Solway Investment Group Offers Euromax Resources Ltd. and the Ilovica-Shtuka Project a Better Path Forward - Seite 2

Under the Solway Proposal  Solway and Euromax would form a joint venture comprising Solway's Buchim Project and Euromax's Ilovica-Shtuka Project, with ownership of the joint venture being held 75% Solway and 25% Euromax. Solway would sole-fund a new definitive feasibility study for the Ilovica-Shtuka Project and other activities of the joint venture until the Ilovica-Shtuka Project receives an exploitation permit (subject to a 5 year outside date). 

Solway believes that by optimizing some of the over-engineered solutions, reducing certain EPCM services, achieving significant savings by avoiding the need for a tailings storage facility (as elaborated on above), and sharing existing plant infrastructure with Solway's Buchim Project (existing 4.5Mt pa processing plant, existing and construction ready infrastructure for another 10Mt pa concentrator, old open pits capable of being converted into tailing storage facilities with total capacity of over 200Mt and a seasoned management team of mining and engineering experts), the Ilovica-Shtuka mine can be built with US$300,000,000 to US$350,000,000 of investment instead of US$500,000,000. 

Solway would also advance a US$2,000,000 convertible bridge loan to Euromax to enable Euromax to properly evaluate the Solway Proposal, convertible on closing of the Solway Proposal into 26,000,000 units of Euromax consisting of 1 common share and 1 common share purchase warrant (implies CAD$0.10 per unit versus CAD$0.0625 or approximately 60% premium to the unit pricing set out in the Private Placement Transaction) with each warrant being exercisable at CAD$0.20 (versus CAD$0.15 under the Private Placement Transaction) for a period of 2 years after closing of the Solway Proposal. Solway is ready to advance the bridge loan to Euromax without any additional conditions or due-diligence.

Solway looks forward to meeting with Euromax, its creditors and other stakeholders in the coming days to discuss how the Solway Proposal offers a better path forward for all interested parties. 

Dan Bronstein, Chief Executive Officer of Solway, stated:

"The Solway Group has a track record of successfully and quickly launching mining projects in North Macedonia since 2005. We are convinced that by exploiting the unique synergies of the Buchim and Ilovica-Shtuka Projects will allow to launch a new mine swiftly, in strict accordance with international safety and sustainability standards and in full compliance with the expectations of the local communities and the Government of Macedonia. We look forward to partnering with the shareholders of Euromax in another Macedonian mining success story."

About Solway Investment Group GmbH

Solway Investment Group GmbH is a private mining and metals group headquartered in Switzerland with global operations. Solway is a well-established and respected investor in Macedonia, with a successful track record in the metals and mining sector in the country since 2005 (e.g. SASA Zinc and Lead Mine, and the Buchim Copper and Gold Mine). The Buchim mine is the leading mining project and the only operating copper and gold mine in Macedonia, situated approximately 40km to the north-west of Ilovica-Shtuka Project. The Buchim mine has been operated by several state and privately owned companies since 1979 and by Solway since 2005. Under Solway's leadership, its mines have become one of the largest employers and tax-payers in the country. 

Website: https://solwaygroup.com/