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Equity Bottom-Up

Edison Investment Research is terminating coverage on Euromax Resources (EOX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Edison Investment Research is terminating coverage on Euromax Resources (EOX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

In November 2016, Euromax embarked on a contract mining tender process (in contrast to the owner-operator model envisaged in its DFS). The tender focused on the first seven years of mine life and, based on indicative offers received to date, holds out the prospect of a c US$42.2m capex saving in return for a US$0.17/t, or (estimated) US$42.9m life-of-mine, increase in (undiscounted) mining operating costs and adds C$0.05, or 5.7%, to our EOX valuation on a like-for-like basis (see Exhibit 3).

In November 2016, Euromax embarked on a contract mining tender process (in contrast to the owner-operator model envisaged in its DFS). The tender focused on the first seven years of mine life and, based on indicative offers received to date, holds out the prospect of a c US$42.2m capex saving in return for a US$0.17/t, or (estimated) US$42.9m life-of-mine, increase in (undiscounted) mining operating costs and adds C$0.05, or 5.7%, to our EOX valuation on a like-for-like basis (see Exhibit 3).

Potential US$87.2m in initial capex savings

Ilovica-Shtuka is a large project (ultimately it will account for 1-2% of Macedonian GDP) in a poor area of Europe with high unemployment. Now that parliamentary elections are completed, the stage is set for Euromax to raise equity and for the government to grant final construction permits early in CY17.

Ilovica-Shtuka is a large project (ultimately it will account for 1-2% of Macedonian GDP) in a poor area of Europe with high unemployment. Now that parliamentary elections are completed, the stage is set for Euromax to raise equity and for the government to grant final construction permits early in CY17.

United Kingdom

Euromax Resources Ltd. is a mineral exploration and development company with gold and base metal assets in Macedonia, Bulgaria and Serbia.

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Euromax Resources (EOX CN)

Termination of coverage

Edison Investment Research is terminating coverage on Euromax Resources (EOX). Please note you should no longer rely on any previous research or...

Edison Investment Research

Potential US$87.2m in initial capex savings

In November 2016, Euromax embarked on a contract mining tender process (in contrast to the owner-operator model envisaged in its DFS). The tender...

Edison Investment Research

Maximising Europe

Ilovica-Shtuka is a large project (ultimately it will account for 1-2% of Macedonian GDP) in a poor area of Europe with high unemployment. Now that...

Edison Investment Research

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