MinRex Resources Limited (ASX: MRR) (Minrex or the “Company”) has released its Quarterly Activities Report for the three months ended 30 June 2025, highlighting substantial operational advancements, particularly across its Fraser Range Copper-Gold Project in Western Australia. With exploration efforts strategically balanced between high-impact drilling and steady corporate development, MinRex has reinforced its reputation as a focused and well-capitalised explorer in Australia’s most prospective mineral belts.
Figure 1: Geological map (sourced from the Geological Survey of WA) highlighting prospects and key high-priority copper targets of BHT and IOCG styles.
This report details drilling outcomes, corporate financing, tenement activity, and the Company’s solid financial footing, giving investors an informed look into what’s ahead for the Company in the back half of 2025.
Fraser Range Project: Significant Drilling Completed
MinRex’s flagship Fraser Range Copper-Gold Project, located approximately 120km north-east of Esperance in Western Australia, saw significant activity during the quarter. The project forms part of a strategic farm-in agreement with West Cobar Metals Limited (ASX: WC1), where MinRex can earn a 50% interest. The geological setting of the Fraser Range is considered analogous to major mineralised systems such as the Nova-Bollinger nickel-copper deposit and IOCG targets of the Gawler Craton.
During the quarter:
- Heritage surveys were successfully completed to greenlight exploration.
- West Cobar secured the required DEMIRS Programme of Work (PoW) approvals.
- Reverse Circulation (RC) drilling began in May and concluded in June 2025.
A total of nine RC holes were drilled across five high-priority targets: Talisker, Glenmorangie, Oban, Benriach, and Glendronach, amounting to 1,958 metres of drilling.
Figure 2: Fraser Range Project tenements and target areas (Broken Hill Type and IOCG-style) displayed on a regional aeromagnetic map.
The targets were selected based on geophysical anomalies and their geological similarities to nearby known mineralised zones. Assay results are expected in August 2025, and these will inform the next stage of exploration planning.
Figure 3: Table summarising the drill hole collar details from the Fraser Range Project, including hole locations, depths, and target prospects such as Talisker, Glenmorangie, Oban, Benriach, and Glendronach.
Sunny Corner Project: Ready for Next Exploration Phase
In New South Wales, MinRex continued to maintain its presence across the Sunny Corner Project, which is located within the Lachlan Fold Belt, a region known for high-grade gold, silver, and base metal deposits. While no field activities were conducted during the quarter, previous rock chip sampling and reconnaissance across 15 targets have identified several promising areas for follow-up work.
Targets scheduled for further exploration include:
- Sure Gift
- Lagoon
- Michells Creek
- East Napolian
- Bushrangers
With the Fraser Range program temporarily taking precedence, Sunny Corner remains on the Company’s medium-term development radar.
Mt Pleasant Project: Geological Assessment Underway
MinRex continued low-impact activities at its Mt Pleasant Project in New South Wales, focusing on structural mapping of outcrops and historical workings, particularly near The Crown Gold Mine. The area is considered prospective for porphyry, skarn, and vein-hosted polymetallic deposits, including molybdenum, tungsten, and copper.
Although no drilling was carried out during the quarter, this groundwork will inform future exploration design and targeting across the project.
Sofala Gold Project: Geophysical Insights Support Expansion
MinRex’s work at the Sofala Gold Project centred on:
- Finalising land access agreements with key landholders.
- Reviewing petrophysical testing data from previous diamond drilling.
These tests indicated that geophysical techniques such as induced polarisation/resistivity, magnetic, and galvanic SAM surveys could be valuable in delineating mineralisation along the untested 1km strike length between the Queenslander and Sofala deposits.
Figure 4: Map of Minrex’s Sofala Project
The project continues to show promise, particularly with JORC 2012 Resources of 352,000 oz of gold already identified in the region.
Corporate Update: Loyalty Option Offer and Cash Reserves
A significant corporate milestone this quarter was the completion of the Loyalty Option Offer, with 129.5 million MRRO options (each exercisable at 2 cents and expiring in January 2030) placed as a shortfall. This took the total funds raised under the offer to $227,351 (before costs), providing additional working capital and contributing to corporate expenses associated with the offer.
MinRex’s financial position remains robust:
- Estimated funding runway: Approximately 17.8 quarters based on current expenditure levels.
This stable cash position places the Company in a strong footing to pursue ongoing and new exploration opportunities without the immediate need for capital raising.
Commodity Market Context: Copper and Gold Prices Surge
MinRex’s exploration strategy is well aligned with the current uptrend in copper and gold markets, both of which continue to strengthen globally.
Copper Price Performance (USD/lb) (as at 28 July 2025):
- Current Price: $5.77
- 1 Week Change: +3.02%
- 1 Month Change: +14.06%
- YTD: +44.90%
- 1 Year: +41.19%
Gold Price Performance (USD/oz):
- Current Price: $3,337.97
- 1 Month Change: +1.05%
- YTD: +27.19%
- 1 Year: +40.18%
Investor’s Outlook: Steady Progress, Strong Upside
MinRex’s stock performance reflects its microcap status but continues to offer speculative upside as exploration results emerge.
MRR Share Performance (as of 28 July 2025):
- Share Price: $0.008
- Market Capitalisation: $9.76 million
- 52-Week Range: $0.007 – $0.011
- Shares on Issue: 1,084,867,503
With assay results from Fraser Range due imminently and strong prices in both gold and copper, investors can expect potential catalysts in the near term. The Company’s prudent fiscal management, diversified exploration pipeline, and cash runway strengthen its positioning in a bullish commodity environment.
Conclusion
MinRex Resources’ June 2025 Quarterly Activities Report showcases a company in control of its trajectory. With multiple projects across NSW and WA progressing on schedule and within budget, MinRex is executing a well-structured plan to unlock shareholder value. The next quarter, driven by expected assay results and potential geophysical surveys at Sofala, could prove pivotal.
Investors should closely monitor the upcoming assay results from Fraser Range, as they may prove pivotal in transforming MinRex’s extensive groundwork into meaningful exploration success, particularly against the backdrop of strengthening commodity markets.
