Trek Metals (ASX:TKM) has completed the second tranche of a placement, raising $1.45 million.
On 17 February 2026, the company intended to raise $15 million to fund a drilling campaign at the Kuro manganese discovery within the Christmas Creek Gold Project in Western Australia.
Drilling is expected to begin in late-April to early-May 2026, following the successful completion of a cultural heritage clearance survey.
Alpine Capital acted as the sole lead manager of the capital raise.
As part of the second tranche, around 9.6 million shares were issued at a price of $0.15 per share.
Western Australian discovery
The Christmas Creek Project is a district-scale greenfields gold, manganese, and rare earths exploration opportunity located in the Kimberley region. The project covers 1,183km2, covered by heritage access agreements with a total exploration expenditure to date of more than $6 million.
As previously reported, Trek staked two projects surrounding the Kuro discovery in February 2026. The project areas cover 5,608km2 of exploration tenure across 12 applications.
The newly staked claims expand Trek’s total landholding to 7,040km2 with a strengthened position in the manganese province.
Throughout Q1 2026, several activities have been carried out at Christmas Creek, including an induced polarisation survey, following completing petrophysical testing.
Petrophysical data showed strong and consistent electrical signatures across all samples, with high chargeability values of 484 to 642 millivolts per volt (mV/V), above the typical values for host rocks.
The data also shows very low values of galvanic resistivity at 2–4 ohm-metres, high variability values of inductive conductivity, and high to very high values of dry bulk density of 3.3–4.47 grams per cubic centimetre.
Trek Metals is an exploration company focused on unlocking value in underexplored regions.
Write to Aaliyah Rogan at Mining.com.au
Images: Trek Metals
