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Eurasia Mining Plc announced its audit for the year ended 31 December 2023 is progressing, and it currently has sufficient working capital to meet obligations until November 2024. The Company is in advanced discussions with a lender for a trade finance loan facility. Eurasia's ordinary shares remain suspended on AIM pending the 2023 Annual Report, and admission to AIM will be cancelled if its shares are suspended for six months, in accordance with Rule 41.
| Date | 28 Aug 2024 |
| Time | 07:00:08 |
| Category | Corporate updates |
| ID | 8955B |
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.
28 August 2024
Eurasia Mining Plc
Update regarding Annual Report and Financial Position
Eurasia Mining Plc ("Eurasia" or the "Company"), the palladium, platinum, rhodium, iridium and gold mining company, announces that further to the announcements dated 27 June 2024 and 29 July 2024, its audit for the year ended 31 December 2023 is progressing towards completion. The Company also provides an update on its current financial position.
The Company currently has a limited cash runway in the United Kingdom, with sufficient working capital to meet ongoing obligations until November 2024. As a result, the Company is in discussions with a lender regarding a trade finance loan facility (the "Facility") to cover the gap (if any) until the inventory of PGM concentrate (see below) or the Companies' assets are sold. Although discussions with the proposed lender are at an advanced stage, there can be no guarantee the Facility will be entered into.
Notwithstanding additional sources of working capital that are expected to be available to the Company, specifically based on the stored inventory of PGM concentrates held by the Company and the Facility, the Directors are continuing to focus on the possible sale of the Company's assets as the first priority.
Trading in the Company's ordinary shares on AIM remains suspended pending the publication of the Company's Annual Report for the year ended 31 December 2023.
In accordance with Rule 41 of the AIM Rules, the admission of the Company's shares to trading on AIM will be cancelled if the Company's shares are suspended from trading for six months.
For further information, please contact:
Eurasia Mining Plc
Christian Schaffalitzky
+44 (0)207 932 0418
SP Angel Corporate Finance LLP (Nomad and Broker)
Jeff Keating / David Hignell / Adam Cowl
+44 (0)20 3470 0470
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
+44 (0)207 932 0418