Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2024capital raising announcement▲ GoodMajor
Trading resumes with $1.8m more raised at $0.002: a $1.5m placement of 750m shares (11% below the 15-day VWAP) plus about $0.3m for the shortfall from the entitlement offer, which had roughly 85% take-up. Company says it is now fully funded.
1 Nov 2024other● Neutral
ASX paused trading in TMK shares pending a further announcement. No reason is given in the text provided.
31 Oct 2024quarterly activities report● Neutral
September quarter report: two of three new pilot wells drilled, third to start, with pumps and DTS fibre sensing to follow. Cash operating costs fell about 30% on the prior quarter. The placement and entitlement offer raised about $2.9m after quarter end.
31 Oct 2024drilling result▲ Good
LF-06 drilled to 475m with about 60m of net coal, on prognosis and trouble free. Third and final well LF-04 starts within 24 hours; pumps go into LF-05 and LF-06. Wells are scheduled to be on production in late November 2024.
30 Oct 2024capital raising announcement● NeutralMajor
Entitlement and shortfall offers drew applications for 800.8m shares, raising $1.60m at $0.002 against the up to $1.9m sought. Shares and options are due to be issued on 1 November 2024. With the $1.34m placement, total is about $2.9m.
What it means for a shareholder
801m new shares at about A$0.002 to raise about A$1.6m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (500,500 at the issue price), your slice goes from 0.0174% to 0.0136% of the company. To keep it you'd need 139,167 more shares - about A$278 at the issue price.
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24 Oct 2024drilling progress report● Neutral
Reminder that the entitlement offer closes 25 October, with Board and management taking up most or all of their entitlements. LF-06 is drilling at 226m. The remaining wells are due to be on production within four to six weeks.
21 Oct 2024drilling result▲ Good
LF-05 reached 480m with about 60m of net coal, as expected and consistent with the three existing wells, drilled without problems. LF-06 started 20 October. The new wells are scheduled to be on production in late November 2024.
16 Oct 2024capital raising announcement● Neutral
Entitlement offer close extended three days to 25 October 2024. Directors and Australian management take 50% of fees in shares for six months, saving about $250,000 cash, and the company targets roughly 30% lower operating costs. Director share issue needs shareholder approval.
14 Oct 2024drilling progress report● Neutral
LF-05 has set surface casing at 261m and is drilling into the upper coal seam, expected at about 278m with total depth near 480m. LF-04 follows. Also announces an investor webinar on 16 October. No result yet.
11 Oct 2024capital raising announcement● Neutral
Entitlement offer prospectus and forms despatched; offer opens 11 October and closes 22 October 2024. Chair John Warburton's letter urges participation. Administrative step in the raising already announced, with no new terms beyond that.
8 Oct 2024drilling spud▲ GoodMajor
Drilling began on the first of up to three additional Lucky Fox pilot wells (LF-05), each expected to take seven to ten days. All three are expected to be finished in four to six weeks and put straight on production. Aim: reach critical desorption faster.
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.
31 July 2024quarterly activities report● Neutral
June quarter report recapping the five-year environmental approval, the 28% cheaper fixed-price drilling tender and the July leadership restructure. The SPP raised about $624,000 and the AGM approved the attaching options. Drilling of the extra pilot wells is expected to begin in 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 2024quarterly activities report● Neutral
March quarter report: testing confirmed the Lucky Fox wells have reduced reservoir pressure, and Cipher rated the project's technical attributes excellent. 2-3 more production wells are planned for 2024, funded by the $2.5m placement and the open $1.5m share purchase plan. The partner process is moving towards a formal stage.
