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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 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$30.44M which is a rise of roughly 21% over the last eleven months. As of 07/09/2022 they have ~C$28M debt and ~C$4.84M cash. They have 353M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 07/09/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $25.17M $30.44M 07/09/2022
Total Assets: $36.18M $35.00M 07/09/2022
Total Liabilities: $29.25M $28.30M 07/09/2022
Current Assets: $5.00M $4.84M 07/09/2022
Current Liabilities: $29.25M $28.30M 07/09/2022
Total Debt: $28.48M $27.56M 07/09/2022
Cash: $5.00M $4.84M 07/09/2022
Enterprise Value: $48.65M $53.16M 09/08/1971
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 07/09/2022
Misc 07/09/2022
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 353,000,000 353,000,000 07/09/2022
Shares (FD): 545,000,000 545,000,000 07/09/2022
Insider Ownership: n/a 20% 07/09/2022
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a 01/01/2024 07/09/2022
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/09/2022
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/09/2022
Initial CapEx (Outstanding): $474.00M
1882.89% of MCap		 $474.00M
1557.08% of MCap 		07/09/2022
Funding Option: n/a (guess)  Debt Financing 07/09/2022
Documentation: none FS 07/09/2022
Future MCap Modifier: 0.1
Developer: Likely Path to Production
 0.1
Developer: Likely Path to Production
 04/24/2023
Cash Flow Multiplier: 5 8 04/12/2023

Resource Data

GOLD 07/09/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.00M 2.00M 07/09/2022
Measured & Indicated: 2.50M 2.50M 07/09/2022
Inferred: 0.25M 0.25M 07/09/2022
Reserves & Resources: 2.75M 2.75M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.70M 1.70M 07/09/2022
Measured & Indicated: 2.04M 2.04M 07/09/2022
Inferred: 0.11M 0.11M 07/09/2022
Reserves & Resources: 2.15M 2.15M never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 07/09/2022
Extra Operating Cost: n/a n/a 07/09/2022
Average Grade: 0.33 g/t 0.33 g/t 07/09/2022
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/09/2022
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/09/2022
Annual Production: 70,000oz. 70,000oz. 07/09/2022
Cash Cost: $300 $300 07/09/2022
Extra Operating Cost: $300 $300 07/09/2022
SILVER 07/09/2022
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 07/09/2022
Measured & Indicated: n/a n/a 07/09/2022
Inferred: n/a n/a 07/09/2022
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/09/2022
Measured & Indicated: n/a n/a 07/09/2022
Inferred: n/a n/a 07/09/2022
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 07/09/2022
Extra Operating Cost: n/a n/a 07/09/2022
Average Grade: n/a n/a 07/09/2022
Recovery Rate: n/a n/a 07/09/2022
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/09/2022
Annual Production: n/a n/a 07/09/2022
Cash Cost: n/a n/a 07/09/2022
Extra Operating Cost: n/a n/a 07/09/2022

Property

Last Analysis Data  (07/09/2022)
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		 07/09/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.70M 1.70M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,104.60M $2,281.74M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,104.60M $2,281.74M n/a
Max Profit / Current MCap: 83.602 74.954 n/a
Max Profit Per Share (Gold): $3.86 $4.19 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.86 $4.19 n/a
Total Free Profit Per Share: $3.80 $4.11 n/a
FD MCap / Gold Eq.: $14.81 $17.91 n/a
FD MCap / Silver Eq.: $0.17 $0.22 n/a
FD MCap / Per Metal
as % Spot Price:		 0.81% 0.92% n/a
Measured &
Indicated		 07/09/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.50M 2.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.04M 2.04M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,525.52M $2,738.09M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,525.52M $2,738.09M n/a
Max Profit / Current MCap: 100.322 89.945 n/a
Max Profit Per Share (Gold): $4.63 $5.02 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.63 $5.02 n/a
Total Free Profit Per Share: $4.57 $4.95 n/a
FD MCap / Gold Eq.: $12.34 $14.92 n/a
FD MCap / Silver Eq.: $0.14 $0.18 n/a
FD MCap / Per Metal
as % Spot Price:		 0.67% 0.77% n/a

Reserves &
Resources		 07/09/2022
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.75M 2.75M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.15M 2.15M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,657.06M $2,880.70M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,657.06M $2,880.70M n/a
Max Profit / Current MCap: 105.548 94.630 n/a
Max Profit Per Share (Gold): $4.88 $5.29 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.88 $5.29 n/a
Total Free Profit Per Share: $4.82 $5.21 n/a
FD MCap / Gold Eq.: $11.73 $14.18 n/a
FD MCap / Silver Eq.: $0.14 $0.17 n/a
FD MCap / Per Metal
as % Spot Price:		 0.64% 0.73% n/a

Future Valuation (Cash Flow & Totals)

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