Euromax Update on Mining Concession

Euromax Resources Ltd has encountered a significant regulatory setback in its North Macedonian operations, receiving formal rejection of its exploitation permit application from the country's Ministry of Economy. The rejected application, designated as Exploitation Permit no. 24-4490/1, was originally submitted on July 25, 2016, indicating a nearly three-year review period before the negative determination.

The rejection affects one of Euromax's two exploitation concessions in the Republic of North Macedonia, representing a material challenge to the company's operational plans in the region. The lengthy review process and ultimate rejection highlight the complex regulatory environment facing international mining companies operating in the Balkans.

This development underscores the ongoing permitting challenges that have become increasingly common in European mining jurisdictions, where environmental and regulatory scrutiny has intensified. For Euromax, the rejection may necessitate a strategic review of its North Macedonian assets and could impact the company's near-term development timeline and capital allocation priorities.