MinRex Resources Ltd Merger with Electrum Delivers Major Gold Portfolio

MinRex Resources Transforms Into Major ASX-Listed Gold Explorer Through Strategic Serbian Merger

MinRex Resources Limited (ASX: MRR) has successfully completed its transformational MinRex Resources Ltd merger with Electrum Discovery Corp., creating a well-funded, ASX-listed gold and copper explorer with significant international reach. The completed merger, effective 10 April 2026, brings together over 1 million ounces of gold resources across advanced exploration assets in Serbia and Australia.

Furthermore, this strategic combination positions MinRex as a compelling growth story in the precious metals sector. The MinRex Resources Ltd merger with Electrum adds Electrum's high-grade Tlamino Gold Project in Serbia with 670,000 oz AuEq @ 2.9g/t AuEq to MinRex's existing Sofala Gold Project in NSW with over 350,000 oz Au.

This strategic combination creates immediate scale whilst providing multiple pathways for resource expansion and discovery across two prospective jurisdictions. Under the arrangement, Electrum shareholders received 7.9 MinRex shares for each Electrum share held, with Electrum shares scheduled for delisting from TSX-V on 14 April 2026.

Additionally, the company has welcomed Dr. Elena Clarici to the Board, bringing 25+ years of mining experience and deep Serbian market knowledge to guide the expanded operations.

Serbia Emerges as MinRex's High-Impact Growth Engine

Tlamino Gold Project: Advanced High-Grade Asset Ready for Expansion

The Tlamino Gold Project represents MinRex's flagship Serbian asset, featuring near-surface, high-grade mineralisation in a proven geological setting. Located within the Serbo-Macedonian Massif, the project spans over 400km² across two granted exploration permits and three applications.

Key Resource Highlights:

• 670,000 oz AuEq @ 2.9g/t AuEq Inferred Resources
• 570,000 oz Au and 8.8 Moz Ag contained metal
• Near-surface mineralisation ideal for development
• Open pit potential with shallow resource base

The Barje Deposit forms the core of current resources but remains open to the east, west and south, providing excellent potential for resource growth. Moreover, historical drilling has identified hydrothermal breccia up to 20 metres thick hosting the strongest mineralisation.

In addition, geological modelling suggests a potentially large, zoned epithermal system connecting Barje to the Liska deposit 1.5km south. This geological interpretation supports the potential for significant resource expansion through continued exploration.

"MinRex's immediate strategy is focused on scaling and advancing the high grade Tlamino Gold Project in Serbia, unlocking district scale discovery upside across compelling Serbian copper and gold exploration targets," according to management insights.

Timok East: Strategic Positioning Near World-Class Copper Complex

The Timok East Copper-Gold Project adds significant exploration upside, covering 200km² within the Western Tethyan Magmatic Belt. This geological zone hosts several major porphyry deposits, providing strong precedent for mineralisation.

Strategically located less than 5km from Zijin Mining's Veliki Krivelj copper mine, the project benefits from established infrastructure and proven regional geology. This proximity reduces development risks whilst providing access to essential services and transportation networks.

Exploration Progress:

• Multiple discrete geophysical anomalies identified
• 3D resistivity modelling reveals two high-conductivity targets at 250-550m depth
• Age-dating confirms 94.8 Ma ± 4.6 Ma andesite, similar to Timok Metallogenic Zone
• Previous BHP Xplor accelerator programme participant

Recent geophysical work has identified two discrete high-conductivity areas beneath limestone cover, potentially masking intrusive units and mineralisation associated with the Timok Magmatic Complex. This technical breakthrough provides clear drill targets for upcoming exploration programmes.

Understanding Epithermal Gold Systems: Why Serbia Matters

Epithermal gold deposits form from hot, mineral-rich fluids circulating near the Earth's surface, typically associated with volcanic activity. These systems create distinctive characteristics that make them particularly attractive to mining companies and investors seeking efficient development opportunities.

The formation process involves volcanic activity heating groundwater, creating mineral-rich solutions. These hot fluids rise towards the surface, depositing gold and silver in fractures and porous rocks, creating concentrated zones of mineralisation relatively close to the surface.

Key Investor Benefits:

• Lower strip ratios due to shallow mineralisation
• Reduced capital requirements compared to deep deposits
• Faster development timelines from discovery to production
• Higher profit margins from premium grades

Serbia's position within the Western Tethyan Belt places it amongst globally significant epithermal terranes. This geological zone extends across the Balkans and has produced numerous world-class gold and copper deposits throughout its volcanic history.

The geological setting at Tlamino mirrors successful Serbian operations, providing confidence in the exploration model and development potential. Historical mining in the region demonstrates the commercial viability of these deposit types, supporting the technical and economic case for continued exploration.

Australian Portfolio Provides Immediate Value and Diversification

MinRex's established Sofala Gold Project in New South Wales anchors the Australian portfolio with over 350,000 oz Au Inferred Resources in the proven Lachlan Fold Belt. This strategic asset provides important portfolio benefits following the MinRex Resources Ltd merger with Electrum.

Portfolio Benefits:

• Immediate resource base in tier-one jurisdiction
• Established infrastructure access in NSW
• Diversified geological risk across two countries
• Multiple development pathways for value creation

The Lachlan Fold Belt hosts numerous significant gold deposits, including major operations such as Cadia and Newcrest's former assets. This geological province provides strong precedent for resource expansion and new discoveries across MinRex's Australian tenements.

Consequently, investors gain exposure to both emerging Serbian opportunities and established Australian gold geology. This diversification strategy reduces single-jurisdiction risk whilst maintaining focus on high-quality gold assets.

Strategic Investment Thesis: Scale, Grade, and Growth

Immediate Value Drivers

Resource Scale: Combined 1+ million ounces across proven deposits provide immediate investment scale in the precious metals sector. Grade Premium: Tlamino's 2.9g/t AuEq significantly exceeds industry averages, supporting superior project economics.

Development Ready: Near-surface resources are ideal for rapid advancement through feasibility studies. Expansion Potential: Multiple deposits remain open for extension, offering clear pathways for resource growth.

Medium-Term Catalysts

Strategic Positioning Advantages

Geographic Diversification: Balanced exposure across Australia and Serbia reduces political and operational risks. Technical Leadership: Experienced team with proven Serbian success provides confidence in execution capabilities.

Financial Flexibility: Well-funded platform supports aggressive exploration programmes across multiple assets. Infrastructure Access: Proximity to established mining regions reduces development costs and timelines.

The MinRex Resources Ltd merger with Electrum creates a unique value proposition in the ASX exploration sector. The combination provides immediate scale whilst maintaining focused exposure to high-grade, near-surface gold assets across two stable mining jurisdictions.

Leadership Enhancement Strengthens Serbian Strategy

Dr. Elena Clarici's appointment brings critical Serbian expertise to MinRex's leadership team. As Electrum's co-founder with 25+ years of mining experience, Dr. Clarici provides essential capabilities for advancing the Serbian portfolio effectively.

Key Qualifications:

• Deep Serbian market knowledge and regulatory expertise
• Established local relationships across government and industry
• International capital markets experience from London-based roles
• Strategic guidance as Executive Chairman of Pan Pacific Resource Investments

This appointment signals MinRex's commitment to best-practice Serbian operations and positions the company for accelerated development across its new European assets. Dr. Clarici's experience spans technical evaluation, corporate development, and capital markets.

Her involvement in the MinRex Resources Ltd merger with Electrum from inception demonstrates deep understanding of the strategic rationale and technical potential. This expertise proves invaluable for navigating the combined asset portfolio development.

Why Should Investors Follow MinRex Resources?

The completed merger transforms MinRex into a scale player in the ASX gold exploration sector, combining immediate resource inventory with compelling growth potential. The strategic rationale centres on three key differentiators that distinguish the company from peers.

1. Resource Quality and Scale

High-grade, near-surface deposits are ideal for cost-effective development with superior project economics. 1+ million ounce inventory provides immediate investment scale attractive to institutional investors.

Multiple open deposits offer clear expansion pathways through systematic drilling programmes. This resource base provides multiple development optionality across both jurisdictions.

2. Strategic Geographic Positioning

Serbian assets are positioned in proven epithermal terrain adjacent to major operations with established infrastructure. Australian portfolio operates in tier-one jurisdiction with established infrastructure and regulatory framework.

Diversified risk profile across stable, mining-friendly regions reduces single-jurisdiction exposure. This geographic spread provides operational flexibility and reduced political risk.

3. Accelerated Development Pathway

Advanced exploration assets are ready for resource expansion drilling with clear technical targets identified. Experienced management team brings proven Serbian success and deep market knowledge.

Well-funded platform supports aggressive exploration programmes across multiple high-priority targets. This financial position enables rapid advancement without immediate dilutive capital raising requirements.

The company's immediate focus on scaling the Tlamino project whilst advancing district-scale opportunities creates multiple value inflection points. With upcoming drilling programmes and clear development pathways, MinRex represents a compelling growth story.

Furthermore, the technical team's proven track record in Serbian operations provides confidence in execution capabilities. The combination of immediate resources and exploration upside creates an attractive risk-adjusted return profile.

MinRex Resources has positioned itself as a major ASX-listed gold explorer, with over 1 million ounces of resources and significant expansion potential across Serbia and Australia. With immediate drilling programmes planned at the high-grade Tlamino project and multiple discovery opportunities across its expanded portfolio, investors should monitor MinRex closely as it executes its growth strategy in the coming quarters.

Looking for the Next Major ASX Gold Discovery?

Whilst MinRex's Serbian merger creates compelling scale in the gold exploration sector, Discovery Alert's proprietary Discovery IQ model delivers real-time alerts on significant ASX mineral discoveries, instantly empowering subscribers to identify actionable opportunities ahead of the broader market. Begin your 14-day free trial today and secure your market-leading advantage.