1

Disclaimer

This presentation contains statements that are forward-looking, such as those relating to results of operations and financial
condition, capital spending, financing sources, commodity prices, mineral resources and property evaluation plans and
programmes. Forward-looking statements are frequently characterised by words such as “plan”, “expect”, “project”, ”intend”,
”believe”, ”anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur.

Forward-looking statements are based on the opinions and estimates of management at the dates the statements are made,
and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements. The forward-looking statements contained in this document
are as of the date of this document, and are subject to change after this date. Readers are cautioned that the assumptions
used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on forward-looking statements. Euromax disclaims any intention
or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise.
 3

Introducing the Ilovica-Shtuka Gold-Copper project in Macedonia

The Euromax Proposition

Simplicity Simple Geology, Simple Mining, Simple processing,

Simple Logistics = AISC US$372/oz
___________________________________________________________

Longevity 20+ year Mine Life = cyclical Gold & Copper exposure
___________________________________________________________

Credibility A Management Team that has done it all before

___________________________________________________________

Comprehensive National, Regional and Local backing

Support
Received EIS Approval
 4

Project Location
Logistics
Rosia Montana (Gabriel Resources)

Certej (Eldorado Gold)

Bor

Timok (Nevsun Resources)

Europe

North America
Chelopech
(Dundee Precious Metals)
Africa
Skouries (Eldorado Gold)
Ilovica - Shtuka (Euromax)
South America
 5

Mining in Macedonia
LUKE – Kriva Palanka
Lead, Zinc, Gold, Silver and Copper
MINSTROY HOLDING
TORANICA – Kriva Palanka
LOJANE - Lipkovo Lead, Zinc and Silver
Antimony and Arsenic
MINSTROY HOLDING
ZLETOVO – Probishtip
Lead, Zinc and Silver

PLAVICA – Probishtip Kratovo SASA - MK Kamenica

Gold, Lead and Zink Lead, Zinc and Silver
STOGOVO - Kichevo
Manganese BUCHIM - Radovish KADIICA – Pehchevo
Gold mine with silver Copper, Gold and Iron
North America
Tajmiste - Kischevo
BOROV DOL – Konche
Iron ore
Copper, Gold and Silver
EUROMAX RESOURCES
Ilovica-Shtuka
Copper and Gold

KAZANDOL - Valandovo
Copper and Gold
FENI INDUSTRIES
Development Rzanovo Mine
Nickel
Operating
 6

Macedonia
Government & GDP USD 11 billion Tax rate 10%
Public Support
Population 2 million Excellent infrastructure

Educated workforce Free Trade World Bank Ease

agreements with EU of Doing Business
25% Unemployment
and EFTA
6th EU, 12th World
7
 8

Systematic Value Creation

Measured & Proven &
Indicated Resources Probable Reserve
• Inferred Resource ✓
256.8mt @ 198.1mt @
0.32g/t Au (2.6Moz) 0.32g/t Au (2.01Moz) • Preliminary Economic Analysis ✓
0.21% Cu (1.2Blb) 0.21% Cu (898.9Mlb)
(AuEq 0.66 g/t) • M & I Resource ✓

AuEq 5.4Moz AuEq 4.11Moz

• Pre-Feasibility Study ✓

• Base Line E & S Data Collation • P & P Reserve ✓

• EIS Approved
• Feasibility Study ✓
• 30 Year Mining Concession Awarded
• Construction Permit Initiated • Front End Engineering & Design ✓
• All achieved with US$30 million of expenditure
 9

Feasibility Study – the Value Defined

Mineral Reserve Pre-tax NPV(5%) US$ 513m
IRR: 19.8%
- 2.01 Million oz Gold
Post-tax NPV(5%) US$ 440m
- 898.9 Million lbs Copper IRR: 17.8%

MINE LIFE 20+ YRS

AVG ANNUAL 83,000oz Au & 16,000t Cu (AuEq 167,000 oz)

PRODUCTION Conc & Dore – Aurubis Offtake

INITIAL C A P E X ( INC . C O N T I N G E N C Y ) U S $ 4 7 4 . 3 million

AFTER TAX PAYBACK PERIOD 4.3 YRS

Au ADJ. OP. CASH COSTS / ALL-IN COSTS US$ 200/oz /US $372/oz

Cu ADJ. US$ 0.54/lb / US $0.93/lb

Prices: USD 1,220/oz Au; USD 2.90/lb Cu
 10

Initial Capex Summary

Initial Capex Breakdown (US$m) Initial Capex Opportunities
Mining & Fleet $75.2 • MOU with EPC Contractor agreed - 2 stage process:
Open Book to Guaranteed Maximum Price; Lump
Processing Plant $199.6
Sum Turn Key EPC Contract.
Owner’s Costs $33.2
• Received 3 bids appetite for Contract Mining,
Infrastructure $26.0 reducing capex requirements at rates in line with the
Feasibility Study.
Tailings Management Facility $42.9

EPCM Contractor $53.2 • Comminution equipment costs reduced from more

detailed quotes from suppliers.
Temporary Works $3.7
• Lower infrastructure costs using local quotes and
Sub-Total $433.8 supply together with reducing foot print.

Contingency $40.4 Financing

US$240m UFK Guaranteed Project Finance
Total $474.2 supported by Aurubis offtake
 11

Simple Geology
• Resource drilling completed to nominal Measured and Indicated Fresh Mineral Resource Based upon a
Dollar Equivalent cut-off of US$16/t
50m spacing Grade Contained Metal
Classification 
Tonnage (Mt) Au  Cu  Au  Cu
 (g/t)   (Moz) 
• A total of 42,032m have been drilled for  Measured  147.1 
(%)
0.31  0.23  1.5 
(Mlb)
729.500
130 drillholes  Indicated  109.7  0.33  0.20  1.1  479.000
 Total M & I  256.8  0.32  0.21  2.6  1,208.500

• Consistent mineralisation and grade

throughout
 12

Simple Mining
Proven and Probable Reserves
• Strip Ratio 1:1 – open pit
Grade Contained Metal
Classification Tonnage Au Cu Au Cu
• Conventional drilling and blasting together (g/t) (%) (Moz) (Mlb)
with shovel and trucks supported by a fleet Probable 112.6 0.30 0.19 0.84 355.0

of ancillary equipment Proven 85.5 0.32 0.22 1.17 543.9

Total P & P 198.1 0.32 0.21 2.01 898.9

• Two hydraulic shovels with a fleet of up to

19 rigid dump trucks
 13

Simple Processing

• 10Mt pa throughput
• Primary gyratory in pit crusher with conveyor from pit to plant
• SAG mill with two ball mills
• Bulk flotation - produces clean concentrate of 24% Cu & 24g/t Au
• CIL on scavenger tails to on-site doré
 14

Simple Logistics

• Road Transportation (A3 Motorway) directly to the

Pirdop smelter at costs of US$26.4 per tonne of
concentrate

• 60,000 – 100,000 tpa concentrate production

using 30t trucks

• 300km / 4-5 hour Journey time

 15

A Wealth of Experience
Steve Sharpe, President & CEO Tim Morgan-Wynne, Non-Executive Director
• +30 years in investment banking, focused on the mining sector in • Previously CFO at European Goldfields and Director of
Europe & The Americas. Resources and Energy Group at HSBC Bank plc.
• Senior management positions at European Goldfields, • Experience in financing projects: Europe, North America, Africa.
Canaccord, Endeavour Financial, Standard Bank, and NM
Rothschild & Sons Ltd.

Varshan Gokool, CFO Randy Matkaluk, Non-Executive Director

• Extensive project finance experience. • CFO of privately owned oil and gas company Capio Exploration
• Corporate and banking background, including European Ltd.
Goldfields, Treasurer at Katanga Mining Limited, Vice President • Director at Triangle Petroleum Corp.
in Societe Generale's Mining Finance team.

Patrick Forward, COO Bill Abel, Non-Executive Director

• +25 years global experience in project development and • +40 years of senior professional experience at major
execution: exploration, managing engineering studies up to international mining companies.
detailed engineering, operational management. • Specialty in operations, management and project development
• Qualified Person for NI 43-101 reporting. and implementation.
• Formerly VP head of projects at European Goldfields.

Martyn Konig, Non-Executive Chairman Raymond Threlkeld, Non-Executive Director

• +30 years’ experience in banking and commodities. • +30 years’ experience in mineral industry.
• Non-Executive Director of New Gold Inc. and Chairman of • Currently Executive Chairman of Newmarket Gold Inc., Non-
Nyrstar. Executive Director of New Gold Inc.
 16

Next Steps

 Technical Development – Expected Completion end of H1 2018

• Incorporate Ag into Resource
• Initiate stage 1 of EPC Process – Guarantee Maximum Price
• Complete Mining Contract negotiation
• Issue Optimised Technical Report – H1 2018

 Permitting – Well advanced

• International ESIA – March 2017
• Process Main Mining Project through approval steps
• Complete Land Acquisition and urbanisation process
 17

Cashflow Profile – Returning The Value

Production

Years 1-5 6-10 11-23

Au (oz/yr) 103,000 90,800 67,700
Avg Annual
Cu (t/yr) 20,800 16,800 13,300
Production
Total AuEq (oz/yr) 212,000 179,800 137,700

Cash Flows by Period (Au US$ 1220 /oz, Cu US$ 2.90 /lb)

Years 1-5 6-10 11-23

Average Annual
$112 million $84 million $24 million
Operating Cashflow Post Tax
Total Operating Cashflow Post Tax $560 million $420 million $323 million

Food for thought: EOX Market Cap C$79 million (US$59 million)
Average Annual Operating Cashflow yrs 1-5 = US$112 million per annum
1 AuEq calculation also includes payable silver in concentrate.
2 There is no production in years 21-23 but there are cash flows incurred associated with closure and salvage.
 18

Value Gap: TSX Listed and Construction Ready

Operating Cash Flow (OCF) US$98M average, Yr 1-10

Multiple: MC / OCF = 0.6x in each of years 1-10

Production vs Cumulative Operating Cash Flow

Gold Gold Equivalent Copper Operating Cash Flow

300,000 $1,200,000

Cumulative Operating Cash Flow in US'000

250,000 $1,000,000
Gold Equivalen Ounces

200,000 $800,000

150,000 $600,000

100,000 $400,000

50,000 $200,000

0 $0
1 2 3 4 5 6 7 8 9 10
 19

Corporate Information

Capitalization Overview Share price against Market Vector

Junior Gold Miners Index

Market cap C$ 45 M
Closing price (20 Oct 17) C$ 0.33
52 Week High C$ 0.81
52 Week Low C$ 0.30
Shares Basic 135 M
Shares Fully Diluted 210 M

Major Shareholders Holding

EBRD 17.3%
Richard Griffiths 16.5%
Richmond Capital 10.1%
Equinox Partners 9.9%
EOX GDXJ

Investec Bank Plc 6.8% Research Coverage:

Management 6.1% CIBC, Peel Hunt, Echelon Wealth Partners, Edison
 20

Euromax: Executing on Value Creation at Ilovica-Shtuka

Simplicity Simple Geology, Simple Mining, Simple processing,

Simple Logistics = AISC US$372/oz
___________________________________________________________

Longevity 20+ year Mine Life = cyclical Gold & Copper exposure
___________________________________________________________

Credibility A Management Team that has done it all before

___________________________________________________________

Comprehensive National, Regional and Local backing

Support
Received EIS Approval

All Free Cash Flow Returned to Shareholders

 21

www.euromaxresources.com

Steven L C Sharpe
President & CEO
[email protected]

Varshan Gokool
Chief Financial Officer
[email protected]

Pat Forward
Chief Operating Officer
[email protected]