Eurasia Mining PLC (AIM:EUA, FRA:EUH) highlighted progress across its operations, including significant developments made at its operating West Kytlim mine in Russia, after its share price jumped more than 20% yesterday.
The shares closed at 18.50 pence yesterday, although Eurasia noted they remain below the 26.5p price at which a US$20mln private placement with US professional institutional investors was completed in May 2021.
The shares continued to rise today and were up 24% at 23.0 pence in mid-morning trading.
Eurasia said single asset risk has been eliminated at West Kytlim, the world's largest alluvial platinum group metals (PGM) mine, with three washing plants now in production and several open pit areas being stripped as opposed to one area and one plant in previous years. Electricity grid connection and electric dragline are on track to be commissioned as previously announced.
Also, Rosgeo has confirmed to Eurasia that the process on the license for Nyud and Moroshkovoe open pit deposits is in an advanced state.
Eurasia also noted that block modelling and open pit optimisations are now complete for six out of nine Rosgeo joint venture projects, which in total represent 104.6 million ounces of platinum equivalent resource, while the Monchetundra definitive feasibility study is in the final stages of its development.
"The board members are encouraged that the DFS is advancing well for Monchetundra, while the CPR [competent person's report] under the JORC Code is being finalised for our Rosgeo JV projects including Nyud and Moroshkovoe,” said Eurasia chief executive James Nieuwenhuys.
“The work has been done well ahead of schedules stipulated by our license agreements,” he said.