Euromax Announces Court Decision Restoring Merger Approval

• Euromax Resources Ltd. announced a favorable ruling from the Higher Administrative Court of North Macedonia on June 4, 2026.
• The court annulled the 2023 government decision that had withdrawn approval for the merger of the Ilovica 6 and Ilovica 11 mining concessions.
• The ruling fully restores the original 2023 Merger Approval, removing a significant regulatory obstacle for the Ilovica-Shtuka gold-copper project.
• Management plans to finalize new agreements with relevant State institutions to operationalize the restored merger approval and advance toward the exploitation permit.
• This legal victory follows a series of financing events throughout late 2025 and early 2026, including private placements and debt-to-equity swaps with major shareholders Galena and the EBRD, aimed at preserving cash and extending loan maturities to February 2027.

• The court decision is a procedural milestone that resolves a known regulatory dispute but does not constitute a material positive catalyst for the stock price.
• The ruling aligns with previous expectations and public statements regarding the company's legal strategy to challenge the 2023 withdrawal decision.
• It does not address the company's core financial vulnerabilities, including a $45.5 million working capital deficiency, negative shareholder equity, and a complete lack of operational cash flow.
• The market likely anticipated this legal outcome given the company's ongoing efforts to secure financing and advance permitting. Consequently, the news is incremental and expected, lacking the surprise element required for a material price re-rating.
• The primary impact is the removal of a permitting bottleneck, which is necessary but insufficient to drive immediate investor enthusiasm without concurrent progress on funding or production timelines.

• Euromax Resources is a pre-revenue junior mining company focused on developing the Ilovica-Shtuka copper-gold project in South-Eastern North Macedonia.
• Flagship Project: Ilovica-Shtuka is a porphyry copper-gold deposit with a completed feasibility study (early 2016). The project features a homogeneous orebody, low-strip open-pit geometry, and a basic flotation plant design.
• Reserves & Resources: Proven & Probable reserves include 2 million ounces of gold and 900 million pounds of copper. Measured & Indicated resources total 1,208.5 million pounds of copper-equivalent.
• Production Guidance: Projected average annual production of 103,000 oz Au and 20,800 tonnes Cu for years 1-5, declining over a 20-year mine life.
• Cost Guidance: Pre-tax C1 cash cost estimated at US$0.42 per lb Cu, with mining costs at US$1.84 per tonne of material moved.
• Status: The company is in the permitting phase, awaiting the exploitation permit following the resolution of the concession merger approval.