Euro Sun Welcomes Romania’s Steps to Adopt the European Union’s Critical Raw Materials Act and Reports Stronger Project Economics With NPV Rising to US$1.78 Billion at Rovina Valley
Euro Sun Welcomes Romania’s Steps to Adopt the European Union’s Critical
Raw Materials Act and Reports Stronger Project Economics With NPV Rising to
US$1.78 Billion at Rovina Valley
TORONTO, Nov. 14, 2025 -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun ”, “ESM”, or the “Company”) is delighted to
announce that under an Emergency Ordinance , the Romanian Government has established a national regulatory and
administrative framework for creating a Single Point of Contact to implement the European Union’s Critical Raw Materials Act
(“CRMA”). This is aimed to fast-track permitting and simplify procedures for projects with strategic status.
Along with the completion of Euro Sun’s environmental impact assessment technical report, the Company is also pleased to
share the results of its optimized and updated definitive feasibility study (“ DFS”) respecting CAPEX and OPEX revalidation and
economic modelling, finalized this week for the Colnic and Rovina open pits - representing the first stage of development at the
Company’s flagship Rovina Valley Copper-Gold Project. All amounts summarized below are in US dollars unless otherwise
indicated.
Key Highlights Include (summary table set out in Table 1):
• Pre-tax net present value (“NPV”) increased 173% to $1,776 million, with a pre-tax internal rate of return
(“IRR”) of 39.7%, based on $4.5/lb copper and $3,300/oz gold
• Estimated to produce 403Mlbs of copper and 1.472Moz of gold over the life of the project (first stage
development) at an all-in sustaining costs (“AISC”) of $1,206.3/gold equivalent ounce
• The updated study incorporates the most current cost and capital expenditure (“CAPEX”) data, with initial
CAPEX of $607.1 million
• The Rovina Valley Project incorporates dry stack tailings and is a cyanide free operation
Commenting on the latest developments, Grant Sboros, Chief Executive Officer of Euro Sun said, “It has been a good week for
Euro Sun. We are obviously jubilant that finally the Single Point Of Contact part of the EU’s CRMA regulation has been
implemented into Romanian law. This major milestone finally provides our company with a streamlined framework to advance
permitting to construct the mine.
We are also pleased to report that the results of our updated economic modelling for the DFS are significant, and that our
environmental impact assessment technical report has now been successfully completed. The notable increase in the value of
the project - including pre-tax NPV to US$1.77 billion - continues to underscore the economic strength of our Rovina Valley
Project and its potential as one of Europe’s most important future sources of strategic metals.
At this time, I would also like to extend my sincere appreciation to our chairman, board and investors for their continued
patience and confidence shown to me these past few months as we worked to support the CRMA implementation, along with
finalizing both our updated DFS and environmental impact assessment. All these crucial milestones bring us markedly closer
on our path to responsible development.”
Secured Debenture Repayment
The Company is also pleased to announce that it has repaid the debenture (the “ Debenture”) previously entered into with a
holding company of a director of the Company in the principal amount of $350,000 (the “Principal Amount ”) and which had a
maturity date of December 19, 2025. The Debenture was secured against all of the assets and property of the Company
pursuant to a general security agreement. Following the repayment of all the Principal Amount and accrued interest under the
Debenture, the general security agreement is no longer in place, with all security interests released and no residual
encumbrances. The Company relied on exemptions from the formal valuation and minority shareholder approval requirements
of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions respecting the issuance of the
Debenture For more information about the Debenture, please see the Company’s press release dated February 13, 2025,
which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
Appointment of Cantor Fitzgerald Canada Corp.
Euro Sun is also pleased to announce that it has engaged Cantor Fitzgerald Canada Corp. as its exclusive financial advisor to
assist in evaluating potential strategic transactions involving the Company or its assets, including mergers, acquisitions, or
sales. This engagement supports Euro Sun's ongoing efforts to maximize shareholder value at its flagship Rovina Valley
Copper-Gold Project in Romania, a key European strategic asset under the European Union's Critical Raw Materials Act.
"We are excited to partner with Cantor Fitzgerald to explore opportunities that align with our growth objectives," said Grant
Sboros.
Environmental Impact Assessment
The Company also announces it has completed its environmental impact assessment technical report and management
intends to work closely with Romanian officials to coordinate the official submission of the document. This milestone, together
with the recent designation as a strategic asset under the CRMA, helps advance the Rovina Valley Project towards
construction.
Definitive Feasibility Study
The optimized and updated economic modelling of the DFS for the Rovina Valley Project continues to focus on responsible
mining procedures including, dry stacking, continuous revegetation, and a cyanide free processing facility. The updated
economic modelling for the DFS also incorporated updated cost estimates and metal price assumptions.
Euro Sun is incorporating strong responsible mining procedures into every aspect of the project and is utilizing a phased
development approach for the Rovina Valley Project. The Rovina Valley Project consists of two open pit copper-gold deposits,
Colnic and Rovina, and the underground Ciresata copper-gold deposit. The Ciresata underground deposit is expected to be
phased in following the completion of the Colnic and Rovina pits, assuming future mining studies are completed, and positive
results are obtained.
Table 1: Updated Definitive Feasibility Highlights (first stage development)
Life of mine First 10 years
Copper price $4.50/lb
Gold price $3,300/oz
Process Rate 21,000 tonnes per day
Mine life 17,2 years
Average annual copper production 23.2 million pounds 14.0 million pounds
Average annual gold production 82,000 troy ounces 107,000 troy ounces
All-in sustaining costs $1,206.3 toz Au eq $1,172.4 toz Au eq
Pre-strip Capital $19.3 million $19.3 million
Initial Capital $607.1 million $607.1 million
Sustaining Capital $84.5 million $83 million
Pre-Tax NPV (5% discount rate) $1,776 million $1,156 million
Pre-Tax IRR 39.7% 35.7%
Post-Tax NPV (5% discount rate) $1,469.5 million $936.2 million
Post-Tax IRR 35.6% 31.5%
Average Annual Gold Equivalent Production 116,000 troy ounces 126,000 troy ounces
The Company intends to file the technical report related to the updated DFS results on SEDAR+ within 45 days, in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Andreas
Rompel, ADAR Consulting Corp., Pr.Sci.Nat., FSAIMM, a “qualified person” within the meaning of NI 43-101 that is
independent from the Company.
Rovina Valley Gold-Copper Project Overview
The Rovina Valley Project is situated in the Hunedoara County of Transylvania in western – central Romania. The Rovina
Valley Project consists of three deposits, Rovina to the North, Colnic Central and the Ciresata deposit to the south. The DFS
only incorporates the Rovina and the Colnic deposits and does not include the Ciresata deposit, which the Company expects
will be brought into the project for development later, assuming future mining studies are completed, and positive results are
obtained. The Rovina licence is held by Samax Romania S.R.L., a Romanian registered company which is a wholly owned
subsidiary of ESM. Since November 2018, ESM possesses a mining licence with a renewable 20-year validity.
The Colnic and Ciresata deposits are described as gold-copper porphyries while the Rovina deposit is termed a copper-gold
porphyry. All three of these deposits are located such that they can access a central processing plant. The Rovina Valley
Project processing facility is being designed to produce copper-gold concentrate from the Colnic and Rovina deposits.
The Rovina Valley Project is located within the Golden Quadrilateral Mining District of the South Apuseni Mountains, an area
with a history of mining dating back to pre-Roman times. This has supported the development of excellent infrastructure
including rail, power and paved access roads. In addition, there are two international airports less than 180km from the project
location, these being in the cities of Timisoara and Sibiu. The town of Brad is within 5km of the project site from where there
will be a good source of local skilled labour. Sourcing the right skills and resources locally supports ESM community
upliftment opportunities.
The Rovina Valley Project is expected to be mined in its first phase of development with a standard open-pit mining method
using rigid dump trucks and hydraulic loaders. The open pit mining operation is anticipated to last approximately seventeen
years, during which the lower-grade material will be stockpiled, if possible, for treatment at the tail end of mining operations.
Over the life of the project, it is expected that 140 Mt of ore will be mined. Of this ore, 123.3 Mt will be delivered to the
processing facility and 16.7 Mt low grade ore stockpiled where possible for future processing. In aggregate, over the life of the
mine, a total of 219 Mt of material will be mined and placed on the waste facility, representing a life of mine stripping ratio of
1.78:1.
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange-listed mining company focused on the exploration and development of its 100%-owned
Rovina Valley Project located in west-central Romania, which hosts the second largest copper and gold deposit in Europe.
Already granted European strategic status, the Rovina Valley Project is expected to unlock much needed investment and job
creation in Hunedoara County and will deliver critical minerals necessary for Europe’s green energy transition.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at
Caution regarding forward-looking information:
This press release contains statements which constitute “forward-looking information” within the meaning of applicable
securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with
respect to the Rovina Valley Project and the Company’s future business activities and operating performance in respect
thereof. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the Company’s estimates,
expectations, forecasts and guidance for production, waste material, all-in sustaining cost, capital expenditures, cost savings,
project economics (including pre-tax NPV and after tax cashflows) and other information contained in the updated DFS; as well
as references to other possible events, the future price of gold and copper, the estimation of mineral reserves and mineral
resources, the realization of mineral reserve and mineral resource estimates, the timing and amount of estimated future
production, costs of production, capital expenditures, costs and timing of the development of the project and mining and
processing activities, requirements for additional capital, government regulation of mining operations, environmental risks and
the anticipated timing for the filing of the updated DFS in accordance with NI 43-101.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s
expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates
of management considered reasonable at the date the statements are made. Although the Company believes that the
expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties,
and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material
adverse effects on future results, performance or achievements of the Company. This forward-looking information may be
affected by risks and uncertainties in the combined business of the Company and market conditions, including (1) there
being no significant disruptions affecting the Company’s operations whether due to extreme weather events and other or
related natural disasters, labor disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; (2)
permitting, development, operations and production for the Rovina Valley Project being consistent with the Company’s
expectations; (3) political and legal developments in Romania being consistent with current expectations; (4) certain price
assumptions for gold and copper; (5) prices for diesel, electricity and other key supplies being approximately consistent with
current levels; (6) the accuracy of the Company’s mineral reserve and mineral resource estimates; (7) labor and materials
costs increasing on a basis consistent with the Company’s current expectations; and (8) environmental approvals and
community engagement. This information is qualified in its entirety by cautionary statements and risk factor disclosure
contained in filings made by the Company with the Canadian securities regulators, including the Company’s annual information
form, financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities
regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated,
believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors
which could cause actual results to differ materially, there may be others that cause results not to be as anticipated,
estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking
information except as otherwise required by applicable law.
The Company has included certain non-GAAP financial measures in this press release, such as AISC per gold equivalent
ounce and NPV. These non-GAAP financial measures do not have any standardized meaning. Accordingly, these financial
measures are intended to provide additional information and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”). AISC, as defined
by the World Gold Council, is a common financial performance measure in the mining industry but have no standard definition
under IFRS. AISC include operating cash costs, net-smelter royalty, corporate costs, sustaining capital expenditure,
sustaining exploration expenditure and capitalised stripping costs. Other companies may calculate these measures differently
and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.