Mr. Tim Morgan-Wynne reports

EUROMAX ENTERS INTO AGREEMENTS TO EXTEND MATURITY DATES OF PREVIOUSLY ISSUED CONVERTIBLE DEBENTURES

Further to Euromax Resources Ltd.'s press release dated Feb. 6, 2024, the company has obtained agreements from each of the European Bank for Reconstruction and Development (EBRD) and CC Ilovitza Ltd. (CCC), an affiliate of Consolidated Contractors Company Group, to extend the maturity dates of EBRD's and CCC's previously issued convertible debentures in the aggregate principal amounts of $5-million (U.S.) and $5.2-million, respectively, from Feb. 28, 2024, to Feb. 28, 2025.

In order to comply with the requirements of the TSX Venture Exchange, EBRD and CCC have also agreed that for as long as the company is listed on the TSX Venture Exchange, any issuance of shares pursuant to a conversion of accrued and unpaid interest under the convertible debentures and of any fees under the EBRD convertible debenture will be subject to the policies of the TSX Venture Exchange, including the requirement that such issuance would be subject to prior acceptance by the TSX Venture Exchange and that such shares would be issued at a price that is not less than the market price (as defined in the policies of the TSX Venture Exchange) at the time such accrued and unpaid interest or fees become payable.

The debenture amendments do not make any changes to the conversion price applicable to principal under the convertible debentures (15 cents per share) or to the applicable interest rate (20 per cent for the period from and including April 30, 2018, to and excluding March 31, 2019, and 7 per cent for the period from and including March 31, 2019, to and excluding Feb. 28, 2025).

In completing the debenture 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 debenture amendments remain subject to the final acceptance of 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.