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Category: Junior: Late Stage Developer
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Euromax Resources Ltd
www: www.euromaxresources.com     email: mkostovska@euromaxresources.mk

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Price Data

Symbol Date Price
OTCMKTS:EOXFF 12/11/2017 USD 0.1927
TSE:EOX 12/07/2017 CAD 0.2600
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Description

Euromax Resources Ltd are a gold focused junior, late stage development company with one mine in development in Macedonia (FYR) and three exploration properties. They have approximately 2.75Moz. of gold in the reserves and resources category of which 2.5Moz. are in the measured and indicated category. They have a market capitalisation of ~C$42.6M which is a fall of roughly 15% over the last two months. As of 10/28/2017 they have ~C$11M debt and ~C$3.21M cash. They have 135M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 10/28/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (Fully Diluted): $49.99M $42.60M 10/28/2017 $-7.39M
Total Assets: $29.54M $29.53M 10/28/2017 $-0.01M
Total Liabilities: $29.39M $29.38M 10/28/2017 $-0.01M
Current Assets: $3.49M $3.49M 10/28/2017 $0.00M
Current Liabilities: $29.39M $29.38M 10/28/2017 $-0.01M
Total Debt: $10.59M $10.59M 10/28/2017 $0.00M
Cash: $3.22M $3.21M 10/28/2017 $0.00M
Enterprise Value: $57.37M $49.98M 08/02/1971 $-7.39M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to Cash Flow Ratio: n/a n/a never 0.00
Finance within 1 year: 10/28/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 10/28/2017 0.00%
Misc 10/28/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Share Price: $0.238 $0.203 09:12 on 12/07/2017 $-0.04
Shares Outstanding: 135,000,000 135,000,000 10/28/2017 0
Shares Fully Diluted: 210,000,000 210,000,000 10/28/2017 0
Insider Ownership: n/a 25% 10/28/2017 25%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2020 10/28/2017 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
0
10/28/2017 0
Production (Silver Eq Oz.): (guess) 
0
(guess) 
0
10/28/2017 0
Initial CapEx (Outstanding): $474.00M
948.15% of Mkt.Cap
$474.00M
1112.6% of Mkt.Cap
10/28/2017 $0.00M
Funding Option: n/a (guess)  Debt Financing 10/28/2017 n/a
Documentation: none FS 10/28/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 10/28/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 2.00M 2.00M 10/28/2017 0.00M
Measured & Indicated: 2.50M 2.50M 10/28/2017 0.00M
Inferred: 0.25M 0.25M 10/28/2017 0.00M
Reserves & Resources: 2.75M 2.75M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.70M 1.70M 10/28/2017 0.00M
Measured & Indicated: 2.04M 2.04M 10/28/2017 0.00M
Inferred: 0.11M 0.11M 10/28/2017 0.00M
Reserves & Resources: 2.15M 2.15M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/28/2017 $0.00
Extra Operating Cost: n/a n/a 10/28/2017 $0.00
Average Grade: 0.33 g/t 0.33 g/t 10/28/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 10/28/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 2.00M 2.00M 10/28/2017 0.00M
Annual Production: 70,000oz. 70,000oz. 10/28/2017 0oz.
Cash Cost: $300 $300 10/28/2017 $0
Extra Operating Cost: $300 $300 10/28/2017 $0
SILVER 10/28/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 10/28/2017 0.00M
Measured & Indicated: n/a n/a 10/28/2017 0.00M
Inferred: n/a n/a 10/28/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 10/28/2017 0.00M
Measured & Indicated: n/a n/a 10/28/2017 0.00M
Inferred: n/a n/a 10/28/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 10/28/2017 $0.00
Extra Operating Cost: n/a n/a 10/28/2017 $0.00
Average Grade: n/a n/a 10/28/2017 n/a
Recovery Rate: n/a n/a 10/28/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 10/28/2017 0.00M
Annual Production: n/a n/a 10/28/2017 n/a
Cash Cost: n/a n/a 10/28/2017 n/a
Extra Operating Cost: n/a n/a 10/28/2017 n/a

Property

Last Analysis Data  (10/28/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Strumitza, Macedonia, Macedonia (FYR) Ilovitza 100% 500 Open Pit show
2.5 million oz gold resource (.33 gpt with nearly 2 billion lbs of copper.

85% recovery rates for gold. It is really a copper mine with a large capex and low IRR (around 15%).

25% of first 500,000 oz go to Royal gold at 25% of the spot price.
Then 12.5 for the LOM.
Exploration Sofia, Bulgaria Breznik 100% n/a n/a n/a
Exploration Sofia, Bulgaria Trun 100% 6,500 Open Pit show
2 million oz open pit at .7 gpt. PEA coming soon.
Exploration Novi Passar, Serbia KMC 100% 6,000 n/a show
Early gold/copper project.
Total Land Package Size (ha): 13,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Strumitza, Macedonia, Macedonia (FYR) Ilovitza 100% 500 Open Pit show
2.5 million oz gold resource (.33 gpt with nearly 2 billion lbs of copper.

85% recovery rates for gold. It is really a copper mine with a large capex and low IRR (around 15%).

25% of first 500,000 oz go to Royal gold at 25% of the spot price.
Then 12.5 for the LOM.
Exploration Sofia, Bulgaria Breznik 100% n/a n/a n/a
Exploration Sofia, Bulgaria Trun 100% 6,500 Open Pit show
2 million oz open pit at .7 gpt. PEA coming soon.
Exploration Novi Passar, Serbia KMC 100% 6,000 n/a show
Early gold/copper project.
Total Land Package Size (ha): 13,000  

Profitability (by resource)

Proven &
Probable
10/28/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 5.31M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.70M 1.70M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.51M
Maximum Profit (Gold): $801.11M $777.90M n/a $-23.21M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $801.11M $777.90M n/a $-23.21M
Max Profit / Current MCap: 16.025 18.259 n/a 2.235
Max Profit Per Share (Gold): $3.81 $3.70 n/a $-0.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.81 $3.70 n/a $-0.11
Total Free Profit Per Share: $3.51 $3.44 n/a $-0.07
FD Mkt. Cap / Gold Eq.: $29.41 $25.06 n/a $-4.35
FD Mkt. Cap / Silver Eq.: $0.39 $0.32 n/a $-0.07
FD Mkt. Cap / Per Metal
as % Spot Price:
2.31% 2.00% n/a -0.31%
Measured &
Indicated
10/28/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.50M 2.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.63M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.04M 2.04M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.41M
Maximum Profit (Gold): $961.33M $933.48M n/a $-27.85M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $961.33M $933.48M n/a $-27.85M
Max Profit / Current MCap: 19.230 21.911 n/a 2.682
Max Profit Per Share (Gold): $4.58 $4.45 n/a $-0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.58 $4.45 n/a $-0.13
Total Free Profit Per Share: $4.27 $4.19 n/a $-0.09
FD Mkt. Cap / Gold Eq.: $24.51 $20.88 n/a $-3.62
FD Mkt. Cap / Silver Eq.: $0.32 $0.27 n/a $-0.06
FD Mkt. Cap / Per Metal
as % Spot Price:
1.92% 1.67% n/a -0.26%

Reserves &
Resources
10/28/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.75M 2.75M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 7.29M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.15M 2.15M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 5.69M
Maximum Profit (Gold): $1,011.40M $982.10M n/a $-29.30M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,011.40M $982.10M n/a $-29.30M
Max Profit / Current MCap: 20.231 23.052 n/a 2.821
Max Profit Per Share (Gold): $4.82 $4.68 n/a $-0.14
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.82 $4.68 n/a $-0.14
Total Free Profit Per Share: $4.51 $4.42 n/a $-0.09
FD Mkt. Cap / Gold Eq.: $23.29 $19.85 n/a $-3.44
FD Mkt. Cap / Silver Eq.: $0.31 $0.25 n/a $-0.05
FD Mkt. Cap / Per Metal
as % Spot Price:
1.83% 1.58% n/a -0.25%

Future Valuation (Cash Flow & Totals)

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