Trek Metals Launches First Drilling Campaign at Kuro Manganese Discovery in Kimberley, Confirming IP Survey Accuracy

Encouraging Visual Manganese Mineralisation from Kuro Drilling Program

Trek Metals successfully completed its maiden reverse circulation drilling at the Kuro manganese discovery, marking a major step in its Kimberley exploration strategy. The program, comprising 72 holes, began in mid-June 2026 and concluded shortly after the quarter ended. Visual manganese mineralisation with an estimated manganese content of 10% or higher was observed in 63 holes across multiple prospect locations, indicating significant geographic extent of the mineralisation.

Key visual intersections included drill-hole 26XCRC015, which encountered 18 metres of massive and semi-massive manganese starting at 19 metres down-hole, and drill-hole 26XCRC014, which intersected 17 metres from 9 metres down-hole within a 27-metre zone from surface. These results highlight the potential thickness and concentration of manganese at Kuro. However, Trek cautions that visual estimates are not substitutes for laboratory assays and may not represent the entire prospect.

Induced Polarisation Survey Validates Targeting of Concealed Manganese Deposits

During drilling, a strong positive correlation was observed between induced polarisation chargeability anomalies and visual manganese intercepts in drill chips. This confirms IP surveying as an effective tool for detecting concealed manganese mineralisation beneath cover at Kuro, enhancing Trek’s exploration capabilities. Consequently, the IP survey crew has been redeployed to extend surveys southeast, east, and west of current drilling zones.

This validation has strategic significance for the broader Christmas Creek Project, enabling systematic IP application to explore a larger prospective basin. Extended IP surveys will refine drilling targets and improve understanding of manganese distribution across the tenure. The redeployment reflects an immediate operational response to these promising findings.

Laboratory Assays to Confirm Grade and Mineralisation Characteristics

Samples collected during drilling have been sent to ALS Laboratories for analysis. The first batch of assay results is expected in early August 2026, with subsequent results released over the following three to five weeks. The final Phase 1 results are anticipated within four to six weeks. These staged releases will inform interpretation and guide further drilling.

Assay data are critical to assess impurities, physical properties, and actual manganese grades, which visual estimates cannot determine. The assays will establish whether mineralisation is economically viable and suitable for commercial development. Until results are received, the economic potential of the visual mineralisation remains unconfirmed.

Christmas Creek Project Acquisition from Newmont Unlocks District-Scale Potential

Trek Metals acquired the Christmas Creek Project from Newmont Exploration Pty Ltd in late 2023, gaining access to a largely unexplored, district-scale opportunity in Western Australia's Kimberley region. Situated southwest of Halls Creek, the project lies at the intersection of major tectonic lineaments (G3 and G5 corridors), possibly where the Granites-Tanami and Halls Creek Orogens meet. Since acquisition, additional tenement applications have expanded Trek’s tenure and exploration potential.

The project hosts multiple prospects targeting various commodities. While Kuro manganese is the current focus, Christmas Creek also offers gold, base metals, and rare earth element potential. Drilling is underway testing gold, copper-gold, and rare earth soil anomalies at other prospects before moving to the Coogan target. Plans include returning to Kuro after initial assay and IP data analysis, supporting a diversified multi-commodity exploration approach.

Government Grants Facilitate Ground Gravity and Sub-Audio Magnetics Surveys

In the June quarter, Trek Metals secured two co-funded geophysical survey grants via the Western Australian Government's Exploration Incentive Scheme for Christmas Creek exploration. One grant supports ground gravity surveys extending previous work that identified density anomalies at Kuro, aiding detection of buried manganese deposits not visible at surface.

The second grant funds sub-audio magnetics surveys targeting structural controls on gold mineralisation at the Martin Prospect, where prior drilling intersected high-grade gold. These surveys complement existing IP data, enhancing Trek’s geophysical understanding while reducing direct costs. The grants reflect government recognition of the project’s exploration merit.

Phased Exploration Strategy Employs Drill Rig Across Multiple Targets

The drill rig is currently testing gold, copper-gold, and rare earth soil anomalies before moving to the Coogan IP target. This phased approach enables systematic evaluation of multiple prospects while awaiting assay and IP results from Kuro. Following data analysis, the rig will return to Kuro for targeted drilling informed by the initial findings and expanded IP coverage.

This strategy maintains operational momentum and diversifies exploration efforts, balancing ongoing drilling productivity with data-driven decision-making. It underscores Trek’s commitment to advancing multi-commodity potential across Christmas Creek while prioritising Kuro’s promising manganese discovery.

Board Leadership Transition Reflects Planned Succession and Active Shareholder Involvement

During the June quarter, Mr Tony Leibowitz retired as Chair and Director, succeeded by Mr Andrew Reece, a significant shareholder who joined the board in 2025 as part of a planned succession. The transition was orderly and anticipated, with the company acknowledging Mr Leibowitz’s six years of service.

Mr Reece demonstrated active shareholder commitment by spending the first two weeks of the Kuro drilling campaign onsite supporting the exploration team. His involvement highlights meaningful shareholder engagement and confidence in Trek’s exploration strategy and project prospects.

Robust Cash Position Supports Exploration and Development

As of 30 June 2026, Trek Metals reported a strong cash balance of $14.32 million, underpinning ongoing exploration and development activities at Christmas Creek. This financial position supports drilling programs, geophysical surveys, and other expenditures to advance Kuro and other prospects without immediate funding constraints.

The cash reserves, combined with government co-funded grants, provide Trek with the resources needed to execute planned exploration phases through 2026 and into 2027, including additional drilling at Kuro and other targets such as Coogan.

Kuro Discovery Holds Potential as a New Woodie Woodie-Style Manganese District

Trek Metals CEO Derek Marshall described the Kuro discovery as potentially evolving into a Woodie Woodie-style manganese district in the Kimberley. Woodie Woodie, a prominent manganese mining area in the Pilbara, serves as a benchmark for the scale and significance Trek envisions for Kuro.

This district-scale ambition reflects the extensive visual manganese mineralisation observed across 63 of 72 drill holes. While promising, developing Kuro into a commercial operation will require extensive further exploration, resource definition, feasibility studies, environmental approvals, and permitting. The current drilling program marks the beginning of formal evaluation toward these goals.