Talisker Resources (TSK) Investor update summary

Operational performance and production

• Over 19,000 tons mined year-to-date at an average grade of 7.99 g/t gold, producing just over 4,800 oz, with ounces on track but tons mined lower due to split blasting and development focus.

• Early ore is primarily development ore, with higher grades than expected (target was 6.3 g/t), attributed to reduced dilution from mining methods.

• Reconciliation results are positive, indicating robust block models and solid grade control.

• Inventory management ensures continuous material flow, with about 8,000 tons in stockpiles across various stages.

Development and ramp-up plans

• Thirteen new mineralized headings are available in Lower Mustang, with five currently producing; additional headings will come online as development advances.

• Ramp and lateral development are prioritized to support a ramp-up to 750 tons per day, with significant development work continuing into 2027 and 2028.

• Bralorne West is expected to begin contributing ore in late Q4 or early Q1, initially from lateral development, with stoping scheduled for the second half of 2027.

Mining methods and grade control

• Early mining experienced higher dilution and overbreak, but adjustments in blasting patterns have brought mining widths closer to design, improving grades.

• Split blasting and ore sorting are used to minimize dilution and upgrade sub-economic ore.