Talonx secures fresh funding for Botswana copper and Viking gold push

• Talonx receives firm commitments to raise $775,000 to advance Kihabe and Viking projects
• Placement strongly supported by largest shareholders Metal Hawk and Falcon Metals
• Funds to support Botswana copper exploration and further drilling at Viking’s Beaker 2 gold discovery

Special Report: Talonx Resources has secured firm commitments for a $775,000 placement to accelerate copper exploration at its Kihabe project in Botswana while continuing to advance the high-grade Viking gold project in Western Australia.

The raising has attracted strong support from the company’s largest shareholders, Metal Hawk (ASX:MHK) and Falcon Metals (ASX:FAL), alongside commitments from Talonx directors.

Talonx Resources (ASX:TXR) executive chairman Dr Steve Lennon welcomed the backing, saying the funding would help advance both projects.

“We are very pleased with the strong support from our largest shareholders, Metal Hawk and Falcon Metals, and from the Talonx Board,” he said.

“This funding allows us to significantly ramp up exploration at Kihabe, where we see district-scale copper discovery potential, while continuing to advance the high-grade Beaker 2 gold discovery at Viking towards a maiden Mineral Resource.”

The placement will comprise 155 million new shares at 0.5c each, representing a 28.6% discount to the October 27 closing price of 0.7c.

It will be completed in two tranches, with the first raising $665,000 through the company’s existing placement capacity and expected to settle around November 4.

A further $110,000 in director commitments is subject to shareholder approval at a general meeting expected in December. This includes $100,000 committed by recently appointed director Steve McGhee, formerly of MOD Resources.

Talonx also intends to offer eligible shareholders the opportunity to participate in a share purchase plan at the same issue price, with further details to follow.

Botswana copper 

A significant portion of the proceeds will support exploration at the company’s 1000km2 Kihabe project in northwestern Botswana.

The project sits within the underexplored Damara Orogenic Belt, where Talonx has identified multiple priority copper targets.

Recent soil sampling has been completed, with assays pending to help guide the next phase of work.

The funding will support regional geochemical surveys, targeted geophysics and maiden drilling of priority copper targets.

Talonx is targeting copper and other base-metal discoveries across the broader project area, with the upcoming exploration work designed to refine targets for drill testing.

The investment comes as Botswana looks to broaden its mining industry beyond diamonds, with copper becoming an increasingly important part of the country’s economic diversification strategy.

The US International Trade Administration has highlighted the country’s push to attract investment into non-diamond minerals, including copper and nickel, as it seeks to reduce its dependence on diamond revenues.

Botswana is already home to significant copper operations, including Sandfire Resources’ Motheo mine, which began production in 2023 and now produces copper concentrate with silver as a by-product.

Meanwhile, the Khoemacau copper mine is pursuing a major expansion intended to lift annual copper production from around 60,000t to 130,000t.

The country’s appeal to mining investors has improved. In the Fraser Institute’s 2025 Annual Survey of Mining Companies, Botswana ranked seventh globally out of 68 jurisdictions for overall mining investment attractiveness, up from 20th in 2024.

Viking gold drilling also on the agenda

Back in WA, Talonx will direct part of the funding towards further drilling at the Viking gold project, around 30km southeast of Norseman.

The focus remains the Beaker 2 prospect, where a shallow oxide gold zone has been defined across an area of approximately 400m by 300m and remains open.

Recent RC drilling returned a high-grade intersection of 4m at 22.1g/t gold from 31m, including 2m at 42.4g/t from 32m in hole 26VKRC010.

Follow-up RC drilling will target extensions of the oxide zone and test the fresh-rock potential beneath that intersection.

The results will feed into an assessment of a maiden mineral resource at Beaker 2.

With fresh funding commitments in place, Talonx is positioning itself for further exploration across both projects, with pending Botswana soil assays and planned drilling forming the next steps.

This article was developed in collaboration with Talonx Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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