Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2024capital raising announcement● Neutral
Prospectus dated 2 October 2024 for the 1-for-8 entitlement offer at $0.002, raising up to $1,897,903, with free TMKO options. It also offers up to 335m options to placement participants. Legal document for the raising already announced.
1 Oct 2024capital raising announcement● NeutralMajor
Raising about $3.24m at $0.002 per share: a $1.34m placement of 670m shares (33% discount) plus a 1-for-8 entitlement offer of up to about $1.9m. Each two shares get a free 0.8c option to April 2027. Funds the expanded 2024 program and partnering.
25 Sept 2024contract award▲ GoodMajor
Drilling contract signed with Major Drilling, which drilled the 2023 pilot wells, for up to three more Lucky Fox wells at a fixed price about 28% below earlier costs. This finalises the July preferred-contractor choice; the rig mobilises within a week.
18 Sept 2024investor presentation● Neutral
September 2024 investor presentation by interim CEO Dougal Ferguson, restating the 1,214 Bcf (2C) and 5,300 Bcf (2U) Gurvantes resources and the environmental approvals. Nothing new is visible in the text provided.
13 Sept 2024half year report● Neutral
Interim report for the six months to 30 June 2024. It restates the plan for three more Lucky Fox pilot wells after the Cipher review, the roughly $3.2m raised in April and the five-year environmental approval. Financial figures were not in the text provided.
12 Aug 2024material agreement▲ Good
TMK will install TAQA's fibre-optic temperature sensing in two of the new pilot wells (Lucky Fox 4 and 5) to identify which parts of the roughly 70m upper coal seam produce gas and water. First use in Mongolia; drilling is on track for late August 2024.
25 July 2024investor presentation● Neutral
July 2024 investor presentation by interim CEO Dougal Ferguson, restating the 1,214 Bcf (2C) and 5,300 Bcf (2U) resources and the recent environmental approvals. Nothing new is visible in the text provided.
23 July 2024contract award▲ GoodMajor
A preferred drilling contractor is chosen for the three-well program (Lucky Fox 4, 5, 6) on a fixed price about 28% below the 2023 well costs. The contract is still to be finalised within weeks, with drilling expected to follow shortly after in August.
4 July 2024drilling scheduled▲ Good
All approvals for the 2024 drilling program are in, long lead equipment is ordered and tenders for the drilling contractor have closed. Drilling is expected to start in August 2024. The three existing Lucky Fox wells continue producing gas and water.
2 July 2024director officer appointment● NeutralMajor
Management reshuffle: CEO Brendan Stats steps down to run drilling and project delivery, with Dougal Ferguson interim CEO. John Warburton becomes chairman and Brett Lawrence a part-time executive director. A search for a full-time Managing Director is under way, expected to take several months.
25 June 2024security holder rights change● Neutral
167.6m shares issued to former Talon directors, management and advisers will be released from voluntary escrow on 1 July 2024. These come from the December 2023 Talon deal. They could be sold, which may add selling pressure (inference).
25 June 2024regulatory community update▲ GoodMajor
Mongolia's environment ministry approved the Gurvantes XXXV environmental impact assessment for five years, covering up to 45 production and 95 exploration wells. This clears the way for development of the 1.2 TCF (2C) resource, with more pilot wells expected to start drilling in August 2024.
22 May 2024other● Neutral
Top 20 holder and distribution report for the new listed options (exercise price $0.008, expiring 30 April 2027), issued 22 May 2024. About 608.1m options are held by 69 holders; the top 20 hold 97.5%. Administrative filing, no new substance.
14 May 2024capital raising announcement● Neutral
Options prospectus lodged 14 May 2024 for free attaching options to placement and SPP participants, plus 63.3m options to the joint lead managers. It enables the options promised in the March raise; the text provided is mostly legal boilerplate and shows no new terms.
9 May 2024capital raising announcement● NeutralMajor
The share purchase plan raised $623,589 from applications for 155.9m shares at $0.004, well below the $1.5m cap. Each share gets a free $0.008 option to April 2027, subject to approval at the 30 May AGM. With the March placement, it funds the 2024 wells.
What it means for a shareholder
156m new shares at A$0.004 to raise about A$623,589. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.00868% to 0.00823% of the company. To keep it you'd need 13,533 more shares - about A$54 at the issue price.
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1 May 2024investor presentation● Neutral
Notice of an investor webinar on 2 May 2024 with CEO Brendan Stats on the 2024 work program and strategic goals. Invitation only; no new information.
1 May 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice and ASIC consented to the resignation. Shareholders will vote to confirm the appointment at the AGM on 30 May 2024. Administrative; same firm group.
30 Apr 2024listing compliance notice▼ Bad
TMK admits it inadvertently breached a listing rule by issuing 25m placement shares ($100,000) to largest holder Zantav without shareholder approval. The shares are under a holding lock, and the AGM will vote to release them.
18 Apr 2024capital raising announcement● Neutral
The share purchase plan closing date is extended two weeks to 6 May 2024, citing Easter postal delays. Terms are otherwise unchanged and a shareholder webinar is planned. Results are due 8 May.
10 Apr 2024admin correction● Neutral
Corrects a typo in the share purchase plan cover letter, where the word Imugene appeared instead of TMK. Administrative only; the plan terms are unchanged.
28 Mar 2024other● Neutral
Corporate governance statement as at 28 March 2024, covering the year to 31 December 2023. Says practices comply in all material respects with ASX principles. Administrative; no new business information.
28 Mar 2024other● Neutral
Appendix 4G, the checklist pointing to the governance statement, lodged with the annual report for the year to 31 December 2023. Administrative filing with no new substance.
28 Mar 2024annual report● Neutral
Annual report for the year to 31 December 2023. The board says three pilot wells were drilled and began producing gas, and a strategic partner campaign is planned for 2024. It also says a small equity raise was closed to fund the next phase. Financials were not in the text provided.
25 Mar 2024investor presentation● Neutral
March 2024 corporate presentation restating the 1,214 Bcf (2C) and 5,300 Bcf (2U) resources and the 100% ownership. It says 2024 milestones are now funded. Nothing new is visible in the text provided.
22 Mar 2024capital raising announcement● Neutral
Offer documents for the share purchase plan: eligible Australian and New Zealand holders can buy $1,000 to $30,000 of shares at $0.004, a 4.8% discount to the five-day average price. Closes 22 April. Options attached are subject to shareholder approval. Details the March raise.
21 Mar 2024capital raising announcement● NeutralMajor
TMK raised $2.53m in a placement of 633m shares at $0.004, each with a free option at $0.008 to April 2027, to fund infill wells at Gurvantes. A $1.5m share purchase plan for existing holders is offered on the same terms. Largest holder Zantav took 25m shares.
What it means for a shareholder
633m new shares at A$0.004 to raise about A$2.5m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.00868% to 0.00712% of the company. To keep it you'd need 54,948 more shares - about A$220 at the issue price.
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27 Feb 2024well test result● NeutralMajor
Shut-in tests show reservoir pressure has fallen about 500kPa since July. A further 750-1,000kPa drop is needed to reach critical desorption, when material gas rates are expected. An independent review by Cipher Consulting says more time or wells will likely be needed. The 1.2 TCF estimate is unchanged.
8 Jan 2024production update▲ Good
December gas output was 200.4 mscf, about 50% above November and 335% above October, with 99% uptime. Winterisation is complete and water is down to about 460 barrels a day. Rates remain low, and TMK expects an expanded 2024 pilot program.
22 Dec 2023security holder rights change● Neutral
TMK processed the distribution of 1,001,017,238 shares and 500,508,618 options to Talon shareholders. Of the shares, 166,033,268 are under voluntary escrow to 30 June 2024. Completes the Talon consolidation; the share count rises by about 1.09bn.
8 Dec 2023capital raising announcement● Neutral
Prospectus for the issue of up to 1.1bn shares and 550m TMKOB options to Talon as consideration for the Gurvantes deal. It is a transaction-specific document needed to make the securities freely tradeable; it raises no cash.
