Eurasia Mining (EUA) Investor update summary

Strategic focus and asset management

• Active negotiations continue for the sale of the West Kytlim mine to support higher-value Kola Peninsula projects, which are considered the company's core assets due to their scale and favorable commercial environment.

• The sale of West Kytlim is seen as a necessary step to secure working capital and protect the more valuable Monchetundra and NKT projects, given the current unfavorable taxation regime for foreign owners in Russia.

• The Kola assets benefit from special tax regimes, government support, and a first-mover advantage, positioning them for long-term value creation.

• The company is not rushing to sell Kola assets due to the current 95% exit tax, preferring to wait for a more favorable environment.

• The Sinosteel contract provides loan structures to support Kola development without significant upfront capital requirements.

Financial position and operational update

• Cash raised in March is dedicated to the UK management company, with executive salaries accrued but not drawn, and non-executive directors on nominal fees.

• Current cash position is expected to last until mid-2027, with Russian expenditures isolated from group cash.

• West Kytlim has been loss-making on paper but provided essential cash flow for Russian operations; repatriation of funds to the UK remains restricted.

• The sale of West Kytlim, despite a significant discount, is driven by the need for liquidity and to mitigate risks of nationalization and increasing taxation.

• Institutional shareholding has increased, reflecting confidence in the potential of the Kola projects.

Project development and outlook

• Monchetundra and NKT projects are advancing, with detailed engineering work completed and submitted for state approval; early-stage mining could begin by late 2026 if approvals are secured.

• The company maintains agreements with the Arctic Development Agency, ensuring support for investment and development in the region.

• The Sinosteel partnership remains active, providing a pathway for project financing and development.

• The company is exploring toll mining and other options to optimize asset value while awaiting improved geopolitical conditions.

• No management or related party interests exist in the buyer of West Kytlim; the sale simplifies administration and positions the company for future transactions.