Trek Metals (ASX:TKM) is raising $15 million to fund an upcoming drilling campaign at the Kuro manganese discovery within the Christmas Creek Gold Project in the Kimberley region of Western Australia.
Alpine Capital is acting as the sole lead manager for this placement, with tranche one shares expected to be allotted on 24 February 2026.
Through a share placement, the company will issue 90.33 million shares at $0.15 each, raising $13.55 million in tranche one.
Terra directors have agreed to participate in tranche two of this placement to raise the remaining $1.45 million under the same conditions.
The issue price represents a 9.1% discount to Terra’s last trading price and a 3.6% premium to the 15-day volume weighted average price.
CEO Derek Marshall says the placement will put Terra on “very strong footing” ahead of reverse circulation and diamond drilling at the Kuro prospect, which will begin in April.
“With a significantly strengthened balance sheet, Trek will be able to launch a multi-rig drilling program that will run for much of the year, enabling us to fully evaluate the exciting high-grade manganese discovery we made late last year and advance it rapidly towards a maiden mineral resource,” Marshall says.
“Importantly, the funds we have secured will also allow us to undertake parallel work streams, such as metallurgical test work on the manganese mineralisation and to continue to advance gold exploration across the multiple promising prospects we identified at Christmas Creek last year.
“We welcome these new investors and look forward to them joining the Trek story at a very exciting inflection point in the company’s history.”
Trek Metals is a minerals explorer focused on unlocking value in underexplored regions.
Write to Maddison Elliott at Mining.com.au
Images: Trek Metals
