Highlights

  • Trek Metals shares jumped 12.12% 17 February 2026, following capital raising update.
  • Firm commitments secured for AUD 15 million placement at AUD 0.15 per share.
  • Funds to accelerate drilling at high-grade Kuro manganese discovery.
  • Favourable investor demand led to scale-backs in the capital raising.
  • Multi-rig RC and diamond drilling to commence in April.

Trek Metals Ltd (ASX:TKM) shares climbed 12.12% to AUD 0.18 on 17 February 2026, extending a favourable 12-month run that has seen the stock rise 516.57%. The latest move follows confirmation of a heavily supported AUD 15 million capital raising to fund an expanded drilling campaign at the Kuro manganese discovery in Western Australia.

AUD 15M Placement Strengthens Balance Sheet

Trek secured firm commitments to raise AUD 15 million (before costs) through a share placement priced at AUD 0.15 per share. Tranche One comprises approximately 90.33 million fully paid ordinary shares, raising AUD 13.55 million from professional and institutional investors.

Directors have committed to subscribe for AUD 1.45 million under Tranche Two, subject to shareholder approval. The placement introduces several Australian institutional investors to the company’s register, including Terra Capital, which cornerstone backed the raise.

The issue price represents a 9.1% discount to the last traded price of AUD 0.165 and a 3.6% premium to the 15-day VWAP as on 12 February 2026. Shares issued under the placement will rank equally with existing ordinary shares.

Alpine Capital Pty Ltd acted as Sole Lead Manager and will receive approximately 7.86 million unlisted options exercisable at AUD 0.225, expiring two years from issue. Allotment of Tranche One shares is expected around 24 February 2026.

Drilling Campaign Targets High-Grade Discovery

Proceeds will underpin a major Reverse Circulation (RC) and diamond drilling (DD) program at the Kuro manganese prospect within the 100%-owned Christmas Creek Project in the Kimberley region of Western Australia.

The April drilling campaign is set to test beneath recently identified high-grade outcropping manganese mineralisation, where rock chip results have returned grades of up to 60.1%. The program will also assess gravity and geophysical anomalies interpreted to represent potential subsurface mineralisation.

Alongside drilling, planned activities include heritage surveys, geophysical data integration, refined targeting, structural interpretation, and additional gravity, induced polarisation and magnetic surveys.

Use of Funds Focused on Exploration Acceleration

The AUD 15 million raised will primarily fund accelerated manganese exploration at the Kuro prospect within the Christmas Creek Project, alongside general working capital.

Planned activities include heritage surveys, integration of recent gravity and electromagnetic datasets, refined drill targeting through geophysical modelling, and additional gravity, induced polarisation and magnetic surveys.

The funding will also support the April commencement of a multi-rig Reverse Circulation and diamond drilling program at Kuro, while enabling continued gold, base metal and rare earth exploration across the broader project area.

CEO Outlook on Field Season

Chief Executive Officer Derek Marshall described the placement as positioning the company favourably ahead of what is expected to be a significant field season at Christmas Creek. He noted that the enhanced balance sheet allows for a multi-rig drilling campaign running for much of the year, aimed at advancing the high-grade manganese discovery toward a maiden Mineral Resource.

Marshall also highlighted that the funding provides flexibility to undertake metallurgical testing and parallel exploration programs, while welcoming the addition of new institutional investors to the company’s register.

FAQs

Why did Trek Metals shares rise on 17 February 2026?

The stock gained after the company announced a strongly supported AUD 15 million capital raising to fund drilling at its Kuro manganese discovery.

What is the purpose of the capital raising?

Funds will accelerate manganese exploration at Kuro and support broader exploration and working capital needs.

When will drilling commence at Christmas Creek?

A multi-rig RC and diamond drilling program is scheduled to begin in April 2026.