Why Talisman Mining (ASX:TLM) Has Reported Gold Intercepts at Sheepyard and a Placement Tranche Awaiting Approval

Sonal Goyal

23 October 2026 05:58 PM AEDT

Why Talisman Mining (ASX:TLM) Has Reported Gold Intercepts at Sheepyard and a Placement Tranche Awaiting Approval

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Key Highlights

Talisman Mining reported air-core results at Sheepyard, including 9 metres at 0.94 grams per tonne gold from 42 metres in hole SYAC0085.
The company is raising about A$4.0 million through a Placement at A$0.065 per share, with Tranche 2 requiring Shareholder approval on 25 November 2026.
Cash rose from A$3.094 million to A$4.761 million over the quarter, and the company estimated about 3.7 quarters of funding.

Talisman Mining (ASX:TLM) reported in its September 2026 quarterly that a 1,657-metre air-core programme at the Sheepyard prospect, part of the Walkers Hill Gold Project, intersected gold zones over an unconstrained strike length of about 800 metres. Hole SYAC0085 returned 9 metres at 0.94 grams per tonne gold from 42 metres, including 6 metres at 1.28 grams per tonne. SYAC0088 recorded 15 metres at 0.55 grams per tonne from 3 metres and a deeper 15 metres at 0.46 grams per tonne from 30 metres, while SYAC0082 returned 12 metres at 0.68 grams per tonne from 21 metres, ending in mineralisation.

The company said the gold appears to lie along the margins of an induced polarisation chargeability anomaly that has not yet been drilled. Sheepyard sits at the southern end of a soil anomaly of about 5.5 kilometres above 25 parts per billion gold, within a consolidated land package of roughly 90 kilometres of strike. The report contains no JORC mineral resource or ore reserve estimates, so these are exploration results only. Reverse-circulation drilling is planned for November 2026 to test the chargeability anomaly at depth.

East Peak Hill programme

After the quarter ended, Talisman began an air-core programme of about 2,500 metres of up to five lines at East Peak Hill in the Macquarie project. One target involves step-out drilling either side of a structurally complex zone to test for extensions of gold mineralisation, and the other will test a gold corridor along three traverses, after earlier attempts were hampered by heavy rain. The company expects to finish drilling by the end of October 2026, with first results expected in early December.

Placement and cash

Talisman Mining (ASX:TLM) is raising about A$4.0 million through a placement at A$0.065 per share. Tranche 1, of 47 million shares for about A$3.1 million, was completed on 10 September 2026. Tranche 2, of about 14.5 million shares worth roughly A$945,000, requires shareholder approval at the Annual General Meeting on 25 November 2026. Directors have committed about A$870,000 on the same condition, including about A$780,000 from chairman Kerry Harmanis, which the company says is his pro rata share of 19.6 per cent. Proceeds are intended for exploration, evaluation of new projects and Business development, and working capital.

The Cash Flow Statement shows gross Equity proceeds of A$3.055 million less A$187,000 of costs, against a net operating outflow of A$1.277 million. That included A$718,000 on exploration and evaluation and A$487,000 on administration and corporate costs, offset in part by A$157,000 of Royalty receipts. Cash rose from A$3.094 million to A$4.761 million over the quarter. The company also holds a Novo Resources shareholding valued at A$0.172 million. It estimated about 3.7 quarters of funding at the current burn rate, a figure that excludes the pending second tranche. Payments to directors and related parties were A$205,000.

Board changes and royalty

Todd Ross, previously chief executive, has become managing director following a three-month handover from Andrew Munckton. Mark Cossom has joined as a non-executive director, and Peter Benjamin has stepped down after seven years on the board. Talisman said it is looking for growth opportunities, with a particular focus on gold in Western Australia.

The Wonmunna iron ore royalty delivered A$157,000 for sales from 1 June to 31 August 2026. The company said mining at Wonmunna stopped in February 2026 and only low-grade stockpiles are being processed, and that Talisman retains the royalty if production restarts. Royalties received since March 2021 total A$35.4 million.

Next steps

The report sets out the end of October completion of East Peak Hill drilling, the planned start of Sheepyard reverse-circulation drilling in November, the annual meeting vote on the second placement tranche and directors' participation on 25 November, and first East Peak Hill results in early December 2026.

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