REG - Eurasia Mining PLC - Annual Results for the year ended 31 December 2025

RNS Number : 4532K Eurasia Mining PLC 30 June 2026  

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

30 June 2026

Eurasia Mining Plc

Annual Results for the year ended 31 December 2025

Eurasia Mining Plc ("Eurasia" the "Company" or the "Group"), the palladium, platinum, rhodium, iridium and gold mining company, announces its audited financial results and operational summary for the year ending 31 December 2025 (the "2025 Annual Results").

The Company's full Annual Report, including the audited financial statements for the year ended 31 December 2025 (the "Annual Report") will be posted to those Eurasia shareholders electing to receive paper format notifications. The Company is grateful to the remaining shareholders choosing to receive digital notifications and the Annual Report is also available for download from the Company's website at: https://www.eurasiamining.co.uk/investors/financial-reports.

Information regarding the Company's forthcoming Annual General Meeting will be announced shortly.

For further information, please contact:

Chairman's statement

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 year[1] 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 long-term value of the Group's asset portfolio.

West Kytlim

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.

Monchetundra

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.

Possible sale of Russian Assets

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.

Sanctions

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.

Legal Disputes

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.

Finance

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.

Outlook

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.

C. Schaffalitzky

Executive Chairman

30 June 2026

Strategic Report

OPERATIONS UPDATE

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.

KOLA BATTERY METALS AND PGM/GOLD

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

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.

FINANCE

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.

KEY PERFORMACE INDICATORS

Results for the Year

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.

Shareholder Return and Share Price Performance

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.

EXPLORATION AND DEVELOPMENT

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.

Consolidated statement of profit or loss and other comprehensive income

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.

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.

Notes to the financial statements

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, 142 Cromwell Road, London SW7 4EF, United Kingdom and principal place of business at Clubhouse Holborn, 20 St Andrew Street, EC4A 3AG, United Kingdom. The Company's shares are listed on the AIM Market of the London Stock Exchange plc. The principal activities of the Company and its subsidiaries (collectively "Group") are related to the exploration for and development of battery metals, platinum group metals, gold and other minerals.

Eurasia Mining Plc's consolidated financial statements are presented in Pounds Sterling (£), which is also the functional currency of the parent company.

2          Going concern

The going concern position of the Group covers 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).

In assessing the appropriateness of the going concern basis, the Directors reviewed detailed cash flow forecasts covering the Review Period for the Group and the Parent Company and considered the Group's and Parent Company's current financial position, expected operating cash flows, funding requirements and strategic objectives.

The Directors also considered the Group's and Parent Company's liquidity position, existing cash resources, inventory of highly marketable precious metals concentrate, forecast expenditure, principal risks and uncertainties and the continuing sanctions environment.

The forecasts of the Group were subjected to sensitivity analysis, including increases in operating costs, delays to strategic initiatives and the potential impact of changes in the sanctions environment. Under all reasonably foreseeable scenarios considered by the Board, the Group retained sufficient liquidity to meet its obligations as they fall due throughout the Review Period. The directors are continuing to monitor the Parent Company's cash flows closely and are continuing to provide financial support to the Company through deferring the payment of directors' fees (see note 26).

The Board reviews the Group's and Parent Company's liquidity position, funding requirements and risk profile on a regular basis and considers the adequacy of available financial resources as part of its ongoing governance framework.

Accordingly, the Directors have concluded that the Group and Parent Company 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.

The financial statements for the year ended 31 December 2025 have therefore been prepared on a going concern basis.

3          Changes in accounting policies

3.1 New and revised relevant standards that are effective for annual periods commencing on or after 1 January 2025

Amendments to IAS 21: Lack of Exchangeability

On 15 August 2023, the IASB issued Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). The amendments are effective for annual reporting periods beginning on or after 1 January 2025. IAS 21 sets out the requirements for determining the exchange rate to be used for recording a foreign currency transaction into the functional currency and translating a foreign operation into a different currency. If a currency lacks exchangeability, it can be difficult to determine an appropriate exchange rate to use. While relatively uncommon, a lack of exchangeability might arise when a government imposes foreign exchange controls that prohibit the exchange of a currency or that limit the volume of foreign currency transactions.

The amendment had no impact the Group's financial statements.

3.2 Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group

Certain new standards and interpretations have been issued that are mandatory for the annual periods beginning on or after 1 January 2026 or later, and which the Group has not early adopted.

·      Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (issued on 30 May 2024 and effective for annual periods beginning on or after 1 January 2026).

·      IFRS 19 Subsidiaries without Public Accountability: Disclosures (Issued on 9 May 2024, then amended on

21 August 2025 and effective for annual periods beginning on or after 1 January 2027).

·      IFRS 14, Regulatory Deferral Accounts (issued on 30 January 2014 and effective for annual periods beginning on or after 1 January 2016).

·      Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28 (issued on 11 September 2014 and effective for annual periods beginning on or after a date to be determined by the IASB).

·      Contracts Referencing Nature-dependent Electricity Amendments to IFRS 9 and IFRS 7 (Issued on 18 December 2024 and effective from 1 January 2026).

·      Annual Improvements to IFRS Accounting Standards (Issued in July 2024 and effective from 1 January 2026).

The Group does not expect that these new standards and amendments will have a material impact on Company's financial statements.

·      IFRS 18 Presentation and Disclosure in Financial Statements (Issued on 9 April 2024 and effective for annual periods beginning on or after 1 January 2027). In April 2024, the IASB has issued IFRS 18, the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:

-     the structure of the statement of profit or loss;

-     required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures); and

-     enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

IFRS 18 will replace IAS 1; many of the other existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its 'operating profit or loss'. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information.

IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after

1 January 2027)

IFRS 18 will replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance and providing management-defined performance measures within the financial statements.

Management is currently assessing the detailed implications of applying the new standard on the Company's financial statements. From the preliminary assessment performed, the following potential impacts have been identified:

·      Although the adoption of IFRS 18 will have no impact on the group's net profit, the Company expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported. From the assessment performed, the following item might potentially impact operating profit:

·      Foreign exchange differences currently aggregated in the line item 'other income and other gains/(losses) - net' in operating profit might need to be disaggregated, with some foreign exchange gains or losses presented below operating profit.

·      The line items presented on the primary financial statements might change as a result of the application of the concept of 'useful structured summary' and the enhanced principles on aggregation and disaggregation.

·      The Company does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material information remains unchanged; however, the way in which the information is grouped might change as a result of the aggregation/disaggregation principles.

·      From a cash flow statement perspective, there will be changes to how interest received and interest paid are presented. Interest paid will be presented as financing cash flows and interest received as investing cash flows, which is a change from current presentation as part of operating cash flows.

4          Summary of material accounting policies

4.1 Basis of preparation

The consolidated financial statements of the Group and the Company financial statements have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006.

These 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 consolidated financial statements.

4.2 Presentation of financial statements

The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements. The Group has elected to present the "Consolidated Statement of Profit or Loss" in one statement.

4.3 Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company. Control is achieved where the Company has all of the following:

·           Power over the investee;

·           Exposure, or rights, to variable returns from its involvement with the investee;

·           The ability to use its power over the investee to affect the amount of investor's returns.

The results of subsidiaries acquired or disposed of are included in the Consolidated Statement of Profit or Loss from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling party's share of changes in equity since the date of the combination.

4.4 Business combinations

The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred, and the equity interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement. Acquisition costs are expensed as incurred.

The Group recognises identifiable assets acquired and liabilities assumed in a business combination regardless of whether they have been previously recognised in the acquiree's financial statements prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their acquisition-date fair values.

Goodwill is stated after separate recognition of identifiable intangible assets. It is calculated as the excess of the sum of a) fair value of consideration transferred, b) the recognised amount of any non-controlling interest in the acquiree and c) acquisition-date fair value of any existing equity interest in the acquiree, over the acquisition-date fair values of identifiable net assets. If the fair values of identifiable net assets exceed the sum calculated above, the excess amount (i.e. gain on a bargain purchase) is recognised as a profit or loss immediately.

In a business combination achieved in stages, the Group remeasure its previously held equity interest in the acquiree at its acquisition-date fair value and recognise the resulting gain or loss, if any, in profit or loss or other comprehensive income, as appropriate.

4.5 Foreign currencies

Functional and presentation currency

The individual financial statements of each group entity are prepared in the currency of the primary economic environment in which the entity operates ("the functional currency"). The consolidated financial statements are presented in GBP, which is the functional and the presentation currency of the Company.

Transaction and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign currency differences arising on inter-company loans to subsidiaries, which are denominated in currencies different to GBP are re-translated at year-end rates at the reporting date. Any differences are reported through other comprehensive income on the basis the loans are effectively part of the parent's investment in the subsidiary over a long term period.

Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position;

• income and expenses for each Statement of Profit or Loss are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and

• all resulting exchange differences are recognised as a separate component of other comprehensive income.

4.6 Share-based payments

Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of Black Scholes model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest.

Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.

All equity-settled share-based payments are ultimately recognised as an expense in the profit or loss with a corresponding credit to "Share-based payments reserve".

Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting or if the share options vest but are not exercised.

When share options lapse or are forfeited the respective amount recognised in the Share-based payment reserve is reversed and credited to accumulated profit and loss reserve.

4.7 Revenue

The Group earns its revenues primarily from the sale of platinum and other precious metals from the West Kytlim mine. The Company enters into a contract with its main customer to deliver all mined metals extracted from the mine. There is one performance obligation under the sales contract, and that is the delivery of metals. As such, the entire price under the contract is allocated to the single performance obligation. Revenue is recognised when control over the metals passes to the customer.

The Group has determined that it is the principal in the sales transactions as the Group holds the mining licence and has the rights to the underlying resources. The Group controls the sales process, from selecting the customer to determining sales price.

4.8 Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of goodwill, initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.

4.9 Property, plant and equipment

Mining assets

Mining assets are stated at cost less accumulated depreciation. Mining assets include the cost of acquiring and developing mining assets and mineral rights, buildings, vehicles, plant and machinery and other equipment located on mine sites and used in the mining operations.

Mining assets, where economic benefits from the asset are consumed in a pattern which is linked to the production level, are depreciated using a unit of production method based on the volume of ore reserves. This results in a depreciation charge proportional to the depletion of reserves.

Stripping activity asset costs

In alluvial mining operations, it is necessary to remove overburden and other waste in order to access or improve access to the ore body. Associated costs are recognised as a stripping activity asset. A stripping activity asset is initially measured at cost and subsequently carried at cost less depreciation and impairment losses.

A stripping activity asset is depreciated on a systematic basis over the expected useful life of the identified component of the ore body that becomes more accessible as a result of the stripping activity. The Company incurs stripping costs in a staged manner for specific, identified locations. Once the extraction activities in a particular location are complete, the related capitalised stripping asset is charged to the profit and loss account (i.e., units of production method).

Assets under construction

Assets under construction are fixed asset additions that have not been commissioned by the year-end. The expenses associated with acquisition, building, delivery and other allowed expenses are first capitalised as assets under construction and then, once completed, depreciated over their useful life.

Other assets

Depreciation is charged to write off the cost or valuation of assets over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.

The estimated useful lives are as follows:

Plant & machinery                   3-30 years

The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

4.10 Intangible assets

Exploration and evaluation of mineral resources

Exploration and evaluation expenditure comprise costs that are directly attributable to:

·      researching and analysing existing exploration data;

·      conducting geological studies, exploratory drilling and sampling;

·      examining and testing extraction and treatment methods; and/or

·      compiling prefeasibility and feasibility studies.

Expenditures related to the development of mineral resources are not recognised as exploration and evaluation assets.

Exploration and evaluation of mineral resources are no longer classified as intangible assets when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable, hence, they are reclassified as property, plant and equipment. Exploration and evaluation of mineral resources are assessed for impairment, and any impairment loss recognised, before reclassification.

4.11 Investments in subsidiary undertakings

Investments in subsidiaries are measured at cost less accumulated impairment.

The carrying values of non-financial assets are reviewed annually for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. The recoverable amount of non-financial assets is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs. If such indication of impairment exists and where the carrying values exceed the estimated recoverable amount, the assets or cash generating units are written down to their recoverable amount. Impairment losses are recognised within operating loss.

4.12 Impairment testing for intangible assets and property, plant and equipment

At each statement of financial position date, the Group reviews the carrying amounts of the assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

In assessing whether an impairment is required, the carrying value of the asset is compared with its recoverable amount. The recoverable amount is the higher of the fair value less costs of disposal (FVLCD) and value in use (VIU). The FVLCD is estimated based on future discounted cash flows expected to be generated from the continued use of the asset, including any expansion prospects and eventual disposal, using market-based commodity prices, exchange assumptions, estimated quantities of recoverable minerals, production levels, operating costs and capital requirements based on the latest life of mine plans. These cash flows are discounted using a real post-tax discount rate that reflects the current market assessments of time value of money.

Value in use is determined as the present value of the estimated cash flows expected to arise from continued use in its current form and eventual disposal. Value in use cannot take into consideration future development. The assumptions used in the calculation are often different than those used in a FVLCD and therefore is likely to yield a different result.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss of the assets is recognised immediately in profit or loss.

4.13 Inventories

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity.

Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

4.14 Cash

Cash and cash equivalents comprise cash balances, call deposits and highly liquid investments with maturities of three months or less from the acquisition date that are subject to insignificant risk of changes in their fair value.

4.15 Financial instruments

Recognition and derecognition

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument.

Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred.

A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.

Classification and initial measurement of financial assets

Financial assets are initially measured at fair value adjusted for transaction costs (where applicable).  In subsequent periods, financial assets are recognised at amortised cost.

Classification and initial measurement of financial liabilities

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. In subsequent periods, financial liabilities are recognised at amortised cost.

Impairment of financial assets

The Group recognises an allowance for expected credit losses using the 'expected credit loss (ECL) model'. In applying, the Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.

Trade and other receivables and contract assets

The Group makes use of a simplified approach in accounting for trade and other receivables as well as contract assets and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. In calculating the loss allowance, the Group uses its historical experience, external indicators and forward-looking information to calculate the expected credit loss allowance using a provision matrix.

The Group assess impairment of trade receivables on a collective basis as they possess shared credit risk characteristics, these have been grouped based on the days past due.

Financial liabilities at amortised cost (Loans and Borrowings)

Amounts borrowed from third parties are recorded initially at fair value, being the amount received under the agreements less issuance costs and subsequently measured at amortised cost using the effective interest rate. There are times when there are conversion options included in the Group's borrowing agreements. The conversion options are analysed under IAS 32 - Financial Instruments: presentation to determine the proper classification. If the option is determined to be equity, the fair value of the conversion option is included in other reserves, with the fair value of the liability portion being recorded as a liability with interest accruing under the effective interest rate. If the conversion option is determined to be a liability, it is treated as a derivative financial instrument measured at fair value through profit or loss.

When a conversion option is exercised, the fair value of the shares issued is recorded in share capital and share premium. The amortised carrying value of the liability portion is extinguished. If the conversion option is an equity instrument, this is reclassified/adjusted to retained earnings. If the conversion option is a liability component, it is extinguished. Any difference between the carrying value of the liability and the conversion option and the fair value of shares issued is taken to the profit and loss as a gain or loss on extinguishment.

If debt agreements are modified, any difference between the fair value of the original debt and the modified debt is included as a gain or loss on modification. If the modification is significant, this is considered an extinguishment of the old debt and recognition of new debt.

Warrants

The Company has issued warrants in association with debt and equity issuances and as compensation to suppliers or vendors in exchange for services. These are determined to be equity instruments. When warrants are issued with debt or as compensation to suppliers or vendors, the value of the warrants are included within the share-based payments reserve that sits within the other reserve. When warrants are issued together with equity issuances any fair value associated with these are recognised when the warrants are exercised within share premium. On exercise of the warrants, the value of the warrants are transferred from other reserves to the profit and loss reserve as applicable.

4.16 Provisions

A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

Environmental protection, rehabilitation and closure costs

Provision is made for close down, restoration and environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the financial period when the related environmental disturbance occurs, based on the estimated future costs using information available at the reporting date. The provision is discounted using a discount rate equal to yield to maturity of relevant state bonds and the unwinding of the discount is included in interest expense.

The provision is reviewed on an annual basis for changes to obligations, legislation or discount rates that impact estimated costs or lives of operations.

Restoration and environmental rehabilitation costs are either expensed to the cost of production or capitalised as part of property, plant and equipment depending on mine operational circumstances.

4.17 Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker. The Chief Operating Decision-Maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Directors of the Group that make the operating decisions.

5          Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

5.1 Key sources of estimation uncertainty

The following are the key assumptions / uncertainties at the statement of financial position date, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

5.1.1 Provision for environmental rehabilitation

Provision is made for close down, restoration and environmental rehabilitation costs based on the estimated future costs using information available at the reporting date. Costs are estimated based on the observable local prices, fees and already agreed contracts for specific jobs. The provision is discounted using a risk-free discount rate from 12.85% to 14.25% (2024: 15.01% to 18.91%) attributed to the Russian Federal bonds with corresponding maturity.

 5.1.2 Impairment review of the mining assets

The impairment assessment of the West Kytlim mining asset was performed by calculating the higher of fair value less cost of disposal (based on the terms of the proposed sale transaction for the sale of KK) and value in use and compared against the carrying value of the mining assets. Projected cash flows from 2025 to 2043 were used to assess the fair value less costs of disposal. The chosen period is consistent with the quantity of the approved reserves and resources available for mining operations. Significant headroom exists in recoverable values against carrying values. No impairment has been recognised.

Assumptions used throughout 2025:

Platinum/Gold price $1,381-1,996/oz / $4,511/oz

Pt grade 0.45 g/tonne

Process recovery 89.7%

Pre-tax discount rate 10.32%

5.1.3 Impairment review of the intangible asset

The intangible asset represents the Monchetundra development and Nittis-Kumuzhya-Travyanaya (the "NKT") exploration and evaluation assets. NKT, previously referred to as The Monchetundra Flanks, is a northeast extension of the Monchetundra mineralisation. Monchetundra has been assessed as an economically viable asset for the purpose of preparing and submitting a Definitive Feasibility Study for the mines development. Parameters of the assessment have been evaluated by an expert panel of mining industry professionals and are being regularly evaluated by the Company for signs which can trigger impairment of the asset. The NKT exploration and evaluation asset falls under the IFRS 6 treatment. There were no indicators of impairment identified during the course of the year ended 31 December 2025.

5.1.4. Impairment of investments in subsidiary and receivables from subsidiaries

The Company's financial statements, and in particular its investments in and receivables from subsidiaries, are affected by certain  critical accounting judgements and key sources of estimation uncertainty.

The critical estimates and judgments referred to include application of the expected credit loss model to intercompany receivables (note 26). Management determined that interest free on demand loans were required to be assessed on the lifetime expected credit loss approach and assessed scenarios considering risks of loss events and the amounts which could be realised on the loans. In doing so, consideration was given to factors such as the cash held by subsidiaries and the underlying forecasts of the Group's divisions and their incorporation of prospective risks and uncertainties.

In relation to impairment of investments in subsidiary please refer to Note 4.11.

5.2 Classification of subsidiary (KK) as at 31 December 2025

The Directors concluded that KK/West Kytlim did not meet the IFRS 5 held-for-sale classification criteria as at 31 December 2025, the sale was assessed as not highly probable at the reporting date. Accordingly, KK has not been classified as a disposal group held for sale in the consolidated financial statements, KK continue to be consolidated by the Group in the usual manner, with its assets, liabilities, income and expenses included within the relevant line items of the consolidated financial statements.

The proposed transaction for the sale of KK, a Russian business owned by a Western economy entity during this time of sanctions is unprecedented. The timelines for Regulatory approval are also uncertain. The directors assessed the transaction did not meet the "highly probable" requirement under IFRS 5 and have continued to account for KK as part of continuing operations.

6          Segmental information

During the year under review management identified the Group's separate segments to be comprised of the following:

7          Employees

Average number of staff (excluding Non-Executive Directors) employed throughout the year was as follows:

8          Revenue

Disaggregation of by primary markets is as follows:

Disaggregation of revenue from contracts with customers:

Revenue recognised in 2025 relates to the sale of PGM concentrate from the stockpile of 2025 (2024: PGM concentrate from the stockpile of 2022 and 2024).

9          Profit/(loss) for the year

Profit/(loss) for the year has been arrived at after charging:

* Total depreciation for the year ended 31 December 2025 was £ 560,456 (2024: £369,486)

10        Finance cost

11        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.

12        Income taxes

(a)   tax charged in the statement of profit and loss

Tax payable by the Group for the year ended 31 December 2025 is £35,512 (2024: £221).

There was no tax payable by the Company for the year ended 31 December 2025 (2024: nil) due to the Company having taxable losses.

(b)   Reconciliation of the total tax charge

Total accumulated tax losses at 31 December 2025 - £26,771,630, (31 December 2024 - £28,126,784)

The Group operates in the following jurisdictions with the following applicable tax rates:

Tax payable for the year ended 31 December 2025 is £35,512 (2024: £221).

13        Property, plant and equipment

(a)   Group property, plant and equipment

The Group's right of use assets represents plant and machinery type assets acquired under lease terms.

The stripping asset is also a component of the mining assets; however, this is being shown separate from the mining assets for presentational purposes.

(b)   Assets in the course of construction

14        Intangible assets

In 2025 and 2024 intangible assets represented only capitalised costs associated with the Group's exploration and evaluation of mineral resources.

At 31 December 2025 the Group's intangible asset consisted of the Monchetundra development assets and Nittis-Kumuzhya-Travyanaya (the "NKT") development assets.

The Company did not directly own any intangible assets at 31 December 2025 (2024: nil)

15        Subsidiaries

Details of the Company's subsidiaries at 31 December 2025 and at 31 December 2024 are as follows:

The Group's assets are located in Russia. From 2022 additional sanctions to those which had existed since 2014 are being imposed on certain activities, entities and individuals connected with Russia, which continue to evolve and which are being carefully monitored by the Company in accordance with its sanctions compliance policy, and with the assistance of its external legal advisers. While Eurasia is not an entity connected with Russia, the Company has satisfied itself that neither of its current activities are prohibited under US, UK or EU sanctions rules. Furthermore, the Company does not engage and has not engaged with any sanctioned persons/ entities or agencies.

Sanctions introduced by the Russian Federal government have also not affected the Company, although this is being closely monitored. The Company closely monitors all regulatory requirements and changes to the laws, rules and regulations, taking steps whenever necessary to ensure compliance with new legislation.

The Company's investments in subsidiaries presented on the basis of direct equity interest and represent the following:

Investment in subsidiaries represents the Company investments made into its 100% subsidiary Urals Alluvial Platinum Limited (the "UAP"), which in turn controls other subsidiaries within the Group.

Subsidiaries with material non-controlling interests ("NCI")

Summary of non-controlling interest

Non-controlling interest on subsidiary basis

ZAO Kosvinsky Kamen

ZAO Terskaya Mining Company

16        Other financial assets

The maximum exposure to credit risk at the reporting date is the carrying value of each class of assets mentioned above.

Amounts due from related parties are non-interest bearing and are repayable on demand. No advances were made in 2025.

17        Inventories

Inventories held by the Group are stated at the lower of cost and net realisable value. The inventory recognised as expense is recorded under cost of sales (Note 9).

18        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.

19        Cash and cash equivalents

All amounts are short-term. The carrying value of cash and cash equivalents is considered a reasonable approximation of fair value.

In January 2025 the Group entered into a bank trust deposit agreement with Raiffeisen bank. This agreement allows the Group to invest via Raiffeisen bank into overnight REPO, which is a liquid investment instrument that can be called back within the same day (due to its overnight nature) on any business day, paid interest of 18.2% p.a. on average in 2025 and is a low risk, i.e., it has the same risk as the risk of keeping cash at Raiffeisen bank.

20        Issued capital

Fully paid ordinary shares carry one vote per share and carry the right to dividends.

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

- 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.

Issue of ordinary share capital in 2025:

21           Share based payments

Warrants outstanding at the end of the year have the following expiry date and exercise prices:

All the listed warrants were exercisable as at 31 December 2025 (2024 - all).

72,033,188 warrants were granted by the Group in 2025 (2024: 54,347,826 warrants).

Movement in number of warrants outstanding and their related weighted average exercise prices are as follows:

The fair value of warrants granted during the year and the prior year were immaterial.

22        Other reserves

The capital redemption reserve was created as a result of a share capital restructure in earlier years.

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

23        Borrowings

In 2024, the Group entered into a number of unsecured loan facilities to borrow RUB 55.3 million (GBP 215,502 at the rate exchange rate as at 31 December 2024) at 20% per annum. The loans were partly repaid in 2024, the remaining amount of RUB 24.5 million (GBP 172,507 at the exchange rate as at 31 December 2024) was repaid in January 2025.

On 6 September 2024 the Company entered into a Trade Finance Facility with Sanderson Capital Partners Ltd ("Sanderson") to borrow up to GBP 2,500,000. By end of 2025 the Company had drawn GBP 729,000 of the available facility and incurred GBP 312,500 of arrangement fees and GBP 46,450 of drawdown fees. The facility is non-interest bearing, the lender has the right to convert the borrowings drawn down into ordinary shares of the company.

The Company received notice from Sanderson requesting conversion of outstanding borrowings of £745,450 into shares during the year. As at 31 December 2025, the shares had not been issued.

24        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.

25        Provisions

Movement in provision is as follows

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 12.85% to 14.35% (2024: 15.01% to 18.91%) 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.

26        Related party transactions

Transactions with subsidiaries

In the normal course of business, the Company provides funding to its subsidiaries for reinvestment into exploration projects.

The amounts owed by subsidiaries are unsecured and receivable on demand.

Transactions with key management personnel

The Group considers that the key management personnel are the Directors of the Company.

The following amounts were paid and/or accrued to the Directors of the Company who held office at 31 December 2025:

The remuneration of the Directors is determined by the remuneration committee having regard to the performance of individuals and market trends. No pension contribution has been made for the Directors in 2025 (2024: nil).

An analysis of remuneration for each Director of the Company during 2025:

An analysis of remuneration for each Director of the Company during 2024:

With effect from 1 May 2025, the directors agreed to defer payment of their remuneration/fees until such time as the Company has completed the sale of all its assets, located in Russia. As at 31 December 2024, outstanding remuneration/fees which were payable to the directors amounted to GBP 237,996 (2024: Nil).

27        Earnings (loss) per share

Basic earnings/(loss) per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.

Potential number of shares that could be issued following exercise of warrants:

There was no dilutive effect of share options or warrants in 2024 as the Group was in a loss position.

28        Risk management objectives and policies

Financial risk management objectives

The Group's operations are limited at present to investing in entities that undertake mineral exploration. All investments in exploration are capitalised on project basis, which are funded by shareholders funds and fixed rate borrowings. The Group's activities expose it to a variety of financial risks including currency, fair value and liquidity risk. The Group seeks to minimise the effect of these risks on a daily basis, though due to its limited activities the Group has not applied policy of using any financial instruments to hedge these risks exposures. Risk management is carried out by the Company under close board supervision.

Foreign currency risk

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to US Dollars and Russian Roubles. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. The Group's policy is not to enter into currency hedging transactions.

The following significant exchange rates have been applied during the year:

Sensitivity analysis

A reasonably possible strengthening (weakening) of the USD and RUB, as indicated below, against GBP at 31 December would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss before taxes by the amounts shown below. The analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

Interest rate risk

As the Group has no significant interest-bearing assets, the group's operating cash flows are substantially independent of changes in market interest rates.

The Group has interest bearing loans disclosed in the note 23. All such liabilities are at a fixed rate of interest.

Fair values

In the opinion of the Directors, there is no significant difference between the fair values of the Group's and the Company's assets and liabilities and their carrying values.

Credit risk

The Group's exposure to credit risk is limited to the carrying amount of financial assets recognised at the consolidated statement of financial position date, as summarised below:

The Group's risk on cash at bank is mitigated by holding of the majority of funds at the banks having good rating.

No significant amounts are held at banks rated less than "BBB". Cash is held either on current account or on short-term deposit at floating rate. Interest is determined by the relevant prevailing base rate. The fair value of cash and cash equivalents at 31 December 2025 and 2024 are not materially different from its carrying value.

Recoverability of the loans is dependent on the borrower's ability to transform them into cash generating units through discovery of economically recoverable reserves and their development into profitable production.

The Company continuously monitors defaults by the counterparties, identified either individually or by group, and incorporates this information into its credit risk control. Management considers that all of the above financial assets that are not impaired are of good credit quality.

Liquidity risk

Ultimate responsibility for liquidity risk management rests with the board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group's short, medium and long term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, borrowing facilities, cash and cash equivalents by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.

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.

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 management 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.

The following table details the Group's remaining contractual maturity for its non-derivative financial liabilities.

The following table details the Company's remaining contractual maturity for its non-derivative financial liabilities.

The tables above have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.

The contractual maturities reflect the gross cash flows, which may differ to the carrying values of the liabilities at the statement of financial position date.

Capital risk

At present the Group's capital management objective is to ensure the Group's ability to continue as a going concern.

Capital is monitored on the basis of its carrying amount and summarised as follows:

Capital structure is managed depending on economic conditions and risk characteristics of underlying assets. In order to maintain or adjust capital structure, the Group may issue new shares and debt financial instruments or sell assets to reduce debt.

29        Subsequent events

There have been no material events subsequent to the reporting date which impact the financial statements.

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