Electrum Discovery Advances AMT Geophysical Survey at Timok East, Identifying Additional Drill Targets

On January 21, 2026, Electrum Discovery Corp. announced the completion of its Phase 2 Audio-Magnetotelluric (AMT) geophysical survey at the Timok East Project in Serbia. The company reported receiving dating results that confirm an Late Cretaceous age for andesitic units, geologically linking them to the productive Timok Magmatic Complex. The survey identified two distinct high-conductivity zones at depths between 250 and 550 meters, which management interprets as potential porphyry or hydrothermal mineralization targets. These results are intended to form the technical basis for a drill program scheduled for later in 2026.

While the identification of conductive zones is a scientifically constructive step, this news is classified as Routine - Positive rather than Material. The primary driver of the company's current valuation and investor interest remains the January 5, 2026 announcement of the "merger of equals" with MinRex Resources. * Technical Validation: The AMT results validate the geological thesis that the Timok East project sits within the prospective magmatic arc. However, geophysical anomalies are not mineralization; they are merely targets. * Timeline Reality: The release explicitly states these targets will be advanced to a "drill-ready stage in 2026." This implies that actual drilling—and therefore actual discovery potential—is not imminent in the immediate weeks, signaling a continued gestation period for the asset. * Merger Context: The release serves to maintain news flow and demonstrate asset quality to MinRex shareholders during the transaction period. It prevents the stock from becoming stale but does not fundamentally alter the economic capability of the standalone entity, as the entity is effectively being absorbed.

Electrum Discovery Corp. focuses on copper and gold exploration in the Republic of Serbia, specifically within the Western Tethyan Belt. * Timok East (Flagship): Copper-Gold project adjacent to the world-class Bor Mining Complex (Zijin Mining). The exploration thesis relies on finding extensions of the Timok Magmatic Complex. Recent work focuses on the Bambino prospect and magnetic/AMT anomalies. * Novo Tlamino: A Gold-Silver project featuring the Barje Deposit (Inferred Resource: ~670k oz AuEq). It has a PEA (2021) but has taken a backseat to the copper narrative recently. * Merger Status: As of Jan 5, 2026, Electrum is in the process of merging with MinRex Resources to create an ASX-listed entity.