable to owners of the parent (711,519) (399,569)
Non-controlling interests (1,023,309) (892,599)
Profit (loss) for the year attributable to owners of the parent (671,434) (693,250)
Profit (loss) for the year attributable to NCI (167,858) (173,313)
Profit (loss) for the year (839,292) (866,563)
Total comprehensive expense for the year attributable to owners of the parent (311,950) (486,089)
Total comprehensive income (expense) for the year attributable to NCI (130,710) (193,533)
Total comprehensive income (expense) for the year (442,660) (679,622)
Net cash (outflow)/inflow from operating activities (944,516) (695,382)
Net cash used in investing activities (234,695) (1,037,486)
Net cash from financing activities 501,569 883,458
Net cash (outflow)/inflow (677,642) (849,410)
16 Other financial assets
2024 2023
Group Company Group Company
£ £ £ £
Current
Advances to related parties - 29,005,853 - 28,880,560
- 29,005,853 - 28,880,560
The maximum exposure to credit risk at the reporting date is the carrying
value of each class of assets mentioned above.
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
2024 2023
Group Company Group Company
£ £ £ £
Platinum concentrate - 2,145,033 -
Stores 322,597 - 160,075 -
322,597 - 2,305,108 -
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
2024 2023
Group Company Group Company
£ £ £ £
Trade receivables 948,766 - 760,374 -
Prepayments 16,077 8,117 126,330 113,585
VAT receivable 445,525 419,000 343,425 327,130
Mining tax receivable - - 404,195 -
Other receivables 72,579 15,808 102,265 15,808
Due from related parties (note 27) - 803,978 - 1,247,036
1,482,947 1,246,903 1,736,589 1,703,559
The fair value of trade and other receivables is not materially different to
the carrying values presented. None of the receivables are provided as
security or past due.
19 Cash and cash equivalents
2024 2023
Group Company Group Company
£ £ £ £
Cash at bank 3,682,292 11,737 1,318,065 110,553
3,682,292 11,737 1,318,065 110,553
All amounts are short-term. The carrying value of cash and cash equivalents is
considered a reasonable approximation of fair value.
20 Issued Capital
2024 2023
Issued and fully paid ordinary shares
with a nominal value of 0.1p
Number 2,879,381,734 2,864,559,995
Nominal value (£) 2,879,382 2,864,560
Issued and fully paid deferred shares
with a nominal value of 4.9p
Number 143,377,203 143,377,203
Nominal value (£) 7,025,483 7,025,483
Share premium
Value (£) 51,670,946 51,343,268
Total issued capital (£) 61,575,811 61,233,311
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;
- they do not entitle the holders to receive notice or to attend or vote at
General Meetings of the Company;
- 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:
Price Number Nominal value
in pence per share £
As at 1 January 2024 2,864,559,995 2,864,560
10-December-2024 - Issue of shares under financing terms 2.3 14,821,739 14,822
14,821,739 14,822
As at 31 December 2024 2,879,381,734 2,879,382
21 Share based payments
Warrants outstanding at the end of the year have the following expiry date and
exercise prices:
Expiry date Exercise price in pence per share Number of instruments as at Number of instruments as at
31 December 2024 31 December 2023
Warrants
20 May 2024 26.5 - 53,306,751
Instruments extended from23 September 2024 to 30 June 2025 26.0 41,551,563 41,551,563
10 December 2026 4.0 54,347,826
Weighted average exercise price 26.28 95,899,389 94,858,314
Total contingently issuable shares 95,899,389 94,858,314
at 31 December
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).
Movement in number of warrants outstanding and their related weighted average
exercise prices are as follows:
(Price expressed in pence per share) 2024 2023
Average exercise price No. of warrants Average exercise price No. of warrants
Warrants
At 1 January 26.28 94,858,314 26.28 94,858,314
Expired 26.5 (53,306,751)
Granted 4.0 54,347,826
At 31 December 13.53 95,899,389 26.28 94,858,314
22 Other reserves
2024 2023
Group Company Group Company
£ £ £ £
Capital redemption reserve 3,539,906 3,539,906 3,539,906 3,539,906
Foreign currency translation reserve:
At 1 January 1,008,964 - (343,097) -
Recognised in the period 2,319,969 - 1,352,061 -
At 31 December 3,328,933 - 1,008,964 -
Share-based payments reserve:
At 1 January - - 384,120 384,120
Utilised on exercise of options - - (26,424) (26,424)
Reversed on expired options - - (357,696) (357,696)
At 31 December - - - -
6,868,839 3,539,906 4,548,870 3,539,906
The capital redemption reserve was created as a result of a share capital
restructure in earlier years.
The foreign currency translation reserve represents exchange differences
relating to the translation from the functional currencies of the Group's
foreign subsidiaries into GBP.
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
2024 2023
Group Company Group Company
£ £ £ £
Current borrowings
Unsecured loan 262,706 90,199 44,014 -
262,706 90,199 44,014 -
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
2024 2023
Group Company Group Company
£ £ £ £
Trade payables 1,045,818 - 270,214 -
Accruals 198,622 118,194 1,825,269 159,583
Social security and other taxes 760,759 - 46,460 7,998
Other payables 96,160 930,486 88,936 268,962
2,101,359 1,048,680 2,230,879 436,543
The fair value of trade and other payables is not materially different to the
carrying values presented. The above listed payables were all unsecured.
25 Provisions
2024 2023
£ £
Long term provision:
Environment rehabilitation 250,695 397,747
Short term provision:
Environment rehabilitation 157,845 -
408,540 397,747
Movement in provision is as follows
2024 2023
£ £
At 1 January 397,747 342,695
Recognised in the period 40,374 104,158
Unwinding of discount and effect of changes in the discount rate 67,766 33,214
Exchange differences (97,347) (82,321)
At 31 December 408,540 397,747
Provision is made for the cost of restoration and environmental rehabilitation
of the land disturbed by the West Kytlim mining operations, based on the
estimated future costs using information available at the reporting date.
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.
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.
26 Related party transactions
Transactions with subsidiaries
In the normal course of business, the Company provides funding to its
subsidiaries for reinvestment into exploration projects.
2024 2023
£ £
Receivables from subsidiaries 803,978 1,247,036
Loans provided to subsidiaries 29,005,853 28,880,560
Service charges to subsidiary 120,000 120,000
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.
The following amounts were paid and/or accrued to the Directors of the Company
who held office at 31 December 2024:
2024 2023
£ £
Short-term benefits 328,382 415,417
328,382 415,417
The remuneration of the Directors is determined by the remuneration committee
having regard to the performance of individuals and market trends. No pension
contribution has been made for the Directors in 2024 (2023: nil).
An analysis of remuneration for each Director of the Company during 2024:
Name Position Salaries, bonuses and allowances Directors fees Total
£ £ £
C. Schaffalitzky Executive Chairman 120,000 - 120,000
T. Abdikeev Non-Executive Director 50,750 - 50,750
I. Rawlinson Non-Executive Director - 55,000 55,000
K. Kosaka Non-Executive Director 12,632 45,000 57,632
A. Matyushok Non-Executive Director - 45,000 45,000
183,382 145,000 328,382
An analysis of remuneration for each Director of the Company during 2023:
Name Position Salaries, bonuses and allowances Directors fees Total
£ £ £
C. Schaffalitzky Executive Chairman 120,000 - 120,000
J. Nieuwenhuys Executive Director 10,000 - 10,000
T. Abdikeev Non-Executive Director 125,417 - 125,417
I. Rawlinson Non-Executive Director - 55,000 55,000
K. Kosaka Non-Executive Director 15,000 45,000 60,000
A. Matyushok Non-Executive Director - 45,000 45,000
270,417 145,000 415,417
27 Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the year.
2024 2023
£ £
Loss attributable to equity holders of the Company (6,552,157) (5,486,899)
Weighted average number of ordinary shares in issue 2,865,450,919 2,859,132,598
Basic loss per share (pence) (0.23) (0.19)
Potential number of shares that could be issued following exercise of
warrants:
Number of exercisable instruments: 2024 2023
£ £
Warrants 95,899,389 94,858,314
95,899,389 94,858,314
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 Group operates internationally and is exposed to foreign exchange risk
arising from various currency exposures, primarily with respect to US Dollars
and Russian Roubles. Foreign exchange risk arises from future commercial
transactions, recognised assets and liabilities and net investments in foreign
operations. The Group's policy is not to enter into currency hedging
transactions.
The following significant exchange rates have been applied during the year:
GBP Average rate Reporting date spot rate
2024 2023 2024 2023
USD 1.278 1.244 1.251 1.273
RUB 118.607 106.32 141.994 113.6
Sensitivity analysis
A reasonably possible strengthening (weakening) of the USD and RUB, as
indicated below, against GBP at 31 December would have affected the
measurement of financial instruments denominated in a foreign currency and
affected equity and profit or loss before taxes by the amounts shown below.
The analysis assumes that all other variables, in particular interest rates,
remain constant and ignores any impact of forecast sales and purchases.
Strengthening Weakening
Equity Profit or loss Equity Profit or loss
£ £ £ £
31 December 2024
USD (5% movement) 185,245 (89) (167,603) 81
RUB (5% movement) 1,021,834 373,370 (924,517) (337,810)
Strengthening Weakening
Equity Profit or loss Equity Profit or loss
£ £ £ £
31 December 2023
USD (5% movement) 99,634 15,742 (90,144) (14,243)
RUB (5% movement) 525,849 236,627 (475,769) (214,092)
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
In the opinion of the Directors, there is no significant difference between
the fair values of the Group's and the Company's assets and liabilities and
their carrying values.
Credit risk
The Group's exposure to credit risk is limited to the carrying amount of
financial assets recognised at the consolidated statement of financial
position date, as summarised below:
2024 2023
Note Group Company Group Company
£ £ £ £
Current loans and advances 16 - 29,005,853 - 28,880,560
Trade and other receivables 18 1,482,947 1,246,903 1,736,589 1,703,559
Cash and cash equivalents 19 3,682,292 11,737 1,318,065 110,553
5,165,239 30,264,493 3,054,654 30,694,672
The Group's risk on cash at bank is mitigated by holding of the majority of
funds at the banks having good rating.
No significant amounts are held at banks rated less than "BBB". Cash is held
either on current account or on short-term deposit at floating rate. Interest
is determined by the relevant prevailing base rate. The fair value of cash and
cash equivalents at 31 December 2024 and 2023 are not materially different
from its carrying value.
Recoverability of the loans is dependent on the borrower's ability to
transform them into cash generating units through discovery of economically
recoverable reserves and their development into profitable production.
The Company continuously monitors defaults by the counterparties, identified
either individually or by group, and incorporates this information into its
credit risk control. Management considers that all of the above financial
assets that are not impaired are of good credit quality.
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.
The following table details the Group's remaining contractual maturity for its
non-derivative financial liabilities.
Current Non-current
Notes within 1 to 2 later
12 months years than 2 years
£ £ £
2024
Lease liabilities 26,105 - -
Trade and other payables 2,101,359 - -
2,127,464 - -
2023
Lease liabilities 145,384 13,926 -
Trade and other payables 861,498 - -
1,006,882 13,926 -
The following table details the Company's remaining contractual maturity for
its non-derivative financial liabilities.
Current Non-current
within 1 to 2 later
12 months years than 2 years
£ £ £
2024
Borrowings 90,199
Trade and other payables 1,048,680 - -
1,138,879 - -
2023
Trade and other payables 433,800 - -
433,800 - -
The tables above have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Group can be
required to pay. The table includes both interest and principal cash flows.
The contractual maturities reflect the gross cash flows, which may differ to
the carrying values of the liabilities at the statement of financial position
date.
Capital risk
At present the Group's capital management objective is to ensure the Group's
ability to continue as a going concern.
Capital is monitored on the basis of its carrying amount and summarised as
follows:
2024 2023
Group Company Group Company
£ £ £ £
Total borrowings 262,706 90,199 208,158 -
Less cash and cash equivalents (Note 19) (3,682,292) (11,737) (1,318,065) (110,553)
Net debt - 78,462 - -
Total equity attributable to owners 17,834,937 30,257,860 21,724,625 31,393,118
of the Parent
Total capital 17,834,937 30,257,860 21,724,625 31,393,118
Gearing 0% 0,26% 0% 0%
Capital structure is managed depending on economic conditions and risk
characteristics of underlying assets. In order to maintain or adjust capital
structure, the Group may issue new shares and debt financial instruments or
sell assets to reduce debt.
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.
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