Eurasia Mining (EUA) H2 2024 earnings summary

Executive summary

• Focused on planned sale of Russian assets, maintaining projects in good standing and securing financing outside Russia.

• Raised $4 million in March 2025, ensuring at least 24 months of financing without further trade finance facility use.

• Initiated secondary listing in Astana, Kazakhstan to improve share marketability.

• Platinum price rose 30% by mid-2025, with market in deficit for third consecutive year.

• Litigation against Russian tax authorities concluded successfully, recovering $1.3 million.

Financial highlights

• Loss before tax for 2024: £8.65m (2023: £6.68m), mainly due to foreign exchange movements.

• Revenue: £6.64m (2023: £2.07m), all from sale of platinum and precious metals.

• Gross loss: £65k (2023: profit £505k); operating loss: £8.51m (2023: £7.04m).

• Cash at year-end: £3.68m (2023: £1.32m); net current assets: £2.97m.

• No dividend proposed; retained loss for the year: £5.53m.

Outlook and guidance

• Strategy remains focused on selling Russian assets (West Kytlim, Monchetundra, NKT, Nyud entitlement).

• Sufficient cashflow expected from Russian operations to cover costs and maintain asset standing.

• No significant new expenditure planned for Monchetundra; NKT project under appraisal for mining licence.