Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Aug 2023director officer appointment● Neutral
TMK awarded staff and consultants 61m options (2.5c, expiring 30 April 2026) and 77m performance rights, about 2.75% of issued capital. CEO Brendan Stats receives 25m options and 22.5m rights; his fixed pay rises to $350,000 from 1 July 2023. Long-term hurdles include 100 Bcf of 2P reserves.
31 July 2023quarterly activities report▲ Good
June quarter report: all three Lucky Fox pilot wells are now flaring gas intermittently after the production test began 17 July, with water at about 520 barrels a day. Cash was $6.8m with no debt, funding the Gurvantes XXXV appraisal and exploration program.
25 July 2023flow test result▲ GoodMajor
Gas built up in the Lucky Fox-1 casing flowed to surface and was flared for about three hours on 24 July, the project's first gas to surface. The three wells produce about 500 barrels of water a day combined. TMK says the flow was unsustained.
25 July 2023joint venture update● Neutral
Talon's release repeats TMK's report of the three-hour flare of gas from Lucky Fox-1 and about 500 barrels of water a day combined. It also repeats the caution that the flow was unsustained. Duplicates TMK's announcement.
19 July 2023joint venture update● Neutral
Talon repeats TMK's news that production testing has begun. It adds that Talon has now met its Stage 2 obligation by funding the first US$3.15m of the pilot program; from here Talon pays 33% and TMK 67% of further costs.
19 July 2023production update▲ GoodMajor
The six-month production test at Gurvantes XXXV has begun, with all three pilot wells pumping water at low, constrained rates in line with expectations. Gas breakthrough may come at any time after depressurisation; the project is not yet producing sustained gas.
13 July 2023drilling progress report● Neutral
Pumps and drive heads are installed and all surface facilities are complete at the three pilot wells; the production test is expected to start within a week. Dewatering is now expected to take two to three months before initial gas breakthrough.
4 July 2023investor presentation● Neutral
Notice that CEO Brendan Stats will present at a Broker Briefing mining and resources webinar on 6 July 2023. No new project information.
28 June 2023drilling progress report● Neutral
Surface facilities for the three pilot wells are over 80% complete, with pump installation due early July and the six-month production test now scheduled for mid-July. Sustained gas is not expected until several months after pumps start; early water flow is expected.
9 June 2023director officer appointment● Neutral
Appendix 3Y notices show directors, including Brett Lawrence and Gema Gerelsaikhan, were each issued 5,000,000 unlisted incentive options at 2.5c expiring 30 April 2026, on 8 June 2023. Issued under shareholder approval of 31 May 2023, for nil consideration.
31 May 2023security holder rights change● Neutral
New company constitution adopted by special resolution of shareholders at the 31 May 2023 AGM. The text provided is a contents list and clauses; no specific change is described, so the effect on shareholders is not stated.
31 May 2023investor presentation● Neutral
AGM investor presentation repeating known points: the 1,214 Bcf (2C) contingent resource, Talon farm-in, and 2023 project milestones. The text provided is truncated, and nothing new is visible.
30 May 2023drilling result▲ GoodMajor
Lucky Fox-3 hit about 68m of gassy coal, the thickest of the three, completing the pilot drilling safely, on time and on budget. Pumps and surface facilities are due by early July, with first gas breakthrough expected one to two months after pumping starts.
29 May 2023agm notice● Neutral
Details of an investor webinar with CEO Brendan Stats, to follow the formal business of the 31 May 2023 AGM. Administrative notice with no new project or financial information.
19 May 2023drilling spud▲ Good
Lucky Fox-3, the final pilot well, began drilling late on 18 May and should take about two weeks. Management says Lucky Fox-1 and -2 each hit about 60m of gassy coal as prognosed, and pump installation and tie-in are scheduled for June.
16 May 2023drilling result▲ Good
Lucky Fox-2, the second of three pilot wells at Gurvantes XXXV, reached 407m and intersected about 62m of gassy coal, on prognosis, on time and on budget. This matches Lucky Fox-1's roughly 60m; the rig now moves to Lucky Fox-3.
5 May 2023drilling spud▲ Good
Lucky Fox-2, the second of three pilot wells, began drilling on 3 May and was at 138m by 5 May. Drilling is due to finish by end of May, with pumps and tie-in completed in June before the six-month production test.
3 May 2023admin correction● Neutral
Re-lodged March quarter Appendix 5B on the current ASX template, with cash flows unchanged. It shows cash of A$2.056m, with Talon funding of A$1.867m offsetting A$2.067m of exploration spend.
3 May 2023admin correction● Neutral
Top 20 holder list for 259,302,867 listed options at 2.5c expiring 30 April 2026, with 129 holders. The top 20 hold 47.72%. Administrative follow-up to the April placement.
28 Apr 2023capital raising announcement● Neutral
Options prospectus for the free placement options at 2.5c: up to 193,789,650 to placement investors, 2,750,000 to directors and 65,513,217 to the lead manager. It supports the earlier placement and adds no new information.
28 Apr 2023quarterly activities report● Neutral
March quarter report recaps the Major Drilling contract, Lucky Fox-1's 60m of gassy coal, the MAK offtake deal, Warburton's appointment and the A$5.7m raise. Surface facilities are expected to be finished in late Q2 or early Q3 2023. Cash was A$2.056m at quarter end.
27 Apr 2023drilling result▲ GoodMajor
Lucky Fox-1 reached 375m total depth, on time and on budget, intersecting about 60m of coal in the upper seam production interval. The first pilot production well is done; the rig moves to Lucky Fox-2. This is a favourable early sign ahead of the production test.
27 Apr 2023drilling result▲ Good
Talon's release repeats that Lucky Fox-1 reached 375m on 26 April, drilled on time and on budget, with 60m of gassy coal in the production interval. The remaining two wells are expected to take about five weeks. Duplicates TMK's own announcement.
20 Apr 2023capital raising announcement▲ GoodMajor
TMK raised about A$5.7m via placement of 393,079,300 shares at 1.45c, a 19.4% discount, with a free 1-for-2 option at 2.5c expiring April 2026. Funds expand the 2023 exploration drilling, planned from early Q3. Tsetsen Zantav agreed a six-month selling restriction. Resolves the earlier funding question.
What it means for a shareholder
393m new shares at A$0.0145 to raise about A$5.7m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (68,966 at the issue price), your slice goes from 0.00239% to 0.00211% of the company. To keep it you'd need 9,413 more shares - about A$136 at the issue price.
Create a free account to see this worked out for your own holding.
13 Apr 2023drilling spud▲ GoodMajor
Lucky Fox-1, the first of three pilot production wells at Gurvantes XXXV, spudded on 12 April 2023, on the April timetable. Talon still funds the first US$3.15m of about US$3.5m. A six-month production test follows all three wells.
3 Apr 2023drilling scheduled▲ Good
Rig is mobilising and all permits are in place for the three-well Pilot Well Program, with drilling expected to start mid April. Drilling takes about seven weeks, then about four weeks of facilities work. First gas is expected one to two months after production starts.
31 Mar 2023annual report● Neutral
Appendix 4G corporate governance checklist for the year ended 31 December 2022, pointing to the governance statement on TMK's website. Administrative, no financial or project information.
31 Mar 2023director officer appointment● Neutral
Non-executive director Stuart Baker, a Telmen founder who joined TMK's board on the February 2022 acquisition, resigned effective 31 March 2023 due to other business interests. He leaves four weeks after fellow director Prof. John Warburton joined.
31 Mar 2023agm notice● Neutral
The AGM will be held at 11am WST on 31 May 2023 in West Perth. Director nominations close 19 April 2023, and the notice of meeting is due around 30 April. Administrative.
31 Mar 2023annual report▲ GoodMajor
Annual report for the six-month transitional period to 31 December 2022. It states Class A and C performance shares (600m and 400m) and related rights vested and converted, leaving 4,637.5m ordinary shares on issue. This contradicts earlier 'unvested' status. Mongolia pilot wells and Talon's US$3.15m funding are recapped.
