Eurasia Mining Plc Research Update Valuation Research ACF 14052021.pdf
Eurasia Mining (EUA.L) is an AiM-quoted Russian Pd dominated PGM miner. In this first post-FSP update valuation we are yet to include the March Rosgeo JV and Rhodium (Rh) production from all but West Kytlim or Iridium (Ir) in EUA projects. Our PGM prices are extremely conservative in this update. We assume Pt 93.5%, Pd 5% and Rh 1.5% production at WK. We assess the Pd auto-catalysis market can support $500 per car vs. $250 per car pre-covid. The largest Pd consumer, China, returned to economic growth in 2Q20. EUA has de-risked its flagship world class Monchetundra asset, the sale of which alone, could be a £2.0bn + exit for investors, an ~3x rerating on the fully diluted close price. We have cut our Monchetundra flanks risk adjusted WACC to 22% vs. 30%. Risk adj. WACCs for Monchetundra Lo + WN 12%, WK 8% vs. 10% prior.
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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