REG - Eurasia Mining PLC - Update re Annual Report and Financial Position

Eurasia MiningAnnouncement

28/08/2024 07:00

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RNS Number : 8955B  Eurasia Mining PLC  28 August 2024

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

eurasia@yellowjerseypr.com (mailto:eurasia@yellowjerseypr.com)

 

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