Mr. Tim Morgan-Wynne reports

EUROMAX PROVIDES FINANCING UPDATE

Euromax Resources Ltd. has agreed to issue a non-interest-bearing, unsecured, non-convertible promissory note in the principal amount of $804,000 (U.S.) to one of its current major shareholders, Galena Resource Equities Ltd., an entity controlled and managed by Galena Asset Management SA, which is an affiliate of Trafigura Pte. Ltd. The proceeds from the promissory note will be used to provide the company with short-term working capital. The company currently has no source of operational cash flow, and it is anticipated that the company will require additional financing by the end of the current calendar year.

As Galena is a related party of Euromax under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions), the entering into of the promissory note constitutes a related-party transaction under MI 61-101. In completing this transaction, the company is relying on the exemptions from the formal valuation and minority approval requirements under sections 5.4 and 5.6 of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, respectively. The company did not file a material change report with respect to the promissory note at least 21 days prior to the anticipated issuance of the promissory note due to the company's determination that it is in the best interest of the company to avail itself of the proceeds of the promissory note in an expeditious manner.

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.