Talon Metals (TLO) Corporate presentation summary

Strategic vision and operational platform

• Aims to become a leading multi-asset nickel-copper producer with two U.S. mines and two processing facilities, employing around 500 people over an 11-year operational horizon.

• Eagle Mine and Humboldt Mill in Michigan are established, producing nickel, copper, cobalt, and PGMs, with operations extended to H2 2030 and a focus on safe, reliable cash flow generation.

• Growth pipeline includes the Tamarack Project in Minnesota and the Beulah Minerals Processing Facility (BMPF) in North Dakota, both supported by significant U.S. government grants.

• In-house exploration and geophysics have led to five discoveries in five years, with active drilling at both Michigan and Minnesota sites.

• Strategic government support includes $114.8M from the Department of Energy and $20.6M from the Department of War for critical minerals development.

Eagle Mine and Humboldt Mill performance

• Eagle Mine is an underground operation with ~425 employees, producing nickel, copper, cobalt, and PGMs since 2014.

• Humboldt Mill processes ~2,200 tpd using conventional flotation, producing nickel and copper concentrates.

• Updated mine plan supports operations through H2 2030, with the Keel deposit playing a key role in later years.

• After-tax NPV (8%) is $19M and projected free cash flow from March 2026 to H2 2030 is $69.7M, with AISC of $6.55/lb (2026-2030).

• Total tonnes processed over the mine life is 3.5 Mt, with annual throughput of 787,000 tpa.

Tamarack Project and Beulah Minerals Processing Facility

• Tamarack is a high-grade nickel-copper-cobalt project in Minnesota, nearing feasibility study completion and in the environmental review process.

• Joint venture with Rio Tinto (51% Talon, earn-in to 60%), with active drilling expanding the Vault Zone.

• Environmental review includes extensive stakeholder engagement, resulting in a condensed project footprint and elimination of surface waste rock stockpiles.

• BMPF in North Dakota is rail-connected, offering ore processing flexibility and supported by a $114.8M DOE grant.

• Projected timelines target Tamarack construction by 2031 and production by 2033, with BMPF construction and production following.