Eurasia Mining Plc provided a general operational progress update for the first quarter of 2023. West Kytlim: The electric dragline, which was fully assembled in the prior quarter, has completed final high voltage electrical testing and the contractual 72-hour continuous performance test. Stripping by the electric dragline is ongoing at site, and further operations await a general thaw and abundant running water in order to commence washing of gravels.

The power line and electric dragline projects, both completed last year, are expected to have a positive impact on mining operations for 2023, with a significant reduction in operating costs expected. The diesel requirement over the winter period was reduced compared to the same period in the prior year, with site buildings now running on hydro-derived grid power. The mine product (a 'black sand' concentrate containing platinum, palladium, iridium, rhodium and gold) from the 2022 mining season remains safely stored for later refining.

Final decisions regarding the optimal strategy for and the timing of the refining of the concentrate are yet to be made. A further announcement regarding the concentrate will be made as soon as practicable. Kola Projects: Monchetundra: The Definitive Feasibility Study for Monchetundra ("DFS") was submitted in December 2022 and notice acknowledging receipt from Rosnedra, the relevant state authority, was received by the Company.

Eurasia recently received a set of questions from the expert panel of the State Reserves Committee, to which the Company responded. A final opinion on the DFS, to be provided by Rosnedra, is anticipated in the coming weeks. Nittis-Kumuzhya-Travynanaya: The NKT project comprises a brownfield Tier-1 scale deposit: 305Kt of Nickel, 143Kt of Copper, 57 tons of PGM and Gold (11.2Moz of Platinum equivalent) as estimated by Wardell Armstrong International as JORC-compliant resources for an underground mining operation (see the Company's RNS dated 16 December 2021 for additional information on NKT).

Eurasia's current work on NKT focuses on refining the geometry of ore bodies to determine the feasibility of an additional open pit operation, to run in parallel with underground mining. Historical metallurgical reports, which confirm metal recoveries, are also now available to assist the Company. This work may permit an upgrade to higher reserve and resource categories for a subsequent NKT JORC update.