Talon Metals (TLO) Corporate presentation summary

Strategic and operational highlights

• Acquired Eagle Mine and Humboldt Mill in January 2026, establishing a new technical baseline for operations.

• Extended mine life to the second half of 2030, supporting positive cash flow and operational flexibility.

• Workforce retention and infrastructure value are prioritized through continued operations.

• Strategic capital investments focus on mine development and preserving future optionality.

• Michigan exploration and Tamarack evaluation are integral to future growth plans.

Production and processing

• Underground mining produces nickel, copper, cobalt, and PGMs, with ~425 employees.

• Humboldt Mill processes ore using conventional flotation, with a throughput of ~2,200 tpd.

• Ore from Eagle, Eagle East, and Keel deposits is processed at the mill, supporting the mine plan.

• Tailings are managed subaqueously at the Humboldt Tailings Disposal Facility, ensuring water quality.

Financial performance and economics

• After-tax NPV (8%) is US$19.0M, with after-tax free cash flow of US$69.7M from March 2026 to H2 2030.

• Cash cost is US$5.13/lb and AISC is US$6.55/lb (2026-2030), with LOM AISC at US$8.05/lb.

• Total operating costs for the period are US$502.1M, with unit costs declining through 2029.

• Sustaining capital totals US$69.9M, concentrated in early years for Keel development.

• Sensitivity analysis shows strong leverage to nickel and copper prices.