London, June 30, 2026, 20:05 BST
- Eurasia Mining plc (LON:EUA) closed at GBX 2.64 in London on June 30, a gain of 10.0%. Trading volume finished above average.
- The company reported a group profit after tax of £7.17 million for 2025, turning around from an £8.65 million loss in 2024.
- Eurasia Mining booked a £8.47 million net FX gain, outpacing the headline profit. Revenue dropped and operating cash flow slipped into the red.
- The West Kytlim deal hasn’t cleared state regulators yet. The mine holds roughly 0.3% of the group’s reserves and resources.
Eurasia Mining plc (LON:EUA) moved higher Tuesday after the Russia-facing miner posted a profit for 2025, but the headline hides a weaker story for shareholders. The profit was down to an accounting foreign exchange gain, with cash actually flowing out of the business.
The AIM-listed share last traded at GBX 2.64 at 16:30 in London, gaining 10.0% on the day. Trading volume came in at 5.42 million shares, about 1.45 times the 3.73 million average according to Google Finance. Market cap stood at £77.92 million.
Eurasia reported a group profit after tax of £7.17 million for 2025, swinging from an £8.65 million loss the year before. Revenue dropped to £5.42 million from £6.64 million. Other gains totaled £8.47 million, reversing a £6.39 million loss. The company said most of the FX impact came from revaluing monetary assets and liabilities tied to rouble exchange-rate shifts.
| 2025 results | 2025 | 2024 | Change / read-through |
|---|---|---|---|
| Revenue | £5.42 mln | £6.64 mln | Down 18.3% |
| Gross profit/(loss) | £1.24 mln | £(0.07) mln | Gross margin now positive |
| Net FX gain/(loss) | £8.47 mln | £(6.39) mln | FX was main driver |
| Profit/(loss) after tax | £7.17 mln | £(8.65) mln | Moved to profit |
| Operating cash flow | £(3.64) mln | £3.95 mln | Now cash outflow |
| Year-end cash | £2.54 mln | £3.68 mln | Down 31.0% |
The FX gain made up 118% of group profit after tax. Without it, the £7.22 million reported pre-tax profit flips to about a £1.25 million pre-tax loss, looking at the company’s own numbers. That’s a problem for Eurasia, which needs money for Russian asset exits and Arctic projects but doesn’t want to go deep on new equity.
Executive Chairman Christian Schaffalitzky said the company is still focused on the planned sale and that the board isn’t looking at an equity raise ahead of a Ukraine settlement. The annual report said directors agreed to defer pay from May 1, 2025, until all Russian assets are sold.
| Market snapshot | Value |
|---|---|
| Shares last traded at | GBX 2.64 |
| Moved on day | +10.0% |
| Today’s price range | GBX 2.32–2.70 |
| Market cap | £77.92 mln |
| Trading volume | 5.42 mln shares |
| 52-week price band | GBX 2.05–5.97 |
| Market cap/group 2025 profit | 10.9x |
| Market cap/parent holder 2025 profit | 17.5x |
The valuation table spells out the issue. On reported group profit, the shares don’t look expensive for a miner with exposure to Arctic nickel, copper and PGMs. Profit to ordinary shareholders pushes the multiple up. Strip out FX, and the earnings multiple falls apart.
Eurasia’s West Kytlim mine is the near-term test. The company said it has agreed to sell its 68% stake in ZAO Kosvinsky Kamen, which owns West Kytlim, for RUB 671.2 million, or roughly $9 million. In the same RNS, Eurasia put the statutory valuation at about $251 million, but Russian rules for asset sales left only about 5% of that going to the seller after discounts and taxes.
West Kytlim is limited in reserves but makes up a big share on the books. It’s Eurasia’s only producing site, and when the deal closes, Eurasia would stop including West Kytlim’s revenue, costs, assets, debt, and cash flows in its results. The company said the deal still needs government sign-off, with no clear timeline.
Investors gave the green light to the disposal at a general meeting on Jan. 15, with the two measures passing by about 74.7% and 74.6% of votes. Around 44% of total share capital was voted for each item.
Kola is the last pitch left. Eurasia said its projects at Monchetundra, NKT and Nyud in the Kola Peninsula make up around 99.7% of its group reserves and resources. Work at NKT is moving toward a feasibility study set for 2026. West Kytlim put out over 10,000 ounces of raw PGM during the 2025 season.
