MinRex Resources (ASX:MRR) reshapes growth profile through Serbian Australian gold copper merger

MinRex Resources has taken a decisive step in reshaping its growth profile through a merger of equals with TSX V listed Electrum Discovery Corp, bringing together advanced gold and copper assets in Serbia with established Australian projects in New South Wales.

The proposed transaction positions MinRex as a well capitalised exploration company with operational exposure across two established mining jurisdictions, underpinned by a balance sheet structured to support sustained exploration and resource development activity.

Highlights

• Merger of equals between MinRex Resources (ASX: MRR) and Electrum Discovery Corp (TSX V: ELY)

• Pro forma market capitalisation of approximately $28M with pro forma cash of approximately $8M and no debt

• Portfolio includes advanced gold assets in Serbia and Australia, led by the Tlamino Gold Project and the Sofala Gold Project

• Near term strategy focused on resource growth drilling and discovery led exploration

• Transaction targeted to close in March 2026, subject to customary approvals and conditions

At the centre of the transaction is Electrum’s 100% owned Tlamino Gold Project in southern Serbia, an advanced development stage asset hosting near surface Inferred Mineral Resources of 670K oz AuEq at 2.9g/t AuEq under a NI 43 101 qualifying foreign estimate.

The Barje Deposit, which underpins this estimate, has been extensively drilled from surface and forms the focus of planned infill and extension drilling following completion of the merger.

A Preliminary Economic Assessment was completed on the project in 2021, providing a conceptual framework for potential development, while remaining subject to the inherent limitations associated with Inferred Resources.

The merged group intends to prioritise infill drilling at Barje to support an updated Mineral Resource Estimate with an increased proportion of Indicated classification.

This work is intended to facilitate an updated PEA or feasibility level assessment in due course.

In parallel, step out drilling is planned to test extensions of mineralisation to the east and west of the existing resource envelope, along with a second phase program targeting the southern area between Barje and the Liska prospect, where more than 1km of strike remains untested by drilling.

These programs are supported by planned geophysical reprocessing and interpretation to refine targeting.

Beyond Tlamino, Electrum contributes the Timok East Copper Gold Project within the Western Tethyan Belt, located approximately 5km from Zijin Mining’s Bor Copper Complex and spanning more than 300 km² of granted exploration permits with access to established regional infrastructure.

Previous work has identified large scale magnetic and geophysical anomalies consistent with extensive hydrothermal systems, while trenching and early stage diamond drilling have confirmed copper gold anomalism across multiple targets.

MinRex’s Australian portfolio provides additional depth, anchored by the Sofala Gold Project in the Lachlan Fold Belt of New South Wales, which hosts Inferred Mineral Resources of 352,000 oz gold.

The project offers further opportunity for resource growth through continued exploration, complementing the Serbian assets and providing jurisdictional diversification.

Management from both companies have emphasised scale, funding capacity and technical depth as key drivers of the transaction, with MinRex Director James Pearse stating,

“By combining Electrum’s highly prospective and advanced Serbian gold copper assets with MinRex’s established NSW project portfolio, we are creating a stronger, well funded exploration company with enhanced scale, diversification and technical depth.”

Looking ahead, the merged group is positioned to deploy capital immediately into clearly defined exploration programs across both jurisdictions.

In a market where balance sheet strength and project quality increasingly differentiate explorers, MinRex emerges from this transaction with a broadened asset base, a clear technical roadmap and the financial capacity to advance its portfolio through the next phase of value creation.

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