No impact from the new Sanctions

RNS Number : 7864C

Eurasia Mining PLC

25 February 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN EU REGULATION NO. 596/2014, INCORPORATED INTO UK LAW BY THE EUEOPEAN UNION (WITHDRAWAL) ACT 2018 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

25 February 2022

Eurasia Mining Plc

No impact from the new Sanctions

Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold producing company announces that the Company has reviewed the UK, EU and US sanctions (the "Sanctions") as of this morning UK time. There is no impact on Eurasia's operations or activities. No individual or entity identified in the Sanctions is associated with the Company in any way. The Directors would like to highlight the following:

· Eurasia has no bank accounts with Russian state-owned banks.

· The Company also has no relationship with any Russian state-owned banks.

· Eurasia's production (palladium, platinum, rhodium, iridium and gold) from the operating mines is sold in the domestic market at prices with a market discount to the LME prices fixed in USD, while the costs are mainly fixed in Roubles, whereby a weakening Rouble exchange rate has a positive impact on the bottom line of the Company.

· The Sanctions do not prevent the Company from executing on its strategy as announced.

A copy of this announcement is also available on Eurasia's website at:

https://www.eurasiamining.co.uk/investors/news-announcements.

For further information, please contact:

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

[phone]

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Adam Cowl

[phone]

Optiva Securities (Joint Broker)

Christian Dennis

Tel: [phone]

About Eurasia Mining Plc

Eurasia Mining plc is a PGM and battery metals producing company, operating the established West Kytlim Mine in the Urals, and also being the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula.

Eurasia's project portfolio also includes Nittis-Kumuzhya-Travyanaya (NKT), Tier-1 scale Nickel mine formerly operated by Norilsk Nickel.

A parallel business development strategy based on the Hydrogen Economy forms a new development arm of the Company.

 

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