Mr. Tim Morgan-Wynne reports

EUROMAX ANNOUNCES INTENTION TO EXTEND MATURITY DATES OF PREVIOUSLY ISSUED CONVERTIBLE DEBENTURES

Euromax Resources Ltd. intends to amend certain terms of its previously issued convertible debentures, which were issued to: (i) European Bank for Reconstruction and Development (EBRD) in the aggregate principal amount of $5-million (U.S.) (as amended from time to time); and (ii) CC Ilovitza Ltd. (CCC), an affiliate of Consolidated Contractors Company Group, in the aggregate principal amount of $5.2-million (as amended from time to time).

Specifically, Euromax intends to enter into agreements with EBRD and CCC to extend the maturity dates of the convertible debentures from Feb. 28, 2024, to Feb. 28, 2025.

The proposed amendments may result in the following: (i) with respect to the EBRD debenture, the issuance of up to an additional 7,380,428 common shares of the company, calculated using the Canadian-dollar/U.S.-dollar foreign exchange rate as at Jan. 10, 2024, in the event that outstanding interest amounts of the EBRD debenture accrued from Feb. 29, 2024, and Feb. 28, 2025, totalling approximately $827,916 (U.S.), are converted into common shares in accordance with the terms of the EBRD debenture; and (ii) with respect to the CCC debenture, the issuance of up to an additional 5,913,259 common shares in the event that outstanding interest amounts of the CCC debenture accrued from Feb. 29, 2024, and Feb. 28, 2025, totalling approximately $889,282, are converted into common shares in accordance with the terms of the CCC debenture.

In completing the proposed amendments, the company is relying on the exemptions from the formal valuation and minority approval requirements in Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, contained in sections 5.5(e) and 5.7(1)(c) of MI 61-101, respectively.

The proposed amendments are subject to acceptance by the TSX Venture Exchange.

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.