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:

Eurasia Mining plc Christian Schaffalitzky	[phone] [e-mail]
SPARK Advisory Partners Limited (Nominated Adviser) Andrew Emmott	[phone]
CREST Corporate Broking Jerry Keen	[phone]
Yellow Jersey PR (Financial PR)  Charles Goodwin / Shivantha Thambirajah	[phone] [e-mail]

Condensed consolidated statement of comprehensive income

for the six months ended 30 June 2026

	Note	6 months to	12 months to	6 months to
		30 June	31 December	30 June
		2026	2025	2025
		(unaudited)	(audited)	(unaudited)
		£	£	£
Sales	4	2,297,735	5,420,759	-
Cost of sales		(1,228,734)	(4,183,819)	-
Gross profit		1,069,001	1,236,940	-
Administrative costs		(965,260)	(2,330,865)	(1,220,285)
Investment income		46,167	272,818	186,702
Finance costs		(57,628)	(424,733)	(280,093)
Other gains	5	671,507	8,465,985	7,868,944
Other losses	5	-	-	(135,190)
Profit/(loss) before tax		763,787	7,220,145	6,420,078
Income tax expense		42,617	(52,331)	(1,242)
Profit/(loss) for the period		806,404	7,167,814	6,418,836
Other comprehensive (loss)/income:
Items that will not be reclassified subsequently to profit and loss:
NCI share of foreign exchange differences on translation of foreign operations		(316,471)	(1,237,813)	(1,159,340)
Items that will be reclassified subsequently to profit and loss:
Parents share of foreign exchange differences on translation of foreign operations		(893,301)	(3,020,231)	(2,750,579)
Other comprehensive (loss)/income for the period, net of tax		(1,209,772)	(4,258,044)	1,351,389
Total comprehensive income/(loss) for the period		(403,368)	2,909,770	2,508,917
Profit/(loss) for the period attributable to:
Equity holders of the parent		415,599	4,450,211	4,561,693
Non-controlling interest		390,805	2,717,603	1,857,143
		806,404	7,167,814	6,418,836
Total comprehensive income/(loss) for the period attributable to:
Equity holders of the parent		(477,702)	1,429,980	1,811,114
Non-controlling interest		74,334	1,479,790	697,803
		(403,368)	2,909,770	2,508,917
Basic and diluted earnings/(loss)  (pence per share)		0.01	0.15	0.16

Condensed consolidated statement of financial position

As at 30 June 2026

	Note	At 30 June  2026	At 31 December 2025	At 30 June 2025
		(unaudited)	(audited)	(unaudited)
		£	£	£
ASSETS
Non-current assets
Property, plant and equipment	6	9,696,461	9,490,263	10,399,446
Assets in the course of construction		267,145	165,647	392,213
Intangible assets	7	3,836,970	3,757,489	3,668,526
Investment in financial assets			-	-
Total non-current assets		13,800,576	13,413,399	14,460,185
Current assets
Inventories		4,652,560	3,603,272	2,581,413
Trade and other receivables	8	501,624	664,180	927,048
Other financial assets		42,722	41,648	428,030
Current tax assets		5,668	4,072	4,243
Cash and bank balances		1,167,836	2,540,859	1,872,447
Total current assets		6,370,410	6,854,031	5,813,181
Total assets		20,170,986	20,267,430	20,273,366
EQUITY
Capital and reserves
Issued capital	9	64,477,397	64,477,397	64,477,397
Reserves	10	2,955,307	3,848,608	4,118,260
Accumulated losses		(45,743,903)	(46,159,502)	(46,048,020)
Equity attributable to equity holders of the parent		21,688,801	22,166,503	22,547,638
Non-controlling interest		(3,707,959)	(3,782,293)	(4,564,280)
Total equity		17,980,842	18,384,210	17,983,358
LIABILITIES
Non-current liabilities
Provisions	14	412,170	396,880	386,191
Total non-current liabilities		412,170	396,880	386,191
Current liabilities
Borrowings	11	745,450	745,450	642,741
Lease liabilities	12	5,894	17,849	208,014
Trade and other payables	13	928,174	626,041	831,501
Current tax liabilities		36,229	35,512	906
Provisions	14	62,227	61,488	220,655
Total current liabilities		1,777,974	1,486,340	1,903,817
Total liabilities		2,190,144	1,883,220	2,290,008
Total equity and liabilities		20,170,986	20,267,430	20,273,366

Condensed statement of changes in equity

For the six months ended 30 June 2026 (unaudited)

		Attributable to owners of the parent
	Note	Share capital	Share premium	Deferred shares	Other reserves	Foreign currency translation reserve	Accumulated losses	Total attributable to owners of parent	Non-controlling interest	Total equity
		£	£	£	£	£	£	£	£	£
Balance at 1 January 2026		2,951,415	54,500,499	7,025,483	3,539,906	308,702	(46,159,502)	22,166,503	(3,782,293)	18,384,210
Transaction with owners
Profit for the period							415,599	415,599	390,805	806,404
Other comprehensive loss
Exchange differences on translation of foreign operations						(893,301)		(893,301)	(316,471)	(1,209,772)
Total comprehensive income						(893,301)	415,599	(477,702)	74,334	(403,368)
Balance at 30 June 2026		2,951,415	54,500,499	7,025,483	3,539,906	(584,599)	(45,743,903)	21,688,801	(3,707,959)	17,980,842

Condensed statement of changes in equity

For the six months ended 30 June 2026 (unaudited)

		Attributable to owners of the parent
	Note	Share capital	Share premium	Deferred shares	Other reserves		Foreign currency translation reserve		Accumulated losses		Total attributable to owners of parent		Non-controlling interest		Total equity
		£	£	£	£		£		£		£		£		£
Balance at 1 January 2025		2,879,382	51,670,946	7,025,483	3,539,906		3,328,933		(50,609,713)		17,834,937		(5,262,083)		12,572,854
Issue of shares		72,033	2,829,554									2,901,587				2,901,587
Transaction with owners
Profit for the period		-	-	-	-		-		4,561,693		4,561,693		1,857,143		6,418,836
Other comprehensive loss
Exchange differences on translation of foreign operations		-	-	-	-		(2,750,579)		-		(2,750,579)		(1,159,340)		(3,909,919)
Total comprehensive income		-	-	-	-		(2,750,579)		4,561,693		1,811,114		697,803		2,508,917
Balance at 30 June 2025		2,951,415	54,500,500	7,025,483	3,539,906		578,354		(46,048,020)		22,547,638		(4,564,280)		17,983,358

Condensed consolidated statement of cash flows

for the six months ended 30 June 2026

		6 months to 30 June	12 months to 31 December	6 months to 30 June
		2026	2025	2025
		(unaudited)	(audited)	(unaudited)
		£	£	£
Cash flows from operating activities
Profit for the period		806,404	7,167,814	6,418,836
Adjustments for:
Depreciation and amortisation of non-current assets		337,967	560,456	254,591
Finance costs recognised in profit or loss		57,628	424,733	280,093
Investment revenue recognised in profit or loss		(46,167)	(272,818)	(186,702)
Impairment loss recognised on inventory		-	-	135,190
Rehabilitation cost recognised in profit or loss		(23,458)	(131,016)	27,960
Income tax (reversal)/expense recognised in profit or loss		(42,617)	52,331	1,242
Net foreign exchange profit		(671,507)	(8,465,985)	(7,868,944)
		418,250	376,740	(937,734)
Movements in working capital
Increase in inventories		(989,220)	(3,171,604)	(2,474,638)
Decrease in trade and other receivables		171,349	1,170,400	295,948
Increase/(decrease) in trade and other payables		289,742	(2,042,041)	(849,748)
Cash (used in)/generated by operations		(109,879)	(3,666,505)	(3,966,172)
Income taxes reversed/(paid)		41,806	(17,072)	(2,536)
Net cash (used in)/generated by operating activities		(68,073)	(3,683,577)	(3,968,708)
Cash flows from investing activities
Payments for bank trust agreement		-	-	(200,557)
Interest received		46,167	272,092	-
Payments for property, plant and equipment		(477,142)	(1,986,794)	(1,168,297)
Payments for other intangible assets		(6,519)	(130,542)	(96,061)
Net cash (used in)/generated by investing activities		(437,494)	(1,845,244)	(1,464,915)
Cash flows from financing activities
Proceeds from issues of equity shares		-	2,901,587	2,901,587
Proceeds from borrowings		-	329,000	329,000
Repayment of short-term loan		-	(245,224)	(230,482)
Repayment of lease liability		(18,063)	(22,904)	(566,338)
Interest paid		(2,045)	(29,395)	(18,878)
Net cash used in financing activities		(20,108)	2,933,064	2,414,888
Net decrease in cash and cash equivalents		(525,675)	(2,595,757)	(3,018,734)
Effects of exchange rate changes on the balance of cash held in foreign currencies		(847,348)	1,454,324	1,208,889
Cash and cash equivalents at the beginning of period		2,540,859	3,682,292	3,682,292
Cash and cash equivalents at the end of the period		1,167,836	2,540,859	1,872,447

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

		6 months to	12 months to	6 months to
		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Sale of platinum and other metals		2,297,735	5,420,759	-
		2,297,735	5,420,759	-

5. Other gains and losses

		6 months to	12 months to	6 months to
		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Gains
Net foreign exchange gain		671,507	8,465,985	7,868,944
			-
Losses
Loss on revaluation of stock to net realisable value		-	-	(135,190)
Net foreign exchange loss		-	-	-
		671,507	8,465,985	7,733,754
		671,507	8,465,985	7,733,754

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

		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Net book value at the beginning of period		9,490,263	6,928,215	6,928,215
Additions		335,870	1,198,148	910,049
Transferred from assets under construction		48,494	845,073	809,957
Disposals		(504)	-	-
Depreciation		(337,967)	(369,486)	(254,591)
Exchange differences		160,305	888,313	2,005,816
Net book value at the end of period		9,696,461	9,490,263	10,399,446

7. Intangible assets

		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Net book value at the beginning of period		3,757,489	2,761,023	2,761,023
Additions		6,519	130,542	96,061
Exchange differences		72,962	865,924	811,442
Net book value at the end of period		3,836,970	3,757,489	3,668,526

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

8. Trade and other receivables

		30 June	31 December	30 June
		2026	2025	2025
Trade receivables		-	24	-
Advances made		260,717	217,904	136,946
Prepayments		36,850	120,211	12,235
VAT recoverable		40,911	100,945	531,186
Other receivables		163,146	225,096	246,681
		501,624	664,180	927,048

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

		30 June	31 December	30 June
		2026	2025	2025
Issued ordinary shares with a nominal value of 0.1p:
Number		2,951,414,922	2,951,414,922	2,951,414,922
Nominal value (£)		2,951,415	2,951,415	2,951,415
Fully paid ordinary shares carry one vote per share and carry the right to dividends.
Issued deferred shares with a nominal value of 4.9 p:
Number		143,377,203	143,377,203	143,377,203
Nominal value (£)		7,025,483	7,025,483	7,025,483

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

Ordinary shares		Number of shares	Share capital	Share premium
			£	£
Balance at 1 January 2026		2,951,414,922	2,951,415	54,500,499
Balance at 30 June 2026		2,951,414,922	2,951,415	54,500,499
Deferred shares		Number of deferred shares	Deferred share capital
			£
Balance at 1 January and 30 June 2026		143,377,203	7,025,483

10. Reserves

		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Capital redemption reserve		3,539,906	3,539,906	3,539,906
Foreign currency translation reserve		(584,599)	308,702	578,354
		2,955,307	3,848,608	4,118,260

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

		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Current
Unsecured loan		745,450	745,450	642,741
		745,450	745,450	642,741

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.

Minimum lease payments		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Less than one year		6,135	18,579	224,668
Between one and five years		-	-	-
		6,135	18,579	224,668
Less future finance charges		(241)	(730)	(16,654)
Present value of minimum lease payments		5,894	17,849	208,014
Present value of minimum lease payments		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Less than one year		5,894	17,849	208,014
Between one and five years			-	-
Present value of minimum lease payments		5,894	17,849	208,014

13. Trade and other payables

		30 June	31 December	30 June
		2026	2025	2025
Trade payables		134,827	167,012	514,739
Accruals		628,285	434,651	124,125
Social security and other taxes		9,959	8,281	34,095
Other payables		155,103	16,097	158,542
		928,174	626,041	831,501

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

		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
Long term provision:
Environment rehabilitation		412,170	396,880	386,191
Short term provision:
Environment rehabilitation		62,227	61,488	220,655
		474,397	458,368	606,846
Movement in provision		Six month to	12 month to	Six month to
		30 June	31 December	30 June
		2026	2025	2025
		£	£	£
At 1 January		458,368	408,540	408,540
Utilised in the period		(23,458)	(131,016)	26,695
Unwinding of discount and effect of changes in the discount rate		33,639	46,031	35,366
Exchange difference		5,848	134,813	136,245
At the end of the period		474,397	458,368	606,846

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

 

END