Northwire Canada EditionThursday, November 12, 2026
Sign inSubscribe
Northwire
⌕
Gold 3,878.40 −3.0% Silver 49.91 −4.0% Copper 6.20 −1.5% Oil 88.70 +2.5% Palladium 991.50 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5% Gold 3,878.40 −3.0% Silver 49.91 −4.0% Copper 6.20 −1.5% Oil 88.70 +2.5% Palladium 991.50 −5.2% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% TWO 0.340 −8.1% BIG 1.03 +8.4% VCG 1.06 −3.6% SCD 0.145 +0.0% GAL 0.370 −0.7% SAG 0.620 −6.1% VIZ 0.195 +0.0% SAGA 0.370 −7.5% ZEN 0.520 −5.5%
Financings

Euromax Announces Repayment of Debt Owed to Galena

Euromax relies on predatory dilution and related-party life support as flagship project remains stalled.

By The Northwire Desk — AI Analysis Jan 13, 2026 · 17:05 EOX · 0.03 Euromax Resources Ltd.
Executive Summary

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.

Material Impact

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.

EOX · Price
Company Overview

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).

Read the original news release →

More from Euromax Resources Ltd.

Nov 03, 2026 · 17:15

Euromax raises C$5.7m via private placement to fund its North Macedonia project.

Financings Jun 15, 2026 · 07:00

Euromax appoints interim leadership after securing concessions, targeting the permitting phase while navigating current liquidity constraints.

Management Jun 04, 2026 · 17:05

Euromax Announces Court Decision Restoring Merger Approval

M&A / Property Mar 19, 2026 · 17:45

Euromax Announces Closing of Issuance of Securities to EBRD in Connection with Partial Repayment of Debt

Financings Feb 26, 2026 · 17:50

Euromax settles debt with EBRD shares

Financings Feb 26, 2026 · 07:55

Debt-to-equity swaps become the primary survival mechanism as North Macedonian developer dilutes to stay afloat

Financings