REG - Eurasia Mining PLC - Monchentudra Asset Detailed Design Completion

Eurasia MiningAnnouncement

01/12/2025 07:00

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RNS Number : 5282J  Eurasia Mining PLC  01 December 2025

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1 December 2025

Eurasia Mining plc

MT Detailed Design Completion

 

Eurasia Mining plc ("Eurasia" or the "Company"), the iridium, osmium,
palladium, platinum, rhodium, ruthenium and gold mining company is pleased to
announce completion of the detailed design ("Technical Project") for its
open-pit Copper-Nickel-PGM-Gold Monchentudra asset in the Arctic ("MT").

 

Background

The MT project was awarded its mining licence on 20 November 2018 (see RNS of
that date) following the approval of its Feasibility Study, Reserves and
Resources on 3 April 2017. In summary, the combined Reserves and Resources
totalled 1.9 million ounces of palladium equivalent (palladium and platinum)
with important additional gold, nickel and copper, at two open-pittable
locations. The state approved totals were granted using the local standard
classification. For details of this study please see RNS dated 3 April 2017.

The licence was issued to Terskaya Mining Company (TMC), Eurasia's 80% owned
subsidiary, and is valid to 7 December 2038, for the extraction of palladium,
platinum, gold, nickel and copper.

Detailed Design Completion

The Technical Project for MT was completed by 'Geolinvestproekt', the
specialist contractor that previously carried out the detailed design for the
West Kytlim mine, obtaining all necessary approvals and overseeing its
successful launch.

Geolinvestproekt brings over 15 years of experience in detailed design,
primarily for major mining companies and in completing the MT technical
project, drew on the following key inputs:

·    Results from comprehensive test programmes by Gipronickel (an
engineering arm of Norilsk Nickel) include, but not limited to, physical and
mechanical tests to determine the average rock hardness, geotechnical studies,
hydrology, and the general physical properties of the rocks and ores.

·    Detailed metallurgical testwork carried out by Mekhanobr Engineering.
Mekhanobr Engineering has over 100 years of experience (originating from the
Mekhanobr Institute founded in the early 20(th) century) in the design and
engineering of base and precious metals processing plants,
mining-and-processing complexes, tailings storage facilities and related
infrastructure. More than 250 mining-and-processing operations worldwide have
been constructed using Mekhanobr-origin designs and technologies.

·    Completion of drillhole digital database, wireframe and block
modelling, and open pit optimisations, incorporating the detailed mining plan
developed by the Central Kola Expedition ("CKE"). CKE has extensive Arctic
experience, having working for mining majors, including Norilsk Nickel and
Rusal as well as for international mining majors including Anglo American,
Barrick, B2Gold and Kinross. CKE has worked closely with Eurasia for over 20
years since commencing work in the Arctic.

·    Wardell Armstrong International's audit of MT drill core storage at
the warehouse owned and managed by CKE, together with review of quality
assurance and quality control procedures and the work carried out by
Gipronickel, CKE and other professional contractors engaged by Eurasia.

Current Status

Geolinvestproekt is now overseeing the state approval process of the Technical
Project, which is now imminent. A separate announcement will be made upon the
approval.

Next Steps

Once the Technical Project is approved, the MT mine construction can commence
further to the EPCF turnkey contract signed with Sinosteel, a part of China
Baowu Steel Group (Baowu Group). This state-backed merger made Baowu Group the
world's largest steelmaker with Sinosteel's expertise in mining, trading and
turnkey mine construction bolstering the Baowu Group's portfolio. The
financing package is a part of the signed EPCF contract (EPCF stands for
Engineering, Procurement, Construction, and Financing).

More Information

For more information on MT, please refer to the latest research report by OAK
Securities which was announced via RNS on 22 October 2025 and is available at:

https://www.research-tree.com/companies/uk/industrial-metals-nonferrous/eurasia-mining-plc/research/oak-securities/eurasia-mining-update-/272ec8d2-8293-4368-8c11-4c9aec228a68
(https://www.research-tree.com/companies/uk/industrial-metals-nonferrous/eurasia-mining-plc/research/oak-securities/eurasia-mining-update-/272ec8d2-8293-4368-8c11-4c9aec228a68)

Christian Schaffalitzky, the Executive Chairman commented:

"The Directors are pleased that our professional contractors have completed
the detailed design for MT, the same contractors that completed the detailed
design, had it approved by the state and oversaw the successful launch of our
West Kytlim mine. The detailed design completion boosts the value of MT, our
brownfield asset in the Arctic, where we have now established our first mover
advantage and a competitive edge of advancing assets to production.

"We will be able to take advantage of the existing infrastructure of the
formerly producing NKT mine bordering MT, where we are also advancing our work
to mine development. We are expecting the imminent state approval of the
detailed design to allow construction to commence, further to the EPCF
contract signed with Sinosteel. We encourage all interested parties to refer
to the latest research report by OAK Securities for more information on MT.

"The Arctic has been called by Bloomberg as the priority area of co-operation
with the United States 1  (#_ftn1) . It was also named as the "new Space" in
terms of its vital importance for the global economy boost similar to the one
driven by the Space development."

For further information, please contact:

Eurasia Mining plc

Christian Schaffalitzky

+44 (0)207 932 0418

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott

+44 (0)20 3368 3555

Oak Securities (Broker)

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)

Consent for release

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He
has reviewed the update and consents to the inclusion of the exploration
information in the form and context in which it appears here. He is a
Competent Person for the purposes of the reporting of these results.

 1  (#_ftnref1) Bloomberg publication on 26 February 2025.

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