Minrex Hits 10.6m at 4g/t Gold From 37m as Shallow Barje Drilling Confirms Model

Minrex Resources has reported maiden assays from the first ten diamond holes of its 2026 infill program at the Barje deposit, part of the Tlamino Gold-Silver Project in Serbia. The results confirm shallow, high-grade gold-silver mineralisation from surface. Standout intercepts include 11.4m @ 1.09 g/t AuEq (gold equivalent, based on gold at US$3,300/oz and silver at US$45/oz) from surface in hole BAR040, plus 10.6m @ 4.04 g/t AuEq from 37.1m downhole in the same hole. Nine of the ten holes drilled within the resource envelope returned significant mineralisation as predicted by the geological model, validating the consistency of the system.

Standout intercepts from the first ten holes

The first tranche of assay results covers ten diamond holes totalling 1,001m. The intercepts carry particular weight because the majority of the mineralisation sits within 60 vertical metres of the collar. In several holes, gold-silver mineralisation commences within the first few metres of drilling. This is not greenfield exploration — Barje hosts a 670,000oz AuEq deposit (a foreign estimate under NI 43-101, not reported in accordance with the JORC Code) — but the results validate both the deposit model and the economics of shallow, high-grade ounces.

Max Piirto, CEO

“Barje is the cornerstone of Tlamino, but it is only one outcropping expression of a much larger hydrothermal system. This first tranche of results confirm the deposit behaves as modelled, with high-grade mineralisation from surface in the east and grade continuity through the breccia core that underpins the resource. Intercepts such as 11.4 metres at 1.09 g/t AuEq from surface in BAR040 accompanied by 10.6 metres at 4.04 g/t AuEq, confirm that Barje’s high-grade zone of 470Koz at 4.7 g/t AuEq is coherent and continuous. Drilling continues west-south-west into the deeper, thicker part of the deposit, and we have expanded our greenfield program to approximately 5,500 metres to test the Barje-Liska corridor, where the same detachment geometry that hosts Barje runs for kilometres beneath shallow cover and has never been systematically drilled. Alongside this we have awarded the Environmental Baseline Study and started the permitting clock. For a company only months into ownership of this asset, we are moving quickly and deliberately.”

Why near-surface high grades matter to investors

Strip ratio — the volume of waste rock removed for every tonne of ore mined — is one of the primary drivers of open pit economics. The shallower the mineralisation, the less overburden needs to be moved, and the lower the mining cost per tonne of ore. Barje’s high-grade intercepts from surface or near-surface positions translate directly into a lower strip ratio. That lowers capital intensity and improves early-year cash flow in any future mining scenario.

Geologically, Barje comprises two distinct zones: a high-grade breccia core and a moderate-grade schist halo. The high-grade breccia zone hosts 470,000oz @ 4.7 g/t AuEq (a foreign estimate, not reported under JORC), representing roughly 70% of the contained ounces within approximately 45% of the tonnage. Grade sits 60% above the deposit average. This is not a uniformly low-grade bulk deposit. It is a coherent, high-grade core capable of being scheduled into the opening years of mine life, which is where project economics are won or lost.

Resource confirmation and high-grade extension potential

Every hole other than BAR039 — a boundary-test hole designed to define the resource edge — returned significant gold-silver mineralisation at anticipated depths and grades. The drilling validates the geological model. The intercepts confirm the high-grade breccia core is present and continuous where it approaches surface in the east, not confined to isolated, discontinuous structures.

BAR040 and BAR041, both collared in the south-central portion of the deposit, are interpreted as potential extensions to the shallow high-grade envelope:

• BAR040: 10.6m @ 4.04 g/t AuEq from 37.1m
• BAR041: 12.8m @ 2.43 g/t AuEq from 32.4m, followed by 5.5m @ 2.15 g/t AuEq from 45.9m

Both intercepts raise the prospect of growth in the high-grade breccia zone. The mineralised horizon has been interpreted from previous drilling to thicken progressively west-south-west as it dips away from surface. Future drilling steps in that direction.

Program expanded to ~9,000m as Minrex targets a Barje repeat

Minrex has expanded the total 2026 drill program to approximately ~9,000m across resource delineation and greenfield exploration. The expansion reflects the company’s assessment that Barje occupies only a small fraction of a demonstrably fertile structural corridor.

• Total program: ~9,000m
• Greenfield exploration: ~5,500m targeting the Barje-Liska corridor
• Outstanding holes: eight infill holes and thirty-one exploration holes
• Assays pending: fourteen holes, results expected September 2026

The greenfield program targets a repeat of the Barje deposit along the Barje-Liska corridor. Structural work establishes that Barje’s gold-silver mineralisation is localised at the intersection of two shallow-dipping structures: the Liska-Barje Detachment and the Barje Thrust. Critically, that same detachment geometry is interpreted to continue south-west from Barje beneath Eocene conglomerate cover toward the Liska prospect. The intervening corridor has minimal outcrop and scattered historical drill coverage. Minrex considers this the reason it remains untested, not an indication of reduced prospectivity. The objective is sulphide-rich breccias in a comparable structural and lithological setting at depths amenable to open pit development.

Permitting and leadership: building toward development

Minrex has awarded the contract for the Environmental Baseline Study at Tlamino, marking the formal start of the permitting pathway. The study runs in parallel with technical work, de-risking the development timeline.

1. Environmental Baseline Study (EBS) contract awarded. Multi-seasonal study designed to Serbian regulatory and international standards. Approximately 14 months to complete. Initial focus: surface water, sediment, groundwater sampling, biodiversity survey work, air quality monitoring.

2. Karamanica prospect advancing to drill-ready state. Geological mapping, surface geochemistry, and structured review of historical results underway. Drilling entry targeted for 2027.

3. Leadership transition: Ian Shackleton moved from Executive Director to Non-Executive Director effective 24 August 2026. In-country technical leadership and executive management now established. Mr Shackleton will continue to contribute to exploration planning, technical governance, and stewardship in his new capacity.

Establishing a robust environmental baseline dataset at this stage is a prerequisite for the environmental impact assessment that follows. Starting the clock now materially de-risks the permitting timeline against the company’s development schedule.

What comes next for Minrex investors

The near-term catalyst pipeline centres on continuous assay results and resource definition:

• Assays for fourteen pending holes — expected September 2026
• Continuous results flow from remaining infill and exploration holes throughout 2026
• Geological interpretation, block modelling, and Mineral Resource Estimation once all delineation assays received
• Greenfield Barje-Liska corridor drilling to commence on completion of infill program
• Karamanica drilling targeted for 2027

Minrex is a well-capitalised explorer moving quickly to advance a large, sparsely-drilled hydrothermal system with shallow high-grade potential. The Barje deposit validates the concept. The question is whether the system repeats along strike beneath shallow cover. That is the question the expanded greenfield program is designed to answer.

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