Canada-based, Serbia-focused explorer Electrum Discovery has received final court approval for its merger with Australian peer MinRex Resources, clearing the last major legal obstacle ahead of an expected closing date of around 9 April.
The court order follows shareholder approval secured on 24 March, when 99.99% of Electrum’s shareholders voted in favour of the transaction. Under the terms of the deal, MinRex will acquire all issued and outstanding common shares in Electrum, with Electrum security holders receiving ordinary shares in the merged entity in exchange. Upon completion, Electrum’s security holders will hold 49% of the combined group, with MinRex shareholders controlling the remaining 51%.
First announced in January, the merger is expected to create a gold-copper exploration group with a combined market capitalisation of approximately A$28 million ($19 million), bringing together Electrum’s Serbian asset portfolio with MinRex’s gold and base metals projects across approximately 438 square kilometres of tenements in Australia’s Lachlan Fold Belt.
Electrum’s two Serbian projects add meaningful exploration upside to the combined entity. The Novo Tlamino gold-silver project in southern Serbia, situated on the border with North Macedonia, spans 521.8 square kilometres across seven mineral permits and carries an inferred mineral resource estimate of 670,000 ounces of gold equivalent, with a net present value of $101 million at an 8% discount rate. The copper-gold Timok East project in eastern Serbia covers 123 square kilometres across three exploration permits and is located in close proximity to Zijin Mining’s cluster of operating mines at Bor, Veliki Krivelj, Cukari Peki and Majdanpek — a neighbourhood that adds strategic context to the asset’s longer-term potential.
MinRex is listed on the Australian Securities Exchange, while Electrum trades on the Toronto Stock Exchange.
