Eurasia Mining PLC – EUA – Board Changes

Eurasia Mining PLC – EUA – Board Changes

Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce the appointment of James Nieuwenhuys, formerly a Non-Executive Director, as Chief Executive Officer and Executive Director of the Company with immediate effect. Christian Schaffalitzky remains as Executive Chairman. The Directors have agreed to release Dmitry Suschov from the Board in order to allow him to focus as the Company's Chief M&A Officer on the M&A work streams with Eurasia's professional advisers.

Mr Nieuwenhuys has held senior positions including Chief Executive Officer at South African Lesego Platinum Mining Limited, Chief Operating Officer at Polyus Gold, Russian largest gold producer. James also held senior positions at a number of EPC organisations. The Directors believe that the experience of James and his relationships especially among PGM producers in Russia, China and South Africa, are beneficial for the Company in its ongoing work streams.

Mr Suschov has a successful track record of leading the strategic sales of companies in the natural resource sector including the sale of a silica sand mine and the second largest global carborundum production company to Indian Murugappa Group, the sale of a natural resource company to Danish natural resource fund, the sale of a gas company to a major Russian investment group and other deals.


Christian Schaffalitzky, Eurasia's Executive Chairman commented: "This reorganization is designed to optimise our execution team. We are delighted that James has agreed to take on the CEO role. James's focus will be to work with our advisers on the sale process. Since joining Eurasia in November 2019 after completing due diligence on behalf of a potential buyer, James has got detailed knowledge of Eurasia's assets and he is of immense help both in terms of the sale process and in terms of demonstrating to the interested parties the strength of our own management team and its capacity to execute. Dmitry changes his routine Board roles for the role of Chief M&A Officer and together with James will strengthen the management team involved in the work streams with several interested parties. We are grateful to Dmitry for his long-term hard work on the Board level over 10 years and the Directors look forward to working with him in his new capacity".

James Nieuwenhuys, Eurasia's CEO and Executive Director: "In my new capacity as CEO and Executive Director I will continue to work with our advisers on the sale process of the Company and its world class assets, Monchetundra and West Kytlim, leveraging my relationships made over more than 40 years in the mining industry and securing a deal beneficial to our shareholders".

Dmitry Suschov, Eurasia's Chief M&A Officer commented: "I am grateful to my fellow Directors for their support in taking over my functions on the Board, so that I could focus on the work with our professional advisers. I am delighted that James has decided to assume the CEO position. I am thankful to the Board and to James for offering me the Chief M&A Officer position, as I am already working with our advisers on M&A".

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