Euromax Resources Ltd. announced on June 4, 2026, that the Higher Administrative Court of North Macedonia has ruled in its favor, restoring the government's 2023 approval to merge its two exploitation concessions, Ilovica 6 and Ilovica 11. The decision annuls the 2023 Withdrawal Decision, effectively reinstating the Merger Approval as if it had never been revoked.
The ruling is a significant development for the company, which has been pursuing the Ilovica-Shtuka gold-copper project in North Macedonia. Tim Morgan-Wynne, Chief Executive Officer of Euromax, expressed the company's satisfaction with the court's decision. '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,' he stated.
The restoration of the Merger Approval removes a key obstacle that had halted progress on the project since 2023. The merger of the two concessions is expected to streamline operations and facilitate the development of the Ilovica-Shtuka deposit, one of the largest undeveloped gold-copper projects in Europe. The project has the potential to create jobs, generate tax revenues, and stimulate economic activity in the region.
For Euromax, the court ruling provides renewed momentum to advance the project. The company now anticipates entering into a new agreement with state institutions to move forward with development. However, the path ahead remains subject to regulatory approvals and the finalization of terms with the government.
The company cautioned that forward-looking statements, such as those relating to the achievement of milestones for the Ilovica-Shtuka project, are subject to risks and uncertainties. These are detailed in Euromax's filings on SEDAR+.
Investors and stakeholders can find more information about Euromax Resources and its projects on the company's website at www.euromaxresources.com.
