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 2022

Eurasia Mining plc

("Eurasia" or the "Company")

Interim Results for the six months ended 30 June 2022

Eurasia, the palladium, platinum, rhodium, iridium and gold producing company, today reports its unaudited interim results and operational summary for the six months ended 30 June 2022.

Chairman's Statement

Dear Shareholder,

The first half of 2022 has seen significant progress at our West Kytlim mine, as described in the Operations Update below. Eurasia's plan to install grid power to site to reduce the carbon output associated with overburden stripping, while also reducing operational expenditure and improving efficiency, is advancing well and our electric dragline, which is currently being assembled, is aimed to significantly improve the stripping programme this coming winter.

At Monchetundra the ongoing DFS study for the Loipishnune and West Nittis open pits represents an important reporting milestone for the project's development and is on schedule for submission before the end of 2022.

Since February the conflict in Ukraine has affected all international commerce to some extent. The effect on our operations, including funding group subsidiary companies has been minimal to date. We took the decision to stockpile ore from West Kytlim at the beginning of the mining season due to our strong cash position, volatility in the market currently, and in anticipation of higher realisable sales revenue in the future. As such, despite producing 167 kg of PGM concentrate (113kg for full year 2021), we have made no commercial sales of platinum in the period, instead opting to retain this PGM concentrate, which has a net realisable value of c.£3 million for refining at a later date. The value ascribed to this concentrate is for the platinum content only and does not include any other PGMs or gold.

Our cash balance remains robust, with more than £3 million and US$6.6 million at the time of writing in the Group's sterling and US$ denominated bank accounts respectively. Due to volatility in exchange rates in funding subsidiaries through inter-company loans, a net gain of £6.1 million was reported for the period. The Company's cash reserves are held in USD and GBP accounts outside of Russia and therefore not directly exposed to Ruble foreign exchange gains or losses against other major hard currencies.

Following the Company's Annual Results announcement of 29 June 2022, Eurasia's directors have maintained a regular dialogue with the Company's legal advisers regarding the potential impact of any UK or EU sanctions. The Company remains satisfied that neither of its current activities at the West Kytlim Mine or on the Kola Peninsula are prohibited under UK or EU sanctions rules. Furthermore, the Group does not engage and has not engaged with any sanctioned persons, entities or agencies.

To date there has been no significant impact on the Group's activities as a result of the ongoing updates to the UK and EU sanctions legislation. Sanctions introduced by the Russian Federal government have also not affected the Group. The Group continues to closely monitor all regulatory requirements and changes to the laws, rules and regulations, taking steps whenever necessary to ensure compliance with new legislation.

With regards to the proposed sale of our Russian assets, as previously announced, our M&A team is focusing on BRICS counterparties, and discussions are ongoing with predominantly Russian, Indian and Chinese non-sanctioned counterparties. Whereas progress has been made with certain parties, at present there can be no guarantee that the Company will enter into a legally binding sale and purchase agreement with any of the interested parties. We expect potential buyers to remain anonymous until the Company is in a position to execute a legally binding agreement and further updates regarding the sale process will be made as appropriate.

In terms of the future development of Eurasia Mining PLC, we continue to look at expanding the business in various ways, including the development of hydrogen projects internationally coupled with new mining opportunities in investment friendly jurisdictions. The Company is also committed to the continued development of Monchetundra as well as NKT (Eurasia's project, a Tier-1 scale Nickel mine formerly operated by Norilsk Nickel) and continuing to mine at West Kytlim.

The Company's Board has decades of experience in mineral project identification and the management of complex engineering projects during the development phase, such as the three pits at West Kytlim (Malaya Sosnovka, Klyuchiki and Bolshaya Sosnovka) which were successfully brought into production by Eurasia's technical team. James Nieuwenhuys, our CEO launched a number of mines, including as COO of Polyus (the world's largest gold company in terms of reserves and resources) as well as Managing Director of SNC-Lavalin and Bateman (large EPC companies).

We again thank our shareholders for their continued support.

Christian Schaffalitzky

Chairman of Eurasia Mining Plc

James Nieuwenhuys, Chief Executive Officer of the Company, commented;

"We continue to advance our plans at both operations in the Urals and Kola Peninsula, adding value to both projects while pursuing a potential sale of assets as previously announced. Despite significant geopolitical tensions the operating environment within Russia itself has not changed materially with respect to our operations there. The Board will take a view on the best opportunity to refine to saleable metals at a later date, meanwhile production is ongoing at the time of writing, and we look forward to updating on our electric power and dragline projects, both expected to contribute to the winter 2022/23 stripping programme."

Consent for release

Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.

For further information, please contact:

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

+44 (0)207 932 0418

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Jeff Keating / David Hignell / Adam Cowl

+44 (0)20 3470 0470

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

Operations update

West Kytlim

Eurasia's mine at West Kytlim commenced production on schedule this season, with all three process plants in operation, due in large part to the careful management of the winter stripping operation which precedes the mining season. Major projects including the installation of an electric dragline and a power line to site have progressed well through the summer months. All 286 posts on the power lines route to site have been installed and the line itself is currently being pulled through. Electric infrastructure at site, including the high voltage sub-station constructing and commissioning and six separate electrical hook ups, have been installed.

The work plan for the 2023 season envisages mining of the western bank of the Tylai River. A detailed design for a small bridge has been prepared at an estimated material cost of £231k. Work on this temporary construction, designed to be moveable to another site as required, will commence in October 2022.

Lost time injury frequency rate ("LTIFR") remains at zero. A full-time labour safety engineer, appointed earlier in this season has now introduced all required protocols.

Year to date operational highlights

·      Power line and e-dragline construction projects on course for completion later in this season.

·      LTIFR remains at zero for the 2022 season.

·      Three process plants operational throughout the mining season processing Kluchiki and Bolshaya Sosnovka ores.

·      Typil exploration license drilling results show prospective ore bodies at this exploration permit west of the main West Kytlim mine permit.

·      A total of 434,000 cubic meters PGM bearing gravels washed at three sites to 31 August 2022.

·      A total of 167 kg raw platinum (113kg for full year 2021) has been produced year to date and has been transported to a secure location in Ekaterinburg for later refining.

West Kytlim is an ESG focussed mine site, as such it is the Company's intention to keep the mine's environmental impact   to a minimum:

·      Cooperation Agreement signed in July 2022 with the Karpinsk Municipal Administration on social and economic development in the town of Kytlim.

·      Limited use of reinforced concrete and asphalt. Mine buildings built mostly of timber milled on site.

·      Open pits remediated when 'mined out', with recovery within 5 to 10 years post mining.

·      Modern machinery powered by renewable generated electricity utilised where possible.

Our plans to transition from predominantly diesel-based stripping to renewable generated electric powered stripping are nearing completion. The board recognises the potential to remove the operational Green House Gas emissions associated with this stage of the mining process as valuable in improving the projects' environmental credits.

Typil license

An exploration programme for the 24.5km² Typil exploration license, directly adjacent to the operating mine was approved in early 2021 allowing geological mapping, using soil and stream sediment sampling on both banks of the Kosva River to commence in August 2021.

468.1m (75 holes) were drilled on 7 lines in the northeast portion of the Licence area and in areas where tree felling was not required. Key highlights from the programme, with a drilling density commensurate with Russian standard C2 Reserves are provided as follows;

·      At the confluence of the Typil and Kosva rivers, a potential ore body of 20m wide and 0.8m thick at an average grade of 235 mg/m³ raw platinum is contoured in Quaternary sediments.

·      At the eastern bank of the Typil River a potential ore body 0.8m thick with an inferred width of 80m at an average grade of 192 mg/m³ raw platinum is contoured in pre-Quaternary (Neogene) sediments.

·      On Line 24, in Quaternary sediments of the Typil eastern bank, a 110m wide and not less than 0.6 m thick layer is identified with an average grade of 284mg/m³ (sample grades up to 860 mg/m3).

·      On the eastern bank of the Typilez Creek, two lodes with potentially economic platinum grades are identified. At a placer width of 160m and average thickness of 1.3m, the average grade reported is 261 mg/m³. At a width of 80m and average thickness of 0.9m, the average grade increases to 310 mg/m³ (sample grades up to 1,524 mg/m³).

·      Numerous other platinum bearing intervals were identified in the drill programme for follow up in the next stage of drilling while several other prospective areas including the Typilez, Mulychevka and Kyria River areas remain understudied.

These results are presented in a table in Appendix I below. The Typil exploration report was provided by Michael Sukhov, Chief Geologist at Kosvinsky Kamen.

Monchetundra, Monchetundra Flanks and other Kola projects

The Definitive Feasibility Study for the Monchetundra (West Nittis and Loipishnune) open pits is well advanced and on schedule for completion this year. Details of this report will be provided when a response is received from the relevant authorities. The Company has previously released a report commissioned by Wardell Armstrong International covering the adjacent NKT deposit, a deposit which the Company has title to through its Monchetundra Flanks license. Reporting on other Kola deposits, including Nyud and Moroshkovoe will be provided when Eurasia holds title to the relevant licenses. Operational highlights include:

·      Monchetundra Definitive Feasibility Study being progressed for completion by the end of 2022.

·      Metallurgical testwork reports now available for compilation into the larger DFS report. New metallurgical study by SGS, Mekhanobr-St Petersburg, LIMS and Gipronickel (Norilsk Nickel's engineering arm) suggests grades, recoveries and flowsheet unchanged from the 2016 feasibility study.

·      Rock mechanics studies and Hydro/Geotech drilling now complete for West Nittis and Loipishnune open pits.

·      Recalculation of Monchetundra project resources and pit outlines, reflecting metal price movement since the feasibility study, for submission as a necessary component of the DFS.

·      Work continues on assessment of the NKT Project, contained within Eurasia's 80% Flanks exploration license adjacent the Monchetundra (West Nittis and Loipishnune) mining license, as a standalone project or as a project combined with Monchetundra deposits.

Appendix I: Representative Typil exploration license drilling results:

Note: * minimal depth; ** maximum depth; *** average length

The mineral measured at the West Kytlim mine is referred to as Raw Platinum which is comprised of Platinum, Iridium, Palladium, Rhodium and Gold.

Drilling density for the programme is that of Russian standard C1 and C2 as defined in Russian industry mineral reporting nomenclature. All drilling to date at a drilling diameter of 20cm.

Condensed consolidated statement of comprehensive income

for the six months ended 30 June 2022

Condensed consolidated statement of financial position

As at 30 June 2022