E&P Global Holdings Limited announced that the Arbitration Court of the City of Moscow ruled on 15 April 2026 in favour of its subsidiary LLC “Shakhta Lapichevskaya”, overturning Rosnedra’s April 2025 decision to terminate two key Russian mining licences (No. KEM 01518 TE and No. KEM 13206 TE) and to annul the subsidiary’s project documentation approval.
Rosnedra has been ordered to restore the subsidiary’s rights within 30 days of the judgement becoming legally effective and to pay RUB150,000 (approximately HK$15,000) in court costs; the Ministry of Natural Resources and Environment must pay RUB50,000 (about HK$5,000). Both government bodies retain a one-month appeal window from 15 April 2026.
The company had fully impaired its Russian exploration and evaluation assets by HK$1.45 billion for the six months ended 30 September 2025 due to licence uncertainty. Management now signals that a reversal of this impairment may be recognised for the year ended 31 March 2026, subject to: 1) finalisation of legal proceedings with an enforceable favourable outcome; 2) legal confirmation of asset ownership; and 3) completion of audit and valuation work under applicable accounting standards.
Any financial impact will be disclosed in the annual results, scheduled for release by end-June 2026. The company is consulting Russian legal advisers on aspects of the judgement and will provide further updates as necessary.
(Exchange rate used: RUB1 = HK$0.10.)