TG6: Quarterly Activities/Appendix 5B Cash Flow Report
Original announcement by asx on
- Company
- TG Metals Limited
- Ticker
- TG6
- Exchange
- ASX
- Region
- Western Australia
- Primary commodity
- Gold
- Secondary commodities
- Lithium, Rubidium, Tantalum, Iron ore, Magnesium
- Document categories
- Other, Resource update, Metallurgy
- Extracted
- 2026-10-18 23:03:21 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
TG Metals Limited announced a positive Scoping Study for its Van Uden Gold Project, outlining strong financial metrics for a heap leach operation. The company also declared a maiden Inferred Mineral Resource Estimate for the Burmeister Lithium Deposit at Lake Johnston and reported encouraging metallurgical testwork results for both gold and lithium. A A$2.5 million capital raise was completed during the quarter, though the company's cash runway is limited to just over one quarter.
Reasoning: TG Metals Limited reported a highly positive Scoping Study for its Van Uden Gold Project, a maiden Inferred Lithium Resource for the Burmeister deposit, and encouraging metallurgical testwork results for both projects. A capital raise was also completed, though the company's cash runway remains short.
Positive factors
- Maiden Inferred Lithium Resource declared for the Burmeister deposit.
- Van Uden Gold Heap Leach Scoping Study shows strong financial metrics with a 121.7% IRR and 12-month payback.
- High gold recoveries of over 95% achieved in column leach tests for Van Uden laterite.
- Good lithium recoveries (75.5-80.2%) and concentrate grades (5.28-5.74% Li2O) from Lake Johnston metallurgical testwork.
- Successful capital raise of A$2.5 million provides funding.
- Ore Processing and Profit Share agreement provides a near-term processing option for Van Uden stockpiles.
Negative factors
- The Burmeister lithium resource is entirely in the Inferred category, indicating an early stage of confidence.
- The Scoping Study results are preliminary with an accuracy of +/-35%.
- The estimated quarters of funding available is low at 1.05 quarters, indicating short-term funding needs.
- The gold price assumption of US$4,400/oz used in the Scoping Study is very high and may not be sustainable.
Facts used in scoring: 10
Classification and evidence
Low Funding Runwaynegative · Story-specific tag
No canonical definition is currently available.
Why it applies: The company's estimated quarters of funding available is 1.05, indicating a short cash runway.
Evidence · text
“Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.05”
Heap Leach Routeneutral
Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.
Why it applies: the document describes a heap_leach route ("heap leach")
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Gravity Routeneutral
Gravity separation forms a material part of the flowsheet.
Why it applies: the document describes a gravity route ("DMS")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 8. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
inferredLake Johnston Lithium Project · lithiumTonnes: 6710000Grade: 1.18Grade Unit: % Li2OHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 1.18
- Grade Unit
- % Li2O
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The maiden Inferred Mineral Resource for the Burmeister Lithium Deposit establishes a high-grade lithium inventory, but its classification as entirely Inferred indicates an early stage of confidence. This is a restatement of a previously announced resource.
Positive factors
- Maiden resource estimate for the Burmeister deposit.
- High-grade lithium (1.18% Li2O) suitable for Direct Shipping Ore (DSO) metrics.
- JORC Code (2012) compliant and signed off by a Competent Person.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“1.18”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for Burmeister is classified as Inferred.
Evidence · table
“Inferred”
Context: 6.71
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLake Johnston Lithium Project · rubidiumTonnes: 6710000Grade: 3668Grade Unit: ppmHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- rubidium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 3668
- Grade Unit
- ppm
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Rubidium is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“3,668”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for Burmeister is classified as Inferred.
Evidence · table
“Inferred”
Context: 6.71
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLake Johnston Lithium Project · tantalumTonnes: 6710000Grade: 104Grade Unit: ppmHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- tantalum
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 104
- Grade Unit
- ppm
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Tantalum is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“104”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for Burmeister is classified as Inferred.
Evidence · table
“Inferred”
Context: 6.71
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLake Johnston Lithium Project · iron_oreTonnes: 6710000Grade: 1.32Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 1.32
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Iron is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“1.32”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for Burmeister is classified as Inferred.
Evidence · table
“Inferred”
Context: 6.71
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLake Johnston Lithium Project · magnesiumTonnes: 6710000Grade: 1.02Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- magnesium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 1.02
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Magnesium oxide is reported as a trace element within the maiden Inferred Lithium Resource, which is an early-stage estimate and a restatement of prior information.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“1.02”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The entire resource estimate for Burmeister is classified as Inferred.
Evidence · table
“Inferred”
Context: 6.71
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredLake Johnston Lithium Project · iron_oreTonnes: 6710000Grade: 1.32Grade Unit: %Historical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Lake Johnston Lithium Project
- Commodity
- iron_ore
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Lynn Widenbar
- Resource group id
- resource:e14de12f0275bcf37850
- Deposit or zone
- Burmeister Lithium Deposit
Resource Data
- Category
- inferred
- Tonnes
- 6710000
- Grade
- 1.32
- Grade Unit
- %
- Cutoff Grade
- 0.4
- Cutoff Unit
- % Li2O
Prior Estimate
- Resource Date
- 2026-08-31
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2026-08-18T00:00:00.000Z
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: The maiden Inferred Mineral Resource for the Burmeister Lithium Deposit establishes a high-grade lithium inventory, but its classification as entirely Inferred indicates an early stage of confidence. This is a restatement of a previously announced resource. (Expanded from multi-commodity resource table for completeness.)
Positive factors
- Maiden resource estimate for the Burmeister deposit.
- High-grade lithium (1.18% Li2O) suitable for Direct Shipping Ore (DSO) metrics.
- JORC Code (2012) compliant and signed off by a Competent Person.
Negative factors
- The entire resource is in the Inferred category, indicating lower geological confidence.
- This is a restatement of a previously announced resource.
Evidence · table
“1.32”
Context: 6.71
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
Metallurgical Results (2)
column leachVan Uden Gold Project · goldRecovery: 81.3 %View all detailsHide details
Identity
- Project
- Van Uden Gold Project
- Commodity
- gold
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Test Work
- Program Status
- preliminary
- Test Type
- column leach
- Processing Route
- heap leach
- Sample
- laterite composites
Recovery
- Recovery
- 81.3 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: A third column leach test for the Van Uden Gold Project achieved 81.3% gold recovery and was still leaching, indicating promising metallurgical performance for the heap leach route.
Positive factors
- Good gold recovery of 81.3% achieved while still leaching.
- Column leach tests are a good scale for preliminary metallurgical work.
- Supports the proposed heap leach approach for the project.
Negative factors
- The column was still leaching, implying the final recovery could be higher but is not yet known.
Evidence · text
“while a third 2 m column was still leaching at 81.3%.”
flotationLake Johnston Project · lithiumRecovery: 80.2 %View all detailsHide details
Identity
- Project
- Lake Johnston Project
- Commodity
- lithium
- Region
- australia_wa
- Reported Region
- Western Australia
- Ticker
- TG6
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- Flotation/HLS concentration
- Sample
- spodumene-rich, relatively low-impurity material
Recovery
- Recovery
- 80.2 %
- Recovery Basis
- actual_test
- Conc. Grade
- 5.74
- Conc. Grade Unit
- % Li2O
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-18T00:00:00.000Z
Reasoning: Flotation/HLS tests for the Lake Johnston Lithium Project yielded high lithium recovery and high concentrate grades, indicating a viable processing route for the spodumene-rich material.
Positive factors
- High lithium recovery of 80.2% achieved.
- High concentrate grade of 5.74% Li2O.
- Testwork indicates spodumene-rich, low-impurity material.
Evidence · text
“Flotation/HLS tests produced 75.5 – 80.2% lithium recovery into concentrates grading 5.28 – 5.74% Li2O.”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.