West Kytlim Operation Update and AIX Progress

28 July 2025

Eurasia Mining plc

West Kytlim Operation Update and AIX Progress

Eurasia Mining PLC ("Eurasia" or the "Company"), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company is pleased to announce an update on West Kytlim operations.

Highlights:

· West Kytlim is the world's largest soft-rock PGM mine with associated gold.

· It is the largest in terms of reserves and resources as well as the largest in terms of production volumes since 2022, when the mine was put into industrial-scale production.

· West Kytlim operations consist of 12 mining assets, five of which have been successfully launched into commercial production.

· High precious metals grade in the concentrate produced at the mine is above 80%.

· It is the lowest cost PGM operation on the global scale with All-In Sustaining Cost (AISC) targeting the range of $300-400 per troy oz.

Highlights of key factors for low cost:

· Open-pit mining does not require drilling or blasting operations, which typically account for 1/3 of the total cost. This absence of the need to drill and blast means that West Kytlim's cost is 1.5x lower with all the other factors being equal.

· Stripping ratio is as low as 3x on average.

· Transition of production to electricity has been completed: power lines and substations, electric dragline and enrichment plants shift from diesel generators to electricity.

· Recruitment of employees in single-industry towns without the need to pay 'northern' and 'polar' bonuses due to favourable geographical location in the Urals.

· Optimisation of logistics and reduction of transportation distances.

· Significant capacity increase in 2025 with economies of scale driving the per unit cost lower.

Highlights of capacity increases in 2025:

· To execute on our Russian-exit strategy, the licences must be maintained in good standing, and the West Kytlim licence agreement requires a significant increase in volumes.

· A professional team with backgrounds in Rusal, Norilsk Nickel, UMMC (UGMK) and other large companies was engaged to execute on the increase and subsequent exit.

· As required by the licence agreement, six wholly-owned enrichment plants have been successfully launched to full commercial scale production, i.e. 2x the previously installed enrichment capacity and 6x the average enrichment capacity utilised over the past two years.

· A fleet of seven heavy 39-ton Chinese FAW trucks has been added to scale up both stripping and mining capacity. All seven trucks are in operation, making the total truck capacity 2-3x the capacity of KAMAZ trucks used previously and with improved production logistics, a net 20x improvement. This is primarily due to significantly shorter transportation distances to optimised locations of the six enrichment plants relative to the mining blocks.

· Three heavy Chinese Lonking excavators with increased shovel capacity have been acquired. These excavators, together with the electric dragline launched in 2023 (which alone has 4.2 million m3 of annual installed capacity) and fully refurbished over 2024-2025 (with new engine, shovel, etc.), 2x the previously installed excavation capacity in terms of the total shovel size. This capacity is already significantly adding to both stripping and mining volumes.

· A South Korean Shantui heavy bulldozer was also acquired to further increase the stripping capacity and the production volumes in 2025. This has allowed one of the smaller bulldozers to be allocated to the road repairs, which has resulted in higher productivity of the trucks and lower diesel consumption.

· In total, six enrichment plants (plus enrichment workshop/laboratory), 15 excavators, seven bulldozers and 18 dump trucks are utilised.

Highlights of other capacity added:

· Repair units have been installed and commissioned to speed up the maintenance and minimise the idle time of equipment to increase the production volumes.

· Storage facilities have been constructed and commissioned to minimise the lead time for spare parts, also aiming at a higher utilisation of equipment and higher production volumes.

· Telecom tower was constructed and commissioned to cover the whole licence area with internet connection.

· Satellite location sensors and weight sensors were installed on each equipment unit. These sensors, combined with the full-area internet coverage allow the two newly hired controllers and the site management to optimise the utilisation of equipment in real time online, which again contributes to higher productivity and reduced diesel consumption.

· In addition to the above, an 18 km power line, two high voltage substations and a bridge to access new mining areas are utilised.

Highlights of volume increases:

· By 1 July 2025, the total advanced stripping volumes stood at about four million m3. This is 2x of the previous peak annual stripping volume achieved historically on the mine.

· Four million m3 represents 80% of the five million m3 stripping target, to produce 700kg of precious metals, based on average historical grades.

· Over two million m3 of this stripping volume was completed in relation to five tailing storage dumps for utilisation in 2025 and beyond.

· Also, about two million m3 of advanced stripping in relation to the 2025 mining season alone has been completed.

· About 0.5 million m3 of sand have been processed to date by the six processing plants, equal to the peak annual volume achieved historically on the mine.

· In addition, about the same volume of sand has been stripped and partly shipped to the storage areas close to the six processing plants.

· Thus, in terms of sands (stripped, stockpiled and processed), almost a 2x increase has already been achieved relative to the annual maximum reached in the previous years.

· These volume increases represent completion of a step-change milestone to achieve the long-term annual target of 64Koz of precious metals over the projected 20-year life of mine (please refer to RNS published on 1 July 2020).

Christian Schaffalitzky, the Executive Chairman commented:

"The Directors are pleased that compliance with the West Kytlim licence agreement has resulted in the step-change breakthrough in terms of volumes towards our long-term annual target of 64Koz of precious metals in the Urals. This allows both the maintenance of the licence and the improvement of the project to achieve our Russia exit strategy. This fundamental development is another element of our strategy for value creation, coupled with recent dual-listing in Astana, where we are working on changing the trading currency from GBP to specific denominated currency units to facilitate BRICS investors to include Eurasia's shares into their portfolios."

For further information, please contact:

Eurasia Mining Plc

Christian Schaffalitzky

+44 (0) 207 118 1095

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott

+44 (0)20 3368 3555

Oak Securities (Broker)

Jerry Keen

Tel. +44 (0)20 3973 3678

Yellow Jersey PR (Financial PR) 

Charles Goodwin / Shivantha Thambirajah

[email protected]