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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$12M which is a fall of roughly 79% over the last seven months. As of 07/18/2023 they have ~C$27M debt and ~C$4.82M 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 $12.00M 07/18/2023 $-46.20M
Total Assets: $35.60M $34.86M 07/18/2023 $-0.73M
Total Liabilities: $28.78M $28.19M 07/18/2023 $-0.59M
Current Assets: $4.92M $4.82M 07/18/2023 $-0.10M
Current Liabilities: $28.78M $28.19M 07/18/2023 $-0.59M
Total Debt: $28.02M $27.44M 07/18/2023 $-0.58M
Cash: $4.92M $4.82M 07/18/2023 $-0.10M
Enterprise Value: $81.30M $34.62M 02/05/1971 $-46.68M
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%
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
3949.63% 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
Average Grade: 0.33 g/t 0.33 g/t 07/18/2023 n/a
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
Average Grade: 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 19.48M
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 16.56M
Maximum Profit (Gold): $2,342.26M $2,448.34M n/a $106.08M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,342.26M $2,448.34M n/a $106.08M
Max Profit / Current MCap: 40.241 204.009 n/a 163.768
Max Profit Per Share (Gold): $2.90 $3.03 n/a $0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.90 $3.03 n/a $0.13
Total Free Profit Per Share: $2.80 $3.01 n/a $0.21
FD MCap / Gold Eq.: $34.24 $7.06 n/a $-27.18
FD MCap / Silver Eq.: $0.43 $0.08 n/a $-0.35
FD MCap / Per Metal
as % Spot Price:
1.73% 0.35% n/a -1.39%
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 24.35M
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 19.87M
Maximum Profit (Gold): $2,810.71M $2,938.01M n/a $127.30M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,810.71M $2,938.01M n/a $127.30M
Max Profit / Current MCap: 48.289 244.811 n/a 196.522
Max Profit Per Share (Gold): $3.47 $3.63 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.47 $3.63 n/a $0.16
Total Free Profit Per Share: $3.38 $3.61 n/a $0.23
FD MCap / Gold Eq.: $28.53 $5.88 n/a $-22.65
FD MCap / Silver Eq.: $0.36 $0.07 n/a $-0.29
FD MCap / Per Metal
as % Spot Price:
1.44% 0.29% n/a -1.15%

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 26.78M
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 20.90M
Maximum Profit (Gold): $2,957.10M $3,091.03M n/a $133.93M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,957.10M $3,091.03M n/a $133.93M
Max Profit / Current MCap: 50.804 257.562 n/a 206.757
Max Profit Per Share (Gold): $3.66 $3.82 n/a $0.17
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.66 $3.82 n/a $0.17
Total Free Profit Per Share: $3.56 $3.80 n/a $0.24
FD MCap / Gold Eq.: $27.12 $5.59 n/a $-21.53
FD MCap / Silver Eq.: $0.34 $0.06 n/a $-0.28
FD MCap / Per Metal
as % Spot Price:
1.37% 0.27% n/a -1.10%

Future Valuation (Cash Flow & Totals)

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