Eurasia Mining PLC (LON:EUA) shares rose after announcing the Russian ministry of defence has approved its application for the Monchetundra flanks project.
The AIM-listed miner said it is an “important step” in obtaining the licence, as the application process is progressing as planned.
READ: Eurasia Mining climbs as it says licence applications for Monchetundra and West Kytlim “progressing well”
Eurasia is currently operating the Monchetundra project, which contains two palladium open pit deposits, while the flanks area and other immediate adjacent areas contain potential platinum group metals (PGM) resource of 15mln ounces, with an additional potential resource of around 4mln ounces within 5 kilometres of the licence area.
The company is still awaiting final approval from SevZapNedra, the regional licensing body.
“We look forward to the formal license issue, which is in line with our strategy to become one of the largest alluvial PGM operations globally,” chairman Christian Schaffalitzky said in a release.
Shares rose 9% to 2.6p on Tuesday morning.