Dmitry Suschov. Precious metal mining project opportunities

Good morning, ladies and gentlemen. My name is Dmitry. I have a British introduction in the mining segment. I have been investing in and taking to production several mining projects and selling them to strategic investors like the Muragappa Group with a silica sand mine and most recently a big producer of metallurgical coal on a global scale. Currently, I am 100% focused on Eurasia as its largest shareholder and director. Why is Eurasia worth looking at? I am very enthusiastic because it is already in production since last year, full scale after years of pilot production. The main metal is palladium, which has been in structural deficit for six years and stockpiles are deteriorating. Palladium has performed well, currently higher than gold. Eurasia started as a joint venture with Anglo American in 2000 and went into production in 2016. It is now at a turning point: already profitable and we have two mines. One is the second largest alluvial PGM mine globally, set to be number one this year. The other is Monche Tundra, a bedrock PGM mine primarily palladium, fully financed with EPC and finance agreements signed. West Kitsim is not typical bedrock; it is similar but without blasting, so lower costs: full production cost is $300 to $350 per ounce. Monche Tundra has similar costs. We are scaling volumes, increasing resource base from 20 to 90 square kilometers. All documentation is in place to launch Monche Tundra, with a binding EPC contract with Chinese Sinosteel. I have experience working with Chinese on time and budget, and they fully finance the project. Infrastructure is in place, reducing capex. Our team is strong in Russia and London. For Monche Tundra, capex is fully funded with a 10-year debt facility at Libor plus 3.5%, which is very low cost. NPV is almost $200 million based on research at a palladium price less than $1,000 per ounce, currently much higher. The operating mine is second largest alluvial PGM and heading to be largest globally, with a basket of metals including palladium, platinum, rhodium, and gold. We are developing multiple open-pit targets to eliminate single asset risk. The final product is high-grade concentrate over 70% metal, sold directly to refineries. To summarize, there are not many pure palladium companies in the market. For investors wanting palladium exposure with upside, we are one of the few not yet consolidated by majors. We are already in production and scaling up, and launching a second much bigger mine with 130,000 ounces PGE equivalent per year. Sinosteel has an obligation to bring it to full production to 125,000 ounces PGE per year before we accept, so they are highly motivated. EBITDA for the second project is expected to ramp from $28 million in 2021 to $75 million in 2023 relative to current market cap. We have financing in place avoiding shareholder dilution, which I as largest shareholder appreciate. So what's important: Eurasia is a palladium-driven story. Not many left after North American palladium was acquired recently by Sibanye-Stillwater. We have one project in production, which is unique among junior miners, and we are profitable and scaling. Our second project has a very high palladium-to-platinum ratio, unique even for palladium projects. Thank you for your attention. I would be delighted to talk to you on the sidelines of the conference; you are welcome to come to our stand.