Talisker Resources (TSK) Status update summary

Resource and mine plan update

• 2026 resource estimate stands at over 3.3 million ounces with an average grade of 9 g/t; PEA mine plan uses a 3.9 g/t head grade due to increased mining widths and dilution, but ore sorting is expected to upgrade production grades to 6–8 g/t.

• Economic cutoff is around 2.3 g/t, with flexibility to process lower-grade but still profitable material, especially after major capital investments are in place.

• Significant resource conversion drilling (85,000–90,000 m) is underway, focusing on Mustang, Bralorne West, and Olympus, with ongoing drilling to support the mine plan.

Underground development and operational milestones

• Key development includes extending the Mustang ramp to deeper levels and advancing lateral development on multiple levels.

• Bralorne West will see cross-cuts and ramp development, with infrastructure upgrades for ventilation and production ramp-up, targeting heavy activity in late 2027.

• Mining methods are shifting to more mechanized, wider stopes (2.5 m), and increased lateral development height for efficiency and reduced cycle times.

Production outlook and ramp-up

• Production is expected to ramp from 350 tpd to 2,700 tpd, with bottlenecks centered on development, infrastructure, and permitting.

• The process plant is designed for flexibility, with ore sorting capacity at 1,700 tpd and the ability to process higher-grade ore directly.

• 2026 production is targeted at 20,000 ounces, with 2025 expected at 10,000–12,000 ounces due to permitting delays.