Talisman Mining (TLM) RRS Summer Series Melbourne summary

Corporate Overview and Funding

• Four assets: three exploration projects in NSW and SA, and an iron ore royalty in WA fund operations.

• 188 million shares on issue, non-dilutive since 2021.

• Major shareholder with 20% stake, experienced board with past $3.2B exit.

• $4.5 million cash and sub-$15 million enterprise value, with no debt as of September 2025.

• Receives ongoing revenue from a 1% gross royalty on the Wonmunna Iron Ore Project, totaling $32.8M to date, supporting exploration.

Strategic Positioning and Project Portfolio

• Maintains a diversified exploration portfolio across NSW and South Australia, targeting base and precious metals in world-class mineral provinces.

• Holds three major projects in the Lachlan and Macquarie Arc (NSW) and the Mabel Creek IOCG Project in the Gawler Craton (SA), with proximity to major mines.

• Led by an experienced board and management team with a focus on systematic exploration.

• Highly leveraged to exploration success with exposure to multiple commodities and large-scale targets.

• Maintains reliable funding through strong cash reserves and royalty streams.

Iron Ore Royalty and Production Outlook

• Wonmunna produces 5Mtpa, combined with Iron Valley for 10Mtpa exports via Port Hedland.

• Ongoing royalty payments are expected, with a production winddown scheduled for Q3/Q4 FY26 as Lamb Creek comes online.

• Exploration and definition drilling at Wonmunna in FY26 aims to expand reserves of low impurity ores.

• Wonmunna expected to decline slightly but continue for years with 20Mt resource.

• Iron ore royalty from Wonmunna project supports ongoing exploration.