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Euromax Resources Ltd

www: www.euromaxresources.com   email: mkostovska@euromaxresources.mk
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:EOX CAD
OTCMKTS:EOXFF USD

Description

Euromax Resources Ltd are a gold focused junior, late stage developer 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$11.81M which is a fall of roughly 80% over the last nine months. As of 07/18/2023 they have ~C$27M debt and ~C$4.74M cash. They have 491M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 07/18/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $58.21M $11.81M 07/18/2023 $-46.40M
Total Assets: $35.60M $34.31M 07/18/2023 $-1.29M
Total Liabilities: $28.78M $27.74M 07/18/2023 $-1.04M
Current Assets: $4.92M $4.74M 07/18/2023 $-0.18M
Current Liabilities: $28.78M $27.74M 07/18/2023 $-1.04M
Total Debt: $28.02M $27.01M 07/18/2023 $-1.01M
Cash: $4.92M $4.74M 07/18/2023 $-0.18M
Enterprise Value: $81.30M $34.07M 01/30/1971 $-47.23M
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: 07/18/2023 n/a
Misc 07/18/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 491,000,000 491,000,000 07/18/2023 0
Shares (FD): 809,000,000 809,000,000 07/18/2023 0
Insider Ownership: n/a 20% 07/18/2023 20%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2024 07/18/2023 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/18/2023 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/18/2023 0
Initial CapEx (Outstanding): $474.00M
814.35% of MCap		 $474.00M
4013.43% of MCap 		07/18/2023 $0.00M
Funding Option: n/a (guess)  Debt Financing 07/18/2023 n/a
Documentation: none FS 07/18/2023 n/a
Future MCap Modifier: 0.05
Developer: Early Development
 0.05
Developer: Early Development
 07/18/2023 0
Cash Flow Multiplier: 3 3 07/18/2023 0.00

Resource Data

GOLD 07/18/2023
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 07/18/2023 0.00M
Measured & Indicated: 2.50M 2.50M 07/18/2023 0.00M
Inferred: 0.25M 0.25M 07/18/2023 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 07/18/2023 0.00M
Measured & Indicated: 2.04M 2.04M 07/18/2023 0.00M
Inferred: 0.11M 0.11M 07/18/2023 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 07/18/2023 $0.00
Extra Operating Cost: n/a n/a 07/18/2023 $0.00
G
R
A
D
E		 Underground (Avg): 0.33 g/t n/a 07/18/2023 n/a
Open Pit (Avg): n/a 0.33 g/t 07/18/2023 0.33 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/18/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/18/2023 0.00M
Annual Production: 70,000oz. 70,000oz. 07/18/2023 0oz.
Cash Cost: $300 $300 07/18/2023 $0
Extra Operating Cost: $300 $300 07/18/2023 $0
SILVER 07/18/2023
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 07/18/2023 0.00M
Measured & Indicated: n/a n/a 07/18/2023 0.00M
Inferred: n/a n/a 07/18/2023 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 07/18/2023 0.00M
Measured & Indicated: n/a n/a 07/18/2023 0.00M
Inferred: n/a n/a 07/18/2023 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 07/18/2023 $0.00
Extra Operating Cost: n/a n/a 07/18/2023 $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 07/18/2023 n/a
Open Pit (Avg): n/a n/a 07/18/2023 n/a
Recovery Rate: n/a n/a 07/18/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/18/2023 0.00M
Annual Production: n/a n/a 07/18/2023 n/a
Cash Cost: n/a n/a 07/18/2023 n/a
Extra Operating Cost: n/a n/a 07/18/2023 n/a

Property

Last Analysis Data  (07/18/2023)
Stage Name Owned Au Ag Cu Notes
Exp Breznik 100% n/a
Exp Trun 100% show
2 million oz open pit at .7 gpt. PEA coming soon.
Dev Ilovitza 100% 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.
Exp KMC 100% show
Early gold/copper project.
Total Land Package Size (ha): 13,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Exp Breznik 100% n/a
Exp Trun 100% show
2 million oz open pit at .7 gpt. PEA coming soon.
Dev Ilovitza 100% 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.
Exp KMC 100% show
Early gold/copper project.
Total Land Package Size (ha): 13,000  

Profitability (by resource)

Proven &
Probable		 07/18/2023
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 13.36M
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 11.36M
Maximum Profit (Gold): $2,342.26M $2,887.28M n/a $545.02M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,342.26M $2,887.28M n/a $545.02M
Max Profit / Current MCap: 40.241 244.470 n/a 204.229
Max Profit Per Share (Gold): $2.90 $3.57 n/a $0.67
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.90 $3.57 n/a $0.67
Total Free Profit Per Share: $2.80 $3.55 n/a $0.75
FD MCap / Gold Eq.: $34.24 $6.95 n/a $-27.29
FD MCap / Silver Eq.: $0.43 $0.08 n/a $-0.35
FD MCap / Per Metal
as % Spot Price:		 1.73% 0.30% n/a -1.43%
Measured &
Indicated		 07/18/2023
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 16.70M
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 13.63M
Maximum Profit (Gold): $2,810.71M $3,464.74M n/a $654.02M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,810.71M $3,464.74M n/a $654.02M
Max Profit / Current MCap: 48.289 293.364 n/a 245.075
Max Profit Per Share (Gold): $3.47 $4.28 n/a $0.81
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.47 $4.28 n/a $0.81
Total Free Profit Per Share: $3.38 $4.26 n/a $0.88
FD MCap / Gold Eq.: $28.53 $5.79 n/a $-22.74
FD MCap / Silver Eq.: $0.36 $0.07 n/a $-0.29
FD MCap / Per Metal
as % Spot Price:		 1.44% 0.25% n/a -1.19%

Reserves &
Resources		 07/18/2023
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 18.37M
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 14.34M
Maximum Profit (Gold): $2,957.10M $3,645.19M n/a $688.09M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,957.10M $3,645.19M n/a $688.09M
Max Profit / Current MCap: 50.804 308.644 n/a 257.839
Max Profit Per Share (Gold): $3.66 $4.51 n/a $0.85
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.66 $4.51 n/a $0.85
Total Free Profit Per Share: $3.56 $4.49 n/a $0.93
FD MCap / Gold Eq.: $27.12 $5.50 n/a $-21.62
FD MCap / Silver Eq.: $0.34 $0.06 n/a $-0.28
FD MCap / Per Metal
as % Spot Price:		 1.37% 0.24% n/a -1.13%

Future Valuation (Cash Flow & Totals)

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