Azzet reports on three stocks with price moving updates today.
MinRex soars on planned merger update
Shares in MinRex Resources (ASX: MRR) were trading 38% higher at the open after the junior gold and base metals explorer announced plans to merge with TSX-V listed Electrum Discovery Corp.
The $28 million all-share merger of equals is expected to create a well-capitalised gold-copper exploration group focused on Serbia and Australia.
Under the terms of the agreement, Electrum shareholders will receive 7.9 MinRex shares for each Electrum share held.
Electrum warrants, options and deferred share units will be cancelled in exchange for MinRex shares representing their fair value.
Upon completion of the transaction, Electrum securityholders will own around 49% of the merged group, with MinRex shareholders holding the remaining 51%.
The combined entity, which will remain listed as MinRex on the ASX, will hold advanced assets including Electrum’s Tlamino Gold Project in Serbia, which has a significant foreign-classified Inferred gold equivalent resource and a prior economic assessment, and MinRex’s Sofala Gold Project in NSW, which hosts substantial Inferred gold resources.
With around $8 million in cash and no debt, the merged group aims to accelerate resource growth drilling and discovery-focused exploration at Tlamino and advance Serbian copper-gold targets and MinRex’s broader NSW portfolio.
The Tlamino Gold Project in Serbia, which hosts an Inferred Mineral Resource of 670,000 ounces of gold equivalent, and MinRex’s Sofala Gold Project in NSW has an Inferred Mineral Resource of over 350,000 ounces of gold.
The merged entity is also expected to benefit from Electrum’s Timok East Copper-Gold Project in Serbia and MinRex’s additional projects in the Lachlan Fold Belt.
MinRex director James Pearse told the market that the merger of equals was a pivotal moment.
“By combining Electrum’s highly prospective and advanced Serbian gold-copper assets with MinRex’s established NSW project portfolio, we are creating a stronger, well-funded exploration company with enhanced scale, diversification and technical depth,” he said.
“The merged group is positioned to deliver meaningful discovery and resource growth-focused exploration activity across two Tier-1 jurisdictions, with activities to commence immediately post completion of the Transaction.”
Electrum CEO Dr Elena Clarici said the combined entity would provide its shareholders with a significant re-rating opportunity through a larger, more diversified and well-financed company.
Directors and shareholders who collectively hold around 30% of the issued and outstanding Electrum shares have already entered into voting support agreements, with the transaction targeted to close in early March 2026.
MinRex Resources has a market capitalisation of $18 million; the share price is up 126% in one year and 54% in the last month.
The stock appears to be in a long-term uptrend confirmed by multiple indicators. Specifically, the 200-day moving average is upward sloping and the five-day moving average is above the 20-day moving average.
Consensus does not cover this stock.
Silex tanks on news of contract snub
Shares in Silex Systems (ASX: SLX) were trading 32% lower at noon after the ASX large cap Uranium enrichment company told the market it was the recipient of U.S. Department of Energy (DoE) for an Innovative Technology Award.
It is understood Global Laser Enrichment (GLE), the exclusive licensee of Silex Systems’ SILEX uranium enrichment technology, will receive up to US$28 million from the DoE to advance next-generation laser-based uranium enrichment.
GLE has reaffirmed its strategy to progress the planned Paducah Laser Enrichment Facility - including re-enriching DOE high-assay depleted uranium tails - to significantly boost U.S. domestic uranium and conversion supply.
Meanwhile, GLE is also committed to U.S. Nuclear Regulatory Commission (NRC) licensing efforts, while also deepening engagement with industry partners, positioning the SILEX technology as a potentially major future contributor to global nuclear fuel production and U.S. energy security.
While today’s market update was relatively positive, the market reacted strongly to revelations that Silex has been overlooked for a much larger $900 million DOE program for low-enriched uranium - which analysts expected to be a major catalyst for the company.
While the funding gap between the awarded $28 million and the anticipated larger grant led to significant selling, this appears to be an overreaction given that the company continues to advance its strategic goals.
The market clearly wants to know is how the company can advance its near-term pathway to large-scale commercialisation without this major funding.
The market is also clearly wary that future capital raising – notably by issuing more shares - could dilute shareholder equity.
For full year FY25 (FY25), the company reported significantly increased revenue and a widened net loss as it continues heavy investment in its uranium enrichment technology.
While revenue increased 66% from FY24 to $18.6 million, the net loss was $42.6 million, up by 87% compared to the previous year.
The cash balance as of June 30, 2025 was $19.75 million.
Silex Systems has a market capitalisation of $1.8 billion; the share price is up 13% in one year and down 29% in the last month.
While the stock’s moving average is trending upwards and highlights long-term investor interest in the stock, the 20-day moving average is falling as upwards momentum wanes.
Consensus is Strong Buy.
WAM Active rallies on market update
Shares in WAM Active (ASX: WAA) were trading over 7% higher this afternoon following revelation that the Wilson Asset Management’s (WAM) active listed investment company (LIC) had delivered record investment portfolio outperformance.
With the rally in metal prices offsetting a major write-down in Corporate Travel Management (ASX: CTD) – currently suspended due to a major, escalating accounting scandal in its UK operations - the LIC beat the local bourse by more than 30% last year.
The LIC has benefited from its major bets in Oliver Curtis’ unlisted start-up Firmus Technologies and medical technology stock Artrya (ASX: AYA).
However, double-digit returns came from the its juicy 11.4% stake in rare earths and bauxite miner Lindian Resources (ASX: LIN) – which remains the fund’s largest position - which increased more than fourfold last year.
Portfolio managers of WAM Active told the market they had been progressively rotating into precious and base metal mining companies heading into the new year.
The LIC holds large positions in ASX-listed copper and gold miners Catalyst Metals (ASX: CYL), Genesis Minerals (ASX: GMD), Capstone Copper (ASX: CSC) and Chalice Mining (ASX: CHN).
Included within the LIC’s other big resources bets are uranium developer NexGen Energy (ASX: NXG), Gina Rinehart-backed lithium play Vulcan Energy (ASX: VUL) and alumina producer Alcoa (ASX: AAI).
As a result, the LIC looks to be well positioned to capitalise on any ongoing rally in metal prices, underscored by copper recently pushing above US$13,000 a tonne.
“We believe these companies are well positioned for near term outperformance as the US continues to reduce interest rates, global growth improves and the US dollar moves lower,” said deputy manager Shaun Weick.
Overall WAM Active’s investment portfolio - which manages around $80 million - returned 41.4% in the 12 months through December, outperforming the S&P/ASX All Ordinaries Accumulation Index’s 10.6% gain.
However, it was clearly a year of two distinctly different halves; with the LIC experiencing a 31.4% surge in the second half, the fund’s strongest six-month performance since inception 18 years ago.
The outperformance of WAM Active’s portfolio allowed the LIC to declare a special dividend of 1 cent per share alongside its interim dividend of 3.2 cents a share, both fully franked.
The payouts represent an annualised fully franked interim dividend yield of 6.5% and a grossed-up yield of 9.3 per cent when including the value of franking credits.
WAM Active has a market capitalisation of $81 million; the share price is up 28% in one year and up 6% in the last week.
While the stock’s 200-day moving average is trending upwards and highlights long-term investor interest in the stock, the 20-day moving average is falling as upwards momentum wanes.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.