Trek Metals secures option for US manganese project
- Trek Metals signed a binding agreement to secure an option over 100% of Solution Mining, which holds the Matrix Manganese Project in Arizona.
- The deal requires a non-refundable $50,000 option fee, with an additional $150,000 cash payment due if the acquisition is exercised.
- The acquisition aims to expand the company's critical mineral portfolio and supply high-purity manganese sulphate for domestic electric vehicle battery markets.
Trek Metals (ASX:TKM) has secured an exclusive nine-month option to acquire 100% of Solution Mining, owner of the Matrix Manganese Project in Arizona, for an initial $50,000 fee.
The agreement offers a low-cost entry into the US battery metals market, following historical testing that indicates potential suitability for low-impact in situ recovery operations.
The company stated that the deal complements its flagship Christmas Creek project in Western Australia, where exploration efforts continue.
Trek Metals Chairman Andrew Reece said, “With US Government policy increasingly focused on strengthening domestic critical minerals supply chains, we believe Matrix represents a timely opportunity with significant exploration potential and a clear pathway to progressively de-risk the asset.”
Under the contract terms, Trek will pay an extra $150,000 in cash if it chooses to complete the acquisition following the option period.
The project aims to serve growing demand for manganese sulphate in electric vehicle batteries, given that the US currently relies entirely on manganese imports.
Following the announcement, the Trek Metals share price was unchanged at $0.053.
The Matrix Project sits in Mohave County, where mineralisation was first identified in the 1880s and studied by the US Bureau of Mines.
Trek noted that Arizona offers favourable mining investment conditions supported by US federal policy initiatives, including the Inflation Reduction Act.
