Eurasia Mining said it had noted the recent share price increase and speculation regarding the Nyud licence and has issued an update to clarify the situation.
In the statement, it said: “The company notes that the Nyud exploration licence was granted to OOO Monchegorskoye in mid-December 2022, a company established and owned by Rosgeo.
“The Nyud exploration licence is adjacent to the Company's mining permit in Monchegorsk, Kola Peninsula Russia, and was applied for and progressed by Rosgeo.
“OOO Monchegorskoye was incorporated by Rosgeo for the purposes of establishing a joint venture to develop the Nyud Project with Eurasia's 100% owned subsidiary Yuksporskaya Mining Company, pursuant to the agreement between Rosgeo and Eurasia as announced 26 March 2021.
“Any further developments in the Rosgeo agreement are being considered and would take place in the context of both Eurasia's sale of assets process as outlined in previous updates to market, as well as the sanctions environment."
Shares rose 3.5% to 3.75p.