MinRex to acquire Electrum shares in gold-copper merger

MinRex Resources has entered into a definitive statement statement to get each issued and outstanding shares of Electrum Discovery, representing a large gold-copper merger.

The transaction volition proceed via a statutory program of arrangement.

Valued astatine astir $18.73m (A$28m), the woody is being positioned arsenic a merger of equals.

The combined institution volition bring unneurotic Electrum’s golden and copper projects successful Serbia with MinRex’s assets successful New South Wales (NSW), Australia.

A cardinal item is Electrum’s Tlamino Gold Project successful Serbia, which contains near-surface inferred mineral resources of 670,000oz of golden equivalent astatine 2.9 grams per tonne (g/t) golden equivalent, supported by a preliminary economical appraisal (PEA) completed successful 2021.

MinRex’s Sofala Gold Project successful NSW hosts inferred mineral resources exceeding 350,000oz of golden astatine a people of 1.6g/t.

In the abbreviated term, the combined entity volition prioritise unlocking worth astatine the Tlamino Gold Project done assets enlargement drilling and exploration aimed astatine caller discoveries astir the existing Barje Deposit.

This strategy volition gully connected the important existent golden assets base, elaborate targeting enactment and anterior economical assessments.

Beyond the Tlamino and Sofala projects, the merged portfolio volition besides see Electrum’s Timok East Copper-Gold Project successful Serbia’s Western Tethyan Belt, adjacent to the Zijin Bor Copper Complex.

Work astatine Timok East volition absorption connected identifying a important copper-gold strategy by investigating imaginable extensions of adjacent deposits.

Meanwhile, MinRex’s existing golden and basal metals assets successful the Lachlan Fold Belt successful NSW volition stay a priority, with continued accent connected expanding resources astatine Sofala.

Once the transaction is completed, Electrum securityholders are expected to clasp astir 49% of the combined company, portion MinRex investors volition ain astir 51%.

Each Electrum stock volition beryllium exchanged for 7.9 MinRex shares.

Directors and investors representing astir 28% of Electrum’s issued shares person signed voting enactment agreements successful favour of the transaction.

The merger has been unanimously endorsed by some boards and is expected to beryllium completed successful March 2026, pending modular regulatory approvals and different customary conditions.

MinRex manager James Pearse said: “This merger of equals represents a pivotal infinitesimal for some companies. By combining Electrum’s highly prospective and precocious Serbian gold-copper assets with MinRex’s established NSW task portfolio, we are creating a stronger, well-funded exploration institution with enhanced scale, diversification and method depth.