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TSX listing approval
21 Jun 16
Since our last update note, Euromax has announced a number of developments that represent a systematic de-risking of the Ilovica project, including 1) the first tranche of convertible debt funding by CCC and similar financing by the EBRD; 2) submission of the EIA to the Macedonian Ministry of Environment as the first step for its international ESIA; 3) German government confirmation of UFK eligibility for the debt financiers of Ilovica; and finally, yesterday 4) approval to move to the main board of the TSX.
Strategic relationships cemented
18 Apr 16
On 8 April, Euromax announced that it is to raise up to US$30m via a strategic alliance with the mining finance vehicle of Consolidated Contractors Company (CCC). The raising will be in three tranches: a C$5.2m 9% convertible loan note this month, convertible at an equity price of C$0.40/share, plus (subject to the Ilovica project proceeding and CC Mining approval) US$5m in equity in tandem with up to US$20m in the form of a 10-year subordinated, secured loan facility at Libor plus 8%.
30 Mar 16
On 6 January, Euromax (EOX) released the results of its feasibility study on its 100%-owned Ilovica gold-copper porphyry project. At a headline discount rate of 5%, the reported post-tax NPV was US$440.1m (US$3.77/share), while the pre-tax IRR was 19.8%. Significantly, the estimate of initial capex reduced to US$474.3m cf US$501.8m in the 2014 pre-feasibility study. The result is indicative of a more capital-efficient project and comes despite the DFS using lower long-term metals prices.
Definitive feasibility study results
07 Jan 16
On 6 January, Euromax released the results of its feasibility study on its 100%-owned Ilovica gold-copper porphyry project, conducted by Amec Foster Wheeler, Tetra Tech, DMT, Golder Associates and Schlumberger, amongst others. While reported pre-tax and post-tax NPVs (using a 5% discount rate) are lower than the corresponding figures in 2014’s pre-feasibility study (PFS), at US$513.0m and US$440.1m (vs US$675m and US$558m) respectively, the corresponding internal rates of return are higher, at 19.8% and 17.8% (vs 18.6% and 16.5%). This is as a result of lower initial capex (US$474.3m vs US$501.8m, including contingency) and the more efficient phasing of cash flows. The result is indicative of a more efficient project in capital terms, which is likely to manifest itself in lower future dilution to equity holders, and comes despite the definitive feasibility study using lower long-term metal prices of US$1,220/oz Au and US$2.90/lb Cu (vs US$1,250/oz and US$3.00/lb in the PFS).
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21 Oct 16
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