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Eurasia Mining plc announced on December 1, 2025, the completion of the detailed design ("Technical Project") for its Monchentudra (MT) asset. This design was completed by Geolinvestproekt for Terskaya Mining Company, Eurasia's 80% owned subsidiary, which holds the MT mining licence valid until December 7, 2038.
| Date | 1 Dec 2025 |
| Time | 07:00:13 |
| Category | Miscellaneous |
| ID | 5282J |
Dissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.
1 December 2025
Eurasia Mining plc
MT Detailed Design Completion
Eurasia Mining plc ("Eurasia" or the "Company"), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company is pleased to announce completion of the detailed design ("Technical Project") for its open-pit Copper-Nickel-PGM-Gold Monchentudra asset in the Arctic ("MT").
Background
The MT project was awarded its mining licence on 20 November 2018 (see RNS of that date) following the approval of its Feasibility Study, Reserves and Resources on 3 April 2017. In summary, the combined Reserves and Resources totalled 1.9 million ounces of palladium equivalent (palladium and platinum) with important additional gold, nickel and copper, at two open-pittable locations. The state approved totals were granted using the local standard classification. For details of this study please see RNS dated 3 April 2017.
The licence was issued to Terskaya Mining Company (TMC), Eurasia's 80% owned subsidiary, and is valid to 7 December 2038, for the extraction of palladium, platinum, gold, nickel and copper.
Detailed Design Completion
The Technical Project for MT was completed by 'Geolinvestproekt', the specialist contractor that previously carried out the detailed design for the West Kytlim mine, obtaining all necessary approvals and overseeing its successful launch.
Geolinvestproekt brings over 15 years of experience in detailed design, primarily for major mining companies and in completing the MT technical project, drew on the following key inputs:
· Results from comprehensive test programmes by Gipronickel (an engineering arm of Norilsk Nickel) include, but not limited to, physical and mechanical tests to determine the average rock hardness, geotechnical studies, hydrology, and the general physical properties of the rocks and ores.
· Detailed metallurgical testwork carried out by Mekhanobr Engineering. Mekhanobr Engineering has over 100 years of experience (originating from the Mekhanobr Institute founded in the early 20th century) in the design and engineering of base and precious metals processing plants, mining-and-processing complexes, tailings storage facilities and related infrastructure. More than 250 mining-and-processing operations worldwide have been constructed using Mekhanobr-origin designs and technologies.
· Completion of drillhole digital database, wireframe and block modelling, and open pit optimisations, incorporating the detailed mining plan developed by the Central Kola Expedition ("CKE"). CKE has extensive Arctic experience, having working for mining majors, including Norilsk Nickel and Rusal as well as for international mining majors including Anglo American, Barrick, B2Gold and Kinross. CKE has worked closely with Eurasia for over 20 years since commencing work in the Arctic.
· Wardell Armstrong International's audit of MT drill core storage at the warehouse owned and managed by CKE, together with review of quality assurance and quality control procedures and the work carried out by Gipronickel, CKE and other professional contractors engaged by Eurasia.
Current Status
Geolinvestproekt is now overseeing the state approval process of the Technical Project, which is now imminent. A separate announcement will be made upon the approval.
Next Steps
Once the Technical Project is approved, the MT mine construction can commence further to the EPCF turnkey contract signed with Sinosteel, a part of China Baowu Steel Group (Baowu Group). This state-backed merger made Baowu Group the world's largest steelmaker with Sinosteel's expertise in mining, trading and turnkey mine construction bolstering the Baowu Group's portfolio. The financing package is a part of the signed EPCF contract (EPCF stands for Engineering, Procurement, Construction, and Financing).
More Information
For more information on MT, please refer to the latest research report by OAK Securities which was announced via RNS on 22 October 2025 and is available at:
Christian Schaffalitzky, the Executive Chairman commented:
"The Directors are pleased that our professional contractors have completed the detailed design for MT, the same contractors that completed the detailed design, had it approved by the state and oversaw the successful launch of our West Kytlim mine. The detailed design completion boosts the value of MT, our brownfield asset in the Arctic, where we have now established our first mover advantage and a competitive edge of advancing assets to production.
"We will be able to take advantage of the existing infrastructure of the formerly producing NKT mine bordering MT, where we are also advancing our work to mine development. We are expecting the imminent state approval of the detailed design to allow construction to commence, further to the EPCF contract signed with Sinosteel. We encourage all interested parties to refer to the latest research report by OAK Securities for more information on MT.
"The Arctic has been called by Bloomberg as the priority area of co-operation with the United States[1]. It was also named as the "new Space" in terms of its vital importance for the global economy boost similar to the one driven by the Space development."
For further information, please contact:
Eurasia Mining plc
Christian Schaffalitzky
+44 (0)207 932 0418
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott
+44 (0)20 3368 3555
Oak Securities (Broker)
Jerry Keen
Tel. +44 (0)20 3973 3678
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
+44 (0)207 932 0418
Consent for release
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
[1] Bloomberg publication on 26 February 2025.