MinRex Completes Electrum Merger, Gains Over 1Moz Gold Assets and $8M Cash

• Merger with Electrum completed via Canadian statutory plan
• Acquisition adds >1Moz gold endowment including Tlamino and Sofala projects
• New Serbian copper-gold assets near world-class mining district
• Board strengthened with Dr Elena Clarici’s appointment
• Company holds $8 million cash for exploration and feasibility

Merger Completion Expands MinRex’s Asset Base

MinRex Resources (ASX:MRR) has officially closed its merger with Canadian explorer Electrum Discovery Corp, acquiring 100% of Electrum’s shares and effectively doubling its footprint with advanced gold and copper projects in Serbia and Australia. The deal, completed via a Canadian statutory Plan of Arrangement, issued over 1 billion new MinRex shares to Electrum securityholders, who now hold approximately 49% of the merged entity. MinRex shareholders retain 51%, positioning the company as a well-funded, diversified explorer with a combined gold endowment exceeding one million ounces.

The merger was overwhelmingly supported by Electrum shareholders, with 99.99% voting in favour, and received final court approval from the Supreme Court of British Columbia in early April 2026. Electrum shares were subsequently delisted from the TSX Venture Exchange, consolidating all assets under MinRex’s ASX listing. This transaction marks a significant step in MinRex’s strategic expansion, adding high-quality Serbian assets alongside its established Australian projects. The company’s CEO, Max Piirto, who brings extensive mining and project development experience, has flagged immediate plans to advance the Tlamino Gold Project and explore the Timok East Copper-Gold Project with a disciplined drilling campaign. This leadership focus follows Piirto’s recent appointment to drive the company’s Serbian ambitions Minrex Names Max Piirto CEO.

Tlamino and Timok East Projects Anchor Serbian Portfolio

The crown jewel of the newly acquired Serbian assets is the Tlamino Gold Project, located in the Serbo-Macedonian Massif. It boasts a near-surface, high-grade Inferred Resource of 670,000 ounces gold equivalent at 2.9 g/t AuEq, estimated under Canada’s NI 43-101 standard but not yet JORC-compliant. The Barje Deposit within Tlamino remains open along multiple strike directions, offering substantial upside potential through an imminent 3,200-metre infill drilling program aimed at upgrading the resource to JORC 2012 standards and supporting feasibility studies. A subsequent 3,000-metre Phase 2 drilling campaign will test extensions along the Barje-Liska corridor, where a large epithermal system is inferred.

Complementing Tlamino is the early-stage Timok East Copper-Gold Project, covering approximately 300 square kilometres near Zijin Mining’s Bor Copper Complex, a world-class porphyry district. Recent geophysical surveys, including a second-phase Audio Magnetotelluric (AMT) survey, have identified discrete high-conductivity anomalies at depths of 250 to 550 metres, interpreted as potential porphyry-style mineralisation concealed beneath limestone and volcanic sediments. Geochronological data confirm the age of intrusive rocks consistent with mineralisation in the Timok Metallogenic Zone. These findings highlight the project’s district-scale potential and justify further systematic exploration. The combined Serbian portfolio positions MinRex to leverage proximity to established mining infrastructure and regional expertise, recently bolstered by the appointment of Dr Elena Clarici to the board, a co-founder of Electrum with over 25 years’ experience in Serbian mining operations MinRex Completes Electrum Merger.

Australian Assets and Financial Position

On the Australian front, MinRex retains the Sofala Gold Project in New South Wales, with an existing JORC Inferred Resource exceeding 350,000 ounces of gold. While no fieldwork was conducted during the quarter, technical reviews and forward planning are underway to target the largely untested strike between the Queenslander and Sofala deposits, with geophysical surveys expected to guide future drilling. The Sunny Corner and Mt Pleasant projects remain under review, focusing on geological and structural assessments to identify polymetallic mineralisation potential.

Financially, MinRex ended the quarter with $8.06 million in cash, supporting an estimated 30 quarters of funding at current expenditure levels. The company’s quarterly exploration spend was modest at $63,885, reflecting the transition period during the merger. Corporate costs and director fees were paid on normal commercial terms. The strong cash position provides a solid foundation for the planned drilling and feasibility studies at Tlamino and Timok East, underpinning MinRex’s ambition to convert its expanded asset base into long-term shareholder value.

Bottom Line?

MinRex’s merger with Electrum positions it at the cusp of resource growth, but the transition from foreign resource estimates to JORC-compliant assets and successful drilling results will be critical to validate this expanded portfolio.

Questions in the middle?

• Will upcoming drilling at Barje upgrade Tlamino’s resource to JORC standards and expand ounces?
• Can Timok East’s geophysical anomalies translate into economically viable copper-gold deposits?
• How will the new board expertise influence strategic execution and project prioritisation?