That horrible circuit has the antenna connected to its tuned circuit. Then when anything gets close to or moves away from its antenna the frequency changes.
It doesn't have a voltage regulator so its frequency also changes as the battery voltage runs down.
It doesn't have pre-emphasis (treble frequencies boost) like radio stations have so it will sound muffled on an FM radio because radios have treble frequencies cut (the opposite of the transmitter's boost).
3-wire electret mics have one wire for 0V, one wire for its positive voltage source and the 3rd wire as its output. Look at Electret Microphones in Google and see its datasheet to see if it needs a load resistor to 0V or to the positive voltage source.