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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$28.26M which is a rise of roughly 75% over the last nine months. As of 07/16/2020 they have ~C$30M debt and ~C$5.18M 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 07/16/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Mkt. Cap (FD): $16.11M $28.26M 07/16/2020 $12.15M
Total Assets: $34.73M $37.49M 07/16/2020 $2.76M
Total Liabilities: $28.08M $30.31M 07/16/2020 $2.23M
Current Assets: $4.80M $5.18M 07/16/2020 $0.38M
Current Liabilities: $28.08M $30.31M 07/16/2020 $2.23M
Total Debt: $27.34M $29.51M 07/16/2020 $2.17M
Cash: $4.80M $5.18M 07/16/2020 $0.38M
Enterprise Value: $38.64M $52.58M 09/01/1971 $13.94M
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: 07/16/2020 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 07/16/2020 0.00%
Misc 07/16/2020
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 332,000,000 332,000,000 07/16/2020 0
Shares (FD): 545,000,000 545,000,000 07/16/2020 0
Insider Ownership: n/a 20% 07/16/2020 20%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2021 07/16/2020 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/16/2020 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/16/2020 0
Initial CapEx (Outstanding): $474.00M
2942.72% of Mkt.Cap		 $474.00M
1677.48% of Mkt.Cap 		07/16/2020 $0.00M
Funding Option: n/a (guess)  Debt Financing 07/16/2020 n/a
Documentation: none FS 07/16/2020 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 07/16/2020
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 07/16/2020 0.00M
Measured & Indicated: 2.50M 2.50M 07/16/2020 0.00M
Inferred: 0.25M 0.25M 07/16/2020 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 07/16/2020 0.00M
Measured & Indicated: 2.04M 2.04M 07/16/2020 0.00M
Inferred: 0.11M 0.11M 07/16/2020 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 07/16/2020 $0.00
Extra Operating Cost: n/a n/a 07/16/2020 $0.00
Average Grade: 0.33 g/t 0.33 g/t 07/16/2020 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/16/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/16/2020 0.00M
Annual Production: 70,000oz. 70,000oz. 07/16/2020 0oz.
Cash Cost: $300 $300 07/16/2020 $0
Extra Operating Cost: $300 $300 07/16/2020 $0
SILVER 07/16/2020
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 07/16/2020 0.00M
Measured & Indicated: n/a n/a 07/16/2020 0.00M
Inferred: n/a n/a 07/16/2020 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 07/16/2020 0.00M
Measured & Indicated: n/a n/a 07/16/2020 0.00M
Inferred: n/a n/a 07/16/2020 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 07/16/2020 $0.00
Extra Operating Cost: n/a n/a 07/16/2020 $0.00
Average Grade: n/a n/a 07/16/2020 n/a
Recovery Rate: n/a n/a 07/16/2020 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/16/2020 0.00M
Annual Production: n/a n/a 07/16/2020 n/a
Cash Cost: n/a n/a 07/16/2020 n/a
Extra Operating Cost: n/a n/a 07/16/2020 n/a

Property

Last Analysis Data  (07/16/2020)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
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.
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  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
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.
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		 07/16/2020
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 -51.64M
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 -43.90M
Maximum Profit (Gold): $1,422.41M $1,363.26M n/a $-59.14M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,422.41M $1,363.26M n/a $-59.14M
Max Profit / Current MCap: 88.307 48.246 n/a -40.061
Max Profit Per Share (Gold): $2.61 $2.50 n/a $-0.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.61 $2.50 n/a $-0.11
Total Free Profit Per Share: $2.57 $2.44 n/a $-0.13
FD Mkt. Cap / Gold Eq.: $9.48 $16.62 n/a $7.15
FD Mkt. Cap / Silver Eq.: $0.10 $0.24 n/a $0.14
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.53% 0.95% n/a 0.42%
Measured &
Indicated		 07/16/2020
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 -64.55M
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 -52.68M
Maximum Profit (Gold): $1,706.89M $1,635.92M n/a $-70.97M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,706.89M $1,635.92M n/a $-70.97M
Max Profit / Current MCap: 105.968 57.895 n/a -48.073
Max Profit Per Share (Gold): $3.13 $3.00 n/a $-0.13
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.13 $3.00 n/a $-0.13
Total Free Profit Per Share: $3.09 $2.94 n/a $-0.16
FD Mkt. Cap / Gold Eq.: $7.90 $13.85 n/a $5.96
FD Mkt. Cap / Silver Eq.: $0.08 $0.20 n/a $0.12
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.44% 0.79% n/a 0.35%

Reserves &
Resources		 07/16/2020
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 -71.01M
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 -55.42M
Maximum Profit (Gold): $1,795.79M $1,721.12M n/a $-74.67M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,795.79M $1,721.12M n/a $-74.67M
Max Profit / Current MCap: 111.488 60.910 n/a -50.577
Max Profit Per Share (Gold): $3.30 $3.16 n/a $-0.14
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.30 $3.16 n/a $-0.14
Total Free Profit Per Share: $3.26 $3.09 n/a $-0.16
FD Mkt. Cap / Gold Eq.: $7.50 $13.17 n/a $5.66
FD Mkt. Cap / Silver Eq.: $0.08 $0.19 n/a $0.11
FD Mkt. Cap / Per Metal
as % Spot Price:		 0.42% 0.75% n/a 0.34%

Future Valuation (Cash Flow & Totals)

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