Talonx wins backing for Botswana copper and Viking gold push

Discounted placement funds two exploration fronts

Talonx Resources Limited (ASX:TXR) has secured A$775,000 from sophisticated and professional investors, giving the junior explorer funding to pursue copper targets in Botswana while returning to the drill rig at its Viking gold project in Western Australia.

The placement will issue 155 million new shares at A$0.005 each. That price is 28.6% below Talonx’s A$0.007 closing price on 27 October and 16.6% below its 15-day volume-weighted average price, making the capital useful for exploration but plainly dilutive for existing holders.

Major shareholders back Kihabe exploration

Metal Hawk (ASX:MHK) and Falcon Metals (ASX:FAL), identified as Talonx’s largest shareholders, were among the placement’s key supporters. Tranche 1 comprises 133 million shares worth A$665,000 and is being issued under Talonx’s available placement capacity, with settlement expected around 4 November 2026.

The money will support regional geochemical surveys, targeted geophysics and maiden drilling of priority copper targets across the approximately 1,000-square-kilometre Kihabe Project in Botswana’s underexplored Damara Orogenic Belt. The company has completed soil sampling and is awaiting assays, while its earlier project work has identified multiple priority targets. The funding now moves Kihabe from target generation towards testing selected prospects, although the announcement reports no new copper discovery or resource.

This is the next financing step behind the company’s renewed Botswana push, after the Kihabe copper target program identified exploration potential across the large project but did not report new drilling or a copper resource.

Viking drilling to test Beaker 2 extensions

A second priority is the Viking Gold Project, 30 kilometres southeast of Norseman in Western Australia. At Beaker 2, Talonx says a shallow oxide gold zone extends across roughly 400 metres by 300 metres and remains open. The cited result is 4 metres at 22.1 grams per tonne gold from 31 metres, including 2 metres at 42.4 grams per tonne from 32 metres in hole 26VKRC010.

Follow-up reverse-circulation drilling will test extensions of that oxide zone and the fresh-rock potential beneath the high-grade intercept ahead of an assessment of a maiden Mineral Resource. The program follows the Beaker 2 resource drilling plan, which outlined step-out and infill drilling but did not itself establish a resource.

Director funding and shareholder offer remain unresolved

Directors have committed a further A$110,000 through Tranche 2, representing 22 million shares at the same issue price, but that tranche requires shareholder approval at a general meeting expected in December 2026. The highlights describe A$100,000 committed by newly appointed director Steve McGhee, while the detailed placement terms and company statement refer to A$110,000 from directors. That discrepancy will need to be clarified.

Talonx also intends to offer eligible shareholders a Share Purchase Plan at the placement price, subject to regulatory requirements. No offer size or timetable has been disclosed, so the eventual scale of the broader funding package remains open.