Eurasia Mining PLC (AIM:EUA) brought the recent sharp rally in its shares to an abrupt halt by stating there had been no movement on the definitive feasibility study on its Monchetundra project in the Kola peninsula in northwest Russia.
In a statement, it said: “The company wishes to reiterate that the Monchetundra DFS was completed in 2023 and whereas work has continued at site to keep the ground in good standing, there have been no material developments regarding the Monchetundra DFS since the company's announcement of 3 July 2023.
“The primary focus of the company remains the possible sale of its Russian assets although, as ever, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale.”
Shares fell 44% to 2.11p.