Eurasia Mining (EUA) H2 2023 earnings summary

Executive summary

• 2023 focused on potential sale of Russian assets amid ongoing Ukraine crisis and sanctions compliance.

• Precious metals outlook impacted by higher interest rates, but easing rates in 2024 may support price recovery.

• Operations at West Kytlim centered on stockpiling high-value concentrate; Monchetundra DFS approved and shovel-ready.

• No significant revenue except for £2.07m from a test sale of concentrate.

Financial highlights

• Group loss before tax: £6.68m for 2023 (2022: £7.23m loss).

• Revenue: £2.07m in 2023, mainly from test sale of concentrate (2022: £0.12m).

• Gross profit: £0.51m (2022: £0.09m).

• Cash and cash equivalents: £1.32m at year-end (2022: £1.01m).

• Net current assets: £4.38m (2022: £5.88m).

• No dividend proposed; retained loss for the year: £5.48m.

Outlook and guidance

• Strategy remains focused on selling Russian assets (West Kytlim, Monchetundra, NKT, Nyud).

• Directors confident in ability to finance activities through trade finance facility, concentrate sales, and potential asset sale.

• No further significant expenditure planned for Monchetundra; West Kytlim expected to sustain production for 15+ years.