Euromax Resources (EOX)

Business description

Euromax Resources is a Canadian resource company focused on the acquisition and development of mineral-bearing assets in south-east Europe. Its flagship asset, Ilovica-Shtuka, in Macedonia, is the subject of a recently completed definitive feasibility study.

Stock data

Market cap.C$40.3m
Last closeC$0.33
High / Low (52 weeks)C$0.8 / C$0.3
Stock market listingCN
Forecast net debt (C$m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual0.0(33.3)(36.5)
Relative *(3.3)(34.7)(39.6)

* % Relative to local index

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Company news

0.33

Mon, 20 Jun 2011 09:37:04 GMT

Euromax Resources Ltd. Opens the Market

Fri, 22 Jul 2016 15:33:45 GMT

Euromax Resources Announces US$175 Million Gold Streaming Agreement With Royal ...

Tue, 21 Oct 2014 07:07:30 GMT

Euromax Resources Ltd. – Gold and Copper Production in 2018

Tue, 28 Jun 2016 16:22:09 GMT

Euromax Announces Sale of Subsidiary for $3.5m and Update on Ilovitza Pre ...

Mon, 28 Apr 2014 12:11:15 GMT

Investment summary

EOX's 2016 DFS on Ilovica envisages a conventional 10Mtpa mining operation, followed by a consecutive flotation and cyanide leach process flow route. Since its publication, EOX has announced a contract mining tender process (versus the owner-operator model considered in the DFS), which holds out the prospect of a c US$42.2m initial capex saving. In addition, Ausenco (EOX's preferred EPC contractor) is reported to have identified a further c US$45m in potential capex savings as a result of building the plant on a tighter footprint.

Last updated on 06/09/2017

Y/E Dec Revenue (C$m) EBITDA (C$m) PBT (C$m) EPS (c) P/E (x) P/CF (x)
2015A 4.7 (7.7) (8.4) (7.2) N/A N/A
2016A 5.5 (12.5) (14.3) (12.3) N/A N/A
2017E 0.0 (12.9) (14.0) (5.3) N/A N/A
2018E 0.0 (12.9) (8.2) (2.0) N/A N/A

Last updated on 30/08/2017

Latest video

Executive Interview - Euromax

Industry outlook

Final construction permits are expected in H217. EOX has also now appointed an executive chairman. Assuming commercial production from FY20, our valuation of EOX is C$0.87-0.99/share (fully diluted at a C$0.46 share price). In the meantime, we estimate that Ilovica’s resource of 2.9Moz Au plus 1.2bn lbs Cu (c 5.5Moz AuE), mostly in the Measured category, should have a value in the range US$135.0-178.3m cf EOX's market cap of c US$31m, currently.

Last updated on 06/09/2017

Key management

Varshan Gokool, CFO
Steve Sharpe, President & CEO
Martyn Konig, Non-Executive Chairman
Pat Forward, COO

Company address

Fifth Floor
12 Berkeley St
London
W1J 8DT
United Kingdom
+44 (0)20 3667 2970
View website