Eurasia Mining – 1,000% from selling Russian assets?

Serious wealth often has its origins in chaos.

Some of the most prospective investments hide in forgotten, toxic corners of the market. For investors looking to make a lot of money quickly, broken assets that others dismiss as garbage are often what makes a fortune.

That's why a certain kind of investor doesn't fear decay – they actively seek it.

Could Britain's Eurasia Mining PLC be one such case?

(Trigger warning – many readers will not be able to buy this stock due to arbitrary restrictions imposed by Western brokers.)

World-class mining assets in Russia

Eurasia Mining was a familiar name in British investor circles during the 2000s.

Listed on London's Alternative Investment Market (AIM) in 1996, the company raised money to explore for gold, platinum, and copper in Russia. Initially working in a joint venture with South Africa's Anglo Platinum, it later took full control of several discoveries – some in the Ural mountains, others in the Kola peninsula in Russia's far northwest.

Progress was slow, and the 2010s brought a prolonged downturn in resource stocks. Between 2002-2012, Eurasia Mining's share price lost 98% of its value, and then went sideways at below 1 pence for years – until suddenly rising 90-fold (!) in 2019-2020.

Eurasia Mining.

What caused this momentous rise?

After years of efforts to make its resources more attractive, Eurasia Mining decided it was time to cash out. The company hired UBS's investment banking division to run the sales process.

While the mere mention of "Russia" evokes strong emotions today, there's little doubt that Eurasia Mining controls not just one but several outstanding resources.

In the Kola peninsula, the company owns a historical mining operation ready for restart, encompassing reserves of 200 tons of gold and platinum group metals (iridium, osmium, palladium, platinum, rhodium, ruthenium). Though modest in scale, the site has all the necessary transport, energy and other infrastructure. The NKT project in the same region is a tier-1 nickel sulphide brownfield mine relaunch that sits within 1km of the world's largest nickel plant operated by Norilsk Nickel. The nickel resource has one of the world's lowest production costs.

The West Kytlim project in the Urals, meanwhile, is a low-impact, soft-rock mine for platinum group metals (iridium, osmium, platinum, and rhodium). Commercial production started in 2018 using a simple, low-cost model with existing infrastructure. The production licence runs until 2040.

Beyond these, Eurasia Mining owns a pipeline of Arctic exploration projects with considerable potential.

When Eurasia Mining and UBS put these assets up for sale in 2020 (with the idea of Eurasia Mining cashing out altogether and rewarding its shareholders), there was concrete interest from large firms not just in Russia, but also South Africa and Kazakhstan. One offer advanced to due diligence, with Eurasia Mining seemingly in for USD 1.2bn of sales proceeds – causing the share price rally.

Unfortunately, just as the deal entered final documentation, the war in Ukraine started. The signing was planned for 24 February 2022, the very day the war in Ukraine broke out in earnest. Western companies with assets in Russia suddenly faced constraints, and the sale collapsed.

By mid-2024, Eurasia Mining stock had once again lost 97% from its 2020 peak – though it has seen several renewed run-ups since.

Conventional wisdom holds that Russian assets owned by Western firms are worthless.  

Clearly, based on recent share price movements, some investors disagree.

Multiple layers of complications

Over the past few years, Eurasia Mining didn't just have to deal with Western sanctions that hit any company with assets in Russia. It also had to face a tax lawsuit from Russian authorities, halting production at its Ural mine and seizing company cash.

Meanwhile, Russian shareholders found it hard to hold the stock, and many Western brokerage firms made it difficult to buy the stock, mostly allowing only divesting.

Management has been working hard to change what it can control.

In March 2025, Eurasia Mining raised GBP 3.15m at 4.37 pence per share (with a 1-to-1 warrant attached, exercisable at 8.74p). The proceeds helped launch the listing on the Astana International Exchange (AIX) in Kazakhstan – a "neutral" exchange also used by formerly London-listed Polymetal, now trading as Solidcore (featured in the Weird Shit Investing Manual 2024).

Eurasia Mining is now focused on optimising its shareholder structure and advancing the sale of its assets.

Earlier in 2025, optimism grew that US businesses might re-enter Russia. Reports surfaced that Goldman Sachs reinstated its Russia desk, and Eurasia Mining's placement reportedly attracted some American investors.

Interest in Arctic and strategic metals is quietly reviving. Under normal circumstances, Eurasia Mining could now achieve a sale – but sanctions and politics keep the situation frozen. In a trading update published by the company on 30 September 2025, management reported it "will continue to work on achieving liquidity events for all shareholders."

The current state of play

Eurasia Mining has ramped up investors relations, and is encouraging Russian investors (many of whom were previously forced sellers) to buy back into the story via the AIX. It is also trying to broker block deals between Western investors and interested buyers.

Since April 2025, several niche brokers have published research, and the company has hosted multiple investor webinars. The broker notes, available on Research-Tree, contain a wealth of information about the mining assets and their potential valuation.

Eurasia Mining.

Before the Ukraine war, Eurasia Mining's market valuation peaked at USD 1.6bn. A December 2021 research report concluded its assets could be worth up to USD 5.6bn once in production. The prospective buyer of the assets would have made a steal at the agreed price of USD 1.2bn.

Today, the company's market cap stands at just GBP 89m (USD 116m), based on 2.95bn shares outstanding and a share price of 3 pence.

A 22 October 2025 report by Optimo Research valued the assets at USD 880m even under current circumstances, and set a share price target of 28 pence.

Recently, the share price has drifted lower again, mainly due to President Trump's lack of progress in resolving the Ukraine war. With little sign of resolution, the conflict looks likely to continue into 2026, and US businesses remain sidelined.

To make matters worse, several Western brokers told me that "Due to sanctions requirements, this product is in closing-only status. You may close existing positions but not open new ones."

This is remarkable, given that Eurasia Mining is a UK company and not on any sanctions list. The stock is merely caught up in blanket brokerage policies toward Russian-linked companies.

Still, active trading continues in London, and investors – especially those based in countries like Hong Kong or using clued-in institutional brokers – may be able to trade the stock. The AIX listing provides an additional route.

The question is, is it worth investing?

The bear case argues that Eurasia Mining might remain unable to sell its assets for years, and operating them could prove challenging. Moreover, global stock exchanges already host plenty of heavily discounted resource plays without any Russian exposure.

The bull case, however, notes that management reports growing interest in these assets, and is advancing toward ramping up production. Unlike many discounted resource projects, Eurasia Mining remains committed to selling its assets, which would free up cash for shareholders and close the discount gap.

Besides, the upside is not to be sniffed at: a sale could range from 5x in a fire-sale scenario to potentially 30x if geopolitical conditions normalise.

Investors wanting to dig deeper can review recent broker research, or request the 38-page H.C. Wainwright & Co. report from 22 February 2022, released two days before Russia's full-scale invasion (email me for a copy).

Were the stock more easily tradeable through conventional brokers, I would likely have published a more detailed research report. But given that most Undervalued-Shares.com Members would face restrictions, I am only providing this brief outline, leaving it to readers to pursue further. Interested investors can contact the company directly to ask about US, UK and EU brokers that can trade the stock on the LSE, or through the AIX listing.

Note that these are ordinary shares of a British company, not ADRs/GDRs of a Russian entity.

The share price has seen some wild swings, and it's currently sitting nearer the lower end of its two-year trading range. Given the political gyrations and other circumstances, I'd keep an eye on it for potential bottom-fishing opportunities should the price get even lower. If it did get back to 2 pence, it might be time to back up the truck.

It may not do so, though. The company recently announced plans to hold an investor webinar before year-end, allowing shareholders to question the board directly. With only six weeks left until Christmas, it appears Eurasia Mining wants to remain on the front-foot with its shareholder communication and capital market strategy.

As ever, investors must do their own research and decide whether this is an opportunity worth following (or investing in).

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