Mr. Tim Morgan-Wynne reports

EUROMAX ANNOUNCES FINAL LEGAL DECISION

The Higher Administrative Court has issued its decision in respect of Euromax Resources Ltd.'s appeal challenging the rejection of the company's application for an exploitation permit for the Ilovica 6 concession. The higher court has upheld the company's lawsuit and annulled the disputed decision to reject the company's application for an exploitation permit for the Ilovica 6 concession. This reconfirms the decisions made by the administrative courts in 2020.

As part of this decision, the higher court stated not only that the merger of the Ilovica 6 and Ilovica 11 concessions represented a prior legal matter, but also that the government was obligated to make a decision on the concessions merger. The higher court pointed out that the application to merge the concessions was due to the rational and economic exploitation of the two concessions, since the Ilovica 6 and Ilovica 11 concessions were adjacent to each other and exploiting the same type of material. The higher court also stated that the Ministry of Economy had completed an inspection in relation to the concessions merger and, on Feb. 8, 2016, minuted the fact that company had met all the legal conditions required for a merger.

The higher court's decision now returns the company to the same position it was in prior to the decision of the Ministry of Economy in July, 2019, with all its concessions in good legal standing but waiting for the government to approve the concessions merger. The higher court has again highlighted the obligation on the government to make a decision upon the concessions merger.

This decision now removes the basis to challenge the legal validity of the Ilovica 6 concession, and is the third final decision in the company's favour since the start of legal proceedings in 2019. The only case now left undecided relates to the government's unfounded withdrawal of its approval of the concessions merger on July 25, 2023.

However, until a final approval for the concessions merger is concluded, the company acknowledges that there is still material uncertainty related to intended development of the Ilovica-Shtuka project.

Tim Morgan-Wynne, executive chairman, stated: "All of our legal cases challenging the actions by government in relation to the Ilovica 6 concession have now been resolved in our favour. The higher court has determined that the government is obligated to decide on the concessions merger, and also highlighted that the company has met all the legal requirements to do so. We now hope that the government has the full legal justification to reconsider the concessions merger and decide this again in favour of the project.

"If the government approves the concessions merger and then continued to act in accordance with their legal obligations, we could rapidly start to develop the Ilovica-Shtuka project, thereby delivering its powerful economic benefits, and allowing the shadow of international arbitration to start to recede."

About Euromax Resources Ltd.

Euromax has a major development project in North Macedonia and is focused on building and operating the Ilovica-Shtuka gold-copper project.

We seek Safe Harbor.