Ann: Agreement with Rio Tinto to explore Trek's Jimblebar Project, page-49

I disagree. These tenements don't prove themselves. It requires capital, which TKM is short of. And the money TKM do have (and will raise in the future) will be directed towards proving up the lithium assets.
The agreement with Rio could result in a $40 million injection of capital into a secondary asset. If they do spend this amount, you can bet your bottom dollar, RIO will only do so because they see the potential for a >$1 billion asset, of which TKM will own 20%.
Another upside of this agreement is that Rio wouldn't jump into bed with any old penny dreadful. They clearly are interested in TKM's Nickel-Copper asset and have confidence in the board and management of TKM.
There is a very good reason (beyond simple FOMO) for the sudden spike in the volume and price.