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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

<p>Eurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&amp;A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks project (only), lower and delayed production and Pd/Pt ratio. Risk adjusted WACC for Monchetundra Lo + WN is 12%.</p>

Eurasia Mining (EUA.L) is an AiM-quoted Russian asset PGM producer. The West Kytlim project is revenue generating with production expected to ramp up in 2020 resulting in EUA becoming a de-risked prospect compared to its peers. However, the key asset is the M&amp;A triggering EUA flagship palladium-driven project, Monchetundra, near to production. Could a Monchetundra sale turn a 100m MCAP AiM company into a £1.5bn exit for investors, equating to an approximate 15x rerating on the current price? There are many risks reflected in our conservative 30% risk adjusted WACC for the Monchetundra flanks project (only), lower and delayed production and Pd/Pt ratio. Risk adjusted WACC for Monchetundra Lo + WN is 12%.

Eurasia Mining Plc M&A Valuation FINAL ACF 03022020

Eurasia Mining PLC

Eurasia Mining Plc M&A Valuation FINAL ACF 03022020