Past year: ▲ 5900%(0.20c – 16.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2022annual report● Neutral
Annual report for year to 30 June 2022: net loss A$9.95m (A$172k prior year), mainly the year of the Telmen acquisition. Cash A$3.61m at 30 June; about 3.52bn shares on issue, price 1.4c on 30 September. Class A and C performance hurdles not yet met.
28 Sept 2022drilling result▲ GoodMajor
Initial four-well program complete. Snow Leopard-3R reached 558m with 175m net gassy coal (up from 140m), the thickest in Mongolia per TMK; gas 7.5-12.5 m3/t. NSAI engaged for the maiden contingent resource (~6 weeks); Talon's 90-day election window runs from 26 September.
20 Sept 2022investor presentation● Neutral
Mongolian Mining Week presentation repeating known facts: 5.96 TCF prospective resource (2U), Talon funding, and a maiden contingent resource targeted for Q4 2022. Shows about 3.5bn shares, A$3.4m cash and A$49m market cap at 1.4c. No new results.
15 Sept 2022drilling result▲ GoodMajor
Snow Leopard-3R hit about 80m of gassy lower coal (455-535m), giving ~140m total net coal, the thickest so far. SL-05 is drilling with ~37m of shallow, lower-gas coal. Maiden contingent resource now expected early Q4 2022; Talon yet to elect stage 2.
7 Sept 2022investor presentation● Neutral
September investor presentation repeating known facts: 5.96 TCF prospective resource, 100% drilling success, Talon funding, and the PetroChina MOU. Market cap is shown at 1.1c per share. No new results.
1 Sept 2022drilling scheduled● Neutral
TMK added a fifth well, Snow Leopard-5, at about US$100,000 and ~650m depth, agreed with Talon. The maiden contingent resource is now expected to be completed in October 2022. SL-03R needs about two more weeks.
29 Aug 2022drilling result▲ Good
Snow Leopard-4 found about 40m of coal in the lower seam (287-327m), with preliminary gas content of roughly 5-10 m3/t. Drill stem tests are done and results pending. SL-03R drilling resumed; once it finishes, Talon has 90 days to elect stage 2 (US$3.15m).
24 Aug 2022security holder rights change● Neutral
192.1m listed shares, plus 52.4m Class A and 34.9m Class C performance shares, come out of escrow, deferred by holder agreement to 31 August. None of the performance shares has vested. The release could add shares available for sale (inference).
22 Aug 2022other● Neutral
ASX said the suspension will lift once TMK releases the Supreme Court orders. This ends the suspension that began 17 August.
22 Aug 2022admin correction● Neutral
The Supreme Court granted TMK orders fixing missed cleansing-notice paperwork on share issues since 2019, including 1.895bn shares issued 14 Feb 2022. The company calls it an inadvertent administrative oversight; sales of those shares are declared not invalid.
18 Aug 2022drilling result▲ Good
Final gas content: SL-02 averaged 9.5 m3/t and SL-03 9.8 m3/t; SL-01 gas saturation averaged 84%. A second rig started SL-04 on 16 August, while SL-03R is delayed by rig breakdown and Covid crew shortages. Resource booking still targeted for 2022.
17 Aug 2022other● Neutral
At TMK's request, shares were suspended pending a Western Australian Supreme Court decision on its application, expected 22 August. This follows a trading halt request on 15 August; the notice gives no further detail.
11 Aug 2022joint venture update● Neutral
Farm-in partner Talon welcomed the TMK–PetroChina MOU and confirmed three of its minimum four core holes are complete. It repeats the existing 33% farm-in and resource figures; nothing new on TMK's own position.
11 Aug 2022material agreement▲ GoodMajor
TMK signed a binding, non-exclusive MOU with PetroChina subsidiary DATAMO to accelerate Gurvantes XXXV. DATAMO may move toward investing in TMK or the project on terms to be agreed; no funding yet, six-month term, company says no direct economic impact.
8 Aug 2022other● Neutral
ASX paused trading in TMK pending a further announcement. No reason is given in the notice itself.
29 July 2022quarterly activities report▲ GoodMajor
June quarter report: three Gurvantes wells found thick, gassy coal, and the first-four-wells coal hurdle triggered conversion of 600m Class B performance shares into ordinary shares. Cash about A$3.4m, no debt; Talon has funded US$1.5m, stage 2 (US$3.15m) is its election.
29 July 2022quarterly activities report● Neutral
Appendix 5B for June quarter: operating cash outflow A$324k, no financing receipts, A$34k cash acquired with Telmen. Closing cash A$3.403m (A$3.693m prior quarter), no debt. Only the cash flow form is shown here.
11 July 2022well test result▲ GoodMajor
Snow Leopard-3 upper seam permeability is about 15-20mD, and SL-2's final is 47mD. Upper coal at SL-3 revised up to ~60m from 47m. Poor hole conditions forced abandoning the wellbore at 348m; it was re-drilled on the same site from 8 July.
28 June 2022drilling result▲ Good
Snow Leopard-3 intersected about 47m of coal in the upper seam from 190m, with high preliminary gas content and permeability testing done. All three wells have found thick coal over 6km. Drilling is paused at 318m for a fishing operation.
17 June 2022drilling spud● Neutral
Snow Leopard-3, third of four wells, is drilling ahead at 30m, about 3km west of SL-2, targeting ~650m. Lower-seam permeability testing at SL-2 is complete with results pending. Pilot well planning continues for later this year.
8 June 2022drilling result▲ GoodMajor
Snow Leopard-2 reached total depth of 540m with 91m net coal (70m upper, 21m lower seam at 457-478.5m). Methane averages ~97%. Rig moves about 3km west to Snow Leopard-3; company says focus is shifting to fast-tracking the pilot.
2 June 2022well test result▲ GoodMajor
Snow Leopard-2 upper coal seam shows flow capacity of 1,090 mD.m over 70m, which the company calls high permeability. This resolves the permeability question left open at SL-1, and TMK is starting to fast-track pilot production planning.
30 May 2022well test result▲ Good
Permeability tests on the 70m upper coal seam at Snow Leopard-2 were completed, with preliminary data described as far better than the problem-hit SL-1 tests. Numbers are not yet given; analysis due shortly. Drilling continues at 378m.
23 May 2022drilling result▲ GoodMajor
Snow Leopard-2 hit about 70m of gassy coal from 167m depth, with high preliminary gas content at shallow depth. Final SL-1 gas contents came in at 11.4-15.2 m3/t (average 13.2), above expectations; SL-1 flow capacity was only ~4.1 mD.m after test problems.
16 May 2022drilling spud▲ Good
Drilling has started on Snow Leopard-2, second of four wells, about 5km east of SL-1, planned to reach ~600m. Two more holes follow over 2-3 months; pilot wells and a maiden contingent resource remain targeted for 2H 2022.
10 May 2022drilling result▲ GoodMajor
Snow Leopard-1 finished at 675m with 60m net gassy coal (44.4m upper, 15.5m lower). Gas content is tracking the upper end of the 7.5-12.5 m3/t range, methane averages ~96%. Permeability test results still being analysed; rig moves to Snow Leopard-2.
2 May 2022quarterly activities report● Neutral
Appendix 5B for March quarter: operating cash outflow A$240k, A$1.96m raised (A$108k costs), and A$110k cash acquired with Telmen. Closing cash A$3.693m, no debt.
2 May 2022quarterly activities report▲ Good
March quarter: Telmen acquisition completed and Snow Leopard-1 drilled, with about 56m of gassy coal and total depth around 675m expected. Cash about A$3.7m, no debt. Permeability tests still pending; Talon stage 2 (US$3.15m) is subject to its election.
29 Apr 2022drilling progress report● Neutral
Snow Leopard-1 at 636m; upper coal confirmed at 44.4m net, with gas averaging 96% methane. A second lower coal group shows about 12m of coal. The permeability drill stem test failed on equipment problems and is deferred to well completion.
11 Apr 2022listing compliance notice● Neutral
ASX lifts the suspension immediately after TMK released its operations update and price query response. Administrative.
