Trek Metals Discovers High-Grade Manganese District at Christmas Creek After Initial Kuro Drilling Campaign

High-Grade Manganese Intersections Confirm District-Scale Potential at Kuro Prospect

Trek Metals’ maiden drilling at the Kuro prospect revealed visually estimated high-grade manganese mineralisation, with rock chip assays averaging approximately 50% manganese and peak samples assaying 60.1% and 59.65% manganese. Premium manganese ore grades above 44% Mn are rare and typically drive economic value in manganese projects. The mineralisation’s distribution and geometry from Phase 1 drilling underpin Trek’s view that Kuro represents the first evidence of a larger district-scale manganese system rather than an isolated deposit.

The Phase 1 programme comprised 72 drill holes totaling 4,638 metres. Ten holes intersected intervals of at least 10 metres of massive or semi-massive visual manganese mineralisation, with one hole returning an 18-metre intersection of massive to semi-massive manganese mineralisation, indicating significant ore body thickness. These visual estimates await confirmation through laboratory assays, and reported intervals may not represent true vertical widths. Representative drill samples are being collected and analysed at ALS laboratories, with first-batch results expected late July to early August 2026 and second-batch results anticipated late August to early September 2026.

Chargeability Targets and Geophysical Surveys Inform Follow-Up Exploration Strategy

Trek Metals has integrated induced polarisation (IP) geophysical surveys into its targeting approach at Kuro, identifying chargeability anomalies that align with the best visual manganese intersections from Phase 1 drilling. IP is a proven technique for detecting subsurface manganese deposits, enabling exploration beyond surface observations. Ground gravity surveys have been completed, while IP surveys continue as of July 2026 to refine future drill sites and assess the extent of manganese mineralisation.

Targeting has focused on undercover areas where IP chargeability highs suggest concealed manganese mineralisation. The thickest manganese intersections to date appear adjacent to interpreted fault structures, mirroring the fault-hosted mineralisation style seen at the nearby Woodie Woodie manganese mine. Mineralisation remains open to the southeast, extending into Trek’s exploration licence application E80/6010, indicating potential for significant strike and depth extensions.

Regional Basin Architecture Indicates Large Unexplored Area for District Growth

Trek has identified a 16-kilometre interpreted extension of the host basin for the Kuro discovery, suggesting the known mineralisation is just the initial phase of a larger intracratonic mineral system. The regional basin architecture interpretation supports systematic exploration using IP geophysics to locate additional subsurface manganese targets. Kuro is positioned as a foundational discovery within a broader, under-explored district.

The company’s regional strategy leverages first-mover advantage in an under-explored Proterozoic basin margin. Trek has secured 5,608 square kilometres of new tenure, bringing its Christmas Creek district landholding to 7,040 square kilometres. This extensive package enables systematic regional reconnaissance and mapping to refine prospective geology and identify further drill targets. The large landholding reflects management’s confidence in the district’s potential and intent to establish a dominant exploration position.

Kuro Prospect Offers Strategic Access to Regional Infrastructure and Bulk Ports

Located 50 kilometres south of the Great Northern Highway in the Kimberley Region, the Kuro prospect benefits from year-round road access to infrastructure and markets. Three bulk handling ports capable of manganese ore export lie within 480 to 622 kilometres: Derby (480 km), Wyndham (563 km), and Broome (622 km). Multiple port options reduce export logistics risks and provide flexibility based on cargo and market conditions.

Proximity to the highway lowers costs and complexity for exploration logistics, including camp setup and equipment transport. The Kimberley’s vast land area and limited modern exploration mean significant zones remain sand-covered and untested by contemporary techniques. Trek’s focus on Christmas Creek reflects this opportunity, with exploration designed to systematically test unexplored basin portions using geophysical surveys and regional mapping.

Coogan Copper-Gold Prospect Adds Large-Scale Intracratonic Mineralisation Target

Beyond Kuro, Trek is actively exploring the Coogan copper-gold prospect within its Christmas Creek tenure. Coogan represents a large intracratonic mineral system style known for hosting significant mineral endowments. The exploration model highlights clustering of copper-gold mineralisation in cratonic suture hangingwalls. Coogan stands out with multi-element soil and drilling anomalies including gold, bismuth, tellurium, selenium, copper, molybdenum, tungsten, lead, zinc, cadmium, silver, and indium.

Recent down-hole induced polarisation (DDIP) surveys at Coogan have defined a coherent chargeability anomaly linked to elevated sulphides in drilling, consistent with mineralisation at depth. Increasing molybdenum enrichment in one hole suggests a mineralised centre beneath current drill positions. Follow-up drilling at Coogan is planned alongside Kuro manganese and regional gold, copper-gold, and rare earth element exploration during the remainder of 2026.

Metallurgical Drilling Programme to Support Technical and Economic Evaluations

Trek has scheduled metallurgical drilling at Kuro for later in 2026, following Phase 1 assay results and initial follow-up drilling decisions. Metallurgical samples are vital to understand processing characteristics such as bulk density, crushing and grinding behaviour, moisture retention, floatability, and impurity distribution. These data are essential for future engineering and economic studies if Kuro advances toward prefeasibility or feasibility stages.

Timing metallurgical drilling after assay receipt allows integration into follow-up drilling design, reducing the need for separate metallurgical drilling campaigns and accelerating technical understanding of ore characteristics and processing requirements.

Diversified Exploration Portfolio Covers Multiple Commodities and Deposit Styles

Trek’s exploration strategy spans multiple commodities and geological styles across its 7,040-square-kilometre Christmas Creek landholding. The portfolio includes the Kuro manganese discovery, Coogan copper-gold system, regional gold targets, and rare earth element prospects. This diversification reflects management’s view of the district’s potential to host multiple mineralisation styles. Concurrent exploration programmes target these commodities, demonstrating efficient capital deployment across fronts.

Regional reconnaissance and mapping are planned for the second half of 2026 to delineate additional targets within the prospective basin. Airborne magnetic and radiometric surveys will provide continent-scale geophysical data to support target generation and refine geological interpretation. Exploration of the Martin Au silver-antimony-gold prospect is also scheduled, highlighting Trek’s broad exploration focus beyond Kuro and Coogan. This multi-target approach reduces commercial risk and positions the company to capitalize on discoveries across commodity markets.

Strong Financial Position Supports Ongoing Exploration Activities

As of 30 June 2026, Trek Metals held $14.32 million in cash and equivalents with no debt, providing a robust balance sheet to fund exploration through 2026 and potentially into 2027. The company’s undiluted market capitalisation was $84.08 million based on a $0.115 share price on 20 July 2026, with 731.17 million ordinary shares outstanding. Additionally, Trek holds 7.86 million unlisted options exercisable at $0.225 expiring 24 February 2028 and 82.2 million performance rights, representing potential future dilution. The top 100 shareholders own 66.80% of shares, with board and management holding 8.33%, indicating significant insider alignment.

The $14.32 million cash balance supports planned exploration without immediate capital raising. However, funding advanced exploration, resource definition, and technical studies may require further capital depending on discovery success. The strong cash position relative to market cap provides resilience against near-term market fluctuations, enabling management to execute its exploration strategy steadily. Investors should monitor the vesting conditions and timing of performance rights, which could dilute equity upon exercise.

Upcoming Laboratory Assays and Geophysical Data to Shape Next Exploration Phase

The key near-term catalyst for Trek Metals is the receipt of Phase 1 laboratory assay results, expected in two batches: late July to early August 2026 and late August to early September 2026. These assays will provide precise grade, width, and downhole interval data to supplement visual estimates, along with impurity and deleterious element concentrations critical for metallurgical and economic assessments. The company cautions that visual estimates are not substitutes for laboratory-confirmed grades.

Concurrent induced polarisation and ground gravity surveys are expected to conclude within this timeframe, delivering detailed subsurface chargeability and density models to guide follow-up drilling. Combined assay, geophysical, and metallurgical data will determine the scope and timing of follow-up drilling planned for late 2026 and 2027. Trek’s activity timeline indicates Kuro manganese and Martin Au follow-up drilling will proceed based on these results, with capital allocation decisions contingent on their outcomes.