Annual Report and Accounts 31 December 2025

Contents

Chairman's statement 2

Strategic Report 5

Environmental, social and governance 12

Directors' report 16

Independent Auditors' Report 26

Consolidated statement of profit or loss and other comprehensive income 34

Consolidated statement of financial position 35

Company statement of financial position 36

Consolidated statement of changes in equity 37

Company statement of changes in equity 39

Consolidated statement of cash flows 40

Company statement of cash flows 41

Notes to the financial statements 42

1. General information 42

2. Going concern 42

3. Changes in accounting policies 43

4. Summary of material accounting policies 45

5. Critical accounting judgements and key sources of estimation uncertainty 50

6. Segmental information 51

7. Employees 51

8. Revenue 52

9. Profit/(loss) for the year 53

10. Finance cost 53

11. Other gains and losses 54

12. Income taxes 55

13. Property, plant and equipment 56

14. Intangible assets 57

15. Subsidiaries 58

16. Other financial assets 60

17. Inventories 61

18. Trade and other receivables 61

19. Cash and cash equivalents 61

20. Issued capital 62

21. Share based payments 63

22. Other reserves 64

23. Borrowings 64

24. Trade and other payables 65

25. Provisions 65

26. Related party transactions 66

27. Earnings (loss) per share 67

28. Risk management objectives and policies 68

29. Subsequent events 71

The Group achieved its first significant net profit after tax of £7.2 million in 2025, marking an important milestone in the Company's development. The continuing planned sale remains the primary focus for the Company. In late 2025, our indirect subsidiary Eurasia Mining Services was presented with an opportunity to sell its 68% interest in ZAO Kosvinsky Kamen ("KK"), which owns the West Kytlim mine and represents approximately 0.3% of the Group's total reserves and resources. In early 2026, an Extraordinary General Meeting was held in relation to this potential transaction, with all resolutions passed successfully. Completion of the sale remains subject to the receipt of the necessary approvals, which are currently awaited.

As Chairman, it is worth sharing some strategic thoughts with shareholders. Today we expect the global geopolitical situation to improve with firstly the already achieved ceasefire in the Middle East and secondly a possible "imperfect peace" in Ukraine, much as JPMorgan put it in its report of last month that forecasts the negotiated settlement of this conflict as early as this year1 with US negotiating focus shifting from the Middle East to Eastern Europe. The current escalation in and around Ukraine is at the point when it is generally believed to be "the darkest hour before dawn": all parties are escalating activities to improve their negotiating positions prior to a settlement. If this settlement happens prior to the KK sale approvals, the Directors might consider delaying KK sale until the onerous tax and levy is removed. Also, as geopolitics has been the most important driver of Eurasia's market value in the last 5 years, such a settlement can be generally expected to boost Eurasia's market value and, in this case, it could make sense to consider financing our Arctic assets from equity raise after the settlement in Ukraine rather than from the proceeds of KK sale, especially if the current taxes are not yet removed by then. For avoidance of doubt and as explained in detail further in this annual report: during 2025 Eurasia raised cash for at least 24 months, while KK is generating free cash flow and can sustain itself for the years to come, thus the Directors are not considering any equity raise before the settlement of the conflict in Ukraine. However, when a settlement happens and it boosts the market value as projected, it makes sense for Eurasia to compare KK sale to equity placing as a way to finance Kola in order to maximise the value for all shareholders. For these purposes we are recommending that shareholders support a limited headroom increase to keep this option open should the conflict settlement boost Eurasia's market value to the extent that the equity becomes a much better option than KK sale to unlock the value of the Company's Arctic assets.

In parallel, we continue to advance the development of our Arctic assets in the Kola Peninsula, which comprise approximately 99.7% of the Group's total reserves and resources. These include the Monchetundra mine development and the NKT project, which is progressing towards completion of a Feasibility Study during 2026. Funds derived from the proposed KK transaction are intended to support the advancement of these Arctic assets and preparations for the future mining of Monchetundra ores.

Outside Russia, the Company successfully raised approximately US$4 million in March 2025, providing funding expected to support the Group's activities for at least the next 24 months. Market conditions for platinum group metals also improved during the year, with platinum prices strengthening significantly compared with 2024. In addition, all metals within our Kola basket experienced price increases during the period under review, further enhancing the longterm value of the Group's asset portfolio.

Mining continued during the 2025 season, with production exceeding 10Koz of PGM concentrate. During the year, a major upgrade of the mine was completed, increasing operational capacity from two to six mining sites. This enhancement supports compliance with licence requirements, strengthens the long-term value of the asset and improves its attractiveness to potential purchasers.

As noted above, these developments contributed to the opportunity to dispose of the Company's 68% interest in ZAO Kosvinsky Kamen. Subject to completion, the proceeds of the transaction are expected to be applied towards the advancement of the Group's flagship Arctic assets, enabling the Company to focus on unlocking the value of the overwhelming majority of its reserves and resources located in the Kola Peninsula.

1 Ukraine Endgame: The Path to an Imperfect Peace. JPMorgan Chase. May 2026.

At Kola, a detailed engineering study for the development of the Monchetundra deposit was submitted during the year. The study focuses on starter open pits at West Nittis and Loipishnune, with planned initial production of approximately 130Koz Platinum equivalent per annum and the potential to expand significantly as the project develops.

As previously reported, the development strategy for Monchetundra also takes account of the adjacent NKT and Monchetundra Flanks deposits, which together form a major integrated resource base. Work is continuing towards completion of a Feasibility Study during 2026, supported by the recent extension of the relevant licence to August 2027. These activities represent an important step in advancing the Group's flagship Arctic assets towards future development.

Eurasia continues to prioritise a complete exit from Russia through the disposal of its Russian assets. Discussions regarding the Group's Arctic assets remain ongoing and management continues to evaluate opportunities that may deliver value for shareholders. However, there can be no assurance that these discussions will result in the execution of binding agreements or the completion of any transaction.

During 2025, the Company continued to monitor developments in international sanctions regimes, taking legal advice where appropriate. The Board remains satisfied that the Group's activities are conducted in compliance with applicable sanctions laws and regulations.

The Group is not aware of any dealings with sanctioned persons, entities or agencies and undertakes appropriate sanctions screening and due diligence procedures.

The Board continues to monitor developments in applicable sanctions regimes and will take such steps as may be necessary to ensure ongoing compliance with all relevant legal and regulatory requirements.

The dispute involving Queeld Ventures Limited, Mispare Limited and other potential claimants remains ongoing. Eurasia is not a party to the dispute and continues to maintain a neutral position in relation to the proceedings. The Company will abide by any final determinations of the Court and continues to monitor developments as appropriate.

The Company entered into a trade finance facility agreement in September 2024 with Sanderson Capital Partners ("SCP") to provide short-term working capital. A total of £745,450 was drawn under the facility. On 27 August 2025, SCP notified the Company of its intention to convert the outstanding loan balance into ordinary shares in accordance with the terms of the agreement, at a conversion price of 2.5 pence per share. The shares had not been issued by the reporting date (see note 23),

In March 2025, the Company successfully completed a placing, raising approximately US$4 million. The proceeds strengthened the Group's financial position and supported the Company's ongoing activities and strategic objectives for approximately 24 months.

Our strategy remains focused on maximising shareholder value through the potential disposal of the Group's Russian assets, including the operating West Kytlim mine, the Monchetundra mining licence, the NKT brownfield project and the Group's entitlement to the Nyud brownfield project in the Arctic. The Board remains committed to pursuing opportunities that may facilitate the achievement of this objective, although there can be no assurance that any transaction will be concluded.

As we look ahead, the Company remains focused on advancing its strategic objectives while maintaining financial discipline and preserving optionality in a challenging geopolitical environment. The Board will continue to assess opportunities to unlock value from the Group's asset portfolio and will keep shareholders informed of any material developments.

In conclusion, following another year marked by complex geopolitical developments that continue to affect the Company and the wider mining sector, I would like to thank our employees, management team and fellow Directors for their continued dedication, professionalism and hard work. I would also like to express my gratitude to our shareholders for their ongoing support and patience. We remain committed to providing timely updates and acting in the best interests of all stakeholders as we navigate these challenges and pursue opportunities to realise value from the Group's assets.

30 June 2026

Eurasia Mining Plc is a mineral exploration and development company focused on platinum group metals (PGMs), battery metals and associated strategic resources. The Company is incorporated in the United Kingdom, headquartered in London and listed on both the AIM market of the London Stock Exchange and the Astana International Exchange. The Group's principal assets comprise the Monchetundra project, the NKT brownfield project and the entitlement to the Nyud brownfield project located on the Kola Peninsula in the Murmansk region of Russia. Together, these assets represent approximately 99.7% of the Group's reserves and resources and remain the primary focus of the Company's strategic activities. The projects benefit from their location adjacent to the town of Monchegorsk and the Severonickel processing facilities operated by MMC Norilsk Nickel.

At West Kytlim, mining continued during the 2025 season, with production exceeding 10Koz of raw PGM. During the year, six wholly owned enrichment plants operated successfully, supporting production and maintaining compliance with licence obligations. In addition, a significant upgrade programme was completed, increasing operational capacity and enhancing the long-term value of the asset.

The Company continued its strategy of creating value through the advancement of its projects while pursuing opportunities to realise value through asset disposals. Following the Board's decision to pursue an exit from Russia, a purchaser for the Company's 68% interest in ZAO Kosvinsky Kamen, owner of the West Kytlim mine, was identified during 2025. Shareholders subsequently approved the proposed disposal at an Extraordinary General Meeting held in early 2026, with completion remaining subject to the receipt of the necessary state approvals with the timeline uncertain.

The Kola projects represent the Group's principal assets, comprising a portfolio of PGM, gold, nickel and copper projects located on the Kola Peninsula in the Murmansk region of Russia. These assets are well advanced and have the potential to become a significant source of battery metals and platinum group metals, benefiting from their location within a well-established mining district and proximity to existing processing infrastructure.

During 2025, the Monchetundra project submitted its detailed mine design documentation to the relevant authorities for approval. The project remains one of the Group's key development assets and is intended to form the foundation of future mining operations in the region.

In parallel, the NKT project reached an important milestone with the extension of its licence to August 2027. Work is continuing towards the completion of a Feasibility Study during 2026, including updated reserve and resource estimates and further optimisation of the development plan.

The NKT project, located adjacent to Monchetundra, comprises a Tier-1 scale brownfield deposit containing JORC-compliant resources estimated by Wardell Armstrong International of 305Kt of nickel, 143Kt of copper and 57 tonnes of PGM and gold (equivalent to approximately 11.2 million ounces of platinum equivalent) for an underground mining operation. The study also identified potential open-pit optimisation opportunities.

Given their close proximity, the Company's development strategy remains focused on the integrated development of the Monchetundra and NKT projects, utilising shared infrastructure and processing facilities. This approach has the potential to reduce capital expenditure, improve operating efficiencies and minimise the environmental footprint of the projects, while enhancing the long-term value of the Group's Arctic asset portfolio.

West Kytlim continued mining operations during the 2025 season, producing approximately 10Koz of raw PGM. Operations remained focused on low-impact mining and concentrate production, with progressive rehabilitation continuing alongside mining activities.

During the year, a significant expansion and modernisation programme was completed. The number of enrichment plants increased to six, supported by substantial investments in mining equipment and operational infrastructure. These upgrades enhanced stripping, mining and processing capacity, improved operational efficiency and strengthened the long-term value of the asset.

The expansion programme included the acquisition of additional trucks, excavators and support equipment, together with improvements to processing and logistics infrastructure. The upgraded mining fleet and processing facilities have significantly increased operational capacity and improved productivity across the operation.

The completion of these works represents an important milestone in the development of West Kytlim and supports the long-term mine plan outlined by the Company. The operational improvements also contributed to enhancing the attractiveness of the asset as part of the Company's strategy to realise value through the proposed disposal of its interest in ZAO Kosvinsky Kamen.

Production and concentrate sales during the year contributed towards funding the expansion programme and supporting the continued development of the Group's wider project portfolio.

In September 2024, the Company entered into a trade finance facility agreement with Sanderson Capital Partners ("SCP") to provide short-term working capital. A total of £745,450 was drawn under the facility. On 27 August 2025, SCP notified the Company of its intention to convert the outstanding loan balance into ordinary shares in accordance with the terms of the agreement, at a conversion price of 2.4 pence per share.

In March 2025, the Company successfully completed a fundraising, raising approximately US$4 million net of expenses. The proceeds were intended to strengthen the Group's financial position and provide funding for the Company's planned activities for a projected minimum period of 24 months.

The Group recorded a profit after tax of £7,167,814 for the year ended 31 December 2025, compared with a loss after tax of £8,647,845 for the year ended 31 December 2024. This represents a significant improvement in the Group's financial performance during the period.

The principal factor contributing to this movement was the impact of foreign exchange gains arising from movements in exchange rates during the year. The Group also continued to maintain financial discipline while progressing its strategic objectives and development activities.

The Company's ordinary shares are quoted on the AIM market of the London Stock Exchange. During the year under review, the share price traded within a range of 2.23 pence to 7.4 pence (2024: 1.38 pence to 3.75 pence).

The Board recognises that the Company's share price is influenced by a range of factors, both internal and external, including geopolitical developments, market sentiment, progress in relation to strategic initiatives and asset transactions, operational performance, commodity prices and broader economic conditions.

The Company continues to operate in a complex geopolitical environment, and developments affecting the mining sector, Russia and international sanctions regimes may continue to influence investor sentiment and share price performance. The Board remains focused on delivering value for shareholders through the advancement of its strategic objectives and maintaining clear communication with the market.

The Group maintained sufficient funding throughout the year to continue the development of its projects and support its operational activities. Funding was provided through a combination of revenues generated from mining operations and the equity financing completed in March 2025.

Following significant investment over recent years, management considers the West Kytlim asset to be fully capitalised and capable of sustaining production at current levels for a mine life in excess of 15 years. This estimate excludes the potential contribution of additional resources and reserves that may be defined within the adjacent West Kytlim Flanks and Typil licence areas.

The NKT Project continues to be assessed alongside the Monchetundra Project as part of an integrated development strategy. During the year, technical and engineering work progressed in support of the planned Feasibility Study,

which is expected to be completed during 2026. The combined development of these projects is intended to maximise operational efficiencies, optimise capital expenditure and enhance the long-term value of the Group's Arctic asset portfolio.

The risks inherent in mineral exploration, development and mining businesses are kept under continual review by the Board and executive management team. The principal risks affecting the Group and the Company are described in further detail in the Directors' Report and in Notes 2 (Going Concern) and 28 (Risk Management Objectives and Policies) to the financial statements.

The Board regularly reviews the Group's risk profile, strategic objectives and internal control framework to ensure that appropriate mitigation measures are in place. The principal operating risks affecting the Group are summarised below.

1. Exploration and project development risks

   Mineral exploration and project development are inherently subject to a range of technical, operational, regulatory and economic risks. Information relating to mineral resources and reserves is often limited and costly to obtain, and there can be no assurance that exploration, evaluation or development activities will result in the identification of economically viable mineral deposits. Furthermore, the successful advancement of projects depends upon the availability of funding, the receipt of necessary permits, licences and approvals, and the ability to demonstrate the technical and economic viability of development projects to accepted industry standards.

   Failure to effectively manage these risks may result in delays to project development, increased costs, the inability to convert resources into reserves or the inability to advance projects to production. The Group therefore maintains a disciplined approach to project evaluation, technical studies and regulatory compliance to support the achievement of its strategic objectives.

   Mitigation: The Group maintains appropriate in-house technical expertise and long-established relationships with external mining, engineering, metallurgical and environmental consultants to support project evaluation, development and regulatory compliance. These resources assist the Group in meeting its licensing, permitting and reporting obligations, while ensuring that project decisions are supported by appropriate technical and commercial analysis.

   The Board and senior management regularly review project execution risks, development schedules and key performance milestones. Particular focus is placed on identifying potential delays, cost overruns, regulatory issues and other factors that could adversely affect project delivery. Through ongoing monitoring and review, the Group seeks to minimise execution risk and maximise the likelihood of achieving its operational and strategic objectives.

2. Operating mine risks

   Machinery breakdowns, lower than expected grades and other operational risks may adversely affect production levels, revenues and cash flows, thereby impacting the Group's financial performance and financial capacity.

   Mitigation: The Group seeks to mitigate grade risk by developing multiple mining areas concurrently and undertaking in-fill drilling and in-pit sampling programmes, in addition to resource definition activities. Operational risks are further reduced through ongoing investment in mining equipment and infrastructure, with the majority of the mining fleet having been acquired since 2021. The Group employs experienced operators, engineers and maintenance personnel to operate and service equipment, while health and safety procedures and operational controls are regularly reviewed and updated to support safe and efficient mining operations.
3. Political and Sanctions Risk

   The Group operates in an environment that continues to be affected by international sanctions and geopolitical developments relating to Russia. Changes to sanctions regimes, trade restrictions or related regulations may create additional legal, operational, financial and strategic risks for the Group. Further amendments to sanctions legislation may affect the Group's operations, asset transactions, counterparties or future strategic options.

   Mitigation: The Group maintains a comprehensive sanctions compliance policy and is committed to strict adherence to all applicable sanctions laws and regulations. The Company does not knowingly engage with sanctioned persons, entities or government agencies and undertakes appropriate due diligence in respect of counterparties and business relationships. The Group continues to engage specialist legal advisers and closely monitors developments in international sanctions legislation and related geopolitical events to assess their potential impact on the Group's operations, strategic objectives and proposed transactions.
4. Environmental Risk

   The Group's operations are subject to environmental laws, regulations and permitting requirements, including environmental impact assessments, forestry permits and other regulatory approvals. Environmental legislation comprises a range of federal and regional requirements, which are discussed further in the Environmental Report. Failure to comply with applicable environmental obligations could result in delays, penalties, additional costs or restrictions on operational activities.

   The Group assesses environmental impacts as part of the permitting and licensing process, and the approval of rehabilitation plans remains a prerequisite for the approval of seasonal mining plans and operational activities.

   Mitigation: The Group mitigates environmental risk through strict compliance with applicable environmental legislation, licence conditions and industry best practices. Appropriate environmental management and rehabilitation plans are established prior to the commencement of site activities and are subject to ongoing monitoring and review. The West Kytlim operation benefits from relatively simple beneficiation methods and does not require the management of hazardous tailings through a conventional tailings storage facility, thereby reducing certain environmental and operational risks commonly associated with large-scale mining operations.
5. Regulatory Risk

   The Company and the Group's activities are subject to a wide range of laws and regulations, including those relating to licensing, mining operations, production, taxation, health and safety, labour standards, environmental protection and other regulatory requirements. Changes in legislation, regulations or regulatory interpretation may impact the Group's operations, development activities and strategic objectives.

   Mitigation: The Group closely monitors regulatory requirements and developments in applicable laws, rules and regulations, taking appropriate action where necessary to maintain compliance. The Board believes that effective management of regulatory obligations is supported by the Group's experienced management team and external advisers, who provide specialist technical, legal and regulatory expertise where required.

   In addition, the Group continues to monitor developments in international sanctions legislation and geopolitical matters that may affect its operations or strategic activities. To support compliance in this area, the Company engages specialist UK-based legal advisers and compliance professionals to provide guidance on sanctions-related matters and regulatory developments.

6. Commodity Risk

   The Group's financial performance, project economics and asset valuations are influenced by the market prices of platinum group metals, gold, nickel, copper and other commodities relevant to its operations and development projects. A sustained decline in commodity prices could adversely affect the economic viability of the Group's assets, reduce future revenues and impact the attractiveness of development and investment opportunities.

   Mitigation: The Group closely monitors commodity markets, including supply and demand fundamentals, pricing trends and broader industry developments affecting platinum group metals and battery metals. Management regularly assesses the potential impact of commodity price movements on the Group's operations, development plans and strategic objectives and considers appropriate responses where necessary.

   The Board believes that the Group's exposure to a diversified basket of commodities, including platinum group metals, nickel and copper, provides some degree of resilience against fluctuations in individual commodity prices. The Group also continues to evaluate opportunities that may further diversify its asset base and reduce commodity concentration risk.

   Long-term demand for platinum group metals is expected to be supported by a range of industrial and technological applications, including emissions control technologies, industrial processes and emerging hydrogen and fuel cell technologies. Demand for battery metals is also expected to remain influenced by the ongoing energy transition and electrification trends.

7. Loss of Key Personnel Risk

   The Group's success depends, to a significant extent, on the continued service and expertise of its Directors, senior management and key technical personnel. The loss of key individuals could result in the loss of valuable experience, institutional knowledge and industry relationships, and may adversely affect the Group's operations, project development activities and strategic objectives. In addition, recruiting suitably qualified replacements may be time-consuming and could result in increased costs.

   Mitigation: The Group seeks to attract, motivate and retain high-quality personnel through competitive remuneration arrangements, professional development opportunities and active succession planning where appropriate. The Group benefits from the long service and experience of its senior management team, with a number of key personnel having served the business for more than ten years. The Board regularly reviews organisational requirements and resource needs to ensure that the Group maintains the expertise necessary to support its operations and strategic objectives.
8. Financing risk

The Group requires sufficient funding to support its operations, project development activities and strategic objectives. Historically, the Company has relied primarily on equity financing and, to a lesser extent, debt financing to maintain adequate working capital and fund its activities. Adverse market conditions, reduced investor appetite or delays in strategic transactions may affect the Group's ability to secure future funding on acceptable terms.

The Board considers risk assessment to be an important component of effective corporate governance and strategic decision-making. Further details of the Group's financial risk management policies are set out in Note 28 to the financial statements.

During the year, the Group's activities remained focused on advancing its principal mineral assets through technical studies, project optimisation and preparation for future mining operations. Particular emphasis was placed on progressing the Monchetundra and NKT projects, including detailed engineering work, feasibility study preparation and the ongoing assessment of opportunities within the Group's Arctic asset portfolio.

In parallel, the Company continued to pursue its strategic objective of realising value from its Russian assets through potential disposal transactions, while maintaining the technical and commercial advancement of its key projects.

The Board continues to assess opportunities to create shareholder value through the progression of its existing asset base and will consider appropriate opportunities in the broader mining, metals and energy sectors where these align with the Company's expertise, strategic objectives and long-term growth plans.

Eurasia Mining Plc ("Eurasia" or the "Company") is a public limited company incorporated and domiciled in the United Kingdom with its registered office at International House, 142 Cromwell Road, London SW7 4EF, United Kingdom. The Company's shares are admitted to trading on AIM, a market operated by the London Stock Exchange, and on the Astana International Exchange.

The principal activities of the Company and its subsidiaries (the "Group") are the exploration, development and potential disposal of mineral assets, with a focus on platinum group metals, gold, nickel and copper projects.

The purpose of the Strategic Report is to inform members of the Company and assist them in assessing how the Directors have performed their duties under Section 172 of the Companies Act 2006.

The Board is ultimately responsible for the direction, management, performance and long-term success of the Company. In carrying out its duties, the Board considers the interests of shareholders and other stakeholders, including employees, contractors, suppliers, regulators, local communities and the environment. The Board seeks to ensure that strategic decisions are made with due regard to the long-term consequences of those decisions and their impact on stakeholders.

This statement provides an overview of how the Directors have discharged their duties under Section 172 during 2025 and how stakeholder considerations have informed the Board's decision-making processes.

As part of its business activities, the Group finances its operations through a combination of equity funding, debt facilities, equipment financing and revenues generated from mining operations.

The ongoing geopolitical situation and international sanctions environment continue to present challenges to the Group and influence strategic decision-making. Despite these challenges, the Group continued to advance its principal projects during the year and progress its strategy to realise value through the proposed disposal of its Russian assets. The Board acknowledges its responsibility to report on how it has considered the matters set out in Section 172(1) of the Companies Act 2006 in its decision-making. These considerations are summarised below.

1. The likely long-term consequences of any corporate action or decision

   The Board recognises that mineral exploration and mine development are long-term activities that often require significant investment over many years before value is realised. The Group's key assets have progressed from exploration through technical studies and development planning, and the Board remains mindful of the long-term nature of these investments when making strategic decisions.

   The Board also recognises that mining projects require responsible environmental management throughout their lifecycle. Mine plans at West Kytlim include rehabilitation programmes and associated budgeting to ensure that mined areas are restored appropriately following completion of mining activities.

   The Board remains committed to pursuing opportunities to maximise shareholder value, including the proposed disposal of the Group's Russian assets as described elsewhere in this report.

2. The interests and professional development of the Company's employees

   The Board recognises that the Group's employees and contractors are critical to the successful delivery of its strategic objectives. The Company encourages staff to maintain and enhance their professional qualifications and industry knowledge through continuing professional development.

   The Company supports employees through the payment of relevant professional subscriptions and, where appropriate, participation in industry conferences, training programmes and educational courses. The Board believes that investment in employee development contributes positively to operational performance and long-term business success.

3. The need to foster business relationships with suppliers, customers and other stakeholders

   The Board recognises that maintaining strong relationships with suppliers, contractors, consultants, service providers and other stakeholders is fundamental to the Group's long-term success.

   The Group seeks to work constructively with all stakeholders and values long-standing commercial relationships developed over many years. Where possible, local contractors and suppliers are engaged to support project activities, while maintaining appropriate standards of quality, safety and commercial discipline.

   The Board regularly considers stakeholder interests when making decisions and seeks to maintain open and transparent communication with key stakeholders.

4. The impact of the Company's operations on communities and the environment

   The Board recognises its responsibility to minimise the environmental impact of the Group's activities and to operate responsibly within the communities affected by its projects.

   Environmental management, rehabilitation planning and regulatory compliance form integral parts of the Group's operating procedures. Rehabilitation plans are prepared and submitted as required under applicable mining regulations and are incorporated into operational planning to ensure that land is restored appropriately following mining activities. The Board remains committed to maintaining high environmental standards and complying with all applicable environmental laws and regulations.

5. The desirability of maintaining a reputation for high standards of business conduct and corporate governance

   The Board believes that strong corporate governance and high standards of business conduct are essential to the longterm success of the Company.

   The Company applies the Quoted Companies Alliance (QCA) Corporate Governance Code and seeks to operate in accordance with its principles. The Board regularly reviews the Company's governance framework, policies and procedures to ensure they remain appropriate for the business and regulatory environment.

   Where necessary, the Company seeks advice from its Nominated Adviser, legal advisers and other professional advisers to ensure compliance with applicable laws, regulations and market requirements.

6. The need to act fairly between members of the Company

The Board is committed to treating all shareholders fairly and equitably. All shareholders have access to the same publicly available information through regulatory announcements, annual and interim reports and the Company's website.

The Board seeks to maintain open communication with shareholders and recognises the importance of transparency in building investor confidence. No individual shareholder enjoys rights or privileges beyond those attached to their shareholding and voting rights.

The Board believes that the actions taken during 2025 were consistent with its duties under Section 172 of the Companies Act 2006 and were undertaken with the objective of promoting the long-term success of the Company for the benefit of its members as a whole while having regard to the interests of its wider stakeholders.

Environmental, Social and Governance ("ESG") considerations remain an important focus for the mining industry and the investment community. The Board recognises the increasing importance of responsible environmental stewardship, effective governance and positive stakeholder engagement in creating long-term shareholder value. The Company welcomes ongoing developments in industry best practice, sustainability reporting standards and the growing emphasis on responsible resource development across the mining sector.

The Group continues to consider ESG factors in its strategic decision-making processes and operational activities. During the year, the Board monitored developments in environmental reporting, corporate governance and sustainability standards, while continuing to assess the implications of these developments for the Group's operations and future projects.

At West Kytlim, operational improvements and infrastructure investments have continued to influence the environmental profile of the operation. At the Group's Arctic assets, including the Monchetundra and NKT projects, development activities remain at the technical study and pre-development stage. The Board therefore considers it premature to establish a formal net-zero emissions target at this time. However, the Group continues to develop its environmental reporting framework and to evaluate opportunities to improve environmental performance and reporting transparency.

This section of the Report describes how the Directors consider and apply principles of corporate governance and ESG management throughout the Group while pursuing its strategic objectives and maintaining effective oversight, accountability and risk management.

Other key aspects of governance addressed elsewhere in this Annual Report include:

• The Section 172 Statement, which describes how the Directors have fulfilled their duty to promote the success of the Company for the benefit of its members as a whole;

• The Group's financial and non-financial Key Performance Indicators, which are used to assess performance and progress against strategic objectives; and

• The Principal Risks and Uncertainties section, which identifies and assesses the principal risks that may affect the Group's ability to achieve its objectives.

  The Company has adopted the QCA Corporate Governance Code 2024 and seeks to operate in accordance with its principles. The Board regularly reviews the Company's governance framework, policies and procedures to ensure they remain appropriate for the business and regulatory environment.

  The Group remains committed to responsible environmental management. At West Kytlim, disturbed land is progressively rehabilitated as mining activities advance. Rehabilitation measures include the backfilling of mined areas, replacement of topsoil and support for natural regeneration and reforestation programmes where appropriate. The Board believes that responsible environmental management and effective governance are essential components of the Group's long-term strategy and licence to operate.

  Environmental report West Kytlim

  Land disturbed by mining activities at West Kytlim is subject to progressive rehabilitation in accordance with

  approved mine plans and applicable regulatory requirements. Following completion of mining activities, disturbed areas are restored through backfilling, replacement of topsoil and replanting with appropriate local species. Management expects rehabilitated areas to recover progressively towards their pre-mining condition over time.

  Surface mining operations require the temporary disturbance of topsoil, overburden and alluvial sediments to access mineral-bearing gravels. These areas are incorporated into the mine's rehabilitation programme and are restored following completion of mining activities.

  Water management remains a key environmental priority. Process water used in mining and beneficiation operations is sourced locally and is recirculated through a closed-loop system designed to minimise water consumption and prevent impacts on surrounding watercourses. Supporting infrastructure, including ponds, dams and water management facilities, is maintained and monitored as part of normal operational activities.

  The Group continues to implement measures designed to prevent sediment discharge into natural watercourses and to protect sensitive environmental areas located within the mining licence. Particular attention is given to compliance with environmental permit conditions and the protection of designated water environments.

  Waste Management

  The alluvial mining process employed at West Kytlim does not utilise hazardous chemicals in mineral processing. Beneficiation is undertaken using gravity-based and hydro-mechanical methods. Tailings consist primarily of naturally occurring gravels, sands, silts and clays. Water management systems are designed to maintain process water within a controlled closed-loop system separate from natural watercourses.

  Air Emissions

  The Group continues to seek opportunities to improve operational efficiency and reduce emissions associated with mining activities. The introduction of electrically powered draglines for overburden removal has reduced reliance on diesel-powered equipment for certain mining activities and has the potential to lower associated emissions.

  The majority of the mine fleet has been acquired in recent years and incorporates modern equipment designed to meet applicable environmental and emissions standards. The Group will continue to assess opportunities to improve environmental performance as part of its ongoing operational and development activities.

  Social Relationship with the local community

  The Group recognises the importance of maintaining positive relationships with local communities and other stakeholders affected by its activities. Open communication, consultation and transparency remain important elements of the Group's approach to stakeholder engagement.

  Consultation

  Where required, the Group engages with local stakeholders in relation to approved development activities and infrastructure projects. Consultation processes are designed to provide affected parties with appropriate information regarding planned activities and an opportunity to provide feedback.

  At West Kytlim, the operation is located in a remote area with limited local population and no nearby agricultural activities. As a result, the Board believes that the operation has a limited direct impact on local communities. Nevertheless, the Group remains committed to maintaining responsible environmental and operational practices.

  The Monchetundra and NKT projects are located within the Murmansk region, adjacent to the town of Monchegorsk, an established mining and metallurgical centre. The Board continues to recognise the importance of maintaining constructive relationships with local stakeholders and regulatory authorities as these projects progress.

  Health and Safety Report

  The health, safety and wellbeing of the Group's employees, contractors, visitors and other stakeholders remain fundamental priorities for the Board. The Group is committed to maintaining safe working environments and promoting a culture in which health and safety considerations are integrated into all operational activities.

  During 2025 and up to the date of this Report, the Group recorded no lost-time injuries, reportable accidents or fatalities at its operational sites. The Board considers this performance to reflect the continued emphasis placed on risk management, training and operational supervision across the Group's activities.

  Health and safety procedures at West Kytlim continued to be enhanced during the year following the introduction of electrically powered draglines, high-voltage electrical infrastructure and additional mining equipment. Comprehensive operating procedures, risk assessments and safety protocols have been implemented to support the safe operation and maintenance of this equipment.

  All employees and contractors receive appropriate health and safety training relevant to their roles and responsibilities. The use of personal protective equipment, site induction procedures, toolbox talks, safety inspections and regular monitoring form part of the Group's wider health and safety management framework.

  A dedicated Health and Safety Officer is responsible for overseeing site safety programmes, including training, inspections, incident prevention initiatives and compliance monitoring. Safety awareness programmes, clear operational procedures and site signage remain important elements of the Group's commitment to maintaining high safety standards.

  The Board recognises that construction, assembly, maintenance and commissioning activities present elevated operational risks and therefore places particular emphasis on planning, supervision and the implementation of safe systems of work. Health and safety performance is reviewed regularly by management and the Board as part of the Group's broader risk management and governance framework.

  The Group remains committed to the continuous improvement of its health and safety standards and to maintaining a strong safety culture across all areas of its operations.

  Environmental, Social and Governance Highlights

  Maintaining a strong Environmental, Social and Governance ("ESG") framework remains an important focus for the Group. The Board believes that responsible environmental stewardship, constructive stakeholder engagement and effective corporate governance are fundamental to the long-term success of the business and the creation of sustainable shareholder value.

  Community Engagement

  The Group recognises the importance of maintaining positive relationships with local communities and stakeholders in the areas in which it operates.

  Key initiatives include:

• Engagement and consultation with relevant stakeholders in relation to approved development and operational activities where appropriate.

• Employment of local personnel and contractors wherever practical, supporting local economic activity and skills development.

• Operation of locally registered project companies and payment of applicable local taxes and regulatory fees.

• Continued focus on sustainability initiatives at the site level, including the increased use of locally sourced materials and the transition towards greater utilisation of electrical infrastructure and equipment.

  Environmental Protection

  Environmental management remains a key consideration in all aspects of the Group's operations and development activities.

  Key environmental objectives include:

• Minimising the environmental footprint of mining activities through responsible operational practices and progressive rehabilitation.

• Reducing the use of permanent infrastructure where appropriate, thereby limiting long-term environmental disturbance.

• Implementing rehabilitation programmes designed to return disturbed land to a safe and stable condition following mining activities.

• Considering local environmental factors, including soil conditions, topography, vegetation, hydrology and ecosystem characteristics when planning rehabilitation activities.

• Supporting reductions in greenhouse gas emissions through operational improvements, including the introduction of electrically powered mining equipment where practical.

The Group has operated in the mining sector for more than 20 years and has developed significant technical, operational and regulatory expertise through the exploration, development and operation of mineral projects. Over this period, the Group has established long-standing relationships with industry participants, contractors, equipment suppliers, consultants and regulatory authorities, supporting the successful advancement of its projects.

The Group's experience encompasses mineral licensing, permitting, exploration, project development and mining operations, supported by access to specialist international technical, engineering, geological and environmental expertise. The Board believes that this experience supports effective project management, informed decision-making and the maintenance of appropriate environmental, social and governance standards across the Group's activities.

The Board remains committed to maintaining high standards of environmental management, stakeholder engagement and corporate governance as the Group advances its strategic objectives and evaluates opportunities to create long-

term value for shareholders.

Christian Schaffalitzky - Executive Chairman Tamerlan Abdikeev - Non-Executive Director David Iain Rawlinson - Non-Executive Director Kotaro Kosaka - Non-Executive Director Artem Matyushok - Non-Executive Director

Directors serving at the reporting date:

Christian Schaffalitzky

Executive Chairman (appointed October 2002)

EurGeol, FIMMM, PGeo, CEng. Christian has more than 49 years of experience in mineral exploration and development. Between 1984 and 1992, he founded and managed the international minerals consultancy CSA Group, now part of CSA Global. He was also a founder of Ivernia West plc, where he led the exploration and discovery of the Lisheen zinc deposit in Ireland.

Christian is also a non-executive director of Atlas Metals Group plc.

Kotaro Kosaka

Non-Executive Director (appointed December 2021)

Kotaro holds a Master's degree from Stanford University and a Bachelor's degree from Keio University, Japan. Following 15 years in management roles with Mitsubishi Corporation, he has focused on a number of leadership and advisory positions, including serving as Chairman of the Kono Foundation and working with senior executives and investment organisations across East Asia. He has extensive experience in marketing, strategic development and business growth throughout the East Asian region.

Artem Matyushok

Non-Executive Director (appointed May 2022)

Artem was appointed to the Board on 16 May 2022. He has held senior mergers and acquisitions roles with major resource companies and has more than 20 years of experience in the energy and natural resources sector, ranging from start-up and operational environments to corporate leadership roles within a FTSE 100 company. Artem holds a PhD in Economics and is CIMA qualified. A former Shell executive, he has increasingly focused on energy transition, decarbonisation and sustainable resource development initiatives.

David Iain Rawlinson

Non-Executive Director (appointed May 2020)

Iain is an experienced board director and corporate strategy adviser. He holds a law degree from the University of Cambridge and is a qualified barrister. Prior to taking up a number of board appointments, he worked in corporate finance with Lazard in the United Kingdom and Flemings in both the United Kingdom and South Africa. His previous board appointments include Lithic Metals and Energy plc (2007-2009), Dana Petroleum plc (2005-2010), The Monarch Group (2009-2014) and Parkmead Group plc (2010-2020). Iain serves as Chairman of the Audit and Risk Committee and Chairman of the Remuneration Committee.

Tamerlan Abdikeev

Non-Executive Director (appointed April 2021)

Tamerlan holds a Master's degree in International Relations and Modern Japanese Studies from the University of Oxford. He has held a range of positions within international financial institutions, including corporate planning roles at State Street Bank and business development positions at United Investments Japan. In 2005, Tamerlan joined PIMCO, one of the world's leading investment management firms, where he established the firm's Hong Kong office in 2006. He subsequently relocated to PIMCO Europe in Munich, where he assumed responsibility for business development across the CIS and Eastern European markets.

Tamerlan is a member of the Audit and Risk Committee and the Remuneration Committee.

Nomination Committee

The Nomination Committee is chaired by Christian Schaffalitzky and comprises Christian Schaffalitzky and Iain Rawlinson.

Audit and Risk Committee

The Audit and Risk Committee is chaired by Tamerlan Abdikeev and comprises Tamerlan Abdikeev, Kotaro Kosaka and Christian Schaffalitzky.

Remuneration Committee

The Remuneration Committee is chaired by Iain Rawlinson and comprises Iain Rawlinson and Tamerlan Abdikeev

Share interests

The Directors of the Company active at 31 December 2025 held the following beneficial interests (including interests held by spouses and minor children) in the ordinary shares of the Company:

No dividend is proposed in respect of the year (2024: nil) and the retained profit for the year attributable to the equity holders of the parent of £4,450,211 (2024: loss of £6,552,157) has been taken to reserves.

The issued capital of the Company as at 31 December 2025 was:

Number of

shares

Nominal

value

Share premium account

Fully paid ordinary shares at 0.1 pence

each 2,951,414,922 2,951,415 54,500,499

Deferred shares of 4.9 pence each 143,377,203 7,025,483 -

3,094,792,125 9,976,898 54,500,499

The Directors consider that assessing and monitoring the inherent risks in the exploration and mine development business, as well as other financial risks, is crucial for the success of the Group. The Board regularly reviews the performance of the Company's projects against plans and forecasts. Further detail on management of financial risks, which includes foreign currency, interest rate, credit, liquidity and capital risks are set out in Note 28.

The going concern position of the Group covers a period of not less than 12 months from the date of signing of this Annual Report (the "Review period").

As at 31 December 2025, the Group's net current assets amounted to £5,367,691 (£2,973,180 in 2024). As at the same date, the Group's cash balance was £2,540,859 (£3,682,292 in 2024). The key difference between the positions as at 31 December 2025 and as at 31 December 2024 is the stock of over 80% grade (and thus highly liquid) precious metals concentrate. As at 31 December 2024 there was no stock. As at 31 December 2025 significant volume of stock was accumulated, thus, the amount of cash and highly liquid stock assets (stock of high-grade precious metals concentrate) which are readily convertible to cash increased significantly.

The Group's debt consists of (i) borrowings of £745,450 (at 31 December 2024 - £262,706) and (ii) lease liabilities in relation to the acquisition of mining machinery and office facilities for a total amount of £17,849 (at 31 December 2024 - £26,105).

Refer to note 2 to the financial statements which sets out matters assessed by the directors, which support their view that the Group and Parent Company are going concerns at the time of approval of the Annual Report. Accordingly, the financial statements have therefore been prepared on a going basis.

As announced on 6 September 2024, in order to finance its liabilities outside Russia, the Company entered into a trade finance loan ("TFL") facility with Sanderson Capital Partners Limited (the "Lender") in the total amount of up to

£2,500,000.

Christian Schaffalitzky, the Company's Chairman, pledged 94,619,517 of his ordinary shares in the Company as collateral for the TFL. The TFL is interest free and was repayable twelve months from the date of the agreement or such other date(s) as the parties may agree.

In August 2025 the Lender elected to convert all of the outstanding loan of £745,450 into the Company's shares at 2.5p, as contracted. As the shares have not yet been issued, the loan remains as of 31 December 2025.

On 28 March 2025, a share placing was completed to raise £3,147,850, £3,047,850 of which has already been credited to the Company's account with the balance pending final agreement on repayment of a loan. The Company plans to remove the TFL from the balance sheet as part of this arrangement.

The Directors have prepared detailed bottom-up financial forecasts to address the various scenarios for the Group's operations. The forecasts for the current mining operations in Russia show that sufficient cashflow is expected to be generated in Russia to finance the operating costs of its operations, expenditure across other parts of its asset portfolio and to keep the projects in good standing in order to complete full exit from Russia.

In addition to the above, the Group has the ability to manage and where required, reduce expenditure as needed.

The Company's cash reserves outside of Russia are held in GBP and USD accounts and therefore not directly or indirectly exposed to Rouble foreign exchange fluctuations.

The financial statements for the year ended 31 December 2025 have been prepared on a going concern basis, which assumes that the Group has sufficient cash for at least the coming 12 months.

The Directors remain confident of the Group's ability to finance its activities in the coming 12 months.

Accordingly, the financial statements have been prepared on a going concern basis as the Directors are of the opinion that the Group has sufficient funds to meet ongoing working capital and general corporate expenses.

The financial statements do not include any adjustments that might result if the Group were unable to continue as a going concern.

The Group's assets are located in Russia. Since 2014 and particularly following the introduction of additional sanctions measures in 2022, the international sanctions environment relating to Russia has continued to evolve. The Company closely monitors developments in applicable sanctions regimes and maintains a sanctions compliance policy supported by specialist external legal advisers.

The Directors have satisfied themselves that the Group's current activities are not prohibited under applicable UK, EU or US sanctions regulations. The Company does not knowingly engage with sanctioned persons, entities or government agencies and undertakes appropriate due diligence in relation to its counterparties and business activities. The Company also continues to monitor changes to Russian legislation and regulatory requirements that may affect its operations, assets or strategic objectives. To date, the Directors have not identified any Russian legislative or regulatory measures that have had a material adverse effect on the Group's current activities.

The Board regularly reviews the Group's financial position, funding requirements and strategic objectives. The successful completion of the March 2025 fundraising strengthened the Group's financial position and provided funding for its planned activities. While no assurance can be given regarding the availability or terms of future financing, the Directors believe that a range of potential funding options may remain available to the Company should additional financing be required.

Having considered the Group's current financial resources, projected cash requirements, strategic plans and the continuing sanctions environment, the Directors have concluded that the Group has adequate resources to continue in operational existence for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements.

Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing the Annual Report and Financial Statements.

The Directors are responsible for preparing the Strategic report and the Directors' report.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors must prepare the financial statements in accordance with UK adopted International Accounting Standards and in accordance with the Companies Act 2006. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company and Group for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures being disclosed and explained in the financial statements;

• prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time, the financial position of the Company and Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors confirm that: so far as each Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and the Directors have taken all the steps that they ought to have taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Group maintains Directors and Officers liability insurance as an indemnity provision renewed annually.

Eurasia Mining Plc applies the QCA Corporate Governance Code 2024 as its corporate governance framework to ensure appropriate governance standards for the current business and to support the Company's long-term strategy and objectives. The QCA Code's ten principles provide a framework for effective governance, accountability, stakeholder engagement and long-term value creation.

Eurasia has established a strategy designed to promote long-term value and a return on investment for its shareholders, while seeking to build the Company into an increasingly profitable enterprise and maintaining high standards of corporate governance and social and environmental responsibility.

During the reporting period, the Board reviewed the Company's corporate governance framework and resolved to adopt the QCA Corporate Governance Code 2024 as the Company's recognised corporate governance code for the purposes of AIM Rule 26. The Board reaffirmed its commitment to maintaining effective governance, transparency and long-term value creation for shareholders.

Throughout the reporting period, the Board continued to review and enhance its governance arrangements, including Board oversight, stakeholder engagement, risk management, succession planning and ESG-related matters. The Company remains committed to ethical conduct, accountability and responsible business practices across all areas of its operations.

The Corporate Governance section of this report outlines how Eurasia Mining Plc applies the ten principles of the QCA Corporate Governance Code 2024 in practice and identifies areas for continued development during the forthcoming financial year.

The Company's strategy is to maximise shareholder value through the development, monetisation and optimisation of its mineral resource assets and investments. Historically, this has included advancing projects through exploration, resource definition, feasibility and development stages, either towards production or through value-realisation transactions.

The Company recognises that disciplined investment in exploration and project development can enhance asset value by increasing resource confidence, reducing technical risk and improving commercial attractiveness. The Board continually reviews the Company's strategic priorities in response to market conditions, regulatory developments and geopolitical factors.

During the reporting period, the Company's primary focus remained on the management and potential monetisation of its Russian assets, while maintaining a strong commitment to corporate governance, regulatory compliance and responsible business practices. The Board seeks to ensure that all strategic decisions are aligned with the long-term interests of shareholders and other stakeholders.

The Company applies the principles of the QCA Corporate Governance Code 2024 and regularly reviews its governance framework to ensure it remains appropriate for the Company's size, activities and strategic objectives. The key commitments and challenges in applying the QCA Code's ten principles are set out below.

Eurasia seeks to maintain open, transparent and effective communication with its shareholders and wider stakeholders through a variety of channels, including regulatory announcements, the Company's website, investor presentations, interviews and industry events. The Board recognises the importance of engaging with shareholders and understanding their views, expectations and concerns.

The Company works closely with its advisers, including its Nominated Adviser, broker and public relations consultants, to ensure that information is communicated to the market in a timely, clear and balanced manner. Shareholder feedback is actively considered by the Board and helps inform the Company's strategic decision-making and governance practices.

The Board seeks to maintain a constructive dialogue with shareholders and welcomes opportunities to engage with investors through meetings, presentations and the Annual General Meeting. Shareholders are encouraged to participate in the AGM, where they are able to raise questions directly with the Board and vote on key matters affecting the Company.

The Company is committed to providing shareholders with access to relevant information to support informed investment decisions and maintains strict adherence to the AIM Rules for Companies and other applicable regulatory requirements.

The Board recognises that the long-term success of the Company depends upon maintaining positive relationships with its stakeholders, including shareholders, employees, consultants, advisers, local communities, regulators, business partners and other parties affected by the Company's activities.

The Company values the contribution of its experienced employees, consultants and service providers, whose knowledge and expertise are important to the achievement of its strategic objectives. The Board seeks to promote a culture of integrity, professionalism and accountability and to provide a productive and supportive working environment.

The Company also recognises the importance of responsible engagement with the communities, regulatory authorities and other stakeholders connected with its operations and investments. Stakeholder considerations form part of the Board's decision-making process, and the Company seeks to identify, understand and address stakeholder concerns in a timely and appropriate manner.

The Board monitors stakeholder relationships and considers their impact on the Company's ability to achieve its strategic objectives and create long-term value. Any significant stakeholder issues are reported to senior management and, where appropriate, escalated to the Board for consideration and action.

The Company remains committed to conducting its business responsibly and in a manner that supports sustainable long-term value creation for shareholders and other stakeholders.

The Board recognises that effective risk management and internal control are essential to the successful delivery of the Company's strategy and the creation of long-term shareholder value. The Company operates in a sector where exploration, development, regulatory, geopolitical, financial and operational risks must be carefully identified, assessed and managed.

The Board is responsible for overseeing the Company's risk management framework and for ensuring that appropriate systems of internal control are maintained. Risks are regularly reviewed by management and the Board, with consideration given to both existing and emerging risks that may affect the Company's operations, assets, financial position or strategic objectives.

The Company's principal risks include geopolitical and sanctions-related risks, regulatory and licensing risks, financing risks, operational risks and risks associated with the valuation and development of mineral resource assets. These risks are monitored on an ongoing basis, and mitigation measures are reviewed regularly.

The Board undertakes an annual assessment of the principal risks and uncertainties facing the business and considers the effectiveness of the Company's risk management and internal control processes. The principal risks and uncertainties are set out elsewhere in this Annual Report.

The Board believes that maintaining an effective risk management framework supports informed decision-making, protects shareholder value and enhances the Company's ability to achieve its long-term objectives.

The Board is responsible for the leadership, strategic direction and long-term success of the Company. It seeks to maintain an effective governance and management framework that is appropriate for the Company's size, activities and stage of development.

At the date of this report, the Board comprises an Executive Chairman and four Non-Executive Directors. The Board considers Iain Rawlinson, Tamerlan Abdikeev, Artem Matyushok and Kotaro Kosaka to be independent Non-Executive Directors. The Board regularly reviews its composition to ensure that it maintains an appropriate balance of skills, experience, independence and knowledge relevant to the Company's activities and strategic objectives. The Board is supported by a number of external advisers and strategic consultants whose expertise assists the Company in delivering its corporate objectives. In particular, the Board recognises the importance of specialist corporate finance, regulatory, legal and mergers and acquisitions expertise in supporting the Company's current strategic priorities.

The Board meets regularly throughout the year and additionally as required to consider matters reserved for its decision. Directors receive timely and relevant information in advance of meetings and are encouraged to challenge, debate and contribute to Board discussions. The Board seeks to ensure that decisions are made on an informed basis and in the best interests of the Company and its stakeholders.

The Company Secretary supports the Board in the effective operation of its governance framework, assists with regulatory compliance and corporate administration matters, and facilitates communication between the Board, management and advisers.

The Board periodically reviews its effectiveness, governance arrangements and succession planning requirements to ensure that the Company remains appropriately governed and positioned to achieve its strategic objectives.

The Board possesses an appropriate balance of technical, commercial, financial, legal, regulatory and corporate governance experience relevant to the Company's activities and strategic objectives. The Board is led by an Executive Chairman with extensive experience in geology, mineral exploration and project development and is supported by Non-Executive Directors with significant expertise across international business, finance, mergers and acquisitions, corporate governance and capital markets.

Directors are subject to periodic re-election by shareholders in accordance with the Company's Articles of Association and applicable corporate governance requirements. The Board regularly reviews its composition to ensure that it continues to possess the skills, knowledge and experience required to support the Company's strategy and long-term objectives.

The Board considers that its current mix of skills and experience is appropriate for the Company's present circumstances and strategic priorities. However, it remains committed to reviewing succession planning and Board composition and may make further appointments where additional expertise would benefit the Company.

Where specialist knowledge is required, the Board has access to external professional advisers and consultants, including legal, financial, regulatory, technical and corporate finance advisers. These resources enable the Board to obtain independent advice and support informed decision-making when necessary.

The Company encourages Directors to maintain and enhance their professional knowledge through continuing professional development, industry engagement and participation in relevant conferences, seminars and professional organisations. The Board recognises the importance of ongoing learning and awareness of developments in governance, regulation, sustainability and the mining sector.

The Board operates in a manner that encourages constructive challenge, open discussion and independent judgement. No individual Director or group of Directors dominates decision-making, and all Directors are expected to contribute actively to the development and oversight of the Company's strategy.

The Board is committed to maintaining high standards of effectiveness, accountability and continuous improvement. The Board regularly reviews its performance, composition and governance arrangements to ensure that it continues to operate effectively and supports the successful delivery of the Company's strategy.

The Remuneration Committee is responsible for reviewing the performance of the Executive Chairman and for considering remuneration arrangements that support the Company's long-term objectives. The Board also considers succession planning, Board composition and future skills requirements as part of its ongoing governance processes. The appointment of new Directors involves a structured assessment process, including consideration of relevant skills, experience, qualifications, independence and cultural fit. Appropriate due diligence is undertaken by the Company and its advisers before any appointment is made.

Board effectiveness is reviewed periodically through internal evaluation processes. These reviews consider the effectiveness of Board meetings, the quality of information provided to Directors, Board composition, strategic oversight, risk management, stakeholder engagement and the overall contribution of individual Directors. The Board believes that its current evaluation process is appropriate for the size and nature of the Company, while recognising that governance practices will continue to evolve as the Company develops.

The Board considers adherence to the Company's strategy, achievement of corporate objectives, effective oversight of risk and the maintenance of high standards of corporate governance to be key indicators of Board effectiveness. Any areas identified for improvement are incorporated into the Board's ongoing governance and succession planning activities.

The Company is committed to promoting a culture of integrity, accountability, professionalism and ethical behaviour throughout the organisation. The Company believes that a strong corporate culture is fundamental to the successful delivery of its strategy and the creation of long-term value for shareholders and other stakeholders.

As a company incorporated in England and Wales, the Company operates in accordance with the laws, regulations and governance standards applicable to UK public companies. The Company's values are reflected in its approach to business conduct, stakeholder engagement, regulatory compliance, risk management and decision-making processes. The Company seeks to lead by example and expects high standards of ethical behaviour from Directors, employees, consultants and advisers. The Company's culture promotes openness, transparency, mutual respect and responsible business practices across all areas of its operations.

Consideration of the Company's values and culture forms part of recruitment, succession planning and performance evaluation processes. The Company believes that maintaining a positive and ethical culture supports effective governance, enhances stakeholder confidence and contributes to its long-term sustainability and success.

The Company is committed to providing equal opportunities and fostering an inclusive working environment. The Board recognises the benefits of diversity of skills, experience, background and perspective and will continue to consider diversity as part of future succession planning and Board appointments.

The Board periodically reviews whether the Company's culture remains aligned with its purpose, strategy and governance objectives and considers any actions required to strengthen or enhance that culture.

The Board is responsible for establishing and maintaining an effective governance framework that supports the Company's strategy, promotes accountability and facilitates effective decision-making. The Board regularly reviews its governance arrangements to ensure that they remain appropriate to the size, complexity and stage of development of the Company.

Responsibility for corporate governance rests with the Board as a whole. The Board is supported by the Executive Chairman, Non-Executive Directors, Board Committees and the Company Secretary in ensuring that appropriate governance standards are maintained throughout the organisation.

The Non-Executive Directors provide independent oversight, constructive challenge and specialist expertise across a range of disciplines including corporate finance, legal, regulatory, commercial and international business matters. The Board benefits from the breadth of experience and judgement of its Non-Executive Directors, who contribute actively to the Company's strategic development and governance processes.

The Board has established Audit and Risk, Remuneration and Nomination Committees to assist in the discharge of its responsibilities. Each Committee operates within defined terms of reference and reports regularly to the Board on matters within its remit.

The Company Secretary supports the effective operation of the Board and its Committees, assists with regulatory compliance and corporate governance matters, and ensures that Directors receive appropriate information to support informed decision-making.

The Board remains committed to maintaining governance arrangements that promote transparency, accountability and effective oversight, while supporting the long-term success of the Company and the interests of its shareholders and stakeholders.

The Audit and Risk Committee may examine any matter relating to the financial affairs of the Group and the Group's audits, this includes reviews of the annual financial statements and announcements, internal control procedures, accounting procedures, accounting policies, the appointment, independence, objectivity, terms of reference and fees of external auditors and such other related functions as the Board may require. The external Auditors have direct access to the members of the committee, without presence of the executive Directors, for independent discussions. Several Audit and Risk Committee meetings are held during the year, prior to and during the annual audit; and to approve Interim and Annual Financial Statements. The Audit and Risk Committee opines on whether accounts are in compliance with UK adopted International Accounting Standards.

The Chairman of the Audit and Risk Committee is Tamerlan Abdikeev, and the committee comprises Tamerlan Abdikeev, Kotaro Kosaka and Christian Schaffalitzky. The Audit and Risk Committee is guided by company policy and procedure, including the Audit and Risk Committee terms of reference.

The Remuneration Committee determines the terms and conditions of employment and annual remuneration of the executive Directors and senior staff. It consults with the Executive Chairman, takes into consideration external data and comparative third-party remuneration and has access to professional advice outside the Company.

The Chairman of the Remuneration Committee is Iain Rawlinson, and the Committee comprises Iain Rawlinson and Tamerlan Abdikeev.

The key policy objectives of the Remuneration Committee in respect of the Company's executive Directors and other senior executives are to ensure that individuals are fairly rewarded for their personal contribution to the Company's overall performance, and to act as an independent committee ensuring that due regard is given to the interests of the Company's Shareholders and to the financial and commercial health of the Company. Remuneration of executive Directors comprises basic salary, discretionary bonuses, participation in the Company's Share Option Scheme and other benefits. The Company's remuneration policy with regard to options is to maintain an amount of not more than 10% of the issued share capital in options for the Company's management and employees which may include the issue

of new options in line with any new share issues. The Remuneration Committee is guided by company policy and procedure including the Remuneration Committee terms of reference.

The Chairman of the Nominations Committee is Christian Schaffalitzky and the Committee comprises Christian Schaffalitzky and Iain Rawlinson. The Committee convenes at a minimum twice annually to consider Board composition, and, if considered necessary, seek further appointments. The Committee is conscious of a need for Board diversity when considering future appointments. The Nominations Committee is guided by Company policy and procedure including the Nominations Committee terms of reference.

The Board seeks to maintain both direct and two-way communication with its shareholders through its public and investor relations programmes. All shareholders may at their discretion choose to attend the Company AGM either virtually or in person. The Company employs Public Relations and Investor Relations professionals and maintains several third-party contracts to better disseminate Company news-flow. Through shareholder feedback, the Company ensures that the Board's communication of the Company's progress is thorough and well understood. A clear statement on the outcomes of Board resolutions is communicated immediately after the Company's AGM by RNS and posted to the Company's website. This includes a summary of votes for and against the resolutions put before the shareholders, and where a significant number of votes is cast against a resolution this is clearly stated, with an explanation as to possible remediation regarding that voting. A catalogue of historical Annual Reports and AGM notices is maintained at an appropriate location on the Company's website.

Matters which are reserved strictly for the consideration of the Board include, but are not limited to, discussions and decision on Company strategy, major investment decisions in new business development, commercial arrangements including funding requirements, high-level decisions on distribution of funds, and recruitment or dismissal of senior personnel and Board members. The above outline of the Company's corporate governance framework befits the current scale of the Company but will be subject to appropriate modifications as the Company grows in line with its stated strategy.

An annual review of the corporate governance framework outlined above is undertaken at the Board meeting preceding or directly following the Company's AGM. Changes considered to the current corporate governance framework will be assessed in due course, include further appointments to the Board, and establishing independent bodies to review and assess Board performance.

Eurasia Mining is subject to the UK City Code on Takeovers and Mergers.

30 June 2026

We have audited the financial statements of Eurasia Mining Plc (the "Parent Company") and its subsidiaries (together the "Group") for the year ended 31 December 2025 which comprise the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Cash Flows and related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in the preparation of the Group's financial statements is applicable law and UK adopted International Accounting Standards ("UK adopted IAS").

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025, and of the Group's profit for the year then ended;

• have been properly prepared in accordance with UK adopted IAS; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

  Basis for opinion

  We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard applicable to listed entities, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

  Conclusions relating to going concern

  In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's and Parent Company's ability to continue to adopt the going concern basis of accounting included:

  • We confirmed our understanding of management's going concern assessment process and engaged with management early to ensure all key factors were considered in their assessment,

  • We evaluated management's going concern assessment which included assessing their evaluation of business and strategic plans, liquidity and funding positions for the Group and the parent Company,

  • We assessed the appropriateness of key assumptions made by management in preparing cash flow forecasts for a period of at least twelve months from the date of approving the financial statements,

  • We assessed the results of the Group's and Parent Company's stress testing on the cash flow forecasts and available facilities,

  • We checked funds raised from share placings during the year to supporting documentation,

  • We assessed the going concern disclosures included in the annual report for compliance with the reporting standards; and

  • We checked actual cash flows and available liquid assets (inventory of precious metals concentrates) of the Group subsequent to the year-end to supporting documentation.

  Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

  Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Group's and Parent Company's ability to continue as a going concern.

  An overview of the scope of our audit

  Our audit was scoped by obtaining an understanding of the Group and its environment, including the Group's system of internal control, and assessing the risks of material misstatement in the financial statements. We also addressed the risk of management override of internal controls, including assessing whether there was evidence of bias by the directors that may have presented a risk of material misstatement. The scope of our audit was influenced by the level of materiality we determined.

  We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account an understanding of their activities, the accounting processes and controls, and the industry in which the Group operates. Our planned audit testing was directed accordingly and was focused on areas where we assessed there to be the highest risk of material misstatement.

  During the audit we reassessed and re-evaluated audit risks and tailored our approach accordingly. The audit testing included substantive testing on significant transactions, balances and disclosures, the extent of which was based on various factors such as our overall assessment of the control environment, the effectiveness of controls and the management of specific risks.

  We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant findings, including any significant deficiencies in internal control that we identified during the audit.

  Our involvement with component auditors

  We designed an audit strategy to ensure that we obtained the required audit assurance for each component for the purposes of our Group audit opinion (in accordance with ISA 600 (Revised - UK)). Components were scoped in to address aggregation risk and to ensure sufficient coverage was obtained of group balances on which to base our audit opinion. For the work performed by a component auditor in Russia, we determined the level of involvement needed in order to be able to conclude whether sufficient appropriate audit evidence has been obtained as a basis for our opinion on the Group financial statements as a whole. Our involvement with the component auditor included the following:

• Detailed Group reporting instructions were sent, which included the significant areas to be covered by the audits (including areas that were considered to be key audit matters as detailed below), the audit plan with respect to those significant areas and set out the information required to be reported to the Group audit team.

• The Group audit team performed procedures independently over certain key audit risk areas, as considered necessary, including the key audit matters below.

• Regular communication took place between ourselves as group auditor and the component auditor throughout the planning and execution phases of the audit.

• The Group audit team was actively involved in risk assessment and the direction of the audits performed by the component auditors for Group reporting purposes, review of their working papers, consideration of findings and determination of conclusions drawn.

We draw attention to the Chairman's Statement, the Strategic Report, Directors Report and notes to the financial statements which describe the Group's current activities and projects in Russia, sanctions imposed and the impact thereof. Strict international sanctions are imposed on certain activities, entities and individuals connected with Russia, additionally sanctions have been introduced by the Russian Federal government. These expose the group to legal, political and economic risks. The outcome, length, scale and extent of these are unknown and as such the impact of these cannot be predicted at the time of issuing the audit opinion. The Group continues to adhere with its sanctions policy and monitor any impact of the sanctions legislation on the Group's activities. The Group have to date indicated there has not been a significant impact on the Group activities. In view of the significance of this matter, we consider it should be drawn to your attention. The ultimate outcome of this matter cannot presently be determined and the financial statements do not include any potential adjustment(s) that may be required arising out of alternative outcomes. Our opinion is not modified in respect of this matter.

We also draw attention to note 5.2 which describes the accounting treatment for KK as a continuing operation and the final judgement made by the directors regarding why KK was not classified as an asset held for sale at the reporting date. Our opinion is not modified in respect of this matter.

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether due to fraud or error) we identified, including those which had the greatest effect on the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Our definition of materiality considers the value of error or omission on the financial statements that, individually or in aggregate, would change or influence the economic decision of a reasonably knowledgeable user of those financial statements. Misstatements below these levels will not necessarily be evaluated as immaterial as we also take account of the nature of the identified misstatements, and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole. Materiality is used in planning the scope of our work, executing that work and evaluating the results.

The materiality for the Parent Company was assessed at 95% of Group Materiality, being £191,000 (2024: £119,000). Performance Materiality was £124,000 (2024: £97,000) and Clearly trivial threshold was £9,550 (2024: £8,000).

Other information comprises the information in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

In our opinion, based on the work undertaken during the audit:

• the information given in the Chairman's Statement, Strategic Report and Directors Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Chairman's Statement, Strategic Report and Directors Report have been prepared in accordance with applicable legal requirements.

  Matters on which we are required to report by exception

  In the light of the knowledge and understanding of the Group and its environment obtained during the audit, we have not identified material misstatements in the Chairman's Statement incorporating review of operations, the Strategic report and Directors Report.

  We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

  Responsibilities of directors

  As explained more fully in the directors' responsibilities statement set out on page 20, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or Parent Company or to cease operations, or have no realistic alternative but to do so.

  Auditor's responsibilities for the audit of the financial statements

  Our objectives are to obtain reasonable assurance about whether the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.

  Extent to which the audit was considered capable of detecting irregularities, including fraud

  Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

  These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting material misstatement due to a fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

  Identifying and assessing potential risks arising from irregularities, including fraud

  The extent of the procedures undertaken to identify and assess the risk of material misstatement in respect of irregularities, including fraud, included the following:

• We considered the nature of the industry and sector, the control environment, business performance including remuneration policies and the Group's own risk assessment that irregularities might occur as a result of fraud or error. From our sector experience and through discussions with the directors, we obtained an understanding of the legal and regulatory framework applicable to the Group focusing on laws and regulations that could reasonably be expected to have a direct material effect on the financial statements, such as provisions of the Companies Act 2006, UK tax legislation, London Stock Exchange rules and regulations, Russian company law and tax laws or those that had a fundamental effect on the operations of the Group.

• We made enquiries of the directors and management concerning the Group's policies and procedures relating to:

  • Identifying, evaluating, and complying with the laws and regulations and whether they were aware of any instances of non-compliance;

  • Detecting and responding on the risks of fraud and whether they had any knowledge of actual or suspected fraud; and

  • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We assessed the susceptibility of the Group's and Parent Company's financial statements to material misstatement, including how fraud might occur by evaluating management's incentives and opportunities for manipulation of the financial statements. This included utilising the spectrum of inherent risk and an evaluation of the risk of management override of controls. We determined that the principal risks were related to posting inappropriate journal entries creating fictitious transactions to improve financial performance, and management bias in accounting estimates specific to impairment of intangible assets, mining assets, impairment of investment in subsidiary and related party receivables and provision for environmental rehabilitation.

In respect of the above procedures:

• we corroborated the results of our enquiries through review of the minutes of the Board of directors' meetings,

• we reviewed financial statement disclosures to supporting documentation to assess compliance with applicable laws and regulations expected to have a direct impact on the financial statements,

• we performed testing of journal entries, including those processed late for financial statements preparation, those posted by infrequent or unexpected users, those posted to unusual account combinations,

• we evaluated the business rationale of significant transactions outside the normal course of business and reviewed accounting estimates for bias,

• we made enquiries of management around actual and potential litigation and claims,

• we challenged the assumptions and judgments made by management in relation to significant accounting estimates and judgements,

• we obtained confirmations from third parties to confirm existence of certain balances, and

• we communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

We were appointed by the directors on 3 March 2025 to audit the financial statements of the Group for the year-ended 31 December 2024. Our appointment as auditors continued for the year ended 31 December 2025.

We did not provide non-audit services which are prohibited by the FRC's Ethical Standard to the Group, and we remain independent of the Group in conducting our audit.

Our opinion is consistent with the additional report provided to the Audit Committee.

This report is made solely to the Group's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Group's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group and the Group's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edmund Cartwright, FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Johnsons, Chartered Accountants, Statutory Auditor London, United Kingdom

Date: 30 June 2026

The accompanying notes are an integral part of these financial statements.

These financial statements were approved by the board on 30 June 2026 and were signed on its behalf by:

The accompanying notes are an integral part of these financial statements.

In accordance with section 408 of the Companies Act 2006, Eurasia Mining plc is exempt from the requirement to present its own statement of profit or loss. The amount of loss for the financial year recorded within the financial statements of Eurasia Mining plc is £1,620,293 (2024: £1,477,758).

These financial statements were approved by the board on 30 June 2026 and were signed on its behalf by:

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.

The accompanying notes are an integral part of these financial statements.