공고 • Jul 28
Minrex Resources Limited Announces Cessation of Elena Clarici from Executive Director, Effective October 24, 2026 Minrex Resources Limited announced that Elena Clarici ceased in her role as Executive Director of the Company with effect from October 24, 2026. Ms Clarici joined the Board on completion of the merger with Electrum Discovery Corp. in April 2026 and brought operational knowledge of the Company's Serbian assets. As the leader of Electrum Discovery, Ms Clarici was instrumental in advancing the Timok East copper-gold project and in building the Serbian exploration platform that underpinned the merger with Minrex. Her stewardship of Electrum Discovery was central to establishing the combined group's presence in the Balkans. Ms Clarici's departure followed the appointment of Minrex's team in Serbia, the successful integration of the Electrum Discovery business into Minrex and transition of those projects into the Company's ongoing exploration and development programme. Board Change • Jul 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director James Pearse was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m (AU$9.8k revenue, or US$6.8k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$32.1m market cap, or US$22.5m). Reported Earnings • May 29
Third quarter 2026 earnings released: EPS: AU$0 (vs AU$0 in 3Q 2025) Third quarter 2026 results: EPS: AU$0 (in line with 3Q 2025). Net loss: AU$471.7k (loss narrowed 11% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 10
Independent Non-Executive Director recently bought AU$211k worth of stock On the 9th of January, Glenn Whiddon bought around 13m shares on-market at roughly AU$0.017 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$225k more in shares than they have sold in the last 12 months. 공고 • Jan 06
MinRex Resources Limited (ASX:MRR) agreed to acquire Electrum Discovery Corp. (TSXV:ELY) for CAD 11.6 million. MinRex Resources Limited (ASX:MRR) agreed to acquire Electrum Discovery Corp. (TSXV:ELY) for CAD 11.6 million on January 5, 2026. The consideration consists of 966.67 million common equity of MinRex Resources Limited at a ratio of 7.900364 per common equity of Electrum Discovery Corp. As part of consideration, an undisclosed value is paid towards common equity of Electrum Discovery Corp. In case of termination of transaction, MinRex Resources Limited will pay a termination fee of CAD 0.25 million and seller will pay a termination fee of CAD 0.25 million. All Electrum Convertible Securities will be cancelled, and holders will receive MinRex Shares equal to the fair value of their securities, calculated using a Black & Scholes valuation. A total of 87,009,759 MinRex Shares will be distributed to holders on a pro rata basis after cancellation. A total of CAD 0.1713 million of finders’ fees are payable by Electrum in relation to the Transaction. As part of this integration, Elena Clarici, President and CEO of Electrum, will join the MinRex board as an executive director, while Michael Thomsen, currently a non-executive director of Electrum, will be appointed as a non-executive director on the MinRex board. Under the terms of the Transaction, Electrum Securityholders will collectively own approximately 49.3% of the ordinary shares of the Resulting Issuer, while holders of MinRex Shares will own approximately 50.7% of the Resulting Issuer Shares. Upon completion of the Arrangement, Electrum Shares are expected to be delisted from the TSX-V, Frankfurt Stock Exchange and the OTCQB Venture Market.
The transaction is subject to approval by regulatory board, approval of offer by target shareholders and subject to court approval. Electrum's board of directors, in consultation with Electrum's financial and legal advisors, unanimously recommends that Electrum’s Securityholders vote in favour of the Transaction. The expected completion of the transaction is in March, 2026
RwE Growth Partners, Inc. acted as fairness opinion provider for Electrum Discovery Corp. Gowling WLG LLP acted as legal advisor for Electrum Discovery Corp. Thomson Geer acted as legal advisor for Electrum Discovery Corp. Steinepreis Paganin acted as legal advisor for MinRex Resources Limited. Farris LLP acted as legal advisor for MinRex Resources Limited. 
