Fair Pay & Worker Respect
0
As a mining company, Euromax is subject to standard labor laws and workplace safety regulations; its core business model does not inherently advance or harm fair pay and worker respect, as these outcomes depend on the company's specific internal management and operational policies. Euromax Resources (EOX) is currently an exploration and development-stage company with a very small workforce, which limits the applicability of several quantitative KPIs. According to
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, as of April 2026, the company employs only eight direct employees (seven in North Macedonia and one in the UK). Due to this extremely small headcount (fewer than 10 employees), the KPIs for living_wage_coverage, ceo_median_pay_ratio, collective_bargaining_share, and turnover_rate are scored at 0 (N/A) per the rubric's specific instructions for organizations with no material workforce or fewer than 10 employees. Regarding labor_violation_incidents, the company is scored at 10. Evidence from Articles
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confirms that there are no material litigation claims, pending proceedings, or substantiated labor-law violations involving the company or its Macedonian subsidiary. Furthermore, the company reported no penalties or sanctions imposed by any court or regulatory body relating to labor legislation during the 2025 financial year.
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While the company has established comprehensive policies for the future Ilovica-Shtuka Project—including a 'zero lost time accident' target, mandatory PPE, and a Project Labour Agreement (PLA) to harmonize industrial relations—these are forward-looking plans for the construction and operation phases and do not constitute historical performance data for scoring current safety incident rates or contract structures.
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Fair Trade & Ethical Sourcing
-10
As a mining company, Euromax is inherently exposed to significant supply chain and human rights risks, particularly regarding the extraction of minerals in developing regions. While the core business is not inherently 'fair trade' in the consumer-goods sense, it is subject to rigorous scrutiny regarding ethical sourcing, community engagement, and the prevention of forced labor in its operational footprint. Euromax Resources (EOX) is currently in the development and permitting phase for its flagship Ilovica-Shtuka copper-gold project in North Macedonia. Regarding forced_child_labour_incidents, the company has recorded zero incidents and maintains a strict preventative framework by committing to International Labour Organization (ILO) conventions (Nos. 29, 105, 138, and 182) and EBRD Performance Requirements.
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This commitment is enforced through its Code of Business Conduct and Ethics.
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For ethical_clause_coverage, the company mandates that all contractors and sub-contractors adhere to its Environmental and Social Management Plans (ESMP), which include binding human rights, health, and safety standards.
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While a specific total percentage of all procurement contracts is not explicitly stated as 100%, the policy applies broadly to all project-related consultants and contractors.
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In terms of supplier_diversity_spend, the company reported that as of September 2015, approximately 5% (€394,170) of total procurement spending was directed to local suppliers in the Strumica, Bosilovo, and Novo Selo regions.
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The company has established a local procurement policy and a database to help small-scale local enterprises meet project requirements.
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Regarding audit_frequency, the company’s Environmental and Social Management System (ESMS) includes third-party verification requirements, such as those under the International Cyanide Management Code, and annual reviews of management plans and legal registers.
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It also maintains a formal grievance mechanism for stakeholders to report non-compliance.
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Honest & Fair Business
-10
As a mineral exploration and development company, Euromax's core business does not inherently advance or harm honest business practices; its score is dependent on its specific regulatory compliance, transparency in reporting, and ethical conduct during the permitting and development phases. Euromax Resources (EOX) demonstrates a mix of standard corporate governance and significant shareholder influence. Regarding regulatory compliance, the company reported zero fines or sanctions from securities regulators in the 2025 financial year.
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While it faced a 'failure to file' cease trade order in April 2024, this was revoked within a month after disclosures were filed, indicating a prompt return to compliance.
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No material financial restatements were reported across the provided 2023-2025 documentation.
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The company maintains a formal 'Anti-Corruption and Bribery Policy' and a 'Code of Business Conduct and Ethics.'
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Its whistleblower mechanism is integrated into the Audit Committee Charter, which mandates procedures for confidential and anonymous submissions regarding accounting concerns; however, evidence of its practical effectiveness or usage rates is not provided.
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Board independence is a notable area of concern. As of late 2025, the board consisted of eight members, with 50% (4 out of 8) appointed by a single major shareholder, Galena Resource Equities (Trafigura Group).
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This high level of shareholder dominance limits the percentage of conflict-free/independent directors.
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Third-party verification is present but limited in scope. The company utilizes independent experts for technical feasibility studies and environmental/social impact assessments (ESIA) conducted by Golder Associates.
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However, as a 'venture issuer' in Canada, it is exempt from certain rigorous internal control reporting requirements (NI 52-109), and there is no evidence of comprehensive third-party verification for its broader ethical or governance claims beyond technical mining data and standard financial audits by BDO Canada LLP.
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Kind to Animals
-30
Large-scale open-pit mining operations inherently involve significant land clearing and habitat destruction, which directly threatens local wildlife populations and biodiversity. Euromax Resources is a mining development company focused on the Ilovica-Shtuka copper-gold project.
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Several KPIs are scored as 0 (N/A) because the company is not involved in consumer goods, pharmaceuticals, or animal testing.
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Regarding wildlife_conservation_impact, the company is scored at -60.
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Evidence from the Environmental and Social Impact Assessment (ESIA) indicates the project will result in the loss of approximately 508 hectares of habitat, including 1.7 hectares of Critical Habitat.
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The area is a designated Prime Butterfly Area (PBA) and home to the endangered Large Blue butterfly.
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While the company has committed to a 'no net loss' policy, 'net gain' for critical habitat, and specific mitigation measures (such as fish/decapod rescue, artificial bat roosts, and bird scaring), these are multi-year mitigation and restoration projects tied to the mine's lifecycle rather than established positive biodiversity outcomes at this stage.
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Regarding animal_agriculture_ethics, the company is scored at -70.
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The project will result in the loss of 507 hectares of grazing land used by local households for livestock (cows, goats, chickens, pigs, sheep).
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This is identified as a 'high impact' on local land users.
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While Euromax has committed to a Livelihood Restoration Plan (LRP) to mitigate the impact on these livestock-dependent communities, the current phase involves the displacement of traditional grazing practices due to industrial land-take.
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No War, No Weapons
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As a mining company focused on copper and gold, Euromax Resources does not produce weapons or engage in military contracting, making its core business neutral regarding the 'No War, No Weapons' value. Euromax Resources (EOX.TSXV) is a mineral exploration and development company focused exclusively on the Ilovica-Shtuka copper-gold project in North Macedonia.
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Based on the provided evidence, including the 2025 Annual Information Form and Management’s Discussion and Analysis, the company has no involvement in the defense or arms sectors.
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For the KPI 'revenue_arms_contracts', the company reports $0 revenue from arms, as it is currently in the exploration and development phase with no operational revenue at all.
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Its future production is entirely committed to a copper concentrate off-take agreement with Trafigura Group.
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Similarly, KPIs related to dual-use technology, surveillance, and defense-related assets are scored at 0 (N/A) because the company’s core business is strictly non-ferrous metal mining.
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Regarding 'zero_exposure_controversial_weapons', the company is a mining developer with no reported links to weapons manufacturing; it specifically modified its process flow sheet to remove cyanide circuits to comply with local environmental laws, but this is unrelated to military applications.
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While the company monitors geopolitical risks (such as the war in Ukraine and Middle East conflicts) as general business risk factors, these are external macroeconomic considerations rather than evidence of conflict-zone operations or military partnerships.
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The company maintains a Code of Business Conduct and Ethics and an Anti-Corruption and Bribery Policy, but these do not contain specific 'red lines' or peacebuilding investment metrics defined by the rubric.
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Planet-Friendly Business
-50
As an open-pit mining company, Euromax's core business involves significant land disturbance, potential biodiversity loss, and high energy/water intensity, which inherently conflicts with proactive environmental stewardship and ecosystem resilience. Euromax Resources (EOX) is currently in the development and permitting phase for its flagship Ilovica-Shtuka copper-gold project in North Macedonia.
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Regarding environmental impact assessments, the company has completed at least 8-12 distinct assessments or major updates, including the Macedonian National EIA (approved for Ilovica 6, submitted for Ilovica 11), an International ESIA (Golder Associates, 2017), a Strategic Environmental Assessment (SEA) for urbanization, and various baseline studies (hydrogeological, waste characterization, and social).
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This aligns with the -60 tier for conducting 8-12 EIAs. For environmental compliance, the company reports zero violations, penalties, or sanctions imposed by regulatory bodies during the 2025 financial year, and no identified environmental liabilities on its properties, supporting a tier of -50.
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Biodiversity efforts are in the early stages; the company has identified the endangered 'large blue butterfly' within the project footprint and committed to working with regulators to preserve the Prime Butterfly Area (PBA).
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As these are small-scale restoration and preservation pilots covering a fraction of the 1,542 ha concession, it matches the -80 tier.
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Social and transition programs are emerging. The company has established a 'Just Transition' framework by committing to retraining programs for workers transitioning from construction to operations and providing financial support for alternative livelihoods upon mine closure.
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Similarly, climate justice is addressed through a formal grievance redress mechanism, a Public Liaison Committee (PLC) representing local residents and NGOs, and a Community Investment Framework that includes environmental and educational funding.
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These emerging programs with community input align with the -40 tiers for both Just Transition and Climate Justice.
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Respect for Cultures & Communities
-30
As a mining company focused on large-scale open-pit extraction, Euromax's core business inherently involves significant land use and potential disruption to local communities, which requires rigorous adherence to FPIC and environmental safeguards to avoid negative impacts. Euromax Resources (EOX) is scored based on its flagship Ilovica-Shtuka project in North Macedonia, which has faced significant and sustained community opposition. **Community Protest Severity (-90):** Evidence shows major, organized resistance since 2017.
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This includes blockades in Strumica (July 2023), mass marches involving over 1,000 people, and local referendums where 99% of voters opposed the mine.
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NGOs like "Healthy Valley" have sustained campaigns for years, leading to significant project delays and government reversals of concession mergers.
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**Water Rights Conflicts (-70):** There is a clear dispute regarding water access.
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Local communities and NGOs cite risks of sodium cyanide and sulfuric acid leaching into groundwater and the Ilovica reservoir, which provides essential irrigation and drinking water for the agricultural Strumica valley.
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**Community Grievance Resolution (-80):** While the company has a formal grievance mechanism and information center, evidence suggests a breakdown in trust.
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Activists report receiving legal threats and lawsuits from the company for social media posts and reputation damage.
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Furthermore, the government has repeatedly revoked and then reinstated concessions amidst a "legal maze" of court rulings, indicating unresolved systemic grievances.
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**Cultural Heritage Destruction (-20):** An 18-day blockade occurred to prevent preliminary archaeological research at the site, which activists labeled illegitimate.
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While no major site destruction is confirmed, this indicates significant friction regarding heritage management.
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**Local Employment and Procurement (30):** The company documents a strategy to prioritize local hiring in a region with 30% unemployment, projecting 500 direct and 2,700 indirect jobs.
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**Revenue Sharing (-50):** There is no evidence of formal, independently verified revenue-sharing agreements.
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Financial reports show basic CSR/social responsibility spending (~$0.2M), which falls under the rubric's definition of basic spend without formal sharing structures.
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Safe & Smart Tech
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As a mining exploration and development company, Euromax Resources does not engage in data-intensive digital services, AI development, or consumer-facing software, making the core business neutral regarding the specific criteria of Safe & Smart Tech. Euromax Resources is a mineral exploration company focused on the Ilovica-Shtuka project in North Macedonia.
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Based on the provided evidence, the company maintains standard corporate IT security and data protection measures typical for the mining industry.
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Regarding 'data_breach_severity' and 'unauthorized_data_use', the company reports no documented incidents of data breaches or unauthorized data use.
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It acknowledges reliance on IT systems and identifies potential cybersecurity risks in its risk disclosures, but admits its current security systems 'may be inadequate' as threats evolve.
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Access to sensitive information, such as assay results, is restricted to a limited number of staff via a password-protected network drive.
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For 'regulatory_compliance', the company states it is subject to laws regarding data protection and privacy in its operating jurisdictions.
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While it faced a Cease Trade Order in 2024 due to filing delays, this was related to financial disclosures rather than data privacy violations.
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The company utilizes third-party services (Computershare) for shareholder data, which operates under a specific Privacy Code.
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There is no evidence of AI usage, encryption standards, cybersecurity investment percentages, or digital rights advocacy.
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As a mining development firm, its technical documentation focuses on physical sample security, geological data verification, and environmental impact assessments rather than digital technology innovation.
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Zero Waste & Sustainable Products
-40
As an open-pit mining company, Euromax's core business involves the extraction of raw materials and the generation of significant waste, including tailings and overburden, which is inherently contrary to the principles of circularity and waste minimization. Euromax Resources (EOX) is currently in the development and permitting phase for its flagship Ilovica-Shtuka copper-gold project. Consequently, evidence is primarily based on its Environmental and Social Impact Assessment (ESIA) and Feasibility Studies rather than operational performance.
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For 'waste_reduction_initiatives', the company has established at least four distinct initiatives: a zero-discharge policy for surface water, on-site waste segregation (sorting industrial and domestic waste), the reuse of surplus water from the Tailings Management Facility (TMF) back into the processing plant, and the utilization of sterile waste rock for TMF construction.
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Regarding 'hazardous_waste_management', the company has committed to a 'Hazardous and Non-hazardous Waste Management Plan' and specifically details a cyanide destruction process for gold extraction.
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However, as the mine is not yet operational, these are planned reduction efforts rather than established results, placing it in the 'good' category for its proactive planning.
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In terms of 'waste_audit_frequency', the company commits to 'continuous environmental and social monitoring' during the operational phase and 'regular' reviews of mine closure plans, which aligns with the highest tier for monitoring frequency.
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For 'waste_disposal_violations', there are no reported violations in the provided documentation covering the project's multi-year development and assessment period (2014–2017), reflecting exemplary compliance during the permitting stage.
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Finally, for 'waste_reduction_targets', the company has set quantitative targets for specific waste streams, such as a requirement for the Seepage Control Facility to capture 95% of contaminated groundwater flow and specific TMF capacity limits (210 Mm³), though it lacks a broad company-wide 'zero waste' timeline.
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