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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
CVE:EOX CAD
OTCMKTS:EOXFF USD

Description

Euromax Resources Ltd are a gold focused junior, late stage developer 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$10.91M which is a fall of roughly 1% over the last five months. As of 07/26/2025 they have ~C$27M debt and ~C$0.29M cash. They have 711M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 07/26/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $11.02M $10.91M 07/26/2025
MCap (OS): $7.80M $7.72M 07/26/2025
Total Assets: $29.98M $29.66M 07/26/2025
Total Liabilities: $34.36M $34.01M 07/26/2025
Current Assets: $0.37M $0.36M 07/26/2025
Current Liabilities: $27.78M $27.49M 07/26/2025
Total Debt: $27.05M $26.77M 07/26/2025
Cash: $0.29M $0.29M 07/26/2025
Debt (Net): $26.76M $26.48M
Enterprise Value: $37.78M $37.39M 03/09/1971
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: 07/26/2025
Misc 07/26/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 711,000,000 711,000,000 07/26/2025
Shares (FD): 1,005,000,000 1,005,000,000 07/26/2025
Insider Ownership: n/a 50% 07/26/2025
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 01/01/2024 07/26/2025
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/26/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/26/2025
Development Phase: none FS Released 07/26/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 5
Developer: Early Development
 5
Developer: Early Development
 07/18/2023
Cash Flow Multiple: 2 2 07/23/2024

Resource Data

GOLD 07/26/2025
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 07/26/2025
Measured & Indicated: 2.50M 2.50M 07/26/2025
Inferred: 0.25M 0.25M 07/26/2025
Reserves & Resources: 2.75M 2.75M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.70M 1.70M 07/26/2025
Measured & Indicated: 2.04M 2.04M 07/26/2025
Inferred: 0.11M 0.11M 07/26/2025
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 07/26/2025
Extra Operating Cost: n/a n/a 07/26/2025
Total: $1,200 $1,200 07/26/2025
Margin (Free Cash Flow): n/a
MCap / Production (AuEq): n/a n/a
EV / Production (AuEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/26/2025
Open Pit (Avg): n/a 0.33 g/t 07/18/2023
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/26/2025
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/26/2025
Annual Production: 70,000oz. 70,000oz. 07/26/2025
Cash Cost: $500 $500 07/26/2025
Extra Operating Cost: $700 $700 07/26/2025
SILVER 07/26/2025
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 07/26/2025
Measured & Indicated: n/a n/a 07/26/2025
Inferred: n/a n/a 07/26/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/26/2025
Measured & Indicated: n/a n/a 07/26/2025
Inferred: n/a n/a 07/26/2025
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 07/26/2025
Extra Operating Cost: n/a n/a 07/26/2025
Total: n/a n/a 07/26/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): n/a n/a
EV / Production (AgEq): n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/26/2025
Open Pit (Avg): n/a n/a 07/18/2023
Recovery Rate: n/a n/a 07/26/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/26/2025
Annual Production: n/a n/a 07/26/2025
Cash Cost: n/a n/a 07/26/2025
Extra Operating Cost: n/a n/a 07/26/2025

Property

Last Analysis Data  (07/26/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Breznik
100 n/a
Exp Trun
100 show
2 million oz open pit at .7 gpt. PEA coming soon.

Size: 6,500 ha
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.

Size: 500 ha
Exp KMC
100 show
Early gold/copper project.

Size: 6,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Exp Breznik
100 n/a
Exp Trun
100 show
2 million oz open pit at .7 gpt. PEA coming soon.

Size: 6,500 ha
Dev Ilovitza
100 250.00 474.00 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.

Size: 500 ha
Exp KMC
100 show
Early gold/copper project.

Size: 6,000 ha

Profitability (by resource)

Proven &
Probable		 07/26/2025
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): $3,623.11M $5,069.60M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,623.11M $5,069.60M n/a
Max Profit / Current MCap: 328.719 464.806 n/a
Max Profit Per Share (Gold): $3.61 $5.04 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.61 $5.04 n/a
Total Free Profit Per Share: $3.59 $5.03 n/a
FD MCap / Gold Eq.: $6.48 $6.42 n/a
FD MCap / Silver Eq.: $0.07 $0.09 n/a
FD MCap / Per Metal
as % Spot Price:		 0.19% 0.15% n/a
EV / Gold Eq.: $22.22 $21.99 n/a
EV / Silver Eq.: $0.25 $0.30 n/a
EV / Per Metal
as % Spot Price:		 0.67% 0.53% n/a
Measured &
Indicated		 07/26/2025
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): $4,347.73M $6,083.52M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,347.73M $6,083.52M n/a
Max Profit / Current MCap: 394.463 557.767 n/a
Max Profit Per Share (Gold): $4.33 $6.05 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.33 $6.05 n/a
Total Free Profit Per Share: $4.31 $6.04 n/a
FD MCap / Gold Eq.: $5.40 $5.35 n/a
FD MCap / Silver Eq.: $0.06 $0.07 n/a
FD MCap / Per Metal
as % Spot Price:		 0.16% 0.13% n/a
EV / Gold Eq.: $18.52 $18.33 n/a
EV / Silver Eq.: $0.21 $0.25 n/a
EV / Per Metal
as % Spot Price:		 0.56% 0.44% n/a

Reserves &
Resources		 07/26/2025
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): $4,574.17M $6,400.38M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,574.17M $6,400.38M n/a
Max Profit / Current MCap: 415.008 586.817 n/a
Max Profit Per Share (Gold): $4.55 $6.37 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.55 $6.37 n/a
Total Free Profit Per Share: $4.54 $6.35 n/a
FD MCap / Gold Eq.: $5.14 $5.08 n/a
FD MCap / Silver Eq.: $0.06 $0.07 n/a
FD MCap / Per Metal
as % Spot Price:		 0.15% 0.12% n/a
EV / Gold Eq.: $17.60 $17.42 n/a
EV / Silver Eq.: $0.20 $0.24 n/a
EV / Per Metal
as % Spot Price:		 0.53% 0.42% n/a

Future Valuation (Cash Flow & Totals)

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