Eurasia Mining – 20-100x if Trump vies for Russian Arctic minerals?

The British company owns mining assets in Russia. The PLC itself is not an entity connected to Russia according to UK rules and regulations, and it is not subject to sanctions. However, its Russian operations are naturally affected by the sanctions regime against Russia, and the stock is affected by geopolitics.

Few London-listed stocks have been as volatile. It lost 98% on decades-long exploration lead time, then rose quickly by 90x on successful production start and plans to sell the assets, only to lose 97% again on extreme fear due to geopolitics.

At the time, I didn't have a strong view on the stock, but suggested taking a closer look should the share price ever fall back to 2 pence.

It's now returned to 2.4 pence – almost at that level.

Under certain speculative geopolitical scenarios, the stock could once again offer extraordinary upside.

(Trigger warning – some readers may not be able to trade this stock due to arbitrary restrictions imposed by brokers. E.g., HSBC and UBS trade the stock, while Citibank doesn't).

Eurasia Mining.

What happened so far

Eurasia Mining was a familiar name among British investors during the 2000s. The company raised capital to explore for gold, platinum, and copper in Russia. Initially, the projects were developed through a joint venture with South Africa's Anglo American Platinum for 15 years. In 2014, Eurasia Mining took full ownership.

The 2010s proved a difficult decade for the mining sector. Between 2002 and 2012, Eurasia Mining's share price lost 98% of its value, falling as low as 0.25 pence because neither world-class discoveries nor production were in sight at that point in time.

After years of exploration and development, management concluded in the late 2010s that it was time to cash out by selling all assets. News of the planned sale delivered a 90x return within 12 months, taking the stock from 0.45 pence in mid-2019 to 40 pence by late 2020, triggered also by the successful production start and licensing for a Tier-1 world-class nickel-copper-gold mine.

The company hired UBS to run the sales process. Potential buyers emerged not only from Russia but also from South Africa and Kazakhstan. Eurasia Mining appeared on course to receive USD 1.2bn from the transaction, which was close to its market cap at the time. Unfortunately, the signing was scheduled for 24 February 2022 – the very day Russia launched its full-scale invasion of Ukraine.

Instead of delivering a major payday, shareholders watched the stock lose another 97%. This time, geopolitics caused extreme fear among investors.

I wrote about the company for the first time on 7 November 2025 in an article titled "Eurasia Mining – 1,000% from selling Russian assets?".

Shortly beforehand, the company had completed a placing at the market price of then 4.37 pence, raising GBP 3.15m (USD 4m) from US and UK institutional investors. The proceeds were intended to provide funding for the British PLC while also supporting a secondary listing on the Astana Stock Exchange in Kazakhstan.

At the time, Eurasia Mining was again exploring a sale of its assets and a return of capital to shareholders. Broker research suggested such a transaction could value the shares at anywhere between 28 and 70 pence.

Fast forward to today, and that sale has yet to materialise. Instead, management now appears to be pursuing a different strategy.

Given the way President Trump has reshaped geopolitical thinking, a different angle could represent a more profitable option for Eurasia Mining.

Geopolitics as driving force

Geopolitics in general – and the war between Russia and Ukraine in particular – remain deeply polarising subjects.

Two months ago, the Center for Geopolitics at JPMorganChase published a report titled "Ukraine Endgame: The Path to an Imperfect Peace".

In it, the investment bank argues: "The war will be decided at the negotiating table—not the battlefield.  ... Under current conditions, a negotiated settlement could emerge as early as this year."

Some analysts believe that any negotiated settlement could eventually be followed by renewed economic collaboration between the US and Russia. It is in the public domain that active negotiations are ongoing between the US and Russia on investments in the Russian Arctic, albeit heavily conditional on a solution in Ukraine.

On 11 December 2025, Reuters reported: "Trump plans envision major U.S. investment in Russia, restoring oil flows to Europe… U.S. President Donald Trump's plan for peace in Ukraine includes proposals to restore Russian energy flows to Europe, major U.S. investment in Russian rare earths and energy, and tapping frozen Russian sovereign assets, the Wall Street Journal said. ... U.S. companies would invest in Russian strategic sectors such as rare-earth extraction and oil drilling in the Arctic, while Russian energy flows to Western Europe and the world would be restored, it added."

For what it's worth, CNN reported on 25 February 2025 that "Russia says it's open to economic cooperation with US on rare earth minerals and energy". Likewise, The Economist wrote on 17 February 2026: "How big is the prize of reopening Russia? … Since last April Kirill Dmitriev, who runs a Russian state fund, has met Steve Witkoff, Mr Trump's special envoy, at least nine times. Individuals close to the Trump family have been in talks to acquire stakes in Russian energy assets. America has been offered deals for Arctic oil and gas, rare-earth mines, a nuclear-powered data centre and a tunnel under the Bering Strait. Both sides stand to benefit. Russia is suffering from low oil prices and stricter sanctions. America's president wants results before the November midterm elections. …. What most excites Mr Trump's envoys, therefore, is the potential for American firms to take stakes in mega-projects that could transform the world's commodity markets. Russia's National Security Council document describes its 'treasure trove of Arctic and northern resources' that 'a dozen sovereign and private funds from the USA and other currently hostile countries.'"

As ever, opinions differ on how realistic any of these scenarios are.

Nevertheless, some investors clearly believe the probability has become high enough to justify placing bets today. Some institutional investors are known to have bought into various instruments related to Russian rouble (the best performing currency in 2026), and others are buying into Eurasia Mining to get direct exposure to the theme of Russian Arctic minerals.

Contrarian institutional investors have taken a stance

During a webinar held on 30 December 2025, Eurasia Mining noted: "In terms of shareholdings we have seen an increase in institutional shareholders in this year."

So much for the notion that companies such as Eurasia Mining only ever attract retail investors.

Those institutions have likely bought into the company to gain exposure to Eurasia Mining's nickel, copper, and platinum group metal resources on Russia's Kola peninsula in the Arctic.

The company's Monchetundra project is a brownfield asset that could initially produce 130,000 ounces of gold within a year before scaling up to 1m ounces annually. Management describes the project as "well advanced" and points to its agreement with Sinosteel, the USD 80bn Chinese state-owned engineering group with extensive experience constructing mining and processing plants in Russia.

Eurasia Mining also emphasises that its Arctic projects already have the permits and licences required for development – an advantage that other companies could take 15-30 years to replicate. Coincidentally, that is roughly how long Eurasia Mining has already spent advancing these assets.

As if that wasn't enough, Eurasia Mining also controls an entire pipeline of Arctic exploration projects with considerable long-term potential.

Against this backdrop, it becomes easier to understand why management has recently begun to adjust its strategy. Rather than focusing exclusively on selling the assets, the company is increasingly talking of developing them.

Throw in the possibility – however speculative – that the US could eventually invest in Russia again, and that strategic shift begins to make even more sense.

Mobilising cash to get the Arctic project going

Eurasia Mining also owns 68% of an existing mining operation elsewhere in Russia. The West Kytlim project in the Urals is a low-impact, soft-rock platinum group metals mine producing iridium, osmium, platinum, palladium, rhodium, and gold. Commercial production began in 2018 using a simple, low-cost mining model supported by existing infrastructure. The production licence runs until 2040.

Thanks to West Kytlim, Eurasia Mining reported its first significant net profit after tax in 2025, earning GBP 7.2m.

However, West Kytlim is also the asset most exposed to the current geopolitical environment. Following the sanctions imposed by the collective West against Russia, the Russian state has, in some cases, forced Western-owned companies to sell assets to favoured domestic buyers at heavily discounted prices. The Russian state also collects substantial taxes on such transactions.

Eurasia Mining has taken the view that it may be preferable to sell the West Kytlim asset and instead focus on developing its much larger Arctic projects. Management believes the legal structure surrounding the Kola assets provides much greater protection than that of West Kytlim. Even if only a relatively modest amount of cash were recovered from a sale, those funds could be redeployed into developing the considerably larger resource in the Arctic.

In Eurasia Mining's own publications, the Kola assets account for 99.7% of the company's total reserves and resources – 300 times the size of West Kytlim. From a capital allocation perspective, there is simply more value to be created in the Arctic.

The Russian authorities have assigned a valuation of USD 250m to West Kytlim. Under today's rules, however, Eurasia Mining estimates that it might recover only 5% (!) of that amount, with the remainder effectively being lost through the forced-sale mechanism and associated taxes. Management has been clear that this is far from an attractive outcome and one it would naturally prefer to avoid. At the same time, it has acknowledged the commercial reality facing many Western companies still operating in Russia. When the company asked shareholders to approve the possibility of such a disposal, three-quarters of votes cast supported the proposal.

What does it all mean for investors?

A true "non-consensus investment"

For a company with a market cap of just GBP 73m (USD 98m), Eurasia Mining is surprisingly complex to analyse. The unusual legal, operational, and geopolitical backdrop creates a large number of moving parts, while the sheer scale of the underlying assets makes assessing their value difficult.

The British PLC raised GBP 3.15m in spring 2025 from US and UK institutional investors at the then market price, providing sufficient funding for at least two years.

The company's Russian assets effectively exist within a separate financial system. Cash generated by West Kytlim currently has to remain inside Russia. If the asset were sold, the proceeds could likewise only be used to develop the Arctic assets.

To move Kola towards production, Eurasia Mining has several potential sources of funding. Besides a possible disposal of West Kytlim, the company could draw on financing opportunities contemplated under its agreement with Sinosteel. It also has the option of starting relatively modest open-pit mining operations to generate an initial cash flow while the larger project is developed.

Ultimately, it is the Kola assets that are likely to attract the greater investor interest. These assets are so vast that this particular project alone could become a cornerstone even in a renewed US-Russia Arctic development push. Eurasia Mining could publish more information on its website in the lead-up to the annual general meeting on 30 July 2026.

Today, even discussing the possibility of renewed US investment in Russia qualifies as a genuinely "non-consensus viewpoint" (see my December 2019 article if you are unfamiliar with the term). Few investors are actively looking for companies that could benefit from a future US-Russia collaboration in developing Arctic mineral resources.

Then again, identifying non-consensus ideas is precisely what is required to generate alpha.

Undervalued-Shares.com has a long history of highlighting such outlier ideas well before they entered the mainstream:

• In 2022, Lifetime Members received an in-depth report about the potential for a new oil boom in the Falkland Islands. At the time, the world's only listed play on the Falkland Islands oil industry traded below its cash value, meaning investors were effectively getting the oil assets for free. Just last week, the Financial Times published an article discussing the prospect of an oil boom in the Falklands. The stock has already risen 4-5x, once again demonstrating that the early bird can catch the worm.

Rockhopper Exploration.

• In spring 2023, another Lifetime Member report highlighted the dormant mining assets of a Canadian company operating in Alaska. Widely regarded as a politically toxic subject at the time, few expected these assets ever to become relevant again. They did, and the stock is up 10x.

Northern Dynasty Minerals.

• In autumn 2023, Lifetime Members learned about an Austrian bank whose valuation had come under pressure because of its significant Russian exposure. The subject had become so politically sensitive that a podcast which had invited me to discuss outlier investment ideas declined my suggestion to cover the stock – even though it was a non-sanctioned Western European bank with a multi-billion dollar market cap. Since then, the stock is up 4x.

Raiffeisen Bank International.

Of course, not every ultra-contrarian investment works out. For the past six years, for example, I have repeatedly written about a dormant coal mining project in Bangladesh. So far, investors have experienced little more than ongoing dilution, sharp volatility, and repeated political disappointment. The stock remains 70% below where it traded when I first wrote about the company. As that example illustrates, dormant projects can remain dormant for much longer than anyone expects.

GCM Resources.

For Eurasia Mining, too, investors need to navigate a number of significant risks:

• Further shareholder dilution at the level of the British PLC if the conflict and the sanctions regime persist for considerably longer than management currently expects.
• Political and legal risk. Management believes the legal structure surrounding the Kola assets provides greater protection than West Kytlim. That assessment could ultimately prove wrong. Many investors would argue that, in today's Russia, property rights remain inherently uncertain.
• Execution risk. Like any mining project, Monchetundra faces the normal technical, operational and financing risks associated with bringing a large resource into production – particularly in the challenging environment of the Russian Arctic.

Balanced against those risks are several potentially significant opportunities:

• World-class assets. While the mere mention of Russia evokes strong emotions today, there can be little doubt that Eurasia Mining controls several exceptional mining reserves and resources. Before the Ukraine war, the company briefly reached a market valuation of USD 1.6bn. A December 2021 research report suggested that, once fully developed, the company's assets could ultimately be worth as much as USD 5.6bn.
• Renewed geopolitical speculation. Any renewed optimism surrounding a negotiated settlement in Ukraine could trigger another wave of speculative buying. The stock has repeatedly demonstrated how quickly sentiment can change. In early 2025 alone, renewed speculative interest sent the stock up 4x.

Eurasia Mining.

• A potential US-Russia investment theme. Speculative buying could also emerge if (or when) the idea of renewed US-Russian economic collaboration begins to gain wider acceptance. I know for sure that a whole raft of serious US investors have already started preparing for such a scenario. Few will talk publicly about it, but it's happening.
• The sheer scale of the opportunity. The size of the mineral reserves and resources is remarkable, particularly when viewed against the company's current market cap.
• Management's alignment with shareholders. Credit should be given to management for not walking away from the situation, for not selling shares when the stock previously spiked, and for even allowing a large chunk of their remuneration to accrue rather than drawing additional cash from the company.

Indeed, the company and its management deserve credit for maintaining a high degree of transparency despite operating under exceptionally difficult circumstances.

At the end of 2025, Eurasia Mining held an "Ask us anything" webinar for investors. Interestingly, 500 (!) shareholders registered for the event. The company subsequently published a written summary covering all of the questions answered during the webinar, while the full recording is available on YouTube. The large number of participants also helps explain why speculative run-ups can have such ferocity. There is already a sizeable community of investors who are familiar with the investment case.

There is also a considerable amount of brokerage research on the company, including several recent reports. You can access them through Research Tree (or simply send me an email with "Eurasia" in the subject line and I'll happily forward the three reports I consider most relevant).

Anyone considering an investment in Eurasia Mining should treat this article as a starting point only and make use of the surprisingly large body of research that already exists on the company before reaching a conclusion.

If you do conclude that the investment suits your profile, you'll then have to overcome one final hurdle. Although Eurasia Mining is not itself a sanctioned company, some Western banks and brokers refuse to accept orders in the stock (major banks that do trade the stock include HSBC and UBS). The London Stock Exchange continues to see meaningful trading volume in the stock, which clearly suggests that enough brokers do still facilitate trading.

Alternatively, investors can buy the same stock on AIX (Astana International Exchange) in Kazakhstan. FrontierViking – a Swedish investor specialising in frontier markets and author of the Substack of the same name – recently launched the Global Brokerage Registry, a free guide to brokerage firms around the world. The website currently lists seven brokers that offer access to the Kazakhstan market.

For outlier opportunities and genuinely non-consensus investment ideas, you sometimes have to walk the extra mile. However, this extra mile may well be worth it, given the enormous upside.

How to learn about similar (and easier) opportunities

Does all that sound like a lot of work?

It surely is. Investing in forgotten, politically toxic corners of capital markets is rarely straightforward. Then again, the prospect of potentially making 20-100x your capital if things work out well for Eurasia Mining comes at the price of putting in some extra effort.

Had it not been for the difficulties posed by Western brokerage firms, I would have presented Eurasia Mining at the inaugural Weird Shit Investing Online conference on 28 July 2026.

Instead, I'll be presenting another outlier investment idea – alongside 19 other investment pitches presented by many of the most popular speakers from past Weird Shit Investing conferences. FrontierViking, too, will be there!

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