Electrum Discovery Completes Merger with MinRex Resources

Electrum Discovery Corp. has completed its previously announced statutory plan of arrangement with MinRex Resources Limited, under which MinRex acquired all issued and outstanding common shares of Electrum, resulting in Electrum becoming a wholly-owned subsidiary of MinRex.

Terms and share exchange under the Arrangement

Under the definitive arrangement agreement dated January 5, 2026, MinRex acquired all outstanding Electrum common shares through a statutory plan of arrangement under the Business Corporations Act (British Columbia).

Pursuant to the Arrangement, each holder of an Electrum common share received 7.900363636 ordinary shares of MinRex.

All outstanding Electrum stock options, share purchase warrants and deferred share units were cancelled. Holders of these instruments received fully paid MinRex shares based on a valuation determined using the Black & Scholes method.

Ownership split after completion

As a result of the Arrangement, original holders of Electrum securities own approximately 49.3% of the ordinary shares of MinRex following completion. Holders of MinRex shares hold approximately 50.7% of the resulting issuer shares.

Delisting and reporting issuer status

Electrum shares are expected to be delisted from the TSX Venture Exchange and the OTC Venture Market effective at the close of business on April 14, 2026. The Company will also apply to cease to be a reporting issuer in all Canadian jurisdictions where it is currently a reporting issuer.

Shareholder instructions for receiving consideration

Registered shareholders of Electrum are reminded to complete and return the letter or transmittal, together with their share certificate(s) and direct registration system advice(s), to Computershare Investor Services Inc. (the “Depositary”) to receive the consideration under the Arrangement.

Non-registered shareholders should contact their brokers or custodians for assistance in submitting their shares and receiving the new MinRex shares.

Registered shareholders with questions regarding the letter of transmittal can contact the Depositary toll-free at 1-800-564-6253 (North America) or 1-514-982-7555 (outside North America), or by email at corporateactions@computershare.com.

MinRex forward strategy

MinRex’s immediate strategy is focused on scaling and advancing the high grade Tlamino Gold Project in Serbia, unlocking district scale discovery upside across Serbian copper and gold exploration targets including the Timok East Copper-Gold Project, and advancing high-impact opportunities across MinRex’s Australian gold and base metals projects in the Lachlan Fold Belt (NSW).

Additional information

For further details regarding the Arrangement, Electrum referenced its announcements dated January 6, 2026, February 26, 2026, March 24, 2026 and April 2, 2026, as well as its management information circular dated February 17, 2026, available on SEDAR+ at www.sedarplus.ca.

Contact

Dr Elena Clarici, Director
T: +1 604 801 5432 | E: elena@electrumdiscovery.com

Forward-looking statements

Certain statements in the release constitute forward-looking information under Canadian securities legislation, including statements regarding the expected achievement of milestones, results of operations, and expected financial results, as well as the expected timetable, outcome and effects of the Arrangement, including delisting and the application to cease to be a reporting issuer, and the expected benefits of the Arrangement.

Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. The release notes risks including uncertainties inherent in the PEA and exploration results and the estimation of mineral resources; risks related to obtaining adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with exploration and development results and the geology, grade and continuity of mineral deposits; and unanticipated costs and expenses.

The release states that forward-looking information is based on management assumptions and is made as of the date of the release, and that Electrum disclaims any obligation to update forward-looking information except as required by law.