Euromax Announces Partial Repayment of Debt Owed to EBRD and Subscription by EBRD for Additional Shares

The most recent news (February 26, 2026) announces a debt settlement agreement with the European Bank for Reconstruction and Development (EBRD). Euromax will issue 25,539,333 common shares at a price of C$0.045 to settle C$1,149,270 in debt. This follows a series of similar moves: a February 19 announcement to extend the maturity of US$10.2 million in convertible debentures to 2027, and a February 5 closing of a C$1.13 million debt settlement with Galena Resource Equities (Trafigura affiliate) at C$0.0325 per share.

The impact is Routine - Neutral. While settling debt with a major institutional lender like the EBRD is ostensibly positive for the balance sheet, it is a "survival" move rather than a "growth" move. - Dilution: The company is continuously issuing shares to satisfy liabilities because it lacks operational cash flow. - Control: EBRD’s stake increases to 19.55%. Combined with Galena (Trafigura), which holds over 55%, the company is increasingly dominated by its creditors. - Pricing: The settlement price of C$0.045 is higher than the C$0.0325 used in the January/February Galena settlements, suggesting a slight stabilization or floor in the valuation, but it remains deep in "penny stock" territory. - Project Stagnation: There is no news regarding the actual development or permitting of the Ilovica-Shtuka project; all recent materiality is purely financial engineering to prevent default.

Euromax is focused on the Ilovica-Shtuka Gold-Copper Project in North Macedonia. - Flagship Project: Ilovica-Shtuka. - Stage: Development/Permitting. - Ownership: 100% (subject to royalties and a gold stream). - Royalties: State royalty of 4% (increased from 2% as of Jan 1, 2025). - Streaming: Royal Gold holds a Gold Purchase and Sale Agreement (GPSA) for 25% of future gold production (up to 525k oz) in exchange for a US$175M advance payment (of which a portion has been paid).