Gibraltar REE Project - NSW

In January 2026, our immediate neighbour was acquired at a 121% premium, valuing the regional peralkaline trachyte trend at approximately A$447 million.

Our planned future drilling program is specifically targeting the Toongi Trend—the same mineralized facies that just triggered one of the largest rare earth acquisitions in the Australian sector. Treo represents the last remaining private/junior exposure to this specific, now-benchmarked geological trend.

Gibraltar Anomalism & Targets

Gibraltar has had limited historical exploration for REE & Critical Minerals, with past explorers Alkane/ASM focussed on the development of the Dubbo Project. ASM’s Dubbo Project, known as the Toongi deposit, is a large in-ground polymetallic resource of Rare Earth Elements and Critical Minerals within a massive fine-grained trachyte outcrop.

The area is significantly under explored, with only 9 drillholes at the Railway Deposit (~1km south of Treo’s tenure). Results from this drilling highlight the prospectivity of the region - RWRC002: 65m @ 0.99% ZrO2, 0.26% NbO2, & 0.46% TREO from 3m.

Treo interprets that the Toongi REE mineralised trend potentially continues north into EL9433 and south into ELA6693 and our targets are Alkaline igneous rocks (trachytes) outcropping at surface or intruding older sediments.

Rock chip sampling over a trachyte in EL9644 shows elevated concentrations of niobium, REEs and Zirconium.

Treo has identified these targets in both the geology and the radiometrics, and the trachytes in our tenure are the same trachytes seen at the Dubbo REE orebody. We have also identified a number of alkaline targets underneath shallow alluvial cover.

Next Steps:

• Follow up shallow drilling of anomalous zones