Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • NKT licence extended until 20 August 2027, providing additional time to transition to a production permit.

  • NKT mine confirmed as a Tier-1 scale asset with an estimated net present value (NPV) of USD 1.2–1.7 billion and internal rate of return (IRR) of 37–47%.

  • Eurasia has completed 16,417 meters of additional drilling and 9,224 assays to advance conversion of resources to reserves under JORC standards.

Eurasia Mining PLC (AIM:EUA), the iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company, has announced a licence extension and operational update for its NKT project, a brownfield mine restart located adjacent to its Monchetundra development in Russia’s Arctic region.

NKT Mine Overview

NKT is classified as a Tier-1 scale project, defined as large-scale, long-life, and low-cost. According to Wardell Armstrong International’s (WAI) 2021 Competent Person Report (CPR), NKT contains 305,000 tonnes of nickel, 143,000 tonnes of copper, and 57 tonnes of platinum group metals (PGM) and gold.

The CPR estimated an NPV of USD 1.2–1.7 billion with an IRR of 37–47% for the room-and-pillar mining section, excluding the potential open pit. Nickel represents around 50% of the value of the metal basket on a Net Smelter Royalty basis. The ore is in sulphide form, making it suitable for extraction using flotation techniques, historically tested and proven at NKT by Gipronickel, Norilsk Nickel’s engineering division.

As a formerly producing mine, NKT benefits from established infrastructure, including proximity to Severonickel, one of the world’s largest nickel processing plants. The ore was previously transported just one kilometre for processing, reducing capital expenditure requirements compared with greenfield projects.

Strategic Advantages

Industry analysis highlights that developing greenfield mining projects in the Arctic can take upwards of 30 years due to regulatory and environmental factors. In contrast, brownfield restarts such as NKT can be advanced within 1–2 years. Additionally, infrastructure in northern regions can account for up to 80% of total project costs, a burden avoided at NKT due to its historic production facilities.

Eurasia noted that the strategic location of NKT and Monchetundra provides a first-mover advantage in the Arctic. The company considers both assets as key drivers for potential liquidity events, either through an asset sale or restart of production at NKT.

Progress Since CPR and Licence Extension

Since the 2021 CPR, Eurasia’s Arctic subsidiary TMC has advanced work on NKT, completing 16,417 meters of additional drilling and testing 9,224 samples with SGS and Alex Stewart International. These results will be combined with historical data from Norilsk Nickel to update classifications under the JORC Code, enabling the transition of resources to reserves and supporting an application for a production permit.

In recognition of this progress, Russian authorities have extended the existing licence for NKT from 20 August 2025 to 20 August 2027, allowing sufficient time to finalise the necessary steps toward production.