REG - Eurasia Mining PLC - Interim Results
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RNS Number : 2922B Eurasia Mining PLC 30 September 2025
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.
30 September 2025
Eurasia Mining plc
("Eurasia" or the "Company")
Interim Results for the six months ended 30 June 2025
EXECUTIVE CHAIRMAN STATEMENT
Dear Shareholder,
It gives me great pleasure to summarise our progress for you as the first half
of 2025 saw major improvements to our assets. West Kytlim mine is now in a
position to significantly step up its precious metals production, while our
NKT licence has been extended to allow time to apply for a production permit.
A summary of both projects follows.
As announced in our 2024 annual report in the financial statements, the
top-line of the P&L of the Company more than tripled (3.3X) in comparison
to the previous year, setting a new historical high. However, due to the FOREX
fluctuations of the intercompany loans during 2024, the bottom-line was
negative despite the profitability of Eurasia's subsidiary's Kosvinsky Kamen
(KK), the owner of the West Kytlim mine. These FOREX paper losses were
reversed in 1H2025, that results in the Group's £6.4m profit before tax,
setting a new record and a milestone for Eurasia.
URALS PRODUCTION CLUSTER
As previously announced, six wholly-owned enrichment plants have been
successfully launched to full commercial scale production, representing a
doubling of the previously installed enrichment capacity and six times the
average enrichment capacity utilised over the past two years.
A fleet of seven heavy 39-ton Chinese FAW trucks has been added to scale up
both stripping and mining capacity. All seven trucks are in operation, making
the total truck capacity two to three times the capacity of KAMAZ trucks used
previously and with improved production logistics, a net 20x improvement. This
is primarily due to significantly shorter transportation distances to
optimised locations of the six enrichment plants relative to the mining
blocks.
Three heavy Chinese Lonking excavators with increased shovel capacity have
been acquired. These excavators, together with the electric dragline launched
in 2023 (which has a 4.2 million m(3) of annual installed capacity) and fully
refurbished over 2024-2025 with new engine, shovel, and ancillaries), have
doubled the previously installed excavation capacity in terms of the total
shovel size. This capacity is already significantly adding to both stripping
and mining volumes.
A South Korean Shantui heavy bulldozer was also acquired to further increase
the stripping capacity and production volumes in 2025. This has allowed one of
the smaller bulldozers to be allocated to road repairs, resulting in higher
productivity of the trucks with lower diesel consumption.
In total, six enrichment plants (plus enrichment workshop/laboratory), 15
excavators, seven bulldozers and 18 dump trucks are being utilised in 2025.
As a result, record setting volumes were achieved as announced via RNS on 28
July 2025. These volume increases represent completion of a step-change
milestone to achieve the long-term annual target of 64Koz of precious metals
over the projected 20-year life of mine (please refer to RNS published on 1
July 2020).
Platinum market is now in deficit for the fifth consecutive year 1 (#_ftn1) ,
particularly in 2023-2025
2023: The platinum market experienced a significant deficit of approximately
600-900 koz; average price was about $965/oz amid stock depletion and subdued
movements 2 (#_ftn2) .
2024: Deficits deepened to 700-1,000 koz (significant relative to global
mining of 4.5 moz) with demand rising; prices remained rangebound at
$900-1,000/oz on average (~$954/oz), influenced by further stock depletion
despite supply constraints2.
2025 (YTD): Ongoing deficits of 700-1,000 koz projected, with declining
supply; prices broke a multi-year slump, surging ~40% in 1H2025 to above
$1,400/oz due to tightening supply and strong investment demand 3 (#_ftn3) .
On 26 September 2026 it reached $1564/oz.
Outlook: Structural deficits are likely to persist into 2026 and beyond,
supporting price upside 4 (#_ftn4) . Also, due to scarcity of platinum (4.5
moz annual mining relative to 87.5 moz of gold mining) the platinum price had
been consistently outperforming the gold price until 2015, when the gold price
broke out. The platinum price has been catching up recently surging circa 40%
in 1H2025, but still has significant potential upside relative to the gold
price. Please refer to the chart below:
ARCTIC FIRST MOVER CLUSTER
With its Kola brownfield restart assets Eurasia is well established in the
Arctic, where the Company has the first mover advantage and a competitive edge
with the existing infrastructure of the formerly producing NKT mine. The
Arctic has been announced as a priority area for co-operation between the
United States and Russia, boosted by the recent Pursuing Peace Summit held in
Alaska.
NKT is Tier-1 scale mine (that used to be in production) that
contains 305Kt of Nickel, 143Kt of Copper, 57 tons of platinum group metals
("PGM") and Gold as confirmed in the Competent Person Report (the "CPR") by
Wardell Armstrong International ("WAI") in 2021.
As announced via RNS on 27 August 2025, Eurasia's Arctic subsidiary Terskaya
Mining Company (TMC) completed additional drilling of 16,417 meters with 9,224
samples being tested by SGS and Alex Stewart International for primary and
secondary controls of the PGM assays on the historical drill core and the
trenches by Severonickel / Norilsk Nickel.
This will allow an upgrade from resources to reserves under the JORC Code as
well as the state standards and allow the application for a production permit
at NKT.
In recognition of significant work done by TMC in accordance with the licence
agreement, the existing NKT licence of TMC that was supposed to expire on 20
August 2025 was extended by the relevant authorities to 20 August 2027 to
allow more than sufficient time to smoothly transition to the production
permit. The Directors are looking forward to making further updates on the
exciting developments of Eurasia's Kola company making brownfield restart
assets.
MARKETING
The Company achieved its goal of a secondary listing on the Astana
International Exchange (AIX) in Kazakhstan. A broker note was produced in the
local language for this market. Further research is expected in the coming
several weeks.
THE FUTURE
As you can see, your Company has successfully managed to secure its assets and
enhance them. With these new milestones as described, additional value has
been created to further increase our chances of successful completion of the
sale process. We will continue to work on achieving liquidity events for all
shareholders.
Christian Schaffalitzky
Executive Chairman
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2025
Note 6 months to 12 months to 6 months to
30 June 31 December 30 June
2025 2024 2024
(unaudited) (audited) (unaudited)
£ £ £
Sales 4 - 6,636,001 -
Cost of sales - (6,701,131) -
Gross profit (65,130) -
Administrative costs (1,220,285) (2,055,218) (885,970)
Investment income 186,702 3,232 2,958
Finance costs (280,093) (144,695) (49,145)
Other gains 5 7,868,944 - 1,230,703
Other losses 5 (135,190) (6,385,687) (870,249)
Profit/(loss) before tax 6,420,078 (8,647,498) (571,703)
Income tax expense (1,242) (347) -
Profit/(loss) for the period 6,418,836 (8,647,845) (571,703)
Other comprehensive (loss)/income:
Items that will not be reclassified subsequently to
profit and loss:
NCI share of foreign exchange differences on translation of foreign operations (1,159,340) 901,049 (134,419)
Items that will be reclassified subsequently to
profit and loss:
Parents share of foreign exchange differences on translation (2,750,579) 2,319,969 (264,735)
of foreign operations
Other comprehensive (loss)/income for the period, net of tax (3,909,919) 3,221,018 1,351,389
Total comprehensive income/(loss) for the period 2,508,917 (5,426,827) (970,857)
Profit/(loss) for the period attributable to:
Equity holders of the parent 4,561,693 (6,552,157) (553,519)
Non-controlling interest 1,857,143 (2,095,688) (18,184)
6,418,836 (8,647,845) (571,703)
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent 1,811,114 (4,232,188) (818,254)
Non-controlling interest 697,803 (1,194,639) (152,603)
2,508,917 (5,426,827) (970,857)
Basic and diluted loss (pence per share) 0.16 (0.23) (0.02)
Condensed consolidated statement of financial position
As at 30 June 2025
Note At 30 June At 31 December At 30 June 2024
2025 2024
(unaudited) (audited) (unaudited)
£ £ £
ASSETS
Non-current assets
Property, plant and equipment 6 10,399,446 6,928,215 9,473,508
Assets in the course of construction 392,213 161,131 518,150
Intangible assets 7 3,668,526 2,761,023 3,436,107
Investment in financial assets - -
Total non-current assets 9,850,369 13,427,765
Current assets
Inventories 2,581,413 322,597 4,127,939
Trade and other receivables 8 927,048 1,482,947 1,271,268
Other financial assets 428,030 30,561 67,304
Current tax assets 4,243 3,019 4,661
Cash and bank balances 1,872,447 3,682,292 215,922
Total current assets 5,813,181 5,521,416 5,687,094
Total assets 20,273,366 15,371,785 19,114,859
EQUITY
Capital and reserves
Issued capital 9 64,477,397 61,575,811 61,233,311
Reserves 10 4,118,260 6,868,839 4,284,135
Accumulated losses (46,048,020) (50,609,713) (44,611,075)
Equity attributable to equity holders of the parent 22,547,638 17,834,937 20,906,371
Non-controlling interest (4,564,280) (5,262,083) (4,220,047)
Total equity 17,983,358 12,572,854 16,686,324
LIABILITIES
Non-current liabilities
Lease liabilities 12 - - 6,142
Provisions 14 386,191 250,695 389,325
Total non-current liabilities 386,191 250,695 395,467
Current liabilities
Borrowings 11 642,741 262,706 50,713
Lease liabilities 12 208,014 26,105 113,324
Trade and other payables 13 831,501 2,101,359 1,843,351
Current tax liabilities 906 221 -
Provisions 14 220,655 157,845 25,680
(file:///C%3A/Users/alexa/Documents/EURASIA/01%20-%20EURASIA%20-%20Current/Audit%20and%20Interims/2024-06%20interims/EUA%20Interim%202024-V%202024%2009%2024.xlsx#RANGE!EM_Provision_Current)
Total current liabilities 1,903,817 2,548,236 2,033,068
Total liabilities 2,290,008 2,798,931 2,428,535
Total equity and liabilities 20,273,366 15,371,785 19,114,859
Condensed statement of changes in equity
For the six months ended 30 June 2025 (unaudited)
Attributable to owners of the parent
Note Share Share premium Deferred shares Other reserves Foreign currency translation reserve Accumulated losses Total attributable to owners of parent Non-controlling interest Total equity
capital
£ £ £ £ £ £ £ £ £
Balance at 1 January 2025 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
Issue of shares 72,033 2,829,554 2,901,587 2,901,587
Transaction with owners
Loss for the period 4,561,693 4,561,693 1,857,143 6,418,836
Other comprehensive loss
Exchange differences on translation (2,750,579) (2,750,579) (1,159,340) (3,909,919)
of foreign operations
Total comprehensive income (2,750,579) 4,561,693 1,811,114 697,803 2,508,917
Balance at 30 June 2025 2,951,415 54,500,500 7,025,483 3,539,906 578,354 (46,048,020) 22,547,638 (4,564,280) 17,983,358
Condensed statement of changes in equity
For the six months ended 30 June 2024 (unaudited)
Attributable to owners of the parent
Note Share Share premium Deferred shares Other reserves Foreign currency translation reserve Accumulated losses Total attributable to owners of parent Non-controlling interest Total equity
capital
£ £ £ £ £ £ £ £ £
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
Transaction with owners - - - - - - - - -
Loss for the period - - - - - (494,924) (494,924) (3,535) (498,459)
Other comprehensive loss
Exchange differences on translation - - - - (323,330) - (323,330) (149,068) (472,398)
of foreign operations
Total comprehensive income - - - - (323,330) (494,924) (818,254) (152,603) (970,857)
Balance at 30 June 2024 2,864,560 51,343,268 7,025,483 3,539,906 685,634 (44,552,480) 20,906,371 (4,220,047) 16,686,324
Condensed consolidated statement of cash flows
for the six months ended 30 June 2025
6 months to 30 June 12 months to 31 December 6 months to 30 June
2025 2024 2024
(unaudited) (audited) (unaudited)
£ £ £
Cash flows from operating activities
Loss for the period 6,418,836 (8,647,845) (571,703)
Adjustments for:
Depreciation and amortisation of non-current assets 254,591 2,983,691 1,929,115
Finance costs recognised in profit or loss 280,093 144,695 49,145
Investment revenue recognised in profit or loss (186,702) (3,232) (2,958)
(Gain)/loss on disposal of investments - -
Impairment loss/(reversal) recognised on inventory 135,190 - 870,249
Rehabilitation cost recognised in profit or loss 27,960 40,374 (33,709)
Income tax expense recognised in profit or loss 1,242 347 -
Net foreign exchange (profit)/loss (7,868,944) 6,385,687 (1,230,703)
(937,734) 903,717 1,009,436
Movements in working capital
(Increase)/decrease in inventories (2,474,638) 1,521,567 (2,582,503)
Decrease/(increase) in trade and other receivables 295,948 (2,328) 526,726
(Decrease)/increase in trade and other payables (849,748) 1,523,743 913,478
Cash (used in)/generated by operations (3,966,172) 3,946,699 (132,863)
Income taxes paid (2,536) 1,410 1,334
Net cash (used in)/generated by operating activities (3,968,708) 3,948,109 (131,529)
Cash flows from investing activities
Payments for bank trust agreement (200,557) - -
Interest received - 2,276 -
Proceeds from repayment of non-related party loans - 25,294 -
Payments for property, plant and equipment (1,168,297) (1,522,327) (887,525)
Payments for other intangible assets (96,061) (221,409) (135,366)
Net cash (used in)/generated by investing activities (1,464,915) (1,716,166) (1,022,891)
Cash flows from financing activities
Proceeds from issues of equity shares 2,901,587 - -
Proceeds from issue of convertible loan notes - 342,500
Proceeds from borrowings 329,000 506,883 -
Repayment of short-term loan (230,482) (300,151)
Repayment of lease liability (566,338) (125,962) (49,631)
Interest paid (18,878) (29,096) (12,825)
Net cash used in financing activities 2,414,888 394,174 (62,456)
Net (decrease)/increase in cash and cash equivalents (3,018,734) 2,626,116 (1,216,876)
Effects of exchange rate changes on the balance of 1,208,889 (261,889) 114,733
cash held in foreign currencies
Cash and cash equivalents at the beginning of period 3,682,292 1,318,065 1,318,065
Cash and cash equivalents at the end of the period 1,872,447 3,682,292 215,922
Selected notes to the condensed consolidated financial statements
for the six months ended 30 June 2025
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, 42 Cromwell Road, London SW7 4EF, United Kingdom and principal place of
business at Clubhouse Bank, 1 Angel Court, EC2R 7HJ. The Company's shares are
listed on AIM, a market of the London Stock Exchange. The principal activities
of the Company and its subsidiaries (the "Group") are related to the
exploration for and development of platinum group metals, gold and other
minerals.
The financial information set out in these condensed interim consolidated
financial statements (the "Interim Financial Statements") do not constitute
statutory accounts as defined in Section 435 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31 December 2024,
prepared in accordance with UK-adopted International Accounting Standards,
have been filed with the Registrar of Companies. The auditor's report on those
financial statements was unqualified. The report did not contain a statement
under Section 498(2) of the Companies Act 2006.
2. Basis of preparation
The Group prepares consolidated financial statements in accordance with
UK-adopted International Accounting Standards in conformity with the
requirements of the Companies Act 2006. These condensed consolidated interim
financial statements for the period ended 30 June 2025 have been prepared by
applying the recognition and measurement provisions of the standards and the
accounting policies adopted in the audited accounts for the year ended 31
December 2024.
These Interim 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 condensed consolidated interim
financial statements.
The Interim Financial Statements are presented in Pounds Sterling (£), which
is also the functional currency of the parent company.
3. Accounting policies
The Interim Financial Statements have been prepared in accordance with the
accounting policies adopted in the Group's last annual financial statements
for the year ended 31 December 2024.
4. Revenue
6 months to 12 months to 6 months to
30 June 31 December 30 June
2025 2024 2024
£ £ £
Sale of concentrates containing platinum and other metals - 6,636,001 -
- 6,636,001 -
Selected notes to the consolidated financial statements
for the six months ended 30 June 2025 (continued)
5. Other gains and losses
6 months to 12 months to 6 months to
30 June 31 December 30 June
2025 2024 2024
£ £ £
Gains
Net foreign exchange gain 7,868,944 - 1,230,703
- 1,230,703
Losses
Loss on revaluation of stock to net realisable value (135,190) - (870,249)
Net foreign exchange loss - (6,385,687) -
7,733,754 (6,385,687) (870,249)
7,733,754 (6,385,687) 360,454
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.
Loss on revaluation of stock available at 30 June 2025 represents platinum
concentrate ready for sale or refining, which was valued (i) using methodology
set in the refining and sale and purchase agreement made with local refinery
and (ii) exchange rate and metal prices at 30 June 2025.
6. Property, plant and equipment
30 June 31 December 30 June
2025 2024 2024
£ £ £
Net book value at the beginning of period 6,928,215 10,210,983 10,210,983
Additions 910,049 1,310,899 719,325
Transferred from assets under construction 809,957 319,213 2,305
Depreciation (254,591) (2,983,691) (1,929,115)
Exchange differences 2,005,816 (1,929,189) 470,010
Net book value at the end of period 10,399,446 6,928,215 9,473,508
Selected notes to the consolidated financial statements
for the six months ended 30 June 2025 (continued)
7. Intangible assets
30 June 31 December 30 June
2025 2024 2024
£ £ £
Net book value at the beginning of period 2,761,023 3,148,382 3,148,382
Additions 96,061 221,409 135,366
Exchange differences 811,442 (608,768) 152,359
Net book value at the end of period 3,668,526 2,761,023 3,436,107
Intangible assets represent capitalised costs associated with Group's
exploration, evaluation and development of mineral resources.
8. Trade and other receivables
30 June 31 December 30 June
2025 2024 2024
Trade receivables - 948,766 -
Advances made 136,946 - 17,271
Prepayments 12,235 16,077 24,730
VAT recoverable 531,186 445,525 521,875
Mining tax refund due - - 408,462
Other receivables 246,681 72,579 298,930
927,048 1,482,947 1,271,268
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.
Selected notes to the consolidated financial statements
for the six months ended 30 June 2025 (continued)
9. Share capital
30 June 31 December 30 June
2025 2024 2024
Issued ordinary shares with a nominal value of 0.1p:
Number 2,951,414,924 2,879,381,734 2,864,559,995
Nominal value (£) 2,951,415 2,879,382 2,864,560
Fully paid ordinary shares carry one vote per share and carry the right to
dividends.
Issued deferred shares with a nominal value of 4.9 p:
Number 143,377,203 143,377,203 143,377,203
Nominal value (£) 7,025,483 7,025,483 7,025,483
Deferred shares have the following rights and restrictions attached to them:
- 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.
There had been no change in the issued share capital during the reporting
period
Ordinary shares Number of shares Share Share
capital
premium
£ £
Balance at 1 January 2025 2,879,381,734 2,879,382 51,670,946
Balance at 30 June 2025 2,951,414,924 2,951,415 54,500,499
Deferred shares Number of deferred shares Deferred share
capital
£
Balance at 1 January and 30 June 2025 143,377,203 7,025,483
10. Reserves
30June 31December 30June
2025 2024 2024
£ £ £
Capital redemption reserve 3,539,906 3,539,906 3,539,906
Foreign currency translation reserve 578,354 3,328,933 744,229
Equity-based payment reserve - -
4,118,260 6,868,839 4,284,135
The capital redemption reserve was created as a result of a share capital
restructuring in earlier years. There is no policy of regular transactions
affecting the capital redemption reserve.
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 equity-based payments reserve represents a reserve arisen on (i) the grant
of share options to employees under the employee share option plan and (ii) on
issue of warrants under terms of professional service agreements.
Selected notes to the consolidated financial statements
for the six months ended 30 June 2025 (continued)
11. Borrowings
30 June 31 December 30 June
2025 2024 2024
£ £ £
Current
Unsecured loan 642,741 262,706 50,713
642,741 262,706 50,713
In 2024 the Company signed a convertible loan agreement with Sanderson Capital
Partners Ltd to borrow up to GBP 2,500,000 ("Sanderson Facility"). As
announced on 28 March 2025, Eurasia did a strategic private placing among US
and UK institutional investors and ceased using Sanderson Facility.
12. Lease liabilities
The Group has the following leases in place:
i) Leases of mining equipment. The Group has an option to purchase the
equipment for a nominal amount at the maturity of the finance lease. The
Group's obligation under finance leases are secured by the lessor's title to
the leased assets.
Interest rates underlying obligations under finance leases are fixed at
respective contract dates ranging from 21.9% to 23.5% per annum. For
comparison Russian central bank rate is 19% at the date of this report.
ii) Rent of offices and other properties. The average lease term is three
years expiring in 2025. There is no option to purchase properties at the end
of rental period.
Minimum lease payments 30 June 31 December 30 June
2025 2024 2024
£ £ £
Less than one year 224,668 27,173 118,706
Between one and five years - - 6,320
27,173 125,026
Less future finance charges (16,654) (1,068) (5,560)
208,014 26,105 119,466
Present value of minimum lease payments
Present value of minimum lease payments 30 June 31 December 30 June
2025 2024 2024
£ £ £
Less than one year 208,014 26,105 113,324
Between one and five years - 6,142
208,014 26,105 119,466
Present value of minimum lease payments
Selected notes to the consolidated financial statements
for the six months ended 30 June 2025 (continued)
13. Trade and other payables
30 June 31 December 30 June
2025 2024 2024
Trade payables 514,739 1,045,818 1,111,521
Accruals 124,125 198,622 239,346
Social security and other taxes 34,095 760,759 226,368
Other payables 158,542 96,160 266,116
831,501 2,101,359 1,843,351
The fair value of trade and other payables is not materially different to the
carrying values presented. The above listed payables were all unsecured.
14. Provision
30 June 31 December 30 June
2025 2024 2024
£ £ £
Long term provision:
Environment rehabilitation 386,191 250,695 389,325
Short term provision:
Environment rehabilitation 220,655 157,845 25,680
606,846 408,540 415,005
Movement in provision Six month to 12 month to Six month to
30 June 31 December 30 June
2025 2024 2024
£ £ £
At 1 January 408,540 397,747 397,747
Utilised in the period 26,695 40,374 -
Reduction resulting from re-measurement or settlement without cost - (33,709)
Unwinding of discount and effect of changes in the discount rate 35,366 67,766 31,988
Exchange difference 136,245 (97,347) 18,979
At the end of the period 606,846 408,540 415,005
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 12.99% to
14.99% (2024: 14.66% to 16.67%) 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. Actual costs in respect of the
long-term provision recognised by 30 June 2025 will be incurred within
2025-2040.
Selected notes to the consolidated financial statements
for the six months ended 30 June 2024 (continued)
15. Commitments
During 2025 the Group entered into several lease agreements to lease mining
plant and equipment. As at 30 June 2025 the average lease term was one year.
During 2023 the Group entered into several rent agreements to rent office and
other properties. As at 30 June 2025 the average rental term was 6 months.
Present value of minimum lease payments £208,014 (30 June 2024: £119,466).
1 (#_ftnref1) Sources: Norilsk Nickel
2 (#_ftnref2) Sources: Johnson Matthey, WPIC, Macrotrends
3 (#_ftnref3) Sources: Johnson Matthey, WPIC, Macrotrends, IMPI
4 (#_ftnref4) Sources: Johnson Matthey, WPIC, Grand View Research
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