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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$11.82M which is a fall of roughly 80% over the last eleven months. As of 07/18/2023 they have ~C$27M debt and ~C$4.75M 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 $11.82M 07/18/2023 $-46.39M
Total Assets: $35.60M $34.33M 07/18/2023 $-1.26M
Total Liabilities: $28.78M $27.76M 07/18/2023 $-1.02M
Current Assets: $4.92M $4.75M 07/18/2023 $-0.17M
Current Liabilities: $28.78M $27.76M 07/18/2023 $-1.02M
Total Debt: $28.02M $27.03M 07/18/2023 $-0.99M
Cash: $4.92M $4.75M 07/18/2023 $-0.17M
Enterprise Value: $81.30M $34.10M 01/30/1971 $-47.21M
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
4010.36% 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
Total: $600 $600 07/18/2023 $0.00
Margin (Free Cash Flow): n/a $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
Total: n/a n/a 07/18/2023 $0.00
Margin (Free Cash Flow): n/a $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 -1.24M
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 -1.06M
Maximum Profit (Gold): $2,342.26M $2,925.36M n/a $583.10M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,342.26M $2,925.36M n/a $583.10M
Max Profit / Current MCap: 40.241 247.505 n/a 207.264
Max Profit Per Share (Gold): $2.90 $3.62 n/a $0.72
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.90 $3.62 n/a $0.72
Total Free Profit Per Share: $2.80 $3.60 n/a $0.80
FD MCap / Gold Eq.: $34.24 $6.95 n/a $-27.29
FD MCap / Silver Eq.: $0.43 $0.09 n/a $-0.34
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 -1.55M
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 -1.27M
Maximum Profit (Gold): $2,810.71M $3,510.43M n/a $699.72M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,810.71M $3,510.43M n/a $699.72M
Max Profit / Current MCap: 48.289 297.006 n/a 248.717
Max Profit Per Share (Gold): $3.47 $4.34 n/a $0.86
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.47 $4.34 n/a $0.86
Total Free Profit Per Share: $3.38 $4.32 n/a $0.94
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 -1.71M
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 -1.33M
Maximum Profit (Gold): $2,957.10M $3,693.27M n/a $736.16M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,957.10M $3,693.27M n/a $736.16M
Max Profit / Current MCap: 50.804 312.476 n/a 261.671
Max Profit Per Share (Gold): $3.66 $4.57 n/a $0.91
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.66 $4.57 n/a $0.91
Total Free Profit Per Share: $3.56 $4.55 n/a $0.98
FD MCap / Gold Eq.: $27.12 $5.51 n/a $-21.61
FD MCap / Silver Eq.: $0.34 $0.07 n/a $-0.27
FD MCap / Per Metal
as % Spot Price:
1.37% 0.24% n/a -1.13%

Future Valuation (Cash Flow & Totals)

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