Interim Report for the 6 months ended 30 June 2026

Eurasia Mining PLC

30 September 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN REGULATION NO. 596/2014 (AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) AND IS IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 7 OF THAT REGULATION.

30 September 2026

Eurasia Mining plc

Interim report for the six months ended 30 June 2026

Eurasia Mining plc ("Eurasia" or the "Company"), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company, announces its interim report for the six months ended 30 June 2026.

Chairman’s Statement

It is my pleasure to summarise our progress, as the first half of 2026 saw an important step in our plans to realise value from our assets. Our majority interest in the West Kytlim mine, held through our 68% ownership in Kosvinsky Kamen, was approved for sale by shareholders in January this year. The plan for the sale would allow us to focus on our key assets, holding 99.7% of our reserves and resources of the key metals (nickel-copper-precious metals) in the key region of Arctic in Kola, comprising the Monchetundra permitted mine and the adjacent NKT formerly operating mine. The combination of these two mines is planned as the nexus for the first-mover advantage in the development of a new mining cluster in the Arctic.

As we have discussed before, we continue to keep our options open, as changes in the geopolitical context may change our priorities.

Geopolitics

Geopolitics has been the most important driver of Eurasia’s market value for the past five years; thus, it is important to summarise the key geopolitical developments.

We wait hopefully for a negotiated settlement of the conflict in Ukraine, as highlighted as a feasible option in JPMorgan’s insight piece in May 20261. Unfortunately, as predicted, escalation is happening prior to the settlement. However, and most importantly, the negotiations have started involving not only the parties to the conflict, but also several third parties that are key to a successful conflict resolution:

• The US leadership is motivated to resolve the conflict fast, especially due to the upcoming midterm elections in the US in early November of this year. Not only was peace in Ukraine one of the election promises, but the resolution will also bring back to the international markets additional supply of oil, gas and, most importantly, diesel, which is critical in the context of the Middle East crisis and supply crunch. It is common knowledge that the current diesel price in the US is at the historical high and thus one of the key drivers impacting the outcome of the midterm elections.
• In this regard, the US is putting in significant negotiating effort, which includes the unprecedented Kyiv visit of Witkoff and Kushner following their Moscow visit earlier this month, top-level meetings of the US with Ukraine and the US with Russia in New York last week and other efforts; all directed at the negotiated settlement and diesel crisis relief before the US midterms.
• Joining the invitation by the US of the Russian leadership to G20 in Miami, the UK has extended an invitation to all G20 member states, including Russia, to attend the Manchester summit in the UK2. This comes as no surprise, because according to the Telegraph: “Experts warn that proposed US diesel export restrictions would be catastrophic for Britain”. The swift Ukraine peace effort and return of Russian diesel to the international markets is a viable solution to prevent events “catastrophic for Britain”3; thus, the UK is joining the peace efforts.
• Russia was invited to G20 finance ministers’ and trade ministers’ meetings in the US.
• Unprecedented for the last five years, a meeting between foreign ministers of Germany and Russia took place last week.
• Vatican Pope’s envoy’s visit to Moscow on a 3-day peace mission this week.

The above list can be continued, as more countries have now joined the effort for a negotiated settlement by the end of this year and to prevent a global economic crisis.

West Kytlim

As announced in the Annual Report, 2025 ended with the record level of production exceeding 10Koz of PGM concentrate, with two plants fully equipped for running under freezing temperatures. By the time of this interim report publication, two additional plants (four in total) have been fully equipped for the winter season.

The major part of production normally takes place in the second half of the year, as was the case in 2025, when there was no revenue in the first six months of the year. This year, £2,297,735 in revenue was already generated in the first half of the year (nil in 1H2025), and the profit for 1H2026 was  approximately £0.8 million.

Kola Arctic Assets

In the Arctic, advancement of the tier-1 world-class NKT brownfield asset continued. As reported, Kola Arctic assets comprise approximately 99.7% of the Group's total reserves and resources. These include the Monchetundra mine launch and the NKT formerly operating mine relaunch.

The Company remains well prepared for the next steps planned since early 2026, and we look forward to updating you as work proceeds.

As a long-term significant shareholder myself, I am grateful to our shareholders for their continued patience and support. Geopolitics has had its impact on our plans for a number of recent years. Thus, the ongoing multinational peace effort discussed above is helping the company to get back on track to create value for all shareholders.

Christian Schaffalitzky

Executive Chairman

For further information, please contact:

Condensed consolidated statement of comprehensive income

for the six months ended 30 June 2026

Condensed consolidated statement of financial position

As at 30 June 2026

Condensed statement of changes in equity

For the six months ended 30 June 2026 (unaudited)

Condensed statement of changes in equity

For the six months ended 30 June 2026 (unaudited)

Condensed consolidated statement of cash flows

for the six months ended 30 June 2026

Selected notes to the condensed consolidated financial statements

for the six months ended 30 June 2026

1. General information

Eurasia Mining plc (the “Company”) is a public limited company incorporated and domiciled in Great Britain with its registered office at International House, 42 Cromwell Road, London SW7 4EF, United Kingdom and principal place of business at Clubhouse Bank, 1 Angel Court, EC2R 7HJ. The Company’s shares are listed on AIM, a market of the London Stock Exchange and Astana International Exchange. The principal activities of the Company and its subsidiaries (the “Group”) are related to the exploration for and development of platinum group metals, gold and other minerals.

The financial information set out in these condensed interim consolidated financial statements (the "Interim Financial Statements") do not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2025, prepared in accordance with UK-adopted International Accounting Standards, have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified. The report did not contain a statement under Section 498(2) of the Companies Act 2006.

2. Basis of preparation

The Group prepares consolidated financial statements in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006. These condensed consolidated interim financial statements for the period ended 30 June 2026 have been prepared by applying the recognition and measurement provisions of the standards and the accounting policies adopted in the audited accounts for the year ended 31 December 2025.

These Interim Financial Statements have been prepared under the historical cost convention.

The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these condensed consolidated interim financial statements.

The Interim Financial Statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.

3. Accounting policies

The Interim Financial Statements have been prepared in accordance with the accounting policies adopted in the Group's last annual financial statements for the year ended 31 December 2025.

4. Revenue

5. Other gains and losses

The majority of the foreign exchange gains and losses are a result of the revaluation of monetary assets and liabilities in the subsidiary accounts as a result of movements in the Rouble exchange rates.

Loss on revaluation of stock available at 30 June 2025 represents platinum concentrate ready for sale or refining, which was valued (i) using methodology set in the refining and sale and purchase agreement made with local refinery and (ii) exchange rate and metal prices at 30 June 2025.

6. Property, plant and equipment

7. Intangible assets

Intangible assets represent capitalised costs associated with Group’s exploration, evaluation and development of mineral resources.

8. Trade and other receivables

The fair value of trade and other receivables is not materially different to the carrying values presented. None of the receivables are provided as security or past due.

9. Share capital

Deferred shares have the following rights and restrictions attached to them:

- they do not entitle the holders to receive any dividends and distributions;

- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;

- on return of capital on a winding up the holders of the deferred shares are only entitled to receive the amount paid up on such shares after the holders of the ordinary shares have received the sum of 0.1p for each ordinary share held by them and do not have any other right to participate in the assets of the Company.

There had been no change in the issued share capital during the reporting period

10. Reserves

The capital redemption reserve was created as a result of a share capital restructuring in earlier years. There is no policy of regular transactions affecting the capital redemption reserve.

The foreign currency translation reserve represents exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into GBP.

The equity-based payments reserve represents a reserve arisen on (i) the grant of share options to employees under the employee share option plan and (ii) on issue of warrants under terms of professional service agreements. 

11. Borrowings

On 6 September 2024 the Company signed convertible loan agreement with Sanderson Capital Partners Ltd (“Sanderson”) to borrow up to GBP 2,500,000. Sanderson has an option to convert all or part of the loan into Company’s shares.

12. Lease liabilities

The Group has the following leases in place:

i) Leases of mining equipment. The average lease term is 4.5 years, expired in 2025. The Group has option to purchase the equipment for a nominal amount at the maturity of the finance lease. The Group’s obligations under finance leases are secured by the lessor’s title to the leased assets.

Interest rates underlying obligations under finance leases are fixed at respective contract dates ranging from 21.9% to 23.5% per annum. All lease liabilities for mining equipment were fully repaid in 2025.

ii) Rent of offices and other properties. The average lease term is three years expiring in 2027. There is no option to purchase properties at the end of rental period.

Interest rates underlying obligations under finance leases are fixed at respective contract dates at 10.27% per annum.

13. Trade and other payables

The fair value of trade and other payables is not materially different to the carrying values presented. The above listed payables were all unsecured.

14. Provision

Provision is made for the cost of restoration and environmental rehabilitation of the land disturbed by the West Kytlim mining operations, based on the estimated future costs using information available at the reporting date.

The provision is discounted using a risk-free discount rate of from 13.39% to 16.93% (2025: 12.99% to 14.99%) depending on the commitment terms, attributed to the Russian Federal Bonds.

Provision is estimated based on the sub-areas within general West Kytlim mining licence the company has carried down its operations on by the end of the reporting period. Timing is stipulated by the forestry permits issued at the pre-mining stage for each of sub-areas. Actual costs in respect of the long-term provision recognised by 30 June 2026 will be incurred within 2026-2040.

1 https://www.jpmorganchase.com/center-for-geopolitics/insights/jmpc-cfg-ukraine-report

2 https://londonlovesbusiness.com/burnham-does-the-unthinkable-and-invites-putin-to-g20-sparking-security-fury-in-whitehall

3 https://www.telegraph.co.uk/business/2026/09/23/trumps-catastrophic-threat-of-diesel-ban-risks-fuel-crisis

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