TMK Energy Limited provided an update on the Gurvantes XXXV Coal Seam Gas (CSG) Project in the South Gobi Basin in Mongolia. Snow Leopard - 03R: Drilling and testing of SL-03R was completed on 22 September 2022, having been drilled to a total depth of 558 metres with a total net thickness of 175 metres of gassy coal intersected in the well. Geophysical logging has confirmed a total of 73 metres of net coal in the upper seam from a depth of 174 metres and 102 metres of net coal in the lower seam from a depth of 455 metres, an overall increase of 25% from the previously reported coal thickness for SL-03R.

TMK understands that SL-03R represents the thickest intersection of gassy coal in a CSG well in Mongolia to date. SL-03R was still drilling in coal within the lower seam at a depth of 558 metres, however, hole conditions were deteriorating, and it was determined to be unnecessary to proceed given the very thick coal already intersected. The well was then subsequently logged, and permeability testing was attempted over the lower seam interval.

Preliminary results indicate that permeability testing was only partially successful, and results obtained are currently being interpreted. Preliminary results from desorption samples indicate that all coal from both the upper and lower coal seams contain high gas contents (in the order of 7.5 m3/t to 12.5 m3/t on an as received basis). Snow Leopard - 05: After intersecting the upper seam in SL-05, difficult drilling conditions prevented further satisfactory drilling progress toward the lower seam interpreted to exist at this location.

SL-05 was re-spudded (SL-05R) and the well is currently at a depth of approximately 320 metres. The total depth of SL-05R is expected to be approximately 650 metres. Contingent Resource Assessment: Following the completion of the initial exploration drilling program, Netherland, Sewell & Associates Inc. (NSAI) have been engaged to commence the Company's maiden independent Contingent Resource assessment for the Gurvantes XXXV Project.

NSAI are highly regarded international petroleum consultants and are considered one of the most experienced and respected coal seam gas certifiers globally. The Contingent Resource assessment is expected to take approximately 6 weeks to complete and will integrate the new data obtained from the initial exploration drilling program conducted over what to date, is only a small percentage of the Gurvantes XXXV Project area. Forward Program: With the completion of the fourth exploration well pursuant to the two stage farmout agreement with Talon Energy (TPD), the initial drilling obligation under Stage 1 is now complete.

Following a formal election by TPD to proceed, the next stage of the farmout agreement consists of a commitment by TPD to fund 100% of the next USD 3.15 million which is budgeted towards the pilot production well program, after which it will have earnt a 33% interest in the Project. TPD can elect at any time within 90 days from 26 September 2022 (the date formal notice was provided to TPD) to proceed with the next funding stage. The Managing Director of TPD, along with representatives from TMK, have recently returned from a field visit to Mongolia and the Gurvantes XXXV Project area.

Prior to and irrespective of any formal election from TPD with respect to the next stage of the farmout agreement, the Company has elected to fast track the planning and design process of the pilot well program.