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2026-11-06
◂ Monitor TLG ASX

Talga Group Ltd

DFS Unfunded Developer · Graphite · Sweden Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.2
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$102.2M
EV
A$91M
Cash
A$18.7M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$18.7M Finite
Debt A$0 Net cash A$18.7M
Basic shares 510.9M 2026-06-30
Runway 5.28 quarters Appendix 5B divides A$18.666 million quarter-end cash by A$3.534 million net operating outflow. This statutory runway includes A$7.46 million of grant funds reserved for eligible Industrial Leap expenditure.

Liquidity

Financial position

Near-term FEED and pre-construction liquidity is finite and materially restricted. The EUR150 million EIB approval and EUR70 million EU grant are conditional and undrawn, so they are not treated as available facilities or cash at the company date. September non-binding LOIs have no immediate committed proceeds.

Capital structure

Ownership and dilution

Ordinary shares
510.9M
Fully diluted
552.8M

The 5 March 2026 Appendix 2A gives 510,926,796 ordinary shares and exact unquoted classes. The June 2026 quarterly report reaffirms 510.9 million quoted shares and reports 41.76 million aggregate options and rights, broadly consistent with the 41,845,924 exact March securities. Fully diluted shares add every reported option and performance right without assuming exercise proceeds. August 2026 notices refer to unquoted securities, but no evidence of a change in quoted ordinary shares was identified in the reviewed issuer releases by the cutoff.

Security classes6
ClassTypeQuantityStrikeExpiry
Quoted ordinary fully paid sharesOrdinary Share510.9M——
Unquoted options exercisable at A$0.58Option26.6MA$0.582028-02-11
Unquoted options exercisable at A$0.58Option8.3MA$0.582027-05-29
Unquoted options exercisable at A$1.00Option2MA$12028-10-31
Unquoted options exercisable at A$1.00Option4.5MA$12028-11-21
Unquoted performance rightsPerformance Right500K——

KPI history

Operating metrics · Vittangi Anode Project

Revenue shown
015,96031,92047,88063,840Q3 FY2026: 57,000 AUD customer receiptsQ3 FY2026Q4 FY2026: 51,000 AUD customer receiptsQ4 FY2026
MetricUnitTrendQ3 FY2026Q4 FY2026
RevenueAUD customer receiptsQ3 FY2026: 57,000 AUD customer receiptsQ4 FY2026: 51,000 AUD customer receipts57,00051,000
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
RevenueVittangi Anode ProjectQ3 FY2026Quarter57,000 AUD customer receiptsReported
RevenueVittangi Anode ProjectQ4 FY2026Quarter51,000 AUD customer receiptsReported
Company guidance3
MetricProjectPeriodLowHighStatus
Industrial Leap First Stage Anode Capacityvittangi_anode_projecttarget production 2027-20285,0005,000 tpaCurrent
Full Scale Anode Capacityvittangi_anode_projecttarget production 2028-202919,50019,500 tpaCurrent
Commercial Scale Plant Construction Startvittangi_anode_projectsubject to final investment decision2,0272,027 calendar yearCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-03-04Ann. 2026-03-05RaisingA$166K414.9K—Completed—
2026-01-30RaisingA$7.3M17.7M—Completed—
2025-12-31Ann. 2025-12-10RaisingA$14.5M35.4M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Latest annual baseline, later quarterlies and original material contractual announcements reviewed; undisclosed customer prices and financing conditions limit full economic quantification.

Binding offtake with commercial deliveries begun; milestone-linked and renegotiable if expected volumes are missed.

Offtake · Active
Counterparties
Nyobolt
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
2025-05-13 to 2029-05-13
Key terms
Initial volume: 3,000 t Talnode-C
Price: fixed but undisclosed
How it affects our valuation

No valuation treatment is available for this arrangement.

Recycled graphite supply MoU and REMADE collaboration; no binding volume or price supported.

Strategic Partnership · Announced
Counterparties
Altilium
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
From 2025-02-27; no end date stated
Key terms
Proposed maximum: 16,000 t recycled graphite
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding recycled graphite framework, following pilot purity tests; prospective deliveries from 2028.

Strategic Partnership · Conditional
Counterparties
Aurubis AG
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
From 2025-09-24; no end date stated
Key terms
Indicative maximum annual feedstock: 10,000 t recycled graphite
How it affects our valuation

No valuation treatment is available for this arrangement.

Aero earn-in mutually terminated after Swedish clearance delay caused conditions precedent to fail; no SQM interest is counted.

Earn In · Terminated
Counterparties
SQM
Applies to
Aero Project · Lithium
Economic direction
Mixed
Period
From 2024-06-21; no end date stated
Key terms
Former maximum interest: 70 percent
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Joint development and qualification for fast-charge cells; no volume or price disclosed.

Strategic Partnership · Active
Counterparties
V4Smart
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
From 2026-01-19; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding Japanese anode supply LOI; term sheet targeted September and definitive agreement December 2026.

Offtake · Announced
Counterparties
Mitsubishi Chemical Corporation
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
From 2026-07-06; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding Japanese anode supply LOI; volumes and commercial terms not final.

Offtake · Announced
Counterparties
Dainen Materials
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
From 2026-07-16; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding framework for long-term anode offtake and possible project-level investment; ownership and funding terms unagreed.

Strategic Partnership · Announced
Counterparties
Hanwa Co., Ltd.
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
From 2026-07-27; no end date stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding workstreams for recycled feedstock, blended anodes and potential low-carbon power; indicative volumes are not committed economics.

Strategic Partnership · Announced
Counterparties
Fortum Battery Recycling
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
2026-09-14 to 2033-12-31
Key terms
Indicative supply start: 400 t recycled graphite in 2029
Indicative later volume: 10,000 tpa by 2034
How it affects our valuation

No valuation treatment is available for this arrangement.

Non-binding qualification and potential five-year supply LOI with April/July 2027 negotiation milestones.

Offtake · Announced
Counterparties
EAS Batteries GmbH
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
From 2026-09-16; no end date stated
Key terms
Prospective supply term: 5 years
Proposed pricing currency: EUR
How it affects our valuation

No valuation treatment is available for this arrangement.

Conditional award for Luleå refinery; no undrawn amount included in available corporate cash or bridge.

Other · Conditional
Counterparties
European Union Innovation Fund
Applies to
Vittangi Anode Project · Graphite
Economic direction
Benefit
Period
From 2025-01-01; no end date stated
Key terms
Awarded grant: 70,000,000 EUR
How it affects our valuation

No valuation treatment is available for this arrangement.

Industrial Leap grant partly funded the first-stage FEED work; the unspent restricted balance is excluded from freely available cash in the equity bridge.

Other · Active
Counterparties
Swedish Energy Agency
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
From 2025-10-15; no end date stated
Key terms
Awarded FEED grant: 13,350,000 AUD
Restricted remainder at 30 June 2026: 7,460,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Financing pathway only; project debt has not been drawn and is not counted as a current facility.

Other · Conditional
Counterparties
European Investment Bank
Applies to
Vittangi Anode Project · Graphite
Economic direction
Mixed
Period
From 2023-06-20; no end date stated
Key terms
Board-approved proposed debt: 150,000,000 EUR
How it affects our valuation

No valuation treatment is available for this arrangement.