Eurasia Mining (EUA) H1 2024 earnings summary

Executive summary

• Maintained assets in good standing while pursuing potential asset sales, focusing on Russian mining projects.

• Discovered high-grade Osmium in PGM concentrate, increasing inventory and reserve value.

• Entered a trade finance facility post-period for up to £2.5 million, convertible at a premium to share price.

• Continued compliance with international sanctions and ongoing asset sale strategy.

Financial highlights

• Revenue for six months ended 30 June 2024 was £2.07 million, flat year-over-year.

• Gross profit was £505,038, compared to £272,549 in the same period last year.

• Net loss for the period was £571,703, a significant improvement from £7.38 million loss year-over-year.

• Basic and diluted loss per share was 0.02p, compared to 0.20p loss per share year-over-year.

• Cash and cash equivalents at period end were £215,922, down from £1.32 million at year-end 2023.

Outlook and guidance

• Strategy remains focused on potential sale of Russian assets, including West Kytlim and Monchetundra.

• No guarantee of binding agreements for asset sales.