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 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.
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