Rafex Gold is an early-stage mineral exploration company focused on gold exploration in Australia and iron ore development in Malaysia. The company is pre-revenue and has never produced minerals commercially. Rafex holds four primary mineral assets: three gold exploration projects in Victoria, Australia—Bendoc, Mt Bute, and Rutherglenn—and the Aur Gading iron ore project in Pahang, Malaysia. The Australian gold projects are in early exploration stages, with a strategy focused on discovering, permitting, and developing gold deposits over the long term. In Malaysia, Rafex holds a 50% interest in a joint venture to develop and operate the Aur Gading iron ore mine, which represents the company's sole near-term commercial production prospect. Under the joint venture agreement, Rafex is entitled to a 50% share of net profits from iron ore sales after project loans and historical exploration costs are repaid. Because Rafex currently generates no commercial revenue, the company relies on external capital and shareholder loans to fund its exploration, project development, and general corporate operations.