ACF Extractives

Eurasia Mining Plc Flash Note ACF Equity Research FINAL 20122021

Eurasia Mining (EUA.L) an AiM-quoted Russian Pd / battery metals dominated PGM miner RNS 16 Dec 21 announced a JORC from Wardell Armstrong Intl. (WAI) for NKT (part of M Flanks Kola and north of West Nittis (WN). WAI assigns a low end NPV of US $1,188m, of which 80% is attributable to EUA shareholders. The deposit Inferred Mineral Resource are 50% Ni, 33% Pd and 13% Cu et al. We consider the WAI JORC de-risks Flanks in part. We may also use the inferred resources JORC to raise part of our mineral assumptions. WAI uses a much lower WACC than our NPV. Our new WACC is still approx. 33% higher vs. WAI. Our EUA EV rises to $3.5bn. We use significantly lower long run Ni price and Cu price and a 20% higher Pd price vs. spot, suggesting an Implied EUA VR GBp 115-127. If we use Pd spot price our valuation still rises.

Eurasia Mining PLC

Eurasia Mining is engaged in mineral exploration for platinum group metals, gold and other minerals. Co. has mining licences for a platinum mine at West Kytlim area in the Central Urals region in Russia and Monchetundra Platinum Group Minerals, Nickel and Copper project on the Kola Peninsula in Russia.

ACF Equity Research
ACF Equity Research

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers  with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

ACF Extractives

Other Reports on these Companies
Other Reports from ACF Equity Research

ResearchPool Subscriptions

Get the most out of your insights

Get in touch