Minrex Advances Tlamino with Funded Drilling and Updated Scoping Study Amid Soaring Gold-Silver Prices

• Fully funded 7,000m drilling program targets resource upgrade at Tlamino
• Gold and silver prices up 200% and 360% since 2021 PEA
• Scoping Study update to reflect current resource and economics
• Environmental baseline and permitting workstreams underway
• Exploration and target generation progressing across wider portfolio

Tlamino Drilling to Unlock Resource Upgrade

Minrex Resources (ASX:MRR) is mobilising a substantial ~7,000m diamond and reverse circulation drilling campaign at its Tlamino Gold Project in southern Serbia. The program is designed primarily to convert the existing NI 43-101 Inferred resource of 670,000 oz AuEq at the Barje Deposit into a higher-confidence Indicated category under JORC 2012 standards, providing the geological foundation for an updated Scoping Study. This drill campaign, split into a 3,200m infill phase and a 4,000m step-out and corridor drilling phase, will also test over 1km of underexplored strike along the Barje–Liska corridor for potential new mineralisation analogous in scale to Barje itself.

The resource upgrade is critical to underpinning the next phase of project development, enabling Minrex to leverage the strong technical foundation laid by the 2021 Preliminary Economic Assessment (PEA) published by Electrum Discovery Corp prior to the merger. The company’s approach is to build upon, rather than duplicate, this prior work, accelerating progress toward feasibility and permitting.

Gold and silver prices have surged dramatically since the 2021 PEA, with gold up 200% to around US$4,500/oz and silver soaring 360% to approximately US$76/oz. This metal price appreciation materially enhances the project’s economic potential and motivates the planned update to the Scoping Study, which will incorporate the new resource model, mine scheduling, and metallurgical data to provide a contemporary economic assessment.

Metallurgical and Environmental Foundations Strengthened

Minrex is advancing a comprehensive metallurgical testwork program that builds on two well-documented ALS campaigns from 2019 and 2020. This program aims to refine comminution parameters, flotation recoveries, and concentrate specifications to support both the Scoping Study and future feasibility studies. The updated metallurgical dataset is expected to reduce technical risk and improve confidence in processing and concentrate marketing assumptions.

Parallel to technical work, Minrex has initiated a full annual Environmental Baseline Study (EBS) covering air, water, soil, noise, and biodiversity components. The dataset is designed to feed directly into Serbia’s Environmental Impact Assessment (EIA) process, which is a prerequisite for mining permits. Early engagement with Serbian environmental authorities aims to smooth the permitting pathway, with the company targeting readiness for formal EIA scoping upon completion of the baseline data collection.

Local Engagement and Operational Footprint

Minrex has established an operational base in Bosilegrad, the municipality hosting the Tlamino licences, and is prioritising local employment. Impressively, 100% of geological field technicians for the drilling program are recruited locally, with training provided to meet industry standards. This approach not only supports community development but also builds social licence critical for project advancement through permitting and construction phases.

Exploration Pipeline Beyond Tlamino

While Tlamino remains the flagship focus, Minrex is progressing exploration and target generation across its wider Serbian portfolio. The Timok East Copper-Gold Project is undergoing detailed data compilation and geophysical surveys to define drill-ready targets, particularly on the highly prospective Luka and Makovište licences. Similarly, the Karamanica Prospect is being re-evaluated with geological mapping and core reassessment to mature high-priority drill targets for 2027. In Australia, ongoing technical reviews at the Sofala Gold Project aim to expand resources along a largely untested strike between known deposits.

This multi-asset approach balances near-term value creation at Tlamino with longer-term optionality across a district-scale portfolio, consistent with Minrex’s dual-stream strategy outlined since the Electrum merger completion earlier this year. The company’s financial capacity to fund the full 2026 program from existing cash reserves further supports disciplined execution without dilution.

Sequenced Milestones and Market Timing

Minrex has laid out a clear schedule of value-accretive milestones through 2026, including drill results, resource updates, metallurgical test outcomes, Scoping Study delivery, and environmental permitting progress. The timing aligns well with the current elevated precious metals price environment, offering a chance for a near-term transformational revaluation of the Tlamino asset.

CEO Max Piirto, appointed just last month, emphasises disciplined delivery and leveraging the merged company’s combined strengths, building on his experience driving exploration in Serbia and Australia. His leadership will be pivotal as Minrex navigates technical, environmental, and regulatory challenges while advancing its flagship project and portfolio simultaneously, as noted in his recent appointment announcement.

Bottom Line?

Minrex’s 2026 plan hinges on successful resource upgrades and permitting progress at Tlamino, with commodity price tailwinds amplifying potential value but execution risk remaining significant.

Questions in the middle?

• Will the infill drilling convert a substantial portion of the inferred resource to indicated status as planned?
• How will updated metallurgical data influence processing assumptions and project economics in the Scoping Study?
• Can Minrex maintain permitting momentum amid Serbia’s regulatory complexities and community expectations?