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Interim Results

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 m3 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], 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].

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]. On 26 September 2026 it reached $1564/oz.

Outlook: Structural deficits are likely to persist into 2026 and beyond, supporting price upside[4]. 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

Note6 months to12 months to6 months to
30 June31 December30 June
202520242024
(unaudited)(audited)(unaudited)
£££
Sales4-6,636,001-
Cost of sales-(6,701,131)-
Gross profit(65,130)-
Administrative costs(1,220,285)(2,055,218)(885,970)
Investment income186,7023,2322,958
Finance costs(280,093)(144,695)(49,145)
Other gains57,868,944-1,230,703
Other losses5(135,190)(6,385,687)(870,249)
Profit/(loss) before tax6,420,078(8,647,498)(571,703)
Income tax expense(1,242)(347)-
Profit/(loss) for the period6,418,836(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
of foreign operations
(2,750,579)2,319,969(264,735)
Other comprehensive (loss)/income for the period, net of tax(3,909,919)3,221,0181,351,389
Total comprehensive income/(loss) for the period2,508,917(5,426,827)(970,857)
Profit/(loss) for the period attributable to:
Equity holders of the parent4,561,693(6,552,157)(553,519)
Non-controlling interest1,857,143(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 parent1,811,114(4,232,188)(818,254)
Non-controlling interest697,803(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
NoteAt 30 June
2025
At 31 December
2024
At 30 June 2024
(unaudited)(audited)(unaudited)
£££
ASSETS
Non-current assets
Property, plant and equipment610,399,4466,928,2159,473,508
Assets in the course of construction392,213161,131518,150
Intangible assets73,668,5262,761,0233,436,107
Investment in financial assets--
Total non-current assets9,850,36913,427,765
Current assets
Inventories2,581,413322,5974,127,939
Trade and other receivables8927,0481,482,9471,271,268
Other financial assets428,03030,56167,304
Current tax assets4,2433,0194,661
Cash and bank balances1,872,4473,682,292215,922
Total current assets5,813,1815,521,4165,687,094
Total assets20,273,36615,371,78519,114,859
EQUITY
Capital and reserves
Issued capital964,477,39761,575,81161,233,311
Reserves104,118,2606,868,8394,284,135
Accumulated losses(46,048,020)(50,609,713)(44,611,075)
Equity attributable to equity holders of the parent22,547,63817,834,93720,906,371
Non-controlling interest(4,564,280)(5,262,083)(4,220,047)
Total equity17,983,35812,572,85416,686,324
LIABILITIES
Non-current liabilities
Lease liabilities12--6,142
Provisions14386,191250,695389,325
Total non-current liabilities386,191250,695395,467
Current liabilities
Borrowings11642,741262,70650,713
Lease liabilities12208,01426,105113,324
Trade and other payables13831,5012,101,3591,843,351
Current tax liabilities906221-
Provisions14220,655157,84525,680
Total current liabilities1,903,8172,548,2362,033,068
Total liabilities2,290,0082,798,9312,428,535
Total equity and liabilities20,273,36615,371,78519,114,859
  Condensed statement of changes in equity For the six months ended 30 June 2025 (unaudited)
Attributable to owners of the parent
NoteShare
capital
Share premiumDeferred sharesOther reservesForeign currency translation reserveAccumulated lossesTotal attributable to owners of parentNon-controlling interestTotal equity
£££££££££
Balance at 1 January 20252,879,38251,670,9467,025,4833,539,9063,328,933(50,609,713)17,834,937(5,262,083)12,572,854
Issue of shares72,0332,829,5542,901,5872,901,587
Transaction with owners
Loss for the period4,561,6934,561,6931,857,1436,418,836
Other comprehensive loss
Exchange differences on translation
of foreign operations
(2,750,579)(2,750,579)(1,159,340)(3,909,919)
Total comprehensive income(2,750,579)4,561,6931,811,114697,8032,508,917

Balance at 30 June 2025
2,951,41554,500,5007,025,4833,539,906578,354(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
NoteShare
capital
Share premiumDeferred sharesOther reservesForeign currency translation reserveAccumulated lossesTotal attributable to owners of parentNon-controlling interestTotal equity
£££££££££
Balance at 1 January 20242,864,56051,343,2687,025,4833,539,9061,008,964(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
of foreign operations
----(323,330)-(323,330)(149,068)(472,398)
Total comprehensive income----(323,330)(494,924)(818,254)(152,603)(970,857)

Balance at 30 June 2024
2,864,56051,343,2687,025,4833,539,906685,634(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 June12 months to 31 December6 months to 30 June
202520242024
(unaudited)(audited)(unaudited)
£££
Cash flows from operating activities
Loss for the period6,418,836(8,647,845)(571,703)
Adjustments for:
Depreciation and amortisation of non-current assets254,5912,983,6911,929,115
Finance costs recognised in profit or loss280,093144,69549,145
Investment revenue recognised in profit or loss(186,702)(3,232)(2,958)
(Gain)/loss on disposal of investments--
Impairment loss/(reversal) recognised on inventory135,190-870,249
Rehabilitation cost recognised in profit or loss27,96040,374(33,709)
Income tax expense recognised in profit or loss1,242347-
Net foreign exchange (profit)/loss(7,868,944)6,385,687(1,230,703)
(937,734)903,7171,009,436
Movements in working capital
(Increase)/decrease in inventories(2,474,638)1,521,567(2,582,503)
Decrease/(increase) in trade and other receivables295,948(2,328)526,726
(Decrease)/increase in trade and other payables(849,748)1,523,743913,478
Cash (used in)/generated by operations(3,966,172)3,946,699(132,863)
Income taxes paid(2,536)1,4101,334
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 shares2,901,587--
Proceeds from issue of convertible loan notes-342,500
Proceeds from borrowings329,000506,883-
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 activities2,414,888394,174(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
cash held in foreign currencies
1,208,889(261,889)114,733
Cash and cash equivalents at the beginning of period3,682,2921,318,0651,318,065
Cash and cash equivalents at the end of the period1,872,4473,682,292215,922
    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 to12 months to6 months to
30 June31 December30 June
202520242024
£££
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 to12 months to6 months to
30 June31 December30 June
202520242024
£££
Gains
Net foreign exchange gain7,868,944-1,230,703
-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 June31 December30 June
202520242024
£££
Net book value at the beginning of period6,928,21510,210,98310,210,983
Additions910,0491,310,899719,325
Transferred from assets under construction809,957319,2132,305
Depreciation(254,591)(2,983,691)(1,929,115)
Exchange differences2,005,816(1,929,189)470,010
Net book value at the end of period10,399,4466,928,2159,473,508
  Selected notes to the consolidated financial statements for the six months ended 30 June 2025 (continued)   7. Intangible assets
30 June31 December30 June
202520242024
£££
Net book value at the beginning of period2,761,0233,148,3823,148,382
Additions96,061221,409135,366
Exchange differences811,442(608,768)152,359
Net book value at the end of period3,668,5262,761,0233,436,107
  Intangible assets represent capitalised costs associated with Group's exploration, evaluation and development of mineral resources.   8. Trade and other receivables
30 June31 December30 June
202520242024
Trade receivables-948,766-
Advances made136,946-17,271
Prepayments12,23516,07724,730
VAT recoverable531,186445,525521,875
Mining tax refund due--408,462
Other receivables246,68172,579298,930
927,0481,482,9471,271,268
  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 June31 December30 June
202520242024
Issued ordinary shares with a nominal value of 0.1p:
Number2,951,414,9242,879,381,7342,864,559,995
Nominal value (£)2,951,4152,879,3822,864,560
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:
Number143,377,203143,377,203143,377,203
Nominal value (£)7,025,4837,025,4837,025,483
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 sharesNumber of sharesShare
capital
Share
premium
££
Balance at 1 January 20252,879,381,7342,879,38251,670,946
Balance at 30 June 20252,951,414,9242,951,41554,500,499
Deferred sharesNumber of deferred sharesDeferred share
capital
£
Balance at 1 January and 30 June 2025143,377,2037,025,483
  10. Reserves
30June31December30June
202520242024
£££
Capital redemption reserve3,539,9063,539,9063,539,906
Foreign currency translation reserve578,3543,328,933744,229
Equity-based payment reserve--
4,118,2606,868,8394,284,135
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 June31 December30 June
202520242024
£££
Current
Unsecured loan642,741262,70650,713
642,741262,70650,713
  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 payments30 June31 December30 June
202520242024
£££
Less than one year224,66827,173118,706
Between one and five years--6,320
27,173125,026
Less future finance charges(16,654)(1,068)(5,560)
Present value of minimum lease payments208,01426,105119,466
Present value of minimum lease payments30June31December30June
202520242024
£££
Less than one year208,01426,105113,324
Between one and five years-6,142
Present value of minimum lease payments208,01426,105119,466
  Selected notes to the consolidated financial statements for the six months ended 30 June 2025 (continued)   13. Trade and other payables
30June31December30June
202520242024
Trade payables514,7391,045,8181,111,521
Accruals124,125198,622239,346
Social security and other taxes34,095760,759226,368
Other payables158,54296,160266,116
831,5012,101,3591,843,351
  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 June31 December30 June
202520242024
£££
Long term provision:
Environment rehabilitation386,191250,695389,325
Short term provision:
Environment rehabilitation220,655157,84525,680
606,846408,540415,005
Movement in provisionSix month to12 month toSix month to
30 June31 December30 June
202520242024
£££
At 1 January408,540397,747397,747
Utilised in the period26,69540,374-
Reduction resulting from re-measurement or settlement without cost-(33,709)
Unwinding of discount and effect of changes in the discount rate35,36667,76631,988
Exchange difference136,245(97,347)18,979
At the end of the period606,846408,540415,005
  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] Sources: Norilsk Nickel [2] Sources: Johnson Matthey, WPIC, Macrotrends [3] Sources: Johnson Matthey, WPIC, Macrotrends, IMPI [4] Sources: Johnson Matthey, WPIC, Grand View Research This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.   END     IR SEIFMUEISEIU

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