Dr. Elena Clarici reports

ELECTRUM DISCOVERY COMPLETES MERGER WITH MINREX RESOURCES

Electrum Discovery Corp. has completed its previously announced statutory plan of arrangement with MinRex Resources Ltd.

Under the terms of the definitive arrangement agreement dated Jan. 5, 2026, between Electrum and MinRex, 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), resulting in Electrum becoming a wholly owned subsidiary of MinRex (see news release dated Jan. 6, 2026).

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 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 per cent of the ordinary shares of MinRex following the completion of the arrangement while holders of MinRex shares hold approximately 50.7 per cent 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 jurisdictions of Canada where it is currently a reporting issuer.

For further details regarding the arrangement, please refer to the company's announcements dated Jan. 6, 2026, Feb. 26, 2026, March 24, 2026, and April 2, 2026, as well as the company's management information circular, dated Feb. 17, 2026, and prepared in respect of the meeting and the arrangement agreement, which are available under the company's profile on SEDAR+.

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. 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 of North America) or by e-mail at corporateactions@computershare.com.

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 MinRex's Australian gold and base metal projects in the Lachlan fold belt (New South Wales).

We seek Safe Harbor.