This is an updated version of the report published on the December 30, 2025, at 11:30 AM GMT.

Eurasia Mining PLC (LSE: EUA) is an LSE listed company & United Kingdom-based iridium, osmium, palladium, platinum, rhodium, ruthenium and gold mining company. The Company's projects include Kola Battery Metals and platinum group metals (PGM), West Kytlim, and Nittis-Kumuzhya-Travyanaya (NKT). 

Key Investment Rationale – Speculative Buy at GBX 3.84

• Operational Step-Change Achieved: The company has completed a major capacity expansion at West Kytlim, doubling enrichment plants and modernizing its fleet. A reported 20x net logistics improvement drastically lowers unit costs, creating a scalable platform to meet its 64 Koz annual production target.

• Core Profitability Unmasked: While 2024 results were marred by non-cash forex losses, H1 2025 reveals underlying health. The reversal of these paper losses led to a record £6.4m Group PBT, confirming that the core mining subsidiary is fundamentally profitable.

• Arctic Asset De-risked & Upgraded: Strategic progress at the NKT Arctic project has materially enhanced its value. The licence was extended for two years, and over 16,000m of confirmatory drilling paves the way to convert resources to reserves—a key step for project financing and valuation.

• Perfectly Timed Commodity Leverage: Eurasia's scaled-up production aligns with a fifth consecutive year of structural platinum deficits, driving a ~40% price surge in H1 2025. The business model is now positioned to capture significantly higher revenue per ounce.

Risk Assessment

• Internal risks include reliance on equity financing and project execution challenges, while external risks encompass adverse regulatory shifts, volatile commodity prices, and broader geopolitical factors.

EUA Daily Chart & Valuation

For conducting the valuation, the following peers have been considered: Sylvania Platinum Ltd (LSE: SLP), Tharisa PLC (LSE: THS), etc.

As per the above-mentioned price action and technical indicators analysis, a ‘Speculative Buy’ rating has been given to Eurasia Mining PLC (LSE: EUA) at the Current Market Price of GBX 3.84, as of December 30, 2025, at 09:52 AM GMT.

Markets are trading in a highly volatile zone currently due to certain Macro & Micro-economic data and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 30 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level which the stock is expected to reach as per the relative valuation method and/or technical analysis taking into consideration both short-term and long-term scenario.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

Note 6: Dividend Yield may vary as per the stock price movement.