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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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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$19.71M which is a fall of roughly 29% over the last nine months. As of 08/15/2018 they have ~C$13M debt and ~C$0.19M cash. They have 167M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 08/15/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $27.58M $19.71M 08/15/2018 $-7.87M
Total Assets: $32.73M $31.18M 08/15/2018 $-1.55M
Total Liabilities: $27.27M $25.98M 08/15/2018 $-1.29M
Current Assets: $2.34M $2.23M 08/15/2018 $-0.11M
Current Liabilities: $13.25M $12.62M 08/15/2018 $-0.63M
Total Debt: $14.03M $13.36M 08/15/2018 $-0.66M
Cash: $0.19M $0.19M 08/15/2018 $-0.01M
Enterprise Value: $41.41M $32.88M 01/16/1971 $-8.53M
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: 08/15/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 08/15/2018 0.00%
Misc 08/15/2018
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 167,000,000 167,000,000 08/15/2018 0
Shares (FD): 295,000,000 295,000,000 08/15/2018 0
Insider Ownership: n/a 25% 08/15/2018 25%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 08/15/2018 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 08/15/2018 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 08/15/2018 0
Initial CapEx (Outstanding): $474.00M
1718.45% of Mkt.Cap		 $474.00M
2405.03% of Mkt.Cap 		08/15/2018 $0.00M
Funding Option: n/a (guess)  Debt Financing 08/15/2018 n/a
Documentation: none FS 08/15/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 08/15/2018
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 08/15/2018 0.00M
Measured & Indicated: 2.50M 2.50M 08/15/2018 0.00M
Inferred: 0.25M 0.25M 08/15/2018 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 08/15/2018 0.00M
Measured & Indicated: 2.04M 2.04M 08/15/2018 0.00M
Inferred: 0.11M 0.11M 08/15/2018 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 08/15/2018 $0.00
Extra Operating Cost: n/a n/a 08/15/2018 $0.00
Average Grade: 0.33 g/t 0.33 g/t 08/15/2018 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 08/15/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 08/15/2018 0.00M
Annual Production: 70,000oz. 70,000oz. 08/15/2018 0oz.
Cash Cost: $300 $300 08/15/2018 $0
Extra Operating Cost: $300 $300 08/15/2018 $0
SILVER 08/15/2018
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 08/15/2018 0.00M
Measured & Indicated: n/a n/a 08/15/2018 0.00M
Inferred: n/a n/a 08/15/2018 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 08/15/2018 0.00M
Measured & Indicated: n/a n/a 08/15/2018 0.00M
Inferred: n/a n/a 08/15/2018 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 08/15/2018 $0.00
Extra Operating Cost: n/a n/a 08/15/2018 $0.00
Average Grade: n/a n/a 08/15/2018 n/a
Recovery Rate: n/a n/a 08/15/2018 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/15/2018 0.00M
Annual Production: n/a n/a 08/15/2018 n/a
Cash Cost: n/a n/a 08/15/2018 n/a
Extra Operating Cost: n/a n/a 08/15/2018 n/a

Property

Last Analysis Data  (08/15/2018)
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		 08/15/2018
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 15.17M
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 12.89M
Maximum Profit (Gold): $680.56M $802.42M n/a $121.86M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $680.56M $802.42M n/a $121.86M
Max Profit / Current MCap: 24.673 40.714 n/a 16.041
Max Profit Per Share (Gold): $2.31 $2.72 n/a $0.41
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.31 $2.72 n/a $0.41
Total Free Profit Per Share: $2.19 $2.63 n/a $0.44
FD Mkt. Cap / Gold Eq.: $16.23 $11.59 n/a $-4.63
FD Mkt. Cap / Silver Eq.: $0.20 $0.13 n/a $-0.07
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.38% 0.91% n/a -0.47%
Measured &
Indicated		 08/15/2018
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 18.96M
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 15.47M
Maximum Profit (Gold): $816.67M $962.90M n/a $146.23M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $816.67M $962.90M n/a $146.23M
Max Profit / Current MCap: 29.608 48.857 n/a 19.249
Max Profit Per Share (Gold): $2.77 $3.26 n/a $0.50
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.77 $3.26 n/a $0.50
Total Free Profit Per Share: $2.65 $3.17 n/a $0.53
FD Mkt. Cap / Gold Eq.: $13.52 $9.66 n/a $-3.86
FD Mkt. Cap / Silver Eq.: $0.17 $0.11 n/a $-0.06
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.15% 0.76% n/a -0.40%

Reserves &
Resources		 08/15/2018
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 20.85M
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 16.28M
Maximum Profit (Gold): $859.21M $1,013.05M n/a $153.84M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $859.21M $1,013.05M n/a $153.84M
Max Profit / Current MCap: 31.150 51.401 n/a 20.251
Max Profit Per Share (Gold): $2.91 $3.43 n/a $0.52
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.91 $3.43 n/a $0.52
Total Free Profit Per Share: $2.79 $3.34 n/a $0.55
FD Mkt. Cap / Gold Eq.: $12.85 $9.18 n/a $-3.67
FD Mkt. Cap / Silver Eq.: $0.16 $0.10 n/a $-0.05
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.10% 0.72% n/a -0.38%

Future Valuation (Cash Flow & Totals)

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