Serbian gold in focus of major mining merger – MinRex and Electrum forming new international company

Australian company MinRex Resources Ltd and Canadian Electrum Discovery Corp. have reached an agreement to merge as equal partners, which will form a new, capital-strengthened company focused on gold and copper exploration, with significant projects in Serbia and Australia.

After the transaction, MinRex will remain listed on the Australian Stock Exchange (ASX), while the combined portfolio will include several advanced exploration projects with significant mineral potential.

Two projects in Serbia

Among the most important projects is Tlamino in Serbia, which has inferred mineral resources of about 670,000 ounces of gold equivalent, with an average content of 2.9 grams per ton. The project has already been included in the preliminary economic analysis, while additional exploration drilling is planned in the next phase with the aim of increasing resources, especially in the Barje deposit zone.

In addition, the Timok East project, a copper-gold deposit located within the western Tethys belt, near the Zijin Bor mining complex, one of the most significant in the region, also has significant exploration potential.

Australian projects and further growth

In Australia, the combined company will also operate the Sofala project in the state of New South Wales, with inferred resources of more than 350,000 ounces of gold, as well as a broader portfolio of exploration licenses within the Lachlan Fold Belt geological area, with the aim of further expanding the resource base.

According to a statement from the companies, the new group will have a market capitalization of approximately AUD 28 million after the merger, cash of approximately AUD 8 million, and no debt.

Electrum Discovery Corp. shareholders will receive 7.9 MinRex shares for each Electrum share, while support for the transaction has already been secured from the owners of approximately 28% of Electrum shares. The boards of directors of both companies unanimously supported this decision.

The transaction is scheduled to close in March 2026, subject to obtaining all necessary regulatory and shareholder approvals.

MinRex Resources Ltd

Electrum Discovery Corp

Tlamino

Timok East