Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (December 2025)
41 slides from Talon Metals's investor presentation, December 2025
Slide 1: Moving Forward: Building the U.S. Supply Chain for Critical Minerals
TSX:TLO OTC:TLOFF TSX:TLO : OTC:TLOFF Moving Forward Building the U.S. Supply Chain for Critical Minerals December 2025
Slide 2: Conditions of Presentation, Technical Reference and QPs
Conditions of Presentation, Technical Reference and QPs TSX:TLO OTC:TLOFF This presentation has been prepared by Talon Metals Corp. (together with its affiliates, “Talon” or the Please see the technical report entitled “November 2022 National Instrument 43-101 Technical Report of “Company”) and is b
Slide 3: Forward-Looking Information
Forward-Looking Information TSX:TLO OTC:TLOFF This presentation contains certain “forward-looking statements”. All statements, other than Factors that could cause actual results or events to differ materially from current expectations statements of historical fact that address activities, events or
Slide 4: Talon Metals: Advancing America's Domestic Nickel Supply
Talon Metals: Advancing America's Domestic Nickel Supply Company Overview TSX:TLO OTC:TLOFF Project Locations Key Partnerships Minnesota Tesla Tamarack Intrusive Complex Offtake agreement of One of the world's highest-grade 75,000 tonnes of nickel undeveloped nickel deposits with concentrate committ
Slide 5: Minnesota - Tamarack Nickel Project
Minnesota - Tamarack Nickel Project TSX:TLO OTC:TLOFF Ready-to-Go Access, Roads, Power & Rail • 1.5 miles from city of Tamarack • 1.1 miles from BNSF rail line • 69kV power line • Maintained paved roads • Skilled labor Tamarack, MN Duluth City of Tamarack Minneapolis 5
Slide 6: Early Engagement to Shape the Mine Design
Early Engagement to Shape the Mine Design TSX:TLO OTC:TLOFF Open-Door Policy & Information Meetings • Informational events to gather feedback from community • Open-door policy where groups or individuals can schedule visits to see on-site activities • Input incorporated into mine design planning 6
Slide 7: A Smarter Path to Production
A Smarter Path to Production TSX:TLO OTC:TLOFF • Processing facilities removed from Minnesota mine site, reducing land disturbance and streamlining environmental review • Tamarack and the Beulah Minerals Processing Facility (BMPF) connected by BNSF Rail Minerals Processing Facility Connected by • BM
Slide 8: Progressing Environmental Review and Permitting
Progressing Environmental Review and Permitting TSX:TLO OTC:TLOFF Step Objectives Timing Environmental Assessment Identify the project’s potentially significant impacts that Anticipated to be completed Worksheet (EAW) Scoping warrant detailed analysis in H1 2026 Scoping Decision Propose alternatives
Slide 9: Responsive Mine Design: Progressing Permitting
Responsive Mine Design: Progressing Permitting TSX:TLO OTC:TLOFF Results from Environmental Review Process: • 3 years of engagement with regulators and participating Tribal sovereign governments • 1,632 stakeholder comments addressed through multiple design iterations in EAW *Water storage is retain
Slide 10: Current Conceptual Surface Layout as Submitted in Environmental Assessment Worksheet
Current Conceptual Surface Layout as Submitted in Environmental Assessment Worksheet – “MINE IN A BOX” TSX:TLO OTC:TLOFF 10
Slide 11: Comparison: Super Target vs. Conceptual Surface Layout
Comparison: Super Target vs. Conceptual Surface Layout as Submitted in Environmental Assessment Worksheet TSX:TLO OTC:TLOFF 3.5 acre 1.0 acre 3.6 acre Total 9.8 acres Total 8.1 acres 0 100 200 300 400 500 Feet SUPER The above is a conceptual surface layout as submitted to the regulatory authorities
Slide 12: Tamarack: Growing Resource, Strong Grades
Tamarack: Growing Resource, Strong Grades TSX:TLO OTC:TLOFF 2019 2020 2021 2022 2023 2024 2025 Talon becomes Talon brings CGO West CGO East and Department of Boulderdash Vault Zone Operator of the drilling and Discovery CGO West War awards Discovery in Discovery Tamarack Nickel geophysics in Delinea
Slide 13: Tamarack Intrusive Complex: High-grade Nickel-Copper District
Tamarack Intrusive Complex: High-grade Nickel-Copper District TSX:TLO OTC:TLOFF Million lbs of Million lbs of NiEq Mineral Resource Tonnes Ni In Situ In Situ (3) Ni (%) Cu (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) NiEq (%) (in the (in the ground) Classification (000’s) ground) Total Indicated 8,564 1.73
Slide 14: Grade Tonnage Curves: Moving Towards a Robust Mine Plan
Grade Tonnage Curves: Moving Towards a Robust Mine Plan TSX:TLO The grade and tonnage curves for both the indicated and inferred mineral resource classifications demonstrate OTC:TLOFF a predictable pattern between a 0.4% nickel cut-off and a 1.1% nickel cut-off The grade tonnage curve supports a bro
Slide 15: North Dakota Processing Facility
North Dakota Processing Facility TSX:TLO OTC:TLOFF Ready to Progress: Site Secured – Environmental Assessment Engineering Complete • Talon and Westmoreland signed an option agreement for Talon to secure a portion of the former Westmoreland coal mine site near Beulah, North Dakota for the development
Slide 16: Federal Government Funding Support
Federal Government Funding Support TSX:TLO OTC:TLOFF Talon is receiving a $114.8m Grant from the Department of Energy • The US Department of Energy (DOE) granted Talon US$114.8m (cost-share basis) for the construction of the Beulah Minerals Processing Facility in Mercer County, North Dakota • Beulah
Slide 17: Permitting: North Dakota
Permitting: North Dakota TSX:TLO OTC:TLOFF Straightforward Permitting Path: Industrial Revitalization Opportunity: • Permitting timeline approximately • Repurposing legacy coal mine site for development 12-18 months of critical minerals processing facility • Feasibility study in progress • Potential
Slide 18: Full Value Mining: Talon's Proposed Nickel Supply Chain for Critical Minerals
Full Value Mining: Talon’s Proposed Nickel Supply Chain for Critical Minerals TSX:TLO OTC:TLOFF MINE TESLA Small Footprint, High- 75Kt Ni in concentrate or ~200,000 Grade, No Tailings EV cars/year (65kg of Ni/EV) Talon and Argonne National Laboratory working to transform and purify extracted iron fr
Slide 19: Right Place, Right Time: Developing a Nickel Mine in the U.S. Under 3 Executive Orders
Right Place, Right Time: Developing a Nickel Mine in the U.S. Under 3 Executive Orders TSX:TLO OTC:TLOFF Talon is delivering on its business plan as described in its press release ‘Turning Resources into Results’ as the United States launches an investigation into national security risks posed by U.
Slide 20: Key Milestones: America's Next High-Grade Nickel-Copper Mine
Key Milestones: America’s Next High-Grade Nickel-Copper Mine TSX:TLO OTC:TLOFF Minnesota Environmental Assessment Worksheet nearing completion Feasibility Study in progress Draft Environmental Assessment for the BMPF submitted for review 20
Slide 21: Exploration: Supporting America's Efforts Towards Critical Minerals Independence
TSX:TLO OTC:TLOFF Exploration: Supporting America’s Efforts Towards Critical Minerals Independence
Slide 22: Talon Team: Proven Nickel Hunters
Talon Team: Proven Nickel Hunters TSX:TLO OTC:TLOFF Dean Rossell was previously Rio Tinto’s Chief Cohesive team of geologists, in-house geophysicists, and Nickel Geologist and Prospector. Dean joined Talon in August 2021 after 30 years with Rio Tinto. in-house drillers has allowed drilling to be acc
Slide 23: Integrated Exploration System + Highly Prospective Geology = More Nickel in America
Integrated Exploration System + Highly Prospective Geology = More Nickel in America TSX:TLO OTC:TLOFF In-house staff operates five company-owned drill rigs Experienced In-house • Cohesive team of geologists, geophysicists, and drillers has allowed Exploration drilling to be accelerated on a cost-eff
Slide 24: The Integrated Exploration System – An Asset funded by DOW
The Integrated Exploration System – TSX:TLO An Asset funded by DOW OTC:TLOFF An In-House Exploration Engine Funded by the Department of War, Talon’s built a world-class exploration team. Efficient. Scalable. Revenue-generating. • 5 rigs, in-house team, advanced geophysics • Transitioning from cost c
Slide 25: The Vault Zone: Latest Discovery Below Current Resource
The Vault Zone: Latest Discovery Below Current Resource TSX:TLO OTC:TLOFF • Extension of drill hole 16TK0250 intercepted 8.25 meters grading 12.62% Ni and 13.88% Cu (23.28% NiEq or 48.87% CuEq) starting at 707.77 meters. • Drill hole 25TK0563 intercepted a combined length of 34.9 meters grading 28.8
Slide 26: The Vault Zone: BHEM Surveys and Directional Drilling Program
The Vault Zone: BHEM Surveys and Directional Drilling Program TSX:TLO OTC:TLOFF • Borehole electromagnetic surveys of drill holes 16TK0250 and 25TK0562 identified multiple stacked borehole electromagnetic anomalies which were targeted with drill hole 25TK0563. • Talon has been undertaking borehole e
Slide 27: The Vault Zone: Drainage Model
The Vault Zone: Drainage Model TSX:TLO OTC:TLOFF • Emerging model for the Vault Zone, in which massive sulphides accumulated in multiple repeating stacks developed along the contact between the intrusion and the surrounding sediments. • At this boundary, heat from the intrusion partially melted the
Slide 28: The Vault Zone: Step-Out Drilling from Hole 16TK0250
The Vault Zone: Step-Out Drilling from Hole 16TK0250 TSX:TLO • At the 700m depth level, the drilling has now 4 OTC:TLOFF intersect at drill spacing of ~15 to ~40 meters • Discovery Hole 16TK0250 with 8.25 meter grading 23.28% NiEq (48.87% CuEq) starting at 707.77 meters • Drill hole 25TK0565 interse
Slide 29: The Vault Zone: BHEM Surveys and Directional Drilling Program
The Vault Zone: BHEM Surveys and Directional Drilling Program TSX:TLO OTC:TLOFF • Borehole electromagnetic surveys of drill holes 16TK0250 and 25TK0562 identified multiple stacked borehole electromagnetic anomalies which were targeted with drill hole 25TK0563 • Talon has been undertaking borehole el
Slide 30: Exploration Upside: Tamarack Resource Area Remains Open
Exploration Upside : Tamarack Resource Area Remains Open TSX:TLO OTC:TLOFF • Talon has grown the Tamarack Resource extensively since 2019, including the addition of CGO East and CGO West • Drilling done for completion of a feasibility study in 2025, with a focus on converting inferred resources to t
Slide 31: Exploration Upside: Large MT Anomaly (1.5km from Surface)
Exploration Upside: Large MT Anomaly (1.5km from Surface) Geophysical Anomalies and Mineralization TSX:TLO OTC:TLOFF • MT (geophysical) anomaly sits directly underneath the Tamarack Resource Area Tamarack Resource • Off-hole BHEM (geophysical) anomaly identified at the same location suggesting the p
Slide 32: Exploration Upside: Reprocessed MT Data (L492300E)
Exploration Upside: Reprocessed MT Data (L492300E) • The Vault Zone shows a dramatically different emplacement orientation striking E-W instead of the standard south dipping TSX:TLO OTC:TLOFF nature of the Tamarack Intrusive Complex. • All previous MT data has been modeled with E-W lines to be ortho
Slide 33: Exploration Upside: New Raptor MT Anomaly
Exploration Upside: New Raptor MT Anomaly • Located approx. 1km east of the Tamarack TSX:TLO Resource Area OTC:TLOFF • Elongated MT anomaly that appears to be the down dip extension of the Raptor Zone (Head) Cross-Section looking West • Target is at approx. 1,000 meters depth CGO Intrusion • Strike
Slide 34: Tamarack Intrusive Complex: Prospects for Growth
Tamarack Intrusive Complex: Prospects for Growth TSX:TLO OTC:TLOFF Raptor Zone: Crest (Formerly 264 Zone) • Tamarack has multiple areas Hole 18TK0264 intersected 0.25m grading where high-grade nickel-copper 9.95% Ni, 5.74% Cu, starting at 539m mineralization has been (3km away from resource) 1KM int
Slide 35: Michigan Land Package
Michigan Land Package TSX:TLO OTC:TLOFF Historic hits, new targets and wide-open potential • 400,000+ land package acquired in 2022 • Strategically located adjacent to Eagle Mine and Humboldt Mill, the United States’ only active nickel mine • Discovery on the first drill hole at Boulderdash target •
Slide 36: Michigan Exploration: New Discovery at Boulderdash (Oct 2024)
Michigan Exploration: New Discovery at Boulderdash (Oct 2024) TSX:TLO OTC:TLOFF First Hole Intercepted 99.92m Grading 1.60% CuEq Starting at only 9.14m Third Hole Intercepted 110.31m Grading 2.24% CuEq Starting at 9.54m (a 40% increase in grade) Eighth Hole Intercepted 154.25m Grading 1.93% CuEq Sta
Slide 37: Highly Prospective Michigan Targets
Highly Prospective Michigan Targets TSX:TLO Historic Intercepts OTC:TLOFF BIC & Little BIC BIC Clipper • 1 hole has BHEM geophysics • 1.16 meters @ 7.4% Ni, 5.6% Cu, and 13.97g/t Pt+Pd+Au from 519.5m • 2.8 meters @ 4.2% Ni, 1.7% Cu, 3.9g/t Pt+Pd from 33 meters Roland Roland Boulderdash • Mineralized
Slide 38: Funding America's Next Nickel-Copper Mine
TSX:TLO OTC:TLOFF Funding America’s Next Nickel-Copper Mine
Slide 39: US Government Grant Funding
US Government Grant Funding TSX:TLO OTC:TLOFF Federal government grants to support exploration, engineering & environmental studies Grant Nature Amount Received Remaining Amounts in USD millions to date expected to be received Department of Defense (DOD) Exploration in Michigan and Minnesota; $20.6m
Slide 40: Financial Strength: Strong Shareholder Base
Financial Strength: Strong Shareholder Base TSX:TLO OTC:TLOFF • As of October 15, 2025, cash of C$36 million / US$26 million • Strong shareholder base including The Pallinghurst Group, Rio Tinto and a “Strategic Investor” • The Pallinghurst Group is a specialist battery metals investment fund • Rio
Slide 41: Thank You!
TSX:TLO OTC:TLOFF TSX:TLO : OTC:TLOFF THANK YOU! CONTACT INFO JESSICA JOHNSON, VP EXTERNAL AFFAIRS JOHNSON@TALONMETALS.COM (218) 460-9345