Trek Metals Secures Option on Arizona Manganese Ground in 100% Import-Reliant US Market
Key Takeaways
- Trek Metals has entered a binding option agreement to acquire 100% of the Matrix Manganese Project in Mohave County, Arizona, for a total maximum outlay of A$200,000 — A$50,000 option fee plus A$150,000 acquisition price upon exercise.
- The United States produces zero manganese domestically and is 100% import-reliant, making the Matrix Project strategically positioned against active US Government policy to onshore critical minerals supply chains.
- The US Bureau of Mines identified mineralisation immediately adjacent to the Matrix Project as the most suitable domestic ISR candidate during a 1980s–1990s federal assessment, providing a government-sourced geological endorsement of the broader district.
- Trek CEO Derek Marshall holds approximately 66.67% of the vendor, Solution Mining Pty Ltd — a related-party conflict that has been declared to the Board but warrants investor scrutiny.
- Matrix is designed to complement Trek's flagship Christmas Creek Project in WA's Kimberley region, with the Arizona location enabling exploration activity during the northern Australian wet season when Christmas Creek faces operational constraints.
Trek Metals secures option over Arizona manganese project in 100% import-reliant US critical mineral
On 15 September 2026, Trek Metals entered into a binding option and acquisition agreement, securing an exclusive 9-month option to acquire 100% of Solution Mining Pty Ltd, which indirectly holds the Matrix Manganese Project in Mohave County, Arizona. The deal structure is straightforward: a A$50,000 non-refundable option fee, with a A$150,000 cash acquisition price payable upon exercise.
Manganese is a listed US critical mineral, and the United States is 100% import-reliant, producing none domestically. The Matrix Project is intended to complement Trek’s flagship Christmas Creek Manganese and Gold Project in WA’s Kimberley region.
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Deal structure and terms
The material terms of the Option Agreement are as follows:
- A$50,000 non-refundable option fee payable within 5 days of execution
- 9-month exclusive option period, exercisable by Trek at any time during that window
- A$150,000 cash acquisition price payable upon exercise
- During the option period, Solution must apply the option fee toward annual maintenance fees on the Mining Claims, keeping them in good standing
- The project transfers free from a prior earn-in agreement with another ASX-listed company; the sole remaining encumbrance is an option to purchase a 0.5% NSR (a buy-out option for this NSR is included in the agreement)
A key governance disclosure accompanies the transaction: Trek’s Chief Executive Officer, Mr Derek Marshall, holds approximately 66.67% of the issued capital of Solution Mining Pty Ltd (the vendor) and has declared to the Board his material personal interest in the proposed transaction.
Andrew Reece, Chairman
“This transaction reflects the disciplined, capital-efficient approach the Board is taking to growing Trek’s portfolio. Manganese is a critical mineral for which the United States is currently 100% reliant on imports, creating a strong strategic backdrop for new domestic supply. 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.
“Matrix is also a natural, low-risk complement to Trek’s existing portfolio. It provides additional exposure to manganese alongside our flagship Christmas Creek Project in WA, while importantly giving us an exploration asset that can be advanced during the northern Australian wet season. This gives us greater flexibility to maintain exploration momentum and consistent news-flow throughout the year.”
| Item | Detail |
|---|---|
| Option fee | A$50,000 (non-refundable, payable within 5 days of execution) |
| Option period | 9 months exclusive; exercisable at any time during that window |
| Acquisition price | A$150,000 cash, payable upon exercise |
| Claims area | 154 unpatented lode mining claims, approximately 12km² |
| NSR encumbrance | Option to purchase a 0.5% NSR; buy-out option included in agreement |
The Matrix Project — what Trek is acquiring
Location and geological setting
The Matrix Project comprises 154 unpatented lode mining claims (MTX001–154) covering approximately 12km² in Mohave County, Arizona, held via Matrix Mining LLC, a Delaware limited liability company. The district was first identified as a manganese-mineralised province in the 1880s, and during the 1980s and 1990s, the US Bureau of Mines evaluated the feasibility of in-situ and heap leaching methods for manganese extraction from domestic US deposits, identifying mineralisation immediately adjacent to the project as the most suitable candidate in that assessment.
Government geological mapping interprets that the manganiferous Chapin Wash Sandstone, the manganese mineralisation target horizon, continues sub-surface across the Matrix Project area.
In-situ recovery potential
Historical test work in the region indicates that the sandstone-hosted mineralisation could be suitable for a low-impact in-situ recovery (ISR) operation. ISR is a method of extracting minerals by pumping a solution underground to dissolve the target mineral and then recovering it at the surface, without requiring large-scale open-pit or underground mining. The announcement draws a reference to the Florence ISR copper operation in Arizona, which has recently advanced to Final Investment Decision in the same jurisdiction, as a credibility reference for the method in the region.
Arizona ranks amongst the most attractive mining investment jurisdictions globally according to the Fraser Institute’s 2024 rankings. Federal policy tailwinds also support the region, including the Inflation Reduction Act and FAST-41 permitting framework, both of which are intended to accelerate domestic critical minerals development.
Why manganese matters — the critical mineral context
Manganese is most commonly associated with steelmaking, where it is used as a hardening agent. Increasingly, it is also a key input for high-purity manganese sulphate (HPMSM), a material used in lithium-ion batteries for electric vehicles and energy storage systems.
The strategic tension for the United States is stark: the country produces no manganese domestically and is 100% import-reliant for supply. US Government policy is actively focused on onshoring critical mineral supply chains, which makes domestically located manganese projects strategically attractive in a way that would not have applied a decade ago. For investors, this creates a policy-driven demand signal that sits behind any exploration-stage project in this space.
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Portfolio strategy and what comes next
The announcement positions Matrix as a capital-efficient complement to Trek’s existing portfolio. The 9-month option period is intended to give Trek time to progressively assess and de-risk the asset before committing the full A$150,000 acquisition price — a staged approach that limits upfront exposure.
The counter-seasonal logic is also material. Christmas Creek, Trek’s flagship WA project, faces activity constraints during the northern Australian wet season. Matrix, located in Arizona, can potentially be advanced during that same period, giving Trek the flexibility to maintain exploration momentum year-round.
Trek continues to advance the Kuro discovery at Christmas Creek. The Matrix Project is presented as adding manganese and geographic diversification to the portfolio without displacing the flagship.
For readers wanting broader context on Trek’s flagship asset before assessing how Matrix fits the portfolio, our full explainer on the Christmas Creek discovery and what it revealed covers the geological setting, the manganese and gold intersection results, and the implications for the broader Kimberley tenure.
The Kuro discovery at Christmas Creek has emerged as a basin-scale target spanning approximately 30km, with ongoing drilling programs aimed at defining the extent of manganese mineralisation across the Kimberley tenure.
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