Edison Investment Research - Euromax Resources Ltd. (EOX.) Update: Positive pre-feasibility and maiden reserve

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Edison Investment Research

Update: Positive pre-feasibility and maiden reserve

Euromax Resources has announced the results of the pre-feasibility study (PFS) on its Ilovitza gold project in Macedonia. Euromax also declared a maiden reserve for Ilovitza of 2.45Moz of gold and 905Mlb of copper. Euromax highlighted a cash flow distribution-based strategy, in which its free cash flow will be distributed to shareholders. Euromax will begin Phase 1 financing of US$30m non-equity funding due in August 2014 and will start engaging with banks early to raise Phase 2 financing of US$350m in debt project financing once the NI 43-101 is filed. Our updated valuation, based on the PFS data, the December resource statement and revised funding, is C$0.98/ share, up from our initiation value of C$0.40/share.

19/06/2014 10 EN

Underlying

Euromax Resources Ltd.

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CA29873T3073 Toronto Stock Exchange Canada

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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