Hey Paul! You do not put the Termagant token into play, but you do still deal the 1 damage.
For placement of the Termagant, per the Planet cards section of the Rules Reference Guide:
If an ability references a planet in respect to a game element, such as the phrases "this planet," "same planet," or "adjacent planet," the ability can only be used when the element is itself at a planet that can be used as a reference point.
If the damage were reliant on the putting the Termagant token into play, it would use the word "then", per the The word "Then" section of the Rules Reference Guide:
If the effect text of an ability includes the word "then," the text preceding the word "then" must be successfully resolved (or be true) in full before the remainder of the effect described after the word "then" can be resolved.