MinRex Resources

Minrex Resources Limited (ASX: MRR) is a gold and copper exploration and development company focused on high-value opportunities in Serbia. Its flagship Tlamino Gold-Silver Project is anchored by the near-surface Barje deposit, open in three directions, containing an inferred resource of approximately 670,000 ounces at 2.9 g/t gold equivalent. Its high grades, broad mineralisation and shallow, open-pit potential provide a compelling foundation for a high-margin development. The Timok East Project offers significant copper-gold discovery potential within the prolific Timok Magmatic Complex. Advanced geophysics has defined high-priority concealed porphyry targets, positioning Timok East as a target-ready project for the next phase of exploration.

Management Profile:
Max Piirto is Chief Executive Officer of Minrex Resources Limited, bringing more than 17 years of experience across engineering, mining operations, project development and industrial services. He has held executive leadership positions within various engineering, construction and industrial services companies. Before joining Minrex, Max served as a Vice President at global engineering firm Wood, where his work encompassed refractory gold processing and mining project development across Eastern Europe. He holds qualifications in Mineral and Energy Economics and Business Administration and is a graduate of the Australian Institute of Company Directors. His experience supports Minrex’s strategy to advance its Serbian gold and copper portfolio.

What are your key goals for the next 3 months?:
Following the recent acquisition of the Tlamino Gold-Silver Project, our immediate priority is to complete an approximately 9,000-metre drilling program comprising infill, step-out and discovery drilling to upgrade and expand the Barje deposit. Exploration and development activity under the previous owner ceased in 2020, despite the project demonstrating positive economics at gold and silver prices of US$1,500/oz and US$16.50/oz, respectively. With materially stronger metal prices and improved concentrate payabilities, we see a compelling opportunity to unlock Tlamino’s latent value by updating its resource and economic evaluation to reflect current market conditions. The program includes approximately 5,000 metres of greenfield drilling adjacent to Barje, targeting new discoveries and near-resource growth.

What are your key goals for the next 6 months?:
Our primary objectives are to upgrade the Mineral Resource at Tlamino’s Barje deposit from Inferred to Indicated under the JORC Code (2012) and publish a Scoping Study. In parallel, we plan to commence drilling at our Timok East porphyry copper-gold project, testing three priority targets identified through geochemical and geophysical exploration: Western Mag, Limestone Contact and Bambino.

What are your key goals for the next 12 months?:
Over the next 12 months, our key goals are to build on the anticipated resource upgrade at Tlamino’s Barje deposit and commence drilling at Timok East. Following the success of our 2026 drilling program, we plan to undertake further resource development and expansion drilling at Barje, targeting growth in the mineral resource and increased confidence in its classification. We also intend to initiate a Pre-Feasibility Study at Tlamino, marking an important step towards defining the project’s development pathway and high-margin potential. In parallel, we will continue progressing the permitting process while advancing Timok East’s priority copper-gold targets through its first drilling campaign.

What do you think makes your company such a compelling investment?:
Minrex offers investors exposure to two complementary, high-quality projects in one of Europe’s most prospective mineral regions. Tlamino’s outcropping, high-grade gold-silver deposit supports a low unit-cost operation with strong free cash flow generation. Its established resource, clear pathway to growth and historical economics—assessed at substantially lower metal prices—highlight the opportunity to unlock significant latent value through updated studies and development. Timok East provides high-impact copper-gold discovery potential within the world-class Timok Magmatic Complex, with three priority, drill-ready targets. Together, these assets offer a compelling balance of advanced-stage development, near-term catalysts and substantial exploration upside.

What are your corporate activities?:
Our corporate activities are focused on broadening Minrex’s institutional shareholder base and strengthening market awareness as we advance our Serbian gold and copper portfolio. We are also pursuing strategic partnerships that can provide technical expertise, funding capability and long-term alignment through the development cycle. As Tlamino progresses, we will evaluate potential offtake arrangements and other appropriate project-financing solutions. More broadly, we continue to assess business development opportunities—including joint ventures, project acquisitions and strategic transactions—that complement our existing portfolio, enhance shareholder value and support Minrex’s growth into a leading European precious and base metals company.