Consolidation of Gurvantes XXXV Project Ownership

Talon Energy Ltd. (ASX: TPD) and TMK Energy Limited (ASX: TMK) have reached a significant agreement to consolidate ownership of the Gurvantes XXXV Project with TMK. Talon's earned rights in the project will be exchanged for up to 1,100,000,000 fully paid ordinary shares in TMK and up to 550,000,000 listed options in TMK, exercisable at AU$0.025 before April 30, 2026. These TMK shares and options will be distributed to Talon shareholders, with an estimated value of around $0.020 per Talon share.

Talon's board unanimously recommends that shareholders support this transaction, and all Talon directors plan to vote in favor at an upcoming extraordinary general meeting in late November 2023. This decision was made after comparing the TMK deal with a potential de-merger and spin-out scenario, with the TMK transaction being deemed superior based on various factors. The proposed transaction with TMK does not affect the scheme consideration for Talon shareholders under the arrangement with Strike, as reflected in the Revised Scheme Implementation Deed. The Talon board supports the Strike scheme unless a superior proposal emerges.

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