Euromax Announces Repayment of Debt Owed to Galena
Euromax relies on predatory dilution and related-party life support as flagship project remains stalled.
The most recent news (January 13, 2026) announces the settlement of $804,000 USD in debt owed to Galena Resource Equities Limited (an affiliate of Trafigura). This debt, originally issued as a promissory note in September 2025 for short-term working capital, is being settled through the issuance of 34,965,342 common shares at a price of $0.0325 CAD per share. This follows the closing of a $3.96 million CAD private placement (January 7, 2026) at the same price.
The impact of this news is neutral to negative for existing minority shareholders. - Dilution Cycle: The company is trapped in a cycle of borrowing short-term funds from its major shareholder (Galena/Trafigura) to cover overhead, then settling that debt with shares. This continuously increases Galena's control (now over 55%) while diluting others. - Misalignment of Capital: The January 7 news revealed that of the $3.96 million raised, a staggering 91% is earmarked for "Office, administration, salaries, legal, finance, and accounting" costs. Only 9% is allocated to actual "Project working capital." - Balance Sheet Cleanup: While settling debt with shares preserves whatever meager cash the company has, it does not improve the underlying lack of progress on the Ilovica-Shtuka project. The debt was non-interest bearing, so the "savings" are minimal compared to the dilution.
Euromax is focused on the Ilovica-Shtuka Gold-Copper Project in North Macedonia. The project consists of the Ilovica 6 and Ilovica 11 concessions. - Status: Development/Permitting. The project has been stalled for years due to local opposition and permit disputes. - Royalties: The project is heavily encumbered. A state royalty of 4% (doubled from 2% as of Jan 1, 2025) and a massive gold stream with Royal Gold (25% of gold production up to 525k oz).