Euromax Resources Ltd. (TSXV: EOX) announced on Thursday that the Higher Administrative Court in North Macedonia has accepted the company’s case against the withdrawal of the merger approval for its two exploitation concessions. The ruling annuls the Withdrawal Decision from 2023, effectively restoring the original Government decision to merge the Ilovica 6 and Ilovica 11 concessions, known as the Merger Approval, as if it had never been withdrawn.
The decision marks a significant legal victory for Euromax, which has been pursuing the Ilovica-Shtuka gold-copper project in North Macedonia. The company had initiated legal proceedings after the government unexpectedly withdrew the merger approval in 2023, a move that stalled progress on the project. With the court’s ruling, Euromax can now move forward with finalizing a new agreement with relevant state institutions.
“The Company is delighted that the Higher Administrative Court has restored the Merger Approval previously issued by the Macedonian Government in 2023,” said Tim Morgan-Wynne, Chief Executive Officer of Euromax. “We now look forward to finalising the new agreement with the relevant State institutions and starting to contribute economic growth for the local and national economies.”
The restoration of the merger approval is a crucial step for Euromax, as it consolidates the two concessions into a single operational area, simplifying regulatory processes and potentially accelerating development timelines. The Ilovica-Shtuka project is one of the largest undeveloped gold-copper deposits in Europe, and its advancement could bring substantial economic benefits to North Macedonia, including job creation and infrastructure development.
The decision also provides clarity for investors, who have been monitoring the legal proceedings closely. Euromax has faced uncertainty since the withdrawal, which had raised questions about the stability of the investment climate in the country. The court’s ruling may boost confidence in the regulatory framework and encourage further investment in the mining sector.
Euromax’s focus is now on negotiating a new agreement with state institutions, which is expected to outline the terms for moving the project forward. The company has not provided a timeline for when this agreement might be finalized, but CEO Morgan-Wynne expressed optimism about the next steps.
The company’s shares are listed on the TSX Venture Exchange under the symbol EOX. More information about Euromax and its projects can be found on its website at www.euromaxresources.com.
Forward-looking statements in this news release are based on management’s current expectations and are subject to risks and uncertainties. For a detailed discussion of these factors, refer to Euromax’s filings on SEDAR+ at sedarplus.ca.
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