Traka withdraws from option agreement

West Perth-based junior Traka Resources has withdrawn from an option to acquire an 80 per cent stake in multiple Mozambique-based projects.

Stephen Lynn-led Traka, which signed a 90-day option agreement to pursue the Mavago and Meponda rare earth elements and niobium projects, said on Friday that both projects no longer aligned with the company’s strategic objectives, following a three-month due diligence period.

Traka confirmed it would not be required to provide any further payments to vendors Xtrax and Reemet Limitada, aside from the existing $35,000 exclusive option fee already paid in June.

On June 22, the junior announced it had appointed Stephen Lynn – an experienced geologist with more than two decades of experience – as its chief executive officer, and felt his guidance would aid the company during the due diligence period.

Within its 2024 financial year statement, Traka acknowledged it had “undergone several steps forward” across several areas, however, didn’t indicate it was planning to divest the option agreement.

Aside from Mr Lynn’s appointment, Jay Stephenson also joined the company’s board in September, while Patrick Verbeek and Joshua Pitt departed on August 31.