The Australian mining company MinRex Resources Limited and the Canadian Electrum Discovery Corp. We have concluded a final merger agreement to create a new gold and copper mining company in Serbia and Australia. This is reported in the MinRex press release.
As a result of the transaction, MinRex will acquire Electrum's assets as part of a stock exchange (7.9 MinRex shares per Electrum share). Upon completion of the transaction, which is expected at the end of March 2026, Electrum shareholders will own 49% of the combined company, while MinRex shareholders will own 51%.
As a result of the merger, Electrum's Serbian gold and copper mining projects will be combined with MinRex's Australian gold mining assets. The combined company's market capitalization will be 28 million Australian dollars.
Electrum's flagship project is the Tiamino Gold project in Serbia, which has gold reserves of 670,000 ounces. MinRex is developing the Sofala gold mining project in New South Wales (over 350,000 ounces of gold).
In the short-term strategy, the new company will prioritize drilling at the Tiamino's Barje Deposit field. The combined company will also promote Electrum's Timok East Copper-Gold Project in Serbia near the Zijin Mining's Bor complex.
The transaction requires approval by Electrum shareholders and regulatory authorities, as well as meeting the usual closing conditions. Electrum's shareholders and directors, representing about 28% of the shares, have already entered into agreements to support the deal.
MinRex Resources is an Australian gold and non—ferrous metals mining company in New South Wales. The company implements the Mt Pleasant, Sofala Gold and Sunny Corner projects. The headquarters is located in West Perth (Australia).
Electrum Discovery is a Canadian gold and copper exploration company in the Western Tethyan Belt region of Serbia. The headquarters is located in Waekuwer (Canada).
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