Rex Resources firms up Bathurst Holdings RTO

The latest news (January 14, 2026) confirms that Rex Resources Corp. (REX) has entered into a definitive agreement for a reverse takeover (RTO) of Bathurst Holdings Inc. (BHI). This follows a period of stagnation and a trading halt that began in September 2025.

Key terms of the deal: - Rex will acquire 100% of BHI by issuing 25,000,000 common shares. - A concurrent financing of 14,000,000 "Subscription Receipts" at $0.25 each aims to raise $3,500,000. - Acquisition of the Stratmat and Halfmile polymetallic projects in New Brunswick. - The resulting issuer will focus on base metals (Lead, Zinc, Copper) and precious metals (Gold, Silver). - Significant board turnover, with only Craig Taylor and Kris Raffle remaining from the original team. - Trading remains halted until the transaction closes and regulatory approvals are finalized.

This news is highly material and transformational for a company that was fundamentally failing. - Financial Survival: As of June 30, 2025, Rex had only $14,816 in cash and over $246,000 in current liabilities. Without this RTO and the bridge financing closed in December 2025, the company was a candidate for bankruptcy. - Valuation Reset: The concurrent financing at $0.25 per share is a massive premium (212%) compared to the last traded price of $0.08 and the $0.06 bridge financing price. This suggests the incoming assets have a significantly higher perceived value than the previous Rex copper-gold prospects in BC. - Asset Quality: The shift from early-stage exploration in BC to the Stratmat and Halfmile projects in the Bathurst Mining Camp represents a move toward more advanced, historically documented resources. However, the projects carry a 2% NSR royalty, adding to the long-term cost of development. - Dilution: The share count will explode. Pre-RTO, the company had approximately 8.17 million shares (post-consolidation). The RTO and financing will add 39 million shares, representing nearly 80% dilution to existing shareholders.

Rex Resources was previously focused on the "Rex Property" near Port Alberni, B.C., targeting copper-gold skarn and porphyry mineralization. Historical drilling from 1986 showed narrow high-grade intercepts (e.g., 14.4% Cu over 0.6m). The "new" flagship projects are: - Halfmile Mine: An underground polymetallic deposit (Zn, Pb, Au, Ag, Cu) in northern New Brunswick with existing infrastructure including mill feed pads and office space. - Stratmat Deposit: A polymetallic massive sulphide deposit in the Bathurst mining camp. These assets transition the company from speculative exploration to resource-stage development.