Euromax Resources Ltd. (TSXV: EOX) announced today that the Higher Administrative Court has ruled in favor of the company, annulling the 2023 withdrawal of the merger approval for its two exploitation concessions, Ilovica 6 and Ilovica 11. The decision effectively restores the original Merger Approval as if it had never been revoked, marking a significant legal victory for the company.
The dispute began in 2023 when the Macedonian government withdrew its earlier approval to merge the concessions, which are part of the Ilovica-Shtuka gold-copper project. Euromax challenged the withdrawal, and the court's ruling now nullifies that decision, reinstating the original approval in full force.
Tim Morgan-Wynne, Chief Executive Officer of Euromax, expressed the company's satisfaction with the court's decision. "The Company is delighted that the Higher Administrative Court has restored the Merger Approval previously issued by the Macedonian Government in 2023. 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 Ilovica-Shtuka project is a major development project in North Macedonia, focused on gold and copper production. The restoration of the merger approval is expected to streamline the project's development, potentially accelerating the path to production and bringing economic benefits to the region.
For more information about Euromax Resources and its projects, visit www.euromaxresources.com.
This news release contains forward-looking statements, including those relating to the finalization of agreements and the potential economic impact of the project. These statements are based on management's current expectations and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements. For a detailed discussion of risk factors, refer to the company's filings on SEDAR+ at sedarplus.ca.
