Talon Metals (TLO) Corporate presentation summary

Strategic vision and operations

• Operating two U.S. nickel mines and two processing facilities, employing approximately 500 people over 11 years.

• Eagle Mine and Humboldt Mill in Michigan are the only operating U.S. nickel mine and processing facility, delivering reliable operations and cash flow.

• Tamarack Project in Minnesota is advancing through feasibility and permitting, with active drilling and a joint venture structure (51% owned, right to earn up to 60%).

• Planned Beulah Minerals Processing Facility (BMPF) in North Dakota will support an integrated domestic supply chain.

• Strategic partnerships include a 75,000-tonne nickel concentrate offtake agreement with Tesla and significant U.S. government grant funding.

Project development and exploration

• Eagle Mine focuses on safe, stable operations, maximizing cash flow, and extending mine life through keel growth.

• Tamarack Project is in the environmental review process, with feasibility study completion targeted for H2 2026 and production projected for 2033.

• BMPF is supported by a $114.8M Department of Energy grant, with construction and production planned for 2029–2033.

• Michigan exploration includes a 400,000+ acre land package, with the Boulderdash discovery showing significant copper and nickel mineralization.

• In-house drilling and geophysics accelerate exploration, enabling rapid follow-up and delineation of high-grade nickel targets.

Resource and technical highlights

• Tamarack Project indicated resources: 8.56Mt at 1.73% Ni, 0.92% Cu, 0.05% Co, and 2.34% NiEq; inferred: 8.46Mt at 0.83% Ni, 0.55% Cu, 0.02% Co, and 1.19% NiEq.

• Vault Zone discovery features high-grade intercepts, including 34.9m at 14.86% Ni, 15.37% Cu, and 34.14g/t PGEs+Au (28.88% NiEq).

• Ongoing drilling at the Vault Zone demonstrates a vertically extensive, high-grade system with multiple stacked mineralized zones.

• Geophysical anomalies (MT and BHEM) indicate further exploration upside at Tamarack and Raptor zones.

• Michigan Boulderdash discovery includes intercepts such as 154.25m at 1.93% CuEq and 2.35m at 10.47% CuEq.