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 AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

30 September 2021

Eurasia Mining Plc

("Eurasia" or the "Company")

Interim Report for the six months ended 30 June 2021

Summary highlights of 2021 to date

·      Agreement with Rosgeo concluded in March to form a globally significant battery metals and PGM district on the Kola Peninsula, positioning Eurasia among majors

·      Wardell Armstrong International engaged in April for several comprehensive tasks including JORC resource audits which are almost complete and are expected to be announced shortly

·      Proposal received in May for the potential acquisition of substantially all of the Company's assets. Since then, additional interest from other parties is being considered by the Board

·      Eurasia's representative office in Japan was established

·      Eurasia is now fully funded to fulfil its commitments in relation to the Rosgeo JV

·      Three plants are now operating at the Company's producing asset West Kytlim

·      The Company maintains its focus on ESG including scope 1 to 3 carbon emissions

Chairman's statement

'The first half of 2021 has been a very active period for the Company both operationally and commercially.

We concluded a company transformational, legally binding agreement with Rosgeo covering 9 projects which together with Monchetundra and Monchetundra Flanks (including NKT, high grade nickel-copper-cobalt and PGM deposit) form a globally significant battery metals and PGM district on the Kola Peninsula, positioning our Company among majors in terms of combined resources of Eurasia and the projects included in the agreement with Rosgeo.

Post period-end, Konstantin Firstov joined Eurasia as CEO of our Kola operations from a Managing Director position in Rosgeo bringing additional operational expertise as the former head of open pit mining at Achinsk, the largest operation of Rusal, a leading company in the global aluminium industry, producing metal with a low carbon footprint.

After signing the Rosgeo agreement at the end of March, Eurasia conducted a tender among international technical auditors and in April engaged Wardell Armstrong International for several comprehensive tasks including JORC resource audits which are almost complete and will be announced shortly.

In May we received a proposal for the potential acquisition of substantially all of the Company's assets and the Board decided to focus on this potential asset sale. Since then, we have seen additional interest from other parties. We have attracted top talent and top tier partners and advisers to prioritise and execute our strategy.

Tamerlan Abdikeev based in Tokyo joined the Board and Eurasia's representative office in Japan was established.

Also in May we were offered a $20m private placement at the market price by a leading US institutional investor. In September we cut back to $15m from a larger proposal made by a consortium of US professional institutional investors, again without discount, at the market price of 26p. We are now fully funded to fulfil our commitments in relation to the Rosgeo JV.

We have successfully trebled our production capacity at West Kytlim, our ESG focussed PGM mine, while continuing to develop the electrification of the site to reduce the mine's carbon footprint. To that end we have selected an electric dragline to minimise our impact on the environment as well as to increase the efficiency of the stripping and mining, thereby reducing costs. Thus, the next year is expected to be transformation for West Kytlim on both the mining side with a highly productive electric dragline and on the processing side with 3 plants already launched.

My thanks to the staff and the Board for their continued commitment to creating additional value for our shareholders. The Company is in a very strong position financially, with an excellent portfolio of assets, and in a buoyant market for the future facing green metals: battery metals for EVs and PGMs for the hydrogen economy.'

Christian Schaffalitzky, Executive Chairman

For further information, please contact:

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

+44 (0)207 932 0418

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Adam Cowl

+44 (0)20 3470 0470

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

PGM MARKET SUMMARY

The investment case for Platinum Group Minerals ('PGM'), especially Platinum and Palladium continues to be clear and compelling in the immediate and long term, based purely on the fundamentals of demand and supply. The outlook for demand is positive from existing markets in PGM, both industrial¹ and precious metal uses, and from new and emerging markets notably Fuel Cells² and the Hydrogen economy². This contrasts with limited new supply under development and major challenges for the traditional global regions for PGM Mining³. Structural deficits now exist in both the platinum⁴ and palladium markets and are predicted to continue, creating an opportunity for emerging global regions for PGM mining such as Kola.

Platinum has traded above US$1,000/ounce for the first half of 2021 (contrasted with US$870/ounce at this point in the mining season last year⁵) however Palladium is expected to continue to outperform platinum being in a deeper structural deficit than its sister metal, and with further ounces removed from predicted annual supply by difficulties at Norilsk, leading to a predicted market deficit of up to 1million ounces in 2021⁶.

The contribution of other PGM namely Rhodium (Rh) and Iridium (Ir) to global metal revenue streams has risen steadily since 2016, reflecting metal price increases rather than increased production, and these metals are set to continue to find niche use cases, eg in the Hydrogen economy in Polymer Electrolyte Membrane (PEM) Fuel Cells (Rh) and Hydrogen production by PEM electrolysis (Ir). Both of these metals are produced at the West Kytlim mine.

^Sources:

^{1: Recovering vehicle sales leading to increased auto-catalyst demand;}

^{Heraeus Platinum standard 2021, page 42.}

^{2 Johnson Matthey presentation of results for the full year ended 31 March 2021;}

^{https://matthey.com/-/media/files/investors/presentation-fy-2020-21.pdf?la=en&hash=A0AAE5C0202CAE9B59F99B9C5A4AA206A656144F}

^{3 https://www.engineeringnews.co.za/article/platinum-group-metals-outlook-constrained-supply-very-strong-demand-growth-wpic-2021-02-08}

^{4 WPIC Platinum Quarterly Q1 2021;}

^{https://platinuminvestment.com/files/782345/WPIC_Platinum_Quarterly_Q1_2021.pdf}

^{5 Eurasia Mining Interim statement 2020;}

^{https://www.investegate.co.uk/eurasia-mining-plc--eua-/rns/interim-report/202009301656546679A/}

^{6 https://www.mining.com/web/global-palladium-deficit-to-widen-in-2021-nornickel/}

Environmental Social and Governance ('ESG')

Eurasia is focused on environmentally friendly ('green') mining solutions applied to its portfolio of green metals:

1) Battery Metals (Nickel, Copper and Cobalt) for EVs,

2) PGMs for catalysts and green hydrogen production.

The Company is also targeting top-tier ESG designed to achieve corporate goals, while also making a meaningful contribution beyond creating shareholder value and employment and paying taxes.

Eurasia targets the inclusion in more funds and indices beyond the current ones (ex: L&G Future World ESG UK Index, Liberum's climate portfolio and Solactive ESG indices).

The Company is committed to scope 1 to 3 carbon emissions control:

Scope 1) modern fleet of machinery on site at West Kytlim, switch to electric dragline for overburden removal from 2022

Scope 2) green suppliers selected (for example hydro energy producers, partnership with ESG focused Rosgeo),

Scope 3) organisation wide low environmental impact, and role of metals produced (Eurasia's up stream value chain) in controlling Greenhouse Gas emissions.

This should result in institutional investor (like Blackrock, Fidelity, Vanguard) smart money flow to scope 3 ESG compliant companies.

Eurasia's mines produce green metals with industry leading ESG footprint and the following distinctive features:

·      Buildings from wood sourced and milled on mine sites

·      No blasting used

·      Shallow open pits mined

·      Water fully recycled

·      No chemicals used

·      Low energy consumption

·      Annual rehabilitation done

This results in low operating cost (Q1 of the global cost curve), creating superior value to our shareholders.

Eurasia is committed to attaining the highest Corporate Social Responsibility and environmental management standards at its mines. Areas mined at the West Kytlim Mine are remediated on a schedule detailed within our mining, forestry and environmental permits. The shallow open pit nature of the operation allows remediation by refilling open pits with stripped overburden and top soils.

We are committed to ensuring the land disturbed by mining activities is returned in a safe and stable landform that does not cause long term damage to the environment. Our commitment to restoring any damage to the environment is further demonstrated by our commitment to reducing Green House Gas (GHG) emissions at our mine sites.

Further highlights of the Company's top tier ESG focus

·      Protect the environment

o  Minimise disturbance and mine footprint

o  Complete rehabilitation of mine sites

o  Reduce GHG emissions

·      Employee safety is a first priority;

o  LTIFR remains at zero for both projects

o  Ongoing COVID 19 protocols in place including medical screening and awareness interviews

·      Build relationships with Stakeholders;

o  Mine sites engaged with local communities

o  Leveraging greater than 20 years' experience working in Russia with continuous open communication with government and both local and federal agencies.

People

Our team of professionals including former senior managers of Norilsk Nickel, Rusal, Polyus, Rosgeo and Highland Gold are managing a tier one asset base of Battery Metals and PGM. Our team members have successfully launched mines within their previous track record of operational achievements, as well as Eurasia's three mines and enrichments plants launched successfully delivering on our promises.

We have a strong in-house team of geologists, mining engineers, EPC managers, metallurgists and M&A professionals.

Our team owns about 20% of Eurasia shares acquired for cash and in lieu of cash compensation that provide proper motivation in line with the best interests of all shareholders.

Partners

Eurasia started as a JV with Anglo American, the world's largest PGM producer.

The Rosgeo projects add to our strong portfolio on top of our Monchetundra, NKT and other Flanks deposits, financed with prudent capital allocation, balancing minimal shareholder dilution and engaging contractors with solid EPCF track records, resulting in a strong financial position with zero debt and approximately $35m cash as at 24 September 2021.

Rosgeo operates globally with Amerada Hess, Chevron, Conoco Phillips, Exxon Mobil, ION, Schlumberger, BP plc, British Gas, Buried Hill, Polyus, Polymetal, Rosatom and Eurasia as partners & clients.

OPERATIONS UPDATE

West Kytlim operating mine, Ural Mountains

·      Near nine-fold increase in mine revenue compared to the same period last year

·      LTIFR remains at zero for the 2021 season

·      Three plants now operational as opposed to one in previous seasons- eliminating single asset risk

·      Advancing the Power line to site to provide electrified overburden stripping

The phased increase in capacity for the West Kytlim mine has seen a step change in the first half of this year from one plant to three process plants commissioned in August. Whilst one plant was in operation, 170,000 cubic meters PGM bearing gravels were processed from 20 April to 31 July 2021. The Kluchiki work area continues to provide high-grade gravels, backed up by two operational sites within the Bolshaya Sosnovka area, where stripping has commenced and will be reinforced with an electric dragline in the future.

Covid protocols, including social distancing measures and testing of workforce remain in place on site, despite a majority double-vaccinated personnel. Four individuals have recovered from Covid, having contracted in the general population while on leave, and are back at work, following negative tests with no effect on the operation.

West Kytlim is an ESG focussed mine site, meaning that adverse environmental impact is kept to a minimum:

·      Limited use of reinforced concrete and asphalt

·      Mine buildings built mostly from timber milled on site

·      Open pits remediated when mined out, with full recovery 5 to 10 years post mining

·      Modern machinery with low carbon footprint.

Our plans to transition from diesel-based stripping to renewable-electric powered stripping are now well advanced. The board recognise the potential to remove the operational GHG emissions associated with this stage of the mining process as valuable in improving the mine's environmental credits with a long-term goal of producing the worlds cleanest, i.e. lowest carbon PGM ounces. Eurasia's experts have evaluated possible draglines in the Urals area and throughout Russia for purchase and shipment to site. The powerline and dragline, despite the initial capital investment will eventually reduce operating costs at the mine meaning there will not be a 'green premium' associated cost with PGM ounces produced at the mine.

Although our focus at West Kytlim in 2021 was on the capacity increase and associated stripping works to prepare both Kluchiki and Bolshaya Sosnovka areas to feed 3 washing plants, we have also been mining which resulted in an approximately 9-fold revenue increase compared to 6 months of 2020.

Monchetundra, Monchetundra Flanks and the Rosgeo JV projects

The Company continues to drive the development at its Monchetundra project and within the Rosgeo JV and provides the following summary of events for the first half of this year;

·      Wardell Armstrong International engaged

·      Recalculation of MT and Flanks resources and pit outlines, reflecting considerable metal price increase since FS of 2016, integrated to Detailed Mining Plan as announced 15 September.

·      Block Modelling and open pit contouring and optimisation complete for 6 of 9 Rosgeo JV projects.

Following the appointment of the new CEO at Kola subsidiary company level we have made significant progress at both Monchetundra and on the projects now available to the Company in the Monchetundra Flanks, and the Rosgeo JV. The Monchegorsk area is quite unique globally in having high levels of extensive previous exploration and reporting, and numerous deposits of a similar deposit style and metallurgical type in both the Monchegorsk and Monchepluton Massifs, directly adjacent to a major infrastructural corridor and in a mining friendly jurisdiction. Having now established a first mover advantage we are executing on our Kola assets, as we have done in the Urals exceeding our expectations.

James Nieuwenhuys, Chief Executive

Condensed consolidated statement of comprehensive income

for the six months ended 30 June 2021

Condensed consolidated statement of financial position

as at 30 June 2021