[Ferro-Alloys.com]  Assays from Trek investee company, Advanced Energy Fuels confirms strong rock chip results at four key prospect areas highlighting the district’s high prospectivity

 Trek Metals Limited (ASX: TKM) (“Trek” or “the Company”), is pleased to advise that highly encouraging assay results have been received from investee company Advanced Energy Fuels (AEF), from early-stage exploration under the Option and Acquisition agreement at the Hendeka Manganese Project in the Pilbara region of Western Australia.

The recent exploration work comprised prospect-scale geological mapping and surface rock chip sampling, with a total of 302 rock chip samples collected. This boots-on-the-ground exploration campaign successfully identified highly prospective, high-grade manganese mineralisation in proximity to favourable geology at four key prospects: Pearana, Pothole, Sharks Fin, and Pearana South.

Trek’s CEO Derek Marshall said: “We are pleased to report strong exploration results at the Hendeka Project, with the Pearana Prospect emerging as the primary exploration target. High-grade manganese mineralisation has been confirmed over a 3.5 km strike, with a high percentage of assays exceeding 30% Mn, reinforcing its potential as a significant discovery.

“The results from Pearana are outstanding and we look forward to the Prospect progressing through to drill testing as soon as practicable. This new area could add significant value to the defined Resource at the Contact Deposit which sits ~30 km South. Contact remains the focus and Trek looks forward to updating the market on numerous initiatives currently being advanced by AEF.”

Further along strike to the SSE, the Sharks Fin prospect returned rock chip samples grading up to 32.6% Mn. Collectively, the Sharks Fin-Pothole trend represents a high-priority, walk-up drill target extending for more than 3 km. While the flat terrain facilitates drill access, it also partially obscures outcrop.

The Pearana South target consists of Pinjian Chert, Carawine Dolomite, and outcropping manganese mineralisation. Rock chip samples returned assays of up to 35% Mn, with 10 samples exceeding 20% Mn. While this target is considered prospective, it is ranked lower for follow-up compared to the high-priority Pearana and Pothole targets.

Path Forward

Exploration Licence E46/1521, which in conjunction with granted E46/1387, hosts the Pearana Prospect is expected to transition to granted status in the near future paving the way towards drill testing of this exciting target.

A heritage agreement is in place with the Nyamal and a land access agreement is in place with the pastoral leaseholder. A heritage survey request, Programme of Work and an Exploration Operations Notice have been drafted in preparation for submission once E46/1521 transitions to grant.

Exploration plans include detailed geological mapping and geophysical surveys (gravity, magnetics, and electromagnetics) to refine targets. A drilling contractor is to be selected, likely with a track-mounted rig required to access all priority areas at Pearana. Earthworks and drill pad construction are scheduled ahead of drilling, which aims to test high-priority targets. Proposed fieldwork also includes surface sampling and geochemical analysis to enhance targeting.

Background to Option and Acquisition Agreement

In September 2024, Trek entered into an option and acquisition agreement (“Option and Acquisition Agreement”) with Advanced Energy Fuels, Inc. (“AEF”) over Trek’s Hendeka Manganese Project in the Pilbara region of Western Australia.

The Option and Acquisition Agreement gives AEF an option to acquire the Hendeka Project as part of a proposed North American listing and by making certain payments and sole funding A$2 million of exploration and development expenditures. On 4 February 2025, the parties agreed to amend the terms of the Option and Acquisition Agreement whereby AEF issued 2,000,000 shares from the Option consideration upfront to Trek and, in return, receive a 12- month extension to the proposed US listing date for AEF to 30 September 2026.

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• [Editor:tianyawei]