Funding Tightens as Talonx Awaits Key Assay Results and Board Reshuffle

Corporate Restructuring and Strategic Acquisitions

Talonx Resources Limited, formerly Mount Burgess Mining NL, has marked a significant quarter with shareholder approval for the acquisition of two high-grade gold projects and the extinguishment of $4.7 million in legacy debt. This financial restructuring clears the way for a more focused exploration strategy and positions the company to capitalise on its newly acquired assets.

The company also transitioned from a no liability structure to a public company limited by shares, adopting a new constitution to support its evolving corporate framework. Alongside these changes, Talonx updated its ASX code from MTB to TXR, reflecting its refreshed identity and strategic direction.

Exploration Progress at Viking and Blair North Projects

Exploration activities have been active, with Talonx completing a 10-hole reverse circulation (RC) drilling program at the Viking Gold Project in Western Australia. This project, situated within the Albany–Fraser Province, is known for its high-grade gold mineralisation, particularly at the Beaker 2 prospect. Previous drilling at Beaker 2 has revealed impressive gold intercepts, including 6 metres at 64 grams per tonne and other significant zones of mineralisation.

The recent drilling campaign aimed to evaluate the shallow oxide gold zone, with assay results expected in late January 2026. These results will be pivotal in assessing the resource potential and guiding future development plans.

Meanwhile, at the Blair North Project near Kalgoorlie, Talonx has secured approvals to commence drilling at key gold prospects, including Commodore and Snake Hill. The project area has demonstrated promising nickel sulphide and primary gold mineralisation, with multiple drill-ready targets identified for further exploration.

Kihabe Project Review and Future Opportunities

In Botswana, the Kihabe Project underwent a comprehensive review, highlighting opportunities to advance zinc, lead, and silver resources through a structured work program. The assessment also uncovered potential for regional copper mineralisation, an area previously underexplored. Talonx is actively engaging with potential partners to unlock value from this project, signalling a strategic approach to diversify its mineral portfolio.

Board Changes and Financial Position

Supporting these operational developments, the company announced board changes with the resignation of Mr Jacob Thamage and the appointment of experienced geologist Mr William Belbin as a Non-Executive Director. Mr Belbin brings relevant expertise to oversee exploration activities and resource evaluation.

Financially, Talonx ended the quarter with $0.62 million in cash. Operating cash outflows were $277,000, with investing activities consuming $45,000, primarily on exploration drilling. Financing activities contributed $872,000, bolstering the company’s liquidity. Despite these inflows, the company estimates funding for approximately 1.94 quarters at current expenditure levels and is pursuing cost reductions alongside potential capital raises through share placements.