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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$7.3M which is a fall of roughly 34% over the last two 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
Change
Item Value Value Updated Value
MCap (FD): $11.02M $7.30M 07/26/2025 $-3.72M
MCap (OS): $7.80M $5.17M 07/26/2025 $-2.63M
Total Assets: $29.98M $29.80M 07/26/2025 $-0.18M
Total Liabilities: $34.36M $34.16M 07/26/2025 $-0.20M
Current Assets: $0.37M $0.36M 07/26/2025 $0.00M
Current Liabilities: $27.78M $27.62M 07/26/2025 $-0.16M
Total Debt: $27.05M $26.89M 07/26/2025 $-0.16M
Cash: $0.29M $0.29M 07/26/2025 $0.00M
Debt (Net): $26.76M $26.60M $-0.16M
Enterprise Value: $37.78M $33.91M 01/28/1971 $-3.88M
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: 07/26/2025 n/a
Misc 07/26/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 711,000,000 711,000,000 07/26/2025 0
Shares (FD): 1,005,000,000 1,005,000,000 07/26/2025 0
Insider Ownership: n/a 50% 07/26/2025 50%
Dividend (Annual): n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 01/01/2024 07/26/2025 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 07/26/2025 0
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 07/26/2025 0
Development Phase: none FS Released 07/26/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 5
Developer: Early Development
 5
Developer: Early Development
 07/18/2023 0
Cash Flow Multiple: 2 2 07/23/2024 0.00

Resource Data

GOLD 07/26/2025
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 07/26/2025 0.00M
Measured & Indicated: 2.50M 2.50M 07/26/2025 0.00M
Inferred: 0.25M 0.25M 07/26/2025 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 07/26/2025 0.00M
Measured & Indicated: 2.04M 2.04M 07/26/2025 0.00M
Inferred: 0.11M 0.11M 07/26/2025 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 07/26/2025 $0.00
Extra Operating Cost: n/a n/a 07/26/2025 $0.00
Total: $1,200 $1,200 07/26/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/26/2025 n/a
Open Pit (Avg): n/a 0.33 g/t 07/18/2023 0.33 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 07/26/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.00M 2.00M 07/26/2025 0.00M
Annual Production: 70,000oz. 70,000oz. 07/26/2025 0oz.
Cash Cost: $500 $500 07/26/2025 $0
Extra Operating Cost: $700 $700 07/26/2025 $0
SILVER 07/26/2025
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 07/26/2025 0.00M
Measured & Indicated: n/a n/a 07/26/2025 0.00M
Inferred: n/a n/a 07/26/2025 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 07/26/2025 0.00M
Measured & Indicated: n/a n/a 07/26/2025 0.00M
Inferred: n/a n/a 07/26/2025 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 07/26/2025 $0.00
Extra Operating Cost: n/a n/a 07/26/2025 $0.00
Total: n/a n/a 07/26/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 07/26/2025 n/a
Open Pit (Avg): n/a n/a 07/18/2023 n/a
Recovery Rate: n/a n/a 07/26/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/26/2025 0.00M
Annual Production: n/a n/a 07/26/2025 n/a
Cash Cost: n/a n/a 07/26/2025 n/a
Extra Operating Cost: n/a n/a 07/26/2025 n/a

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
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 -1.36M
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 -1.15M
Maximum Profit (Gold): $3,623.11M $4,227.70M n/a $604.59M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,623.11M $4,227.70M n/a $604.59M
Max Profit / Current MCap: 328.719 578.780 n/a 250.061
Max Profit Per Share (Gold): $3.61 $4.21 n/a $0.60
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.61 $4.21 n/a $0.60
Total Free Profit Per Share: $3.59 $4.20 n/a $0.61
FD MCap / Gold Eq.: $6.48 $4.30 n/a $-2.19
FD MCap / Silver Eq.: $0.07 $0.05 n/a $-0.02
FD MCap / Per Metal
as % Spot Price:		 0.19% 0.12% n/a -0.08%
EV / Gold Eq.: $22.22 $19.94 n/a $-2.28
EV / Silver Eq.: $0.25 $0.23 n/a $-0.02
EV / Per Metal
as % Spot Price:		 0.67% 0.54% n/a -0.13%
Measured &
Indicated		 07/26/2025
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 -1.70M
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 -1.39M
Maximum Profit (Gold): $4,347.73M $5,073.24M n/a $725.51M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,347.73M $5,073.24M n/a $725.51M
Max Profit / Current MCap: 394.463 694.536 n/a 300.073
Max Profit Per Share (Gold): $4.33 $5.05 n/a $0.72
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.33 $5.05 n/a $0.72
Total Free Profit Per Share: $4.31 $5.04 n/a $0.73
FD MCap / Gold Eq.: $5.40 $3.58 n/a $-1.82
FD MCap / Silver Eq.: $0.06 $0.04 n/a $-0.02
FD MCap / Per Metal
as % Spot Price:		 0.16% 0.10% n/a -0.07%
EV / Gold Eq.: $18.52 $16.62 n/a $-1.90
EV / Silver Eq.: $0.21 $0.19 n/a $-0.02
EV / Per Metal
as % Spot Price:		 0.56% 0.45% n/a -0.11%

Reserves &
Resources		 07/26/2025
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 -1.87M
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 -1.46M
Maximum Profit (Gold): $4,574.17M $5,337.47M n/a $763.29M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,574.17M $5,337.47M n/a $763.29M
Max Profit / Current MCap: 415.008 730.710 n/a 315.702
Max Profit Per Share (Gold): $4.55 $5.31 n/a $0.76
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.55 $5.31 n/a $0.76
Total Free Profit Per Share: $4.54 $5.30 n/a $0.76
FD MCap / Gold Eq.: $5.14 $3.40 n/a $-1.73
FD MCap / Silver Eq.: $0.06 $0.04 n/a $-0.02
FD MCap / Per Metal
as % Spot Price:		 0.15% 0.09% n/a -0.06%
EV / Gold Eq.: $17.60 $15.80 n/a $-1.81
EV / Silver Eq.: $0.20 $0.18 n/a $-0.02
EV / Per Metal
as % Spot Price:		 0.53% 0.43% n/a -0.10%

Future Valuation (Cash Flow & Totals)

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