Announcement PDF 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 ................................................................................................................................................66 INDEPENDENT AUDITOR’S REPORT................................................................................................................................. 67 ADDITIONAL SECURITIES EXCHANGE INFORMATION ........................................................................................ 72 CORPORATE DIRECTORY DIRECTORS/MANAGEMENT Tony Leibowitz John Young Non-Executive Chairman Neil Biddle Valerie Hodgins Derek Marshall Non-Executive Director Non-Executive Director Non-Executive Director Chief Executive Officer SHARE REGISTRY Computershare Investor Services Pty Ltd GPO Box D182 Perth WA 6841 AUSTRALIA Tel: +61 8 9323 2000 COMPANY SECRETARY Bermuda 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 AUDITORS Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road 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 2023 2 REVIEW OF OPERATIONS The year to 31 March 2023 has been a highly productive period for Trek Metals Limited (“Trek” or “the Company”), with strong progress achieved towards the Company’s objective of becoming a key participant within the battery supply chain based on its portfolio of high-potential exploration and development assets in the Pilbara region of Western Australia. During the reporting period, Trek delivered positive results from the Tambourah Lithium Project that support the potential for a major greenfields discovery, as well as completing the acquisition of the advanced Hendeka Manganese Project (previously named ‘South Woodie Woodie’), where a major metallurgical testwork program is underway to assess the potential to produce battery-grade high purity manganese sulphate monohydrate (HPMSM). Figure 1: Location of Trek Metals’ Tambourah, Hendeka and Pincunah Projects in the Pilbara region of Western Australia. TAMBOURAH PROJECT 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 (Figure 1). 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. TREK METALS LIMITED | ANNUAL REPORT 2023 3 The Project encompasses large areas of the Western Shaw Greenstone Belt, predominantly within the hinge and eastern limb of an anticline folded around the Tambourah Dome. The greenstone rocks comprise Archean-aged metavolcanic, metasedimentary, and various granitoids with associated pegmatitic phases. Historic exploration data highlighted the potential for lithium-bearing pegmatite mineralisation on both of Trek’s tenements (Refer ASX: TKM 26th May 2022 for additional information). Rock chip sampling undertaken by Trek Metals during the reporting period confirmed the presence of high-grade lithium within an extensive, undrilled pegmatite system. Highlights included: • 3.07% Li2O in TKL0045 • 2.69% Li2O in TKL0042 • 2.36% Li2O in TKL0095 • 2.28% Li2O in TKL0044 • 2.11% Li2O in TKL0083 Following completion of the rock chip sampling program, Trek commissioned an independent evaluation of available stream sediment, rock chip and soil data from the Tambourah Project which returned highly encouraging results and confirmed the significant prospectivity of the project to host a greenfields lithium discovery. The evaluation was undertaken by highly regarded geochemist Dr Nigel Brand, with his report based on an evaluation and classification of stream sediment, rock chip and soil data according to their fertility and Lithium (Li) Caesium (Cs) Tantalum (Ta) (LCT) prospectivity. Encouragingly, the review has upgraded the prospectivity of the Central Prospect Area due to the apparent fractionation trends defining classic LCT pegmatite zonation within soil data (Figure 2). These soil samples were selected for geochemical analysis due to the abundance of mapped pegmatites, the anomalous lithium values in stream sediment samples, and the fertility ratios e.g., K/Rb in rock chips in this Central Prospect Area (Refer ASX: TKM 7th November 2022). TREK METALS LIMITED | ANNUAL REPORT 2023 4 Figure 2: The Central Prospect area at Tambourah exhibits a strong fractionation trend in soil samples (interpreted zones coloured and labelled by dominant element – Be, Nb & Ta, Li and Cs) with rock chip data confirming that the more highly fractionated area is dominated by Fertile Pegmatites, which represent a part of the mineralised LCT system proximal to the lithium-dominant zone. The most fractionated zones represent a priority drill target area. The review included classification of all rock chips from the Project which show the Central Prospect Area as being dominated by Fertile Pegmatites, a highly fractionated pegmatite that is likely proximal to the lithium-bearing zone of an LCT pegmatite (Figure 3). There was one pegmatite rock chip classified as a weathered LCT pegmatite within this zone, adding confidence that the pegmatite swarm in this area is a high-ranking lithium target and should be drill tested. As anticipated, the majority of rock chips taken in the Eastern Prospect, where spodumene-bearing high-grade lithium (up to 3.07% Li2O) was discovered late in 2022 (refer ASX: TKM 7th November 2022), have been classified as LCT pegmatite and therefore this area remains a high-priority drill target area for the upcoming maiden drill program. Dr Brand’s report also highlighted the prospectivity of Trek’s southern tenement (E45/5484), which hosts several large areas with anomalous stream sediment geochemistry indicating their lithium prospectivity (Figure 4). These anomalous areas are located with the greenstone belt adjacent to Monzogranites and are mapped as having pegmatite in outcrop, however there has been minimal rock chip sampling and no soil sampling to date. One of the anomalous areas occurs over 6.5km of strike. These large, early-stage target areas will be a focus of exploration during the 2023 field season. TREK METALS LIMITED | ANNUAL REPORT 2023 5 Figure 3: Rock chip classification shows that the majority of rocks within the Eastern Prospect area are LCT pegmatites (including the spodumene-bearing pegmatites discovered late 2022) and, encouragingly, the Central Prospect area is dominated by Fertile Pegmatites, interpreted to be proximal to lithium-bearing LCT pegmatites. Due to the success of the soil and rock chip sampling in defining drill targets, these exploration methods will be expanded across the Project area to assist with future drill targeting. Additional soil samples collected during the 2022 field season on the northern licence (E45/5839) have been submitted for analysis and additional rock and soil sampling is planned for both the northern and southern licences (Figure 4) during the upcoming field season. Subsequent to the end of the reporting period, Trek secured all the required approvals to commence its maiden drilling program at the Tambourah Project. A heritage survey was completed recently over key pegmatite targets, with approval also received from DMIRS, paving the way for drilling to commence to test the Central and Eastern Prospects. TREK METALS LIMITED | ANNUAL REPORT 2023 6 Figure 4: High-priority lithium target areas defined by stream sediment analysis include known spodumenebearing pegmatites in the north (on E45/5839 – the 2022 focus of exploration) but importantly also include several large anomalous areas in the south (on E45/5484 – which will be a focus of early-stage exploration during the 2023 field season). TREK METALS LIMITED | ANNUAL REPORT 2023 7 HENDEKA MANGANESE PROJECT (PILBARA, WESTERN AUSTRALIA) Trek secured an exceptional near-term development opportunity in the battery materials sector during the reporting period through the acquisition of the advanced Hendeka Manganese Project (previously named the “South Woodie Woodie Project”), located in the Pilbara region of Western Australia (see Figure 1). Hendeka 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 – Table 1, Appendix 1, 2 & 4 for additional information), with immediate drill targets for both Resource extensions and new discoveries. Following completion of the acquisition, Trek’s initial focus has been on metallurgical test work to determine the characteristics of the ore and the potential to produce both concentrate for the steel market and battery-grade manganese products, including high- purity manganese sulphate monohydrate (MnSO4.H2O) which is seeing growing demand for use in lithium-ion battery cathode manufacturing. During the March 2023 Quarter, a selection of PQ3 diamond drill core from the Contact/Contact North Deposit at Hendeka was selected and submitted to Nagrom Laboratories under the guidance of BHM Process Consultants. Sample composites are currently being formed for mineralogical analysis and subsequent diagnostic and bulk beneficiation testwork. The key aims of the current metallurgical testwork are: 1) Identify whether 31.5 mm is the optimal liberation point for processing or if coarser particle size processing can be entertained. 2) Define the concentrate mineralogy and liberation profile with respect to manganese (Mn) bearing species. 3) Assess the manganese recovery and product purity/grade achieved. 4) Produce a conceptual metallurgical flowsheet. The initial metallurgical testwork will encompass stage crushing and comminution, assay and analysis, scrubbing, and Heavy Liquid Separation (HLS)/Ericsson Cone Testwork. Following completion of the diagnostic testwork, a crush size will be selected for a bulk testwork program. It is anticipated that the initial program will be completed, and the bulk program initiated during the June 2023 Quarter. Trek plans to use the concentrate produced from this testwork to undertake a hydrometallurgical testwork program to investigate the potential to produce battery- grade, high-purity manganese sulphate monohydrate (HPMSM) for the lithium-ion battery sector. TREK METALS LIMITED | ANNUAL REPORT 2023 8 A helicopter electromagnetic (EM) survey was flown over the eastern and southeastern parts of the Hendeka Project area with the survey finishing in early 2023. The Versatile Time-Domain (VTEM) Max survey system was contracted through Perth based UTS Geophysics Pty Ltd to fly two areas using 100m spaced E-W survey lines covering a large manganese-mineralised corridor that hosts Trek’s Contact and Contact North hydrothermal Mn deposits in Archaean dolomite-chert beds, similar to the Woodie Woodie style hydrothermal Mn deposits located to the north, and a small survey area over the Tally Ho sedimentary style manganese deposit formed in Proterozoic Manganese Group shale and siltstone beds (Figure 5). The VTEM survey crew were based at the Woodie Woodie Mn mine and UTS provided daily updates to Trek’s consultant geophysicists for survey data QC and selecting areas for infill flying. Final VTEM data delivered by UTS was processed by Resource Potentials Pty Ltd and show that the survey area is dominated by conductor anomalies caused by clays in sedimentary cover deposits associated with the modern Oakover River drainage channel and thin Cainozoic River sediment deposits left behind on mesas from the ancient Oakover River system. Areas with outcropping and shallow soil covered Archaean Pinjian Chert Breccia and Carawine Dolomite formations are prospective for hosting hydrothermal manganese mineralisation. Trek has identified a number of weak to moderately electrically conductive VTEM EM anomalies in these areas as shown by coloured outlines in Figures 5 and 6, and some of these VTEM target areas overlap with or are close to anomalous manganese mineralisation intersected in historical drill-holes while some target areas coincide with Induced Polarisation anomalies related to manganese mineralisation, forming excellent target areas for field checking and drilling. A current standout target is shown on Figure 6, where historical exploration drilling intersected 14m @ 15.9% Mn from 51m (refer ASX: SPI 23rd December 2014). This target is also at the interpreted contact between the Pinjin Chert Breccia and the Carawine Dolomite and is sitting on the edge of a recently defined mid-time EM anomaly. TREK METALS LIMITED | ANNUAL REPORT 2023 9 Figure 5: Map of Trek’s Hendeka Manganese Project area showing example VTEM EM anomaly image of Z receiver dB/dt component time decay channel window data as a red-green-blue image of channels 28-18-08, with the location of Mn deposits, Trek’s mineral licence outlines and VTEM target areas coloured by priority rank where 1 is highest priority. TREK METALS LIMITED | ANNUAL REPORT 2023 10 Figure 6: Map of the northern part of Trek’s Hendeka manganese Project area showing example VTEM EM anomaly image of Z receiver dB/dt component time decay channel window 15 data as a pseudo colour image, with the location of historical Mn drilling labelled by Mn grade intervals and maximum 1m grade in the hole as coloured points at the drill collar, Trek’s mineral licence outlines and VTEM target areas coloured by priority rank where 1 is highest priority. TREK METALS LIMITED | ANNUAL REPORT 2023 11 PINCUNAH PROJECT A review of exploration data from the Valley of the Gossans (VOG) prospect and the greater Pincunah Project during the reporting period resulted in a new mineralisation model for the area. The review, conducted by independent consultant CSA Global, suggests that the observed mineralisation at VOG is likely to be of epithermal origin, with the system potentially capable of hosting significant precious metals. The identification of epithermal mineralisation potential at VOG as part of a likely precious metals system has upgraded the previously identified Conductor ‘A’, which has yet to be tested by drilling. Figure 7: High mercury (Hg) values at Conductor A potentially indicate a higher crustal level of epithermal mineralisation which typically contain more precious metals such as gold and silver A robust multi-element As, Se, Sb, Bi, Ag, Cd, Pb, In, Cu, Mo, Au, S & Te metal association has been defined in soils at Valley of Gossans Prospect. This metal association also defines subsidiary targets including those located immediately north-east of Valley of the Gossans extending to Conductor ‘A’. All mafic and sedimentary units are strongly altered. Alteration is more difficult to define in ultramafic samples where the least altered composition is quite close to chlorite. Sericite alteration is most closely associated with mineralisation. A zonation from possible chloritic (propylitic) inwards to sericite (phyllic) alteration was recognised and the widespread presence of chlorite was confirmed via ASD hyperspectral analysis of two drill-holes (VRC006 & 023). TREK METALS LIMITED | ANNUAL REPORT 2023 12 If Valley of Gossans is indeed a high-sulphidation epithermal system, the mineralogy and zonation with a predominance of propylitic alteration (chlorite-sericite-carbonate) with possible minor dickite suggests that current exposure is deep in the system, below potential economic gold mineralisation. Potential for deeper porphyry copper mineralisation may still exist. Although the currently observed absolute gold grades are low (<0.4g/t Au), it is important that gold is correlated with the best mineralisation in the system so far. If there is porphyry copper mineralisation at depth, it is reasonable to expect that it is gold-bearing. The low temperature metal suite that overlies epithermal deposits is Hg-Tl-(As-Sb). While there is very high As and Sb anomalism at VOG, the Hg and Tl are not so pronounced over the main As-Sb anomaly. Furthermore, “high temperature metals” like Bi and Cu don’t fit with low temperature upper levels of an epithermal story. However, at Conductor ‘A’ there is a very pronounced Hg and Tl anomalism in association with a comparable multi-element geochemical signature to that at the main VOG anomaly. It would be reasonable to interpret that Conductor ‘A’ could represent a higher- level portion of the epithermal system, which should be more prospective for economic accumulations of precious metals. In addition to the exploration data review, Trek Metals expanded its tenement holding in the Pincunah district during the reporting period with the complementary strategic acquisition of tenement E45/4640, which covers the ground directly adjacent to Conductor ‘A’, from lithium producer Pilbara Minerals (ASX: PLS). CORPORATE BOARD CHANGES Trek Metals appointed experienced commercial and corporate lawyer Valerie Hodgins to its board as a Non-Executive Director, effective from 1 July 2022. Ms Hodgins is a highly experienced commercial lawyer with a strong governance and commercial background. Before undertaking legal studies, she worked in the private sector as a human resources professional and in industrial relations before qualifying as a commercial lawyer. In addition, Mr John Young transitioned from Executive Director to Non-Executive Director effective from the 31st October 2022. ACQUISITION OF THE HENDEKA MANGANESE PROJECT Trek Metals secured an exceptional near-term development opportunity in the battery materials sector through the acquisition of the advanced Hendeka Manganese Project (previously named “South Woodie Woodie”). The acquisition was completed on 8 November 2022 via a binding scheme implementation agreement (“Scheme Implementation Agreement”) under which Trek Metals acquired all of the shares in the capital of unlisted public company Edge Minerals Limited (“Edge”) by way of a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (“Scheme”). Edge held a majority interest in the Hendeka Project. Under the terms of the Scheme, Trek acquired all of the issued shares in the capital of Edge at a fixed exchange ratio of 2.12 new Trek shares for each Edge share held by Edge shareholders as at the Scheme record date. ACQUISITION OF BASE METALS TENEMENT FROM PILBARA MINERALS Trek Metals completed the acquisition of a 100% interest in precious and base metals exploration tenement E45/4640, located immediately adjacent to its Pincunah Project TREK METALS LIMITED | ANNUAL REPORT 2023 13 from Pilgangoora Operations Pty Ltd (“POPL”), a subsidiary of Pilbara Minerals Limited (ASX: PLS), during the December 2022 Quarter. In consideration for this acquisition, the Company issued 4,792,332 ordinary shares ($300,000) based on the 20 trading days volume weighted average price for Trek’s shares three (3) days prior to the Settlement Date. The shares issued were subject to a six-month voluntary escrow period following the date of issue. POPL will retain all lithium and tantalum rights and receive a 2.5% Net Smelter Royalty (NSR) on all other minerals produced from the tenement. HEADS OF AGREEMENT WITH STRIKE ENERGY Trek Metals has signed a Heads of Agreement with Strike Energy Limited (ASX: STX). Strike is proposing to develop the Mid-West Geothermal Power Project and as part of this proposed development, Strike has applied for a Geothermal Exploration Permit pursuant to the Petroleum and Geothermal Energy Resources Act 1967 (WA). Subject to the grant of the Geothermal Exploration Permit (GEP) on conditions acceptable to Strike, Strike is proposing to drill the Future State-1 well (Well). If Strike (at its election) drills the Well, Strike has agreed to provide a formational water sample from the Well (Sample) to Trek so that Trek can analyse the Sample for lithium content. The Agreement forms part of a regional exploration initiative under which Trek has been assessing exploration tenure in Western Australia where there may be an opportunity to explore for lithium-in-brines due to the presence of favourable target horizons that are being exploited for geothermal energy. Trek has three granted and two pending mineral exploration licenses held by 100% owned subsidiary Anaheim Pty Ltd in the Midwest region which overlap Strike Energy’s Geothermal Power Project – which is based on the Kingia Sandstones target horizon. In the event that Trek identifies a sufficient quantity and quality of lithium within the brine sample, the two parties will then consider a potential further agreement that may govern the next stage of potential project, including such items as: a) Further drilling of wells and testing for lithium brines; b) Investigating the legislative regime for undertaking a joint lithium and geothermal power project; c) Conducting scoping and commercial feasibility studies; and d) Undertaking further investigation on the interaction between direct lithium extraction (DLE) technology and geothermal power projects. SALE OF 20% INTEREST IN KROUSSOU ZINC-LEAD PROJECT Trek Metals completed the sale of its remaining 20% interest in the Kroussou zinc-lead project, located in western Gabon in central Africa to Apollo Minerals Limited (Apollo Minerals, ASX: AON). The consideration received by Trek was 3,000,000 fully-paid AON ordinary shares and 1,000,000 options exercisable into ordinary shares at 12c per share, expiring 30 June 2024. PRINCESS PEGMATITE PROJECT During the period, Trek secured an exclusive due diligence period and option agreement over the Princess Pegmatite Project in the Northern Territory (Refer ASX Release 22 December 2022). Trek conducted due diligence activities and based on its analysis decided not to proceed further with the Project. TREK METALS LIMITED | ANNUAL REPORT 2023 14 CENTURION PROJECT During the year the Company withdrew from the Centurion Farm-in and Joint Venture Agreement with Buxton Resources Limited which comprised the granted Exploration Licence E80/5579 (Refer ASX Release : 28 March 2022). CAPITAL RAISING Post year-end the Company, announced a strongly supported capital raising of up to A$7.5 million (before costs) to accelerate exploration across its lithium and manganese projects. The Company received commitments for the Placement comprising 75 million shares at an issue price of $0.06 per Share to existing and new professional, sophisticated and other institutional investors to raise a total of $4.5 million (Tranche One) which settled on the 5th June 2023. In addition, the Company has elected to accept oversubscriptions of an additional A$3.0 million in Shares from directors of the Company and other investors introduced by the Board in a second tranche which will be subject to shareholder approval (Tranche Two). The Placement includes a 1:3 free attaching option exercisable at $0.085 per option expiring 2 years from the date of issue (Attaching Option). The Attaching Options will be issued subject to shareholder approval at the Company’s Annual General Meeting expected to be held in late July 2023 (AGM). The Company intends to list the Attaching Options, subject to satisfying ASX Listing Rule requirements. FINANCIAL REVIEW The Group incurred a loss for the year of $3,990,953 (2022 Loss: $2,185,622). Significant expenditure items during the period include: − Exploration and evaluation expenditure of $301,089 (2022: $654,016); − Acquisition costs impaired of $1,627,005 (2022: Nil); − Directors’ salaries and Consulting Fees of $291,711 (2022: $179,768); − Scheme expenses of $126,878 (2022: Nil); and − Share based payment of $676,595 (2022: $736,830). The group began the year with $6,366,832 in cash and ended the year with $2,704,166 in cash. 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 22 June 2023 TREK METALS LIMITED | ANNUAL REPORT 2023 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 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 2023 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 2023. 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 2023 was $3,990,953 (31 March 2022: $2,185,622). 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 date of this report unless otherwise stated: Name, qualifications and independence status Experience, special responsibilities and other Directorships in listed entities Tony Leibowitz Experience: Non-Executive Mr Leibowitz has over 30 years of corporate finance, investment Chairman (Independent) Appointed 4 September 2020 banking and broad commercial experience and has a proven track record of providing the necessary skills and guidance to assist companies grow and generate sustained shareholder value. Previous roles include Chandler Macleod Limited and Pilbara Minerals Limited, where as Chairman and an early investor in both companies, he was responsible for substantial increases in shareholder value and returns. Mr Leibowitz was also a global partner at PricewaterhouseCoopers and chaired the board of Bardoc Gold prior to the takeover by St Barbara. Mr Leibowitz is a Fellow of the Institute of Chartered Accountants in Australia. Special responsibilities: None Directorships held in other listed entities during the three years prior to the current year: • Ensurance Limited • Bardoc Gold Limited (resigned 13 April 2022) • Greenvale Mining Limited (resigned 31 December 2022) • Astro Resources NL TREK METALS LIMITED | ANNUAL REPORT 2023 17 Neil Biddle Experience: Non-Executive Mr Biddle is a geologist and Corporate Member of the Australasian Director (Not Independent) Appointed 4 September 2020 Institute of Mining and Metallurgy and has over 30 years’ professional and management experience in the exploration and mining industry. Mr Biddle was a founding Director of Pilbara Minerals Limited, serving as E