Eurasia Mining PLC (AIM:EUA) said active discussions are ongoing over the sale of its Russian assets though no terms have been agreed and there is no guarantee of a deal.
Cash as of 30 November 2023 was £517,000 with unsold contrate inventories worth £3.5 million.
"No major capital expenditure items are forecast for Russian assets for 2024 and notwithstanding the proposed sale of concentrate, the company has sufficient working capital to meet ongoing obligations until the end of the first quarter of 2024," said the statement.
Cash reserves are held in US dollar and sterling accounts outside of Russia, while a stockpile of inventory from West Kytlim is being held in secure storage off-site, Eurasia added.
Christian Schaffalitzky, chairman, commented: "We appreciate our shareholders' support as we continue to pursue the possible sale of our Russian assets.
“Our main project at West Kytlim has seen no production of concentrate through 2023.
“We have maintained the assets in a sale-ready state. Currently, the company is not developing further mining assets.
"The board and senior executives remain hopeful of a successful conclusion to the sale of assets process."