Announcement PDF ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2024 ABN 18 124 462 826 CONTENTS CORPORATE DIRECTORY ........................................................................................................................................................ 2 REVIEW OF OPERATIONS ........................................................................................................................................................ 3 DIRECTORS’ REPORT .................................................................................................................................................................17 AUDITORS’ INDEPENDENCE DECLARATION .............................................................................................................. 25 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ..... 26 CONSOLIDATED STATEMENT OF FINANCIAL POSITION .................................................................................... 28 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ..................................................................................... 29 CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................................... 31 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............................................................................. 32 DIRECTORS’ DECLARATION ................................................................................................................................................ 67 INDEPENDENT AUDITOR’S REPORT.................................................................................................................................68 ADDITIONAL SECURITIES EXCHANGE INFORMATION ........................................................................................ 73 CORPORATE DIRECTORY DIRECTORS/MANAGEMENT SHARE REGISTRY Tony Leibowitz Computershare Investor Services Pty Ltd John Young Non-Executive Chairman Neil Biddle Valerie Hodgins Derek Marshall Non-Executive Director Non-Executive Director Non-Executive Director Chief Executive Officer COMPANY SECRETARY GPO Box D182 Perth WA 6841 AUSTRALIA Tel: +61 8 9323 2000 Bermuda AUDITORS Vallis Building, 4th Floor 283 Rokeby Road Apex Corporate Services Ltd. 58 Par-la-Ville Road Hamilton HM 11 Bermuda Australia (Local Agent and Company Secretary) Russell Hardwick Hall Chadwick WA Audit Pty Ltd Subiaco WA 6008 WEBSITE www.trekmetals.com.au REGISTERED OFFICE OF INCORPORATION Trinity Hall 43 Cedar Avenue Hamilton HM 12 BERMUDA REGISTERED OFFICE – AUSTRALIA Suite 5, 2 Centro Avenue Subiaco WA 6008 AUSTRALIA Tel: +61 8 6383 7844 POSTAL ADDRESS P.O Box 8209 Subiaco East WA 6008 AUSTRALIA TREK METALS LIMITED | ANNUAL REPORT 2024 2 REVIEW OF OPERATIONS The year to 31 March 2024 has been an exciting period for Trek Metals Limited (“Trek” or “the Company”), with the acquisition of two exceptional new growth opportunities – the Christmas Creek Gold & Rare Earths Project in the Kimberly region of WA and the highly prospective McEwen Hills Niobium Project in Central Australia – and a reassessment of the Pincunah Project in the Pilbara highlighting an outstanding new gold target. The Christmas Creek Project represents a district-scale exploration opportunity, associated with a major continental-scale tectonic lineament intersection. The Project previously formed part of Newmont’s suite of exploration assets, with the tenements thought to represent a potential extension of the prolific Granites-Tanami Orogen, with metasediments in the area showing a correlation to the geological sequences that host Newmont’s globally significant Tanami Gold Mine. As part of its acquisition of the Christmas Creek Project, Trek inherited nearly $6 million of high- quality exploration work and data that was performed to a very high standard by Newmont. Trek has recently commenced initial fieldwork programs at Christmas Creek, with drilling expected to commence in the September 2024 Quarter. In addition to Christmas Creek, the Company also secured a high-quality niobium exploration opportunity through the acquisition of an 80% interest in the McEwen Hills Niobium Project in the West Arunta province in central Australia. McEwen Hills lies along strike from WA1 Resources’ (ASX: WA1) Luni niobium discovery, one of Australia’s most exciting junior discoveries in recent years. At the Pincunah Project, surface geochemistry analysis over the previously defined ‘Conductor A’ target revealed a favourable zone that is interpreted to represent the cap of a buried epithermal gold system. This prospect has been renamed ‘Champagne Pool’. An initial drill program was completed at Champagne Pool subsequent to the end of the reporting period. As a result of the exciting new opportunities identified over the past 12 months, the Company has commenced a strategic review of its remaining asset portfolio (including lithium, manganese and nickel-copper assets) to pursue alternative development pathways, including joint venture arrangements and/or potential divestment. TREK METALS LIMITED | ANNUAL REPORT 2024 3 CHRISTMAS CREEK PROJECT (KIMBERLEY, WESTERN AUSTRALIA) Trek secured a district-scale greenfields gold and rare earths exploration opportunity in the Kimberley Region of Western Australia during the reporting period through the acquisition of the Christmas Creek Project, located south-west of Halls Creek in the Kimberly region of Western Australia. The Christmas Creek Project represents a previously unexplored, largely concealed districtscale gold and rare earths exploration opportunity, associated with a major continental-scale tectonic lineament intersection. The Project covers a total area of 1,183km2, all of which is covered by Heritage Access Agreements, with total exploration expenditure to date of ~$5.7 million. The Project previously sat within Newmont’s suite of exploration projects, held under a joint venture with Archer X Pty Ltd. Under the previous joint venture and earn-in agreement, Newmont successfully earned a 75% interest in the Project. Newmont subsequently relinquished that interest following a rebalancing of its global exploration portfolio, returning the Project to 100% Archer X ownership. Archer X targeted the area as it believed it may be an extension of the structures that control mineralisation in the prolific Granites-Tanami Orogen (Figure 1), exposed as a basement high, with metasediments in the area showing a correlation to the Tanami host sequences. Newmont’s Tanami mine in the Northern Territory is of global significance, with Proven and Probable Reserves of 5.7Moz, with an additional 4.2Moz in Resources (as at 31st December 2022, refer to Newmont news release from 23rd February 2023). The Tanami mine has been owned and operated by Newmont since 2002, producing an average of 500koz of gold each year. Trek completed the acquisition of the Christmas Creek Project in December 2023. In addition, the Company also secured additional tenement applications to add to this district-scale greenfields gold and rare earths exploration project. Following the completion of the project acquisition, the Trek team has been working through the considerable historical data package to build a work plan. TREK METALS LIMITED | ANNUAL REPORT 2024 4 Figure 1: Continental scale context and location map for the Christmas Creek Project, located at the intersection of G3 and G5 metallogenic lineament corridors, potentially representing the intersection of the Granites-Tanami Orogen & the Halls Creek Orogen. TREK METALS LIMITED | ANNUAL REPORT 2024 5 Figure 2: Gold heatmap as defined by Deep Sensing Geochemistry (DSG) surface geochemistry across the project area, highlighting the four main prospect areas; Coogan, Martin, Zahn & Willis – all with planned drilling this year. Field activities are planned to commence in the June 2024 Quarter, with drilling anticipated to commence in the September 2024 Quarter at: • • • • Willis: a strong, cohesive multi-element soil anomaly yet to be drill tested. Zahn: where new soil data has highlighted an untested zone to the north of previous drilling, including the highest raw gold values seen across the entire Project area. Coogan: untested core of a large structure with previously drill lines 1km apart. Martin: with drilling designed to follow up previous intercepts including: 7m @ 4.90g/t Au and 2m @ 9.65g/t Au. For additional information readers are referred to ASX release TKM 11th October 2023 “Trek secures transformational acquisition of advanced district-scale gold and rare earths project”. The proposed drill area and associated access into the Willis Prospect will likely require a cultural heritage survey prior to ground disturbing activities. Trek attended a meeting with the Traditional Owner claimant group (Jaru) in mid-March 2024 to discuss the Company’s proposed activities. It is important to note that the project vendor, Archer X Pty Ltd (Archer), now a wholly-owned subsidiary of Trek, has an existing Heritage Agreement with the Jaru and the proposed Coogan and Martin drill areas are located within previously cleared heritage polygons in an area under an existing Heritage Agreement between Archer at the Yi-Martuwarra Ngurrara claimant group. TREK METALS LIMITED | ANNUAL REPORT 2024 6 Numerous early-stage soil and mapping programs to follow-up gold, lithium-caesium- tantalum (LCT) and Rare Earth Element (REE) targets have also been designed in preparation for the upcoming field season. PINCUNAH PROJECT (PILBARA, WESTERN AUSTRALIA) The Pincunah Project, which includes the Valley of the Gossans (VOG) and Champagne Pool Prospects, (E45/4909 & E45/4917) is located 100km south of Port Hedland and proximal to numerous operating mines, including Pilgangoora (Pilbara Minerals), Iron Bridge (FMG) and Abydos (Atlas). Trek has been active at the Pincunah Project since 2020 with a drilling program completed in 2021 that highlighted the potential for a large-scale VMS base metal system (refer ASX: TKM 13th October 2021). The drilling at VOG intersected multiple horizons of mineralisation and alteration, with highly anomalous zinc, copper and silver, plus multiple pathfinder elements indicating a large hydrothermal mineralised system. Subsequent to the VOG drilling, Trek completed an airborne EM survey and extended surface geochemistry to cover the EM targets, with assay results confirming coincident EM and geochemical anomalies. The surface geochemistry results significantly upgrade the prospectivity of airborne EM conductive target ‘A’ (refer ASX: TKM 16th November 2021) as a compelling target along strike from the VOG discovery (Figure 3). Ongoing analysis of the surface geochemistry over ‘Conductor A’ revealed a more compelling target with the element association consistent with a low temperature epithermal ‘cap’, with the refined target at the prospect renamed ‘Champagne Pool’. Defined by the combination of Zn-Hg-Te-(Fe-In), with low level gold, the Champagne Pool target is a discrete bullseye target that covers an area of 750m x 200m, with a halo of Hg grading out to lower temperature antimony. As an indication of the strength of the Hg-Te anomalism, Hg assay results reach a peak of 15.3ppm within the Champagne Pool Prospect against a crustal average abundance of 0.085ppm 1 , and Te reaches a maximum assay of 0.26ppm against the crustal average abundance of 0.001ppm1. 1 ABUNDANCE OF ELEMENTS IN THE EARTH’S CRUST AND IN THE SEA, CRC Handbook of Chemistry and Physics, 97th edition (2016– 2017), p. 14-17) TREK METALS LIMITED | ANNUAL REPORT 2024 7 Figure 3: Geochemical coverage of Valey of Gossans and Champagne Pool (previously Conductor A) Prospects over geology Gold is included in the element association of the Champagne Pool Prospect; however it is subtle, which is regarded as a good sign as it confirms that it is an auriferous system. Epithermal systems have sharp grade boundaries, so low grade gold suggests that the target may be reached with relatively shallow drilling. Three holes were proposed for the initial test with a planned depth of ~250m each (Figure 4). TREK METALS LIMITED | ANNUAL REPORT 2024 8 Figure 4: Champagne Pool Prospect classified surface geochemical dots with the anomalous target area (red circle), EM plates (green), and initial planned drilling over merged magnetic/aerial imagery. Drilling at Champagne Pool was completed in April 2024 to test beneath the coincident geochemical/ geophysical anomaly and collect samples for analysis that are hoped will confirm the epithermal gold mineralisation model and herald a new discovery for this potentially very valuable style of mineralisation. Assay results were pending at the time of writing and will be released once available. MCEWEN HILLS NIOBIUM PROJECT (WEST ARUNTA, NORTHERN TERRITORY) Trek secured the highly prospective McEwen Hills Niobium Project, located in the heart of the West Arunta Critical Minerals Province, during the September 2023 Quarter. The McEwen Hills Project is located along strike from the Tier-1 Luni niobium discovery of WA1 Resources (ASX: WA1), with the acquisition giving Trek a strategic position in the heart of this emerging critical minerals province. Trek has secured an immediate 80% interest in the Tenement application, with the original project owners, Gempart (NT) Pty Ltd, being free-carried through to a Definitive Feasibility Study (DFS). There was no upfront cost payable by Trek to secure its 80% interest in Tenement application. TREK METALS LIMITED | ANNUAL REPORT 2024 9 ELA 33191 is located in Central Australia, Northern Territory and comprises of some 250 sub blocks for a total area of 779km2. The area is highly prospective for a suite of elements including nickel, gold, cobalt, copper, lead, zinc and niobium. Of particular interest is the Project’s niobium potential. The global outlook for niobium remains exceptionally positive. As a critical element in high-tech industries – particularly within the aerospace, automotive, and electronics sectors – the demand for niobium continues to surge. Its unique properties, such as enhancing the strength and heat resistance of alloys, make it indispensable in advanced manufacturing processes. Moreover, niobium plays a pivotal role in the production of superalloys used in jet engines and rocket propulsion systems. As the world increasingly focuses on sustainable technologies and the electrification of transportation, niobium's importance in enabling lightweight and durable materials for batteries and alternative energy sources is expected to grow. This sustained demand, combined with limited primary niobium production, underscores the promising outlook for the metal, making it a key strategic resource for industries at the forefront of innovation and sustainability. The proximity pf the McEwen Hills Project to WA1's world-class niobium discovery further supports this potential. WA1's discovery has already garnered significant global attention for its exceptionally high-grade niobium deposit. The Luni discovery is a niobium-rich carbonatite under thin sand cover, with the morphology lending itself to a bulk mining operation of a globally significant scale. The geographical proximity of ELA 33191, situated along the same geological strike, considerably enhances the potential of encountering a similar high-grade niobium occurrence. Following the acquisition, the Company has progressed discussions with the Traditional Owners to secure land access agreements. An on-country meeting took place in May 2024. Trek intends to undertake airborne and ground-based geophysical surveys prior to on-country heritage surveys and drill testing. Figure 5: Magnetic imagery highlighting the continuity of the geology across the state border, with the Luni & Crean Niobium (Nb) carbonatite discoveries of WA1 & ENR on the Western Australian side, and Trek’s McEwen Hills Project (ELA33191) on the Northern Territory side, of the West Arunta Critical Minerals Province. TREK METALS LIMITED | ANNUAL REPORT 2024 10 HENDEKA MANGANESE PROJECT (PILBARA, WESTERN AUSTRALIA) During the reporting period, metallurgical test work was undertaken on diamond core from the 100%-owned Hendeka Manganese Project in the Pilbara region of Western Australia to evaluate the opportunity to produce manganese concentrate for the steel industry, as well as investigate the potential to convert the feed into high-value High Purity Manganese Sulphate Monohydrate (HPMSM) that is used in the manufacture of lithium-ion batteries. The test work program included diagnostic testing to determine the optimum crush size; bulk test work comprising scrubbing, wet screening and Dense Media Separation; and an Ore Sorting test work program. Full details of the metallurgical test work program were provided in the Company’s ASX Announcement dated 27 October 2023. The Company believes that this body of work yielded positive results in respect to the quality and quantity of material that can be produced from the Hendeka Project. The aims of these test work programs were satisfied, with verification that the Hendeka ore can be upgraded to a potential product of >30% Mn contained, with the potential for significant yield improvements to be obtained over those reported in the previous study and sufficient information generated from this program to select a metallurgical process flowsheet to be tested and optimised. Material generated during this test work was submitted to ALS to undergo hydrometallurgical test work to assess the production of high-purity manganese sulphate monohydrate (HPMSM) with the aim to produce battery grade product that would be suitable for the lithium-ion battery market. After taking into consideration current market conditions and investor sentiment, the Trek Board has resolved to pursue alternative pathways for the Hendeka Project, including through potential joint ventures, external funding arrangements or divestment. TAMBOURAH LITHIUM PROJECT (PILBARA, WESTERN AUSTRALIA) The Tambourah Lithium Project is located 70km south-east of Pilbara Minerals’ (ASX: PLS) world-class Pilgangoora lithium mine site in the Pilbara region of Western Australia. Trek’s extensive landholding at Tambourah comprises two Exploration Licences (E45/5484 & E45/5839) which are 100%-owned by ACME Pilbara Pty Ltd, a wholly owned subsidiary of Trek Metals Ltd. During the reporting period, Trek completed its maiden drill program at Tambourah with 20 holes for a total of 4,093m (refer: ASX TKM 4th October 2023). The program intersected significant lithium grades in pegmatite, however the thicknesses of the intervals were typically narrow. Most holes targeted outcropping pegmatites, with one hole (TARC020) targeting a structural break identified in aeromagnetic data. Encouragingly TARC020 intersected a substantial width of pegmatite (55m downhole), opening up the large Central Prospect area as a priority search space for follow-up drilling. TREK METALS LIMITED | ANNUAL REPORT 2024 11 After taking into consideration current market conditions and investor sentiment, the Trek Board has resolved to pursue alternative pathways for the Tambourah Project, including potential joint ventures, external funding arrangements or divestment. JIMBLEBAR PROJECT (PILBARA, WESTERN AUSTRALIA) The Jimblebar Project comprises Exploration Licences E52/3605, E52/3672, E52/3983 and E52/4051 (the “Tenements”). The Project is located 40km south-east of Newman and includes the western arm of the Jimblebar greenstone belt, a constituent of the Achaean Sylvania Inlier. The Project is considered highly prospective for magmatic nickel-copper sulphide mineralisation. Rio Tinto Exploration Pty Limited (“RTX”) entered into an Option Agreement to explore the tenements in May 2023. During the reporting period, Rio Tinto Exploration Pty Limited (“RTX”) undertook exploration activities on exploration licence E52/3672 focused on assessing the potential for the mafic and ultramafic rocks in the eastern part of the licence to host magmatic nickel-copper-PGE sulphide mineralisation. The Ground-EM moving loop data did not identify any conductivity anomalies that would be consistent with a massive sulphide body. In addition, the coincident rock chip samples (15 total) contained only low levels of nickel and platinum group element anomalism. After completion of the initial 6-month option period, RTX advised that they had met the minimum commitment after undertaking exploration expenditure to the value of A$144,716, however, decided not to proceed further with a Farm-in to the Jimblebar project. RTX have also confirmed that they will transfer to Trek, the rock chip/soil sampling data, the ground electromagnetic data and associated reports. Trek retains 100% of the rights to the Jimblebar Nickel-Copper Project. After taking into consideration current market conditions and investor sentiment, the Trek Board has resolved to pursue alternative pathways for the Jimblebar Project, including through potential joint ventures, external funding arrangements or divestment. TREK METALS LIMITED | ANNUAL REPORT 2024 12 MINERAL RESOURCES STATEMENT – ANNUAL REVIEW The Hendeka project has a JORC (2012) Inferred Mineral Resource Estimate (MRE) of 11.3Mt grading 15.0% Mn for the Contact and Contact North deposits (refer ASX Release 6 June 2022 for additional information). Global Inferred Mineral Resource Estimate for Contact and Contact North deposits Summary of Inferred Mineral Resources (1) Tonnes Mn% Al2O3% Fe% SiO2% P% LOI (1000) 2.8 13.6 5.1 15.7 42.9 0.054 8.4 15.2 42.5 0.057 8.5 Contact Contact North TOTAL (Mt) 8.5 11.3 15.4 15.0 3.0 3.5 15.0 (1) Mineral Resources reported at a cut-off grade of 10.1% Mn 42.4 0.057 8.6 Other than the Metallurgical test work completed, there were no further drilling activities conducted during the reporting period. Mineral Resource estimates are compiled by Independent consultants following industry standard methodologies and techniques. The information in this report that relates to the Hendeka Mineral Resource is based on information compiled by Mr. Lynn Widenbar, Principal Consultant of Widenbar and Associates Pty Ltd., who is a Member of the AusIMM and the AIG. There were no changes to the Hendeka Mineral Resource Estimate during the year. CORPORATE ACQUISITION OF CHRISTMAS CREEK PROJECT As outlined above, during the reporting period Trek signed a Binding Heads of Agreement (“Agreement”) to acquire 100% of the issued capital of Archer X Pty Ltd (“Archer”), the owner of tenements E80/4975, E80/5082, E80/5083, E80/5427, E80/5914 (App) (collectively, the Christmas Creek Project). The consideration for the acquisition of Archer was: Upfront Consideration i. ii. iii. iv. Payment of $250,000; Cash payment as reimbursement for all costs and expenditure incurred by Archer in respect to the tenements during the period between 17 September 2023 and Settlement; Issue of $500,000 worth of fully paid ordinary shares in the capital of Trek (TKM Shares) based on the 20-day volume weighted average price (VWAP) measured on the date which is two days prior to the date of execution of the agreement; and Payment of a 1.25% net smelter royalty for all minerals produced in respect of the Tenements to the Shareholders of Archer. Under the terms of the Royalty, upon a decision to mine being made at the Tenements, Trek will have the exclusive right to purchase the Royalty for $5,000,000. TREK METALS LIMITED | ANNUAL REPORT 2024 13 Deferred Consideration i. Issue of $500,000 worth of fully paid ordinary shares in the capital of Trek based on the ii. Issued with a floor price of $0.08; iv. Any shares issued will be subject to an escrow period of 6 months from the date of issue. iii. 20-day (VWAP) measured on the date which is two days prior to the date of issue; Issued on the date that is 12 months from the date of settlement; Milestone Consideration i. Subject to and conditional upon an announcement by Trek to ASX within 5 years of the date of the Agreement, of the delineation by Trek of a 2,000,000 ounce gold equivalent resource as verified by an independent competent person under the 2012 JORC code (JORC Code), the issue of $5,000,000 worth of fully paid ordinary shares in the capital of Trek based on the 20-day (VWAP) measured on the date which is two days prior to the ii. date of issue: Any shares issued have a floor price of $0.15 and will be subject to an escrow period of 6 months from the date of issue. ACQUISITION OF MCEWEN HILLS PROJECT During the Quarter, the Company’s wholly-owned subsidiary, ELM Resources Pty Ltd, entered into an acquisition agreement with Gempart (NT) Pty Ltd over Exploration Licence application ELA 33191 in the Northern Territory. Following the receipt of Ministerial approval, Elm Resources Pty Ltd is now officially recorded as 80% owner of Exploration Licence application EL33191. Subject to the grant of the Tenement, Trek and Gempart will form an unincorporated joint venture for the purposes of exploring the Tenement, and the respective joint venture interests of the parties will be Gempart – 20%/ Trek – 80%. Trek will be responsible for, and will use its reasonable endeavours to, progress the Tenement to grant. Trek will not be liable to Gempart if the Tenement is not granted in a timely manner or at all. Gempart will be free-carried for its 20% until completion of a Definitive Feasibility Study. CAPITAL RAISING Trek completed a strongly supported capital raising of A$7.5 million (before costs) during the reporting period to accelerate its exploration programs. The share placement was undertaken to existing and new sophisticated, professional, and institutional investors and raised a total of $7,500,000 (before costs) through the issue of a total of 125,000,000 Shares at an issue price of $0.06 per Share. In addition, the Company also issued Investors one (1) free attaching New Option for every three (3) Shares subscribed for by Investors under the Placement. The Options are exercisable at $0.085 and expire 14th August 2025. TREK METALS LIMITED | ANNUAL REPORT 2024 14 FINANCIAL REVIEW The group began the year with $2,704,166 in cash and ended the year with $5,552,999 in cash. During the period the Company raised $7,500,000 (before costs) through the issue of a total of 125,000,000 Shares at an issue price of $0.06 per Share. During the year the company expended $2,804,632 (2023: $1,453,582) on Exploration and Evaluation expenditure that was capitalised during the year. The Group incurred a loss for the year of $1,705,090 (2023 Loss: $3,990,953). Significant expenditure items during the period include: − − − Exploration and evaluation expensed of $75,945 (2023: $301,089); Directors’ salaries and Consulting Fees of $391,675 (2023: $291,711); and Share based payment of $543,125 (2023: $676,595). Subject to the disclosures elsewhere in this report, the Directors believe the Group is in a stable financial position to continue to explore its projects and to identify new opportunities within the resources sector. Lastly, I would like to thank all our staff, consultants and stakeholders for their ongoing efforts on behalf of the Company and look forward to progressing our projects to create value for shareholders. Derek Marshall Chief Executive Officer 21 May 2024 TREK METALS LIMITED | ANNUAL REPORT 2024 15 COMPETENT PERSONS STATEMENT The information in this report relating to Exploration Results is based on information compiled by the Company’s Chief Executive Officer, Mr Derek Marshall, a Competent Person, and Member of the Australian Institute of Geoscientists (AIG). Mr Marshall has sufficient experience relevant to the style of mineralisation and to the type of activity described to qualify as a competent person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.” Mr Marshall has disclosed that he holds or controls Shares and Performance Rights in the Company. Mr Marshall consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears. Hendeka Mineral Resource The information in this Report contains references to Edge’s 2012 JORC Mineral Resources at the Hendeka Project and is extracted from Trek’s ASX Release and Public Report of 6 June 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement. In the case of estimates of Mineral Resources or Ore Reserves, the Company confirms that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. TREK METALS LIMITED | ANNUAL REPORT 2024 16 DIRECTORS’ REPORT The Directors present their report and the audited financial statements of Trek Metals Limited (“TKM”, “Trek” or the “Company”) and its controlled entities (“Group”) for the year ended 31 March 2024. PRINCIPAL ACTIVITIES The principal activities of the Company and its subsidiaries (“the Group”) is to progress the exploration of its mineral properties and to identify suitable acquisitions in the mineral resources sector. RESULTS AND DIVIDEND The loss for the Group for the year ended 31 March 2024 was $1,705,090 (31 March 2023: $3,990,953). The Directors do not recommend the payment of a dividend. DIRECTORS The following persons held office as directors during the financial year and to the date of this report. Directors were in office for the entire period and to the dat