Derek Marshall-led Trek Metals has announced plans to raise $15 million, in order to propel an upcoming extensive drilling program at its Christmas Creek gold project.
Derek Marshall-led Trek Metals has announced plans to raise $15 million, in order to propel an upcoming extensive drilling program at its Christmas Creek gold project.
The Subiaco-based junior, which has a market cap of $103 million, told the market it would issue around 90.33 million fully-paid ordinary shares, at an issue price of 15 cents per share.
This price represents a 9.1 per cent discount to the company’s final closing price of 16.5 cents prior to ducking into its trading halt on February 12.
Alpine Capital were appointed sole lead manager to the capital raise.
This is the company’s second capital raise in almost three months, after tapping investors for $1 million on November 24, with proceeds put towards manganese exploration at Christmas Creek, which is located South West of Halls Creek in WA’s north.
Trek said proceeds from the placement would be used to fast-track a series of manganese exploration initiatives at Christmas Creek’s Kuro prospect.
The junior said its significant drilling program at the Kimberley-based project – comprised of both diamond drilling and reverse circulation – would begin in April, along with additional base and critical mineral exploration at the site.
“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,” Mr Marshall said.
“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.
“This raising has resulted in the introduction of a number of institutional shareholders to the Trek register.
“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.”
During its December 2025 quarter, Trek informed the market regarding its potential high-grade manganese discovery at the project and proceeded to complete a manganese rock chip sampling program.
Trek closed trade on Tuesday up 12 per cent to 18.5 cents.
