Eurasia Mining (LON:EUA) said a review of financing options is underway as it looks to become a platinum producer at its West Kytlim project in Russia.
The firm is waiting for a mining licence for the project with the last step awaited from the Prime Minister's office, the firm said, in its final results for the year to December 31.
Last month the group awarded the contract for the early engineering design work for the project.
"As we have stated previously debt financing is commonly available for Russian alluvial projects and we prefer this option as it focuses financing at the project level, but all options remain under review," chairman Michael Martineau told the statement.
"It is particularly pleasing to see that the long road we have travelled to move the West Kytlim project into the mining phase is almost over and plans are well under way for the company to become a platinum mining operation, generating revenues."
Meanwhile, at the firm's Monchetundra project in the Kola Peninsula, Eurasia is seeking a new partner to help us develop the PGM project and the firm said it was optimistic that its good exploration results can be expanded into a much larger discovery.
The loss before tax for the year was £502,500 compared to a loss of £750,339 in 2013.
Cash at the end of period was £210,160 compared to £361,087 in 2013.