MinRex and Electrum Set to Forge a New Gold-Copper Powerhouse in Serbia and Australia
MinRex Resources is advancing a transformative merger with Canadian explorer Electrum Discovery Corp., poised to create a well-capitalised gold and copper exploration entity with significant assets in Serbia and Australia.
- Proposed merger with Electrum Discovery Corp. targeting March 2026 completion
- Tlamino Gold Project hosts 670,000 oz AuEq inferred resources at advanced development stage
- Timok East Copper-Gold Project shows promising early-stage exploration near major mining complex
- MinRex maintains strong cash position of $8.3 million to support exploration and merger activities
- Fraser Range Project option allowed to lapse to focus on Serbian-Australian portfolio
A Strategic Merger in the Making
MinRex Resources Limited (ASX, MRR) has taken a significant step towards reshaping its exploration footprint by progressing a merger with Electrum Discovery Corp. (TSX-V, ELY), a Canadian-listed company with a strong focus on gold and copper projects in Serbia. This proposed merger, unanimously supported by both companies’ boards and backed by Electrum shareholders, is targeted to close in March 2026. The combined entity will remain listed on the ASX, creating a well-capitalised explorer with a diversified portfolio spanning two Tier 1 jurisdictions.
Unlocking Serbian Gold and Copper Potential
Electrum’s flagship asset, the Tlamino Gold Project, is an advanced development stage project located in the Serbo-Macedonian Massif. It boasts a NI43-101 compliant inferred resource of 670,000 ounces of gold equivalent at a grade of 2.9 grams per tonne, concentrated mainly at the Barje Deposit. The project’s geological setting, characterised by a thick hydrothermal breccia hosting high-grade mineralisation, offers substantial upside through planned infill and step-out drilling to upgrade resource classification and test extensions.
Complementing Tlamino is the Timok East Copper-Gold Project, an early-stage exploration asset situated just 5 kilometres from the Bor Copper Complex operated by Zijin Mining. Recent geophysical surveys, including a second phase Audio-Magnetotelluric study, have identified discrete zones of high conductivity at depth, interpreted as potential porphyry-style copper-gold mineralisation. Age-dating results further support the prospectivity of the project, aligning with known mineralising events in the region.
Australian Assets and Strategic Focus
While the merger advances, MinRex continues to evaluate its Australian portfolio, including the Sofala Gold Project in New South Wales, which hosts over 350,000 ounces of gold resources. Although no fieldwork was conducted during the quarter, technical reviews and planning are ongoing to prioritise future exploration. The company has elected to let its option on the Fraser Range Copper-Gold Project lapse, choosing to concentrate resources and management attention on the promising Serbian assets and the merger integration.
Financial Position and Outlook
MinRex reported a solid cash position of $8.3 million at the end of December 2025, providing a strong financial foundation to support the merger and forthcoming exploration programs. Quarterly exploration expenditure was modest at just under $100,000, reflecting a focus on due diligence and planning rather than active field campaigns. Payments to related parties, primarily directors’ fees, were disclosed in line with corporate governance standards.
Looking ahead, the merged group plans to prioritise drilling at the Barje Deposit to upgrade resource confidence and advance economic studies. Concurrently, further geophysical and geological work at Timok East aims to refine targets for follow-up drilling. The combination of advanced and early-stage projects across two continents positions the company to leverage diverse opportunities in the evolving gold and copper markets.
Bottom Line?
As MinRex and Electrum prepare to unite, the market will watch closely to see if this merger can unlock the full potential of Serbia’s rich mineral belts alongside Australia’s established gold provinces.
Questions in the middle?
- How will the merger impact MinRex’s exploration strategy and capital allocation in the near term?
- What are the timelines and expected outcomes for the planned drilling programs at Tlamino and Timok East?
- How might the lapse of the Fraser Range option affect MinRex’s exposure to Western Australian copper-gold opportunities?
