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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$15.6M which is a fall of roughly 52% over the last twelve months. As of 07/13/2019 they have ~C$13M debt and ~C$6.61M cash. They have 332M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 07/13/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $32.59M $15.60M 07/13/2019 $-16.99M
Total Assets: $29.92M $28.64M 07/13/2019 $-1.28M
Total Liabilities: $26.85M $25.70M 07/13/2019 $-1.15M
Current Assets: $6.90M $6.61M 07/13/2019 $-0.30M
Current Liabilities: $26.85M $25.70M 07/13/2019 $-1.15M
Total Debt: $13.81M $13.22M 07/13/2019 $-0.59M
Cash: $6.90M $6.61M 07/13/2019 $-0.30M
Enterprise Value: $39.49M $22.21M 09/14/1970 $-17.29M
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: 07/13/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 07/13/2019 0.00%
Misc 07/13/2019
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 332,000,000 332,000,000 07/13/2019 0
Shares (FD): 708,000,000 708,000,000 07/13/2019 0
Insider Ownership: n/a 20% 07/13/2019 20%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 07/13/2019 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/13/2019 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/13/2019 0
Initial CapEx (Outstanding): $474.00M
1454.46% of Mkt.Cap		 $474.00M
3038.98% of Mkt.Cap 		07/13/2019 $0.00M
Funding Option: n/a (guess)  Debt Financing 07/13/2019 n/a
Documentation: none FS 07/13/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 07/13/2019
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 07/13/2019 0.00M
Measured & Indicated: 2.50M 2.50M 07/13/2019 0.00M
Inferred: 0.25M 0.25M 07/13/2019 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 07/13/2019 0.00M
Measured & Indicated: 2.04M 2.04M 07/13/2019 0.00M
Inferred: 0.11M 0.11M 07/13/2019 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 07/13/2019 $0.00
Extra Operating Cost: n/a n/a 07/13/2019 $0.00
Average Grade: 0.33 g/t 0.33 g/t 07/13/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/13/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/13/2019 0.00M
Annual Production: 70,000oz. 70,000oz. 07/13/2019 0oz.
Cash Cost: $300 $300 07/13/2019 $0
Extra Operating Cost: $300 $300 07/13/2019 $0
SILVER 07/13/2019
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 07/13/2019 0.00M
Measured & Indicated: n/a n/a 07/13/2019 0.00M
Inferred: n/a n/a 07/13/2019 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 07/13/2019 0.00M
Measured & Indicated: n/a n/a 07/13/2019 0.00M
Inferred: n/a n/a 07/13/2019 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 07/13/2019 $0.00
Extra Operating Cost: n/a n/a 07/13/2019 $0.00
Average Grade: n/a n/a 07/13/2019 n/a
Recovery Rate: n/a n/a 07/13/2019 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/13/2019 0.00M
Annual Production: n/a n/a 07/13/2019 n/a
Cash Cost: n/a n/a 07/13/2019 n/a
Extra Operating Cost: n/a n/a 07/13/2019 n/a

Property

Last Analysis Data  (07/13/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development 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
Exploration 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.
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 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		 07/13/2019
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 11.20M
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 9.52M
Maximum Profit (Gold): $970.45M $1,387.78M n/a $417.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $970.45M $1,387.78M n/a $417.33M
Max Profit / Current MCap: 29.778 88.975 n/a 59.197
Max Profit Per Share (Gold): $1.37 $1.96 n/a $0.59
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.37 $1.96 n/a $0.59
Total Free Profit Per Share: $1.31 $1.93 n/a $0.62
FD Mkt. Cap / Gold Eq.: $19.17 $9.17 n/a $-10.00
FD Mkt. Cap / Silver Eq.: $0.21 $0.09 n/a $-0.11
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.35% 0.52% n/a -0.83%
Measured &
Indicated		 07/13/2019
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 14.00M
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 11.43M
Maximum Profit (Gold): $1,164.53M $1,665.33M n/a $500.80M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,164.53M $1,665.33M n/a $500.80M
Max Profit / Current MCap: 35.734 106.770 n/a 71.037
Max Profit Per Share (Gold): $1.64 $2.35 n/a $0.71
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.64 $2.35 n/a $0.71
Total Free Profit Per Share: $1.58 $2.32 n/a $0.74
FD Mkt. Cap / Gold Eq.: $15.98 $7.65 n/a $-8.33
FD Mkt. Cap / Silver Eq.: $0.17 $0.08 n/a $-0.09
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.13% 0.43% n/a -0.70%

Reserves &
Resources		 07/13/2019
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 15.40M
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 12.02M
Maximum Profit (Gold): $1,225.19M $1,752.07M n/a $526.88M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,225.19M $1,752.07M n/a $526.88M
Max Profit / Current MCap: 37.595 112.331 n/a 74.737
Max Profit Per Share (Gold): $1.73 $2.47 n/a $0.74
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.73 $2.47 n/a $0.74
Total Free Profit Per Share: $1.67 $2.44 n/a $0.77
FD Mkt. Cap / Gold Eq.: $15.18 $7.27 n/a $-7.92
FD Mkt. Cap / Silver Eq.: $0.16 $0.07 n/a $-0.09
FD Mkt. Cap / Per Metal
as % Spot Price:		 1.07% 0.41% n/a -0.66%

Future Valuation (Cash Flow & Totals)

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