Electrum Discovery Completes Merger with MinRex Resources

12.04.2026  |  The Newswire

Vancouver - Electrum Discovery Corp. ("Electrum" and/or the "Company") (TSX-V:ELY | FRA:R8N | OTC:ELDCF) is pleased to announce the completion of its previously announced statutory plan of arrangement (the "Arrangement") with MinRex Resources Ltd. (ASX:MRR) ("MinRex").

Under the terms of the definitive arrangement agreement dated January 5, 2026 between Electrum and MinRex ("Arrangement Agreement"), MinRex acquired all the issued and outstanding common shares in Electrum, among other things, by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) ("Arrangement"), resulting in Electrum becoming a wholly-owned subsidiary of MinRex (see News Release dated January 6, 2026).

Pusuant to the Arrangement, each holder of an Electrum common share (an "Electrum Share") received 7.900363636 ordinary shares of MinRex ("MinRex Shares). All outstanding Electrum stock options, share purchase warrants and deferred share units ("Electrum Convertible Securities" and together with Electrum Shares, "Electrum Securities") were also cancelled, and holders thereof received such number of fully paid MinRex Shares, determined using a Black & Scholes valuation.

As a result of the Arrangement, original holders of Electrum Securities own approximately 49.3% of the ordinary shares of MinRex following the completion of the Arrangement (the "Resulting Issuer Shares") while holders of MinRex Shares hold approximately 50.7% of the Resulting Issuer Shares.

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 juridictions of Canada where it is currently a reporting issuer.

For further details regarding the Arrangement please refer to the Company's announcements dated January 6, 2026, February 26, 2026, March 24, 2026 and April 2, 2026, as well as the Company's management information circular, dated February 17, 2026 and prepared in respect of the Meeting and the Arrangement Agreement which are available under the Company's profile on SEDAR+ (www.sedarplus.ca).

Registered shareholders of Electrum are reminded to complete and return the letter or transmittal, together with their share certificate(s) of direct registration system advice(s), to Computershare Investor Services Inc. (the "Depositary") in order 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.

If any registered shareholder of the Company has questions regarding the letter of transmittal, please contact the Depositary toll-free at 1-800-564-6253 (North America) or 1-514-982-7555 (outside North America) or via email at corporateactions@computershare.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Strategy

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

Additional information on Electrum can be found by reviewing the Company's page on SEDAR+ at www.sedarplus.ca.

For more information contact:

Dr Elena Clarici, Director

T: +1 604 801 5432 | E: elena@electrumdiscovery.com

Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking information" within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking information. Such statements include Company's expected achievement of specified milestones, results of operations, and expected financial results of the Company. Often, but not always, this forward-looking information can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, expected timetable; outcome and effects of the Arrangement and matters related thereto, including the delisting of Electrum shares from the TSX Venture Exchange and the OTCQB Venture Market, Electrum's application to cease to be a reporting issuer; and the expected benefits of the Arrangement to Electrum and its securityholders.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Electrum, to be materially different from any results, performance or achievements expressed or implied by forward-looking information. Such uncertainties and factors include, among others, uncertainties inherent in the PEA and exploration results and the estimation of mineral resources; risks related to the failure to obtain adequate financing on a timely basis and on acceptable terms; changes in general economic conditions and financial markets; risks associated with the results of exploration and development activities, and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in Electrum's quarterly and annual filings with securities regulators and available under Electrum's profile on SEDAR+ at www.sedarplus.ca. Rock chips and surface results are early stage and there is no assurance that future exploration will find mineralization of further interest. Although Electrum has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking information contained herein is based on the assumptions, beliefs, expectations and opinions of management. Forward-looking information has been made as of the date hereof and Electrum disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.

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