Trek Metals : Annual Report to shareholders

For personal use only

ABN 18 124 462 826

ANNUAL

REPORT

FOR THE YEAR ENDED 31 MARCH 2022

For personal use only

CONTENTS

CORPORATE DIRECTORY ..................................................................................................................	2
REVIEW OF OPERATIONS .................................................................................................................	3
DIRECTORS' REPORT ......................................................................................................................	13
AUDITORS' INDEPENDENCE DECLARATION ...................................................................................	20
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ........	21
CONSOLIDATED STATEMENT OF FINANCIAL POSITION.................................................................	23
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY..................................................................	24
CONSOLIDATED STATEMENT OF CASH FLOWS..............................................................................	26
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................	27
DIRECTORS' DECLARATION ............................................................................................................	56
INDEPENDENT AUDITOR'S REPORT ...............................................................................................	57
ADDITIONAL SECURITIES EXCHANGE INFORMATION ...................................................................	60

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CORPORATE DIRECTORY

DIRECTORS/MANAGEMENT	SHARE REGISTRY
Tony Leibowitz	Non-Executive Chairman	Computershare Investor Services Pty Ltd
John Young	Executive Director	GPO Box D182
Neil Biddle	Non-Executive Director	Perth WA 6841
Derek Marshall	Chief Executive Officer	AUSTRALIA
		Tel: [phone]
COMPANY SECRETARY
Bermuda

For personal use

Apex Corporate Services Ltd.

Vallis Building, 4th Floor

58 Par-la-Ville Road Hamilton HM 11 Bermuda

Australia

(Local Agent and Company Secretary)

Russell Hardwick

REGISTERED OFFICE OF INCORPORATION

Trinity Hall

43 Cedar Avenue

Hamilton HM 12

BERMUDA

REGISTERED OFFICE - AUSTRALIA

130 Stirling Highway

North Fremantle WA 6159

AUSTRALIA

Tel: [phone]

POSTAL ADDRESS

Locked Bag 4

North Fremantle WA 6159

AUSTRALIA

AUDITORS

Hall Chadwick WA Audit Pty Ltd

283 Rokeby Road

Subiaco

WA 6008

WEBSITE

www.trekmetals.com.au

TREK METALS LIMITED | ANNUAL REPORT 2022	2

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REVIEW OF OPERATIONS

The year to 31 March 2022 has delivered positive progress for Trek Metals Limited ("Trek" or "the Company") across its asset portfolio in the Pilbara region of Western Australia, with the completion of a successful drilling program at the Pincunah Project and reconnaissance and fieldwork programs at the Tambourah and Jimblebar Projects. In addition, the Company secured a new farm-in agreement with Buxton Resources providing an exciting high-impact IOCG exploration opportunity in the Great Sandy Desert.

PINCUNAH PROJECT

Trek completed its maiden Reverse Circulation drilling program at the 100%- owned Pincunah Project (E45/4909), 100km south of Port Hedland, in July 2021, delivering highly encouraging results and highlighting the potential for a large-scale VMS base metal system at Valley of the Gossans (VOG) prospect.

VALLEY OF THE GOSSANS DRILLING PROGRAM

Laboratory assay results from drilling at VOG confirmed the drilling intersected multiple horizons of classic VMS-style mineralisation and alteration, with highly anomalous zinc, copper and silver, plus multiple pathfinder elements indicating a very fertile volcanic environment.

Highlights from the assay results included:

• 88m @ 17.0g/t Ag from 0m VRC001 Inc. 4m @ 223g/t Ag from 20m
• 25m @ 6.70g/t Ag from 112m VRC006 Inc. 3m @ 0.75% Cu from 121m
• 20m @ 4.17g/t Ag & 1.48% Zn from 171m VRC006 Inc. 1m @ 5.99% Zn from 171m &
  6m @ 3.76% Zn from 184m
• 7m @ 0.99% Zn from 149m VRC008
• 70m @ 7.39g/t Ag from 0m VRC009
  Inc. 2m @ 0.40% Cu & 0.2g/t Au from 46m

A three-holefollow-up program was undertaken to further test the base metal mineralised stratigraphy, as well as an Induced Polarisation chargeability anomaly.

Drill-hole VRC023, which was completed to test the IP chargeability anomaly, returned:

• 34m @ 99.8g/t Ag from 66m down-hole, including 10m @ 317g/t Ag from 73m

Given the extent of the surface geochemical anomaly and the encouraging results received from drilling to date, the VOG prospect is a high priority for Trek. The Company is planning to undertake deeper diamond drilling during 2022 given the excellent correlation seen between the modelled chargeability anomalism and the observed mineralisation (Figure 2). Significantly, the chargeability anomaly is modelled to extend and broaden at depth, providing a high-priority deep drill target (Figure 2).

TREK METALS LIMITED | ANNUAL REPORT 2022	3

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Figure 1: Valley of the Gossans drill collar locations with selected Significant Intercepts, highlighting the recent high grade

silver intercept in VRC023, which was drilled to test the modelled IP chargeability anomaly.

Figure 2: Drill-hole VRC023, drilled to test a chargeability anomaly, returned outstanding silver grades and thicknesses.

Significantly the chargeable response continues at depth, providing a clear drill target

TREK METALS LIMITED | ANNUAL REPORT 2022	4