Contractors are moving into Eurasia Mining plc's (LON:EUA) West Kytlim licence area in Russia to begin platinum mining this summer, the group told investors in its 2015 results.
Recent progress has been marked and as revealed last month, local firm SKRS will be responsible for construction and processing ore from the Malaya Sosnovka sub-area in return for a 70% share of revenue.
Eurasia expects this to lead to positive cashflow in 2016.
Chairman Michael Martineau said: "Of course this is early days, and the current season's production will be modest. However, it allows us to adjust the company to mining and deal with the inevitable teething problems before we gear up to full production, scheduled for Year 3, i.e. 2018."
Meanwhile, at the larger Monchetundra deposit, the group said it was completing filings for a Discovery Certificate - the first step in the process of applying for a mining licence.
The two target open pit resources are at West Nittis and Loipishnune and the firm is exploring a number of options, including finding a JV partner or selling the asset.
Also late in the period, the group optioned a new project - the Semenovsky site, where a mining development plan remains to be submitted.
"We believe the economics of the project are excellent and there is a good chance that we will be able to start construction late in 2016 or early in 2017," said Martineau.
The loss before tax for the year to end December was £1.68mln, against a loss of £502,000 in the same period last year.
It ended the year with £104, 925 in cash (2014: £224,863).