Slide 1: Eagle Mine Key Highlights & Strategic Takeaways Under Talon Ownership
TSX:TLO / OTC:TLOFF TALONMETALS.COM EAGLE MINE Key Highlights & Strategic Takeaways Under Talon Ownership Technical Report Presentation April 30, 2026
Slide 2: Conditions of Presentation, Technical Reference, and QPs
Conditions of Presentation, Technical Reference, and QPs This presentation has been prepared by Talon Metals Corp. (together with its affiliates, “Talon” Please see the technical report entitled “NI 43-101 Technical Report on the Eagle Mine, or the “Company”) and is being delivered for informational
Slide 3: Forward-Looking Information
Forward-Looking Information This presentation contains certain “forward-looking statements” within the meaning of Forward-looking statements are subject to known and unknown risks, uncertainties, and applicable securities laws. All statements, other than statements of historical fact that other fact
Slide 4: Technical Report Overview
Technical Report Overview
Slide 5: Eagle Mine Technical Report
Eagle Mine Technical Report Talon acquired Eagle Mine and Humboldt Mill in January 2026 and is now establishing its own technical baseline for the operation. The updated mine plan: • Supports operations from 2026 to the second half of 2030, extending the previously disclosed 2027 mine plan. • Suppor
Slide 6: Michigan Operations Overview
Michigan Operations Overview
Slide 7: Eagle Mine
Eagle Mine Michigan’s Upper Peninsula, USA Eagle Mine Mine Type Underground Operations Since 2014 Employees ~425 Domestic Production Nickel, Copper, Cobalt, PGMs 7
Slide 8: Humboldt Mill
Humboldt Mill Michigan’s Upper Peninsula, USA Humboldt Mill Processing method Conventional flotation Products Nickel & copper concentrates Mill throughput ~2,200 tpd Tailings management Subaqueous 8
Slide 9: Strategic Overview
Strategic Overview Technical Report
Slide 10: The Path Forward
The Path Forward A longer mine life supports continued cash flow, continuity, and future opportunity. Extended Mine Life Workforce Continuity Disciplined Capital Preserve Optionality Extending Eagle’s mine life Continued operations Strategic capital investments and Together, these factors strengthen
Slide 11: The Path Forward
The Path Forward Using Eagle’s remaining mine life to evaluate future feed opportunities • Extending Eagle to the second half of 2030 by reducing operating costs and improving productivity. • Michigan exploration and Tamarack evaluation are part of that future pathway. • Continued operations are imp
Slide 12: The Results
The Results Technical Report
Slide 13: Mining Plan
2025 Production 2025 Development 2026 Mining 2029 Mining ___ 2030 Mining - Pre-2026 Development Pre-2026 Stopes Eagle East — TALON METALS coRP 13
Slide 14: LOM Production Schedule
LOM Production Schedule Operational Period 2026 KPIs Unit 2027 2028 2029 2030 (Mar 2026 - 2030) (Mar – Dec) Ore Tonnes Mined and Milled kt 3,486 628 787 787 787 497 Ni Head Grade % 1.06% 1.46% 0.97% 1.01% 0.97% 0.95% Cu Head Grade % 0.82% 1.20% 0.76% 0.74% 0.73% 0.72% Ni Recovery % 79.8% 82.7% 78.7%
Slide 15: Economics & Cash Flow
Economics & Cash Flow Based on analyst consensus metal price estimates (average of US$7.93/lb Ni, US$5.07/lb Cu) for the period March 2026 to H2 20301 Value Cost Operating Scale • After-tax NPV-8%: US$19.0M • Cash cost2,4,5: US$5.13/lb • Mine life: March 2026 to H2 2030 • After-tax free cash flow •
Slide 16: LOM Sustaining Capital
LOM Sustaining Capital • Development is concentrated in 2026–2028 to open up the Keel deposit for the later years of the mine plan. • The Keel accounts for the majority of the remaining lateral development and all planned vertical development. • Sustaining capital is highest early as development and
Slide 17: Projected Operating Costs
Projected Operating Costs • Ore tonnes remain strong through 2029 while total operating costs trend lower. • Unit operating cost declines through 2029, reflecting a more efficient later-life plan. • The Keel deposit increasingly supports production as the Eagle East deposit winds down. • The final y
Slide 18: Eagle Mine Mineral Resources Estimate
Eagle Mine Mineral Resources Estimate Domain Category Tonnes (kt) Ni (%) Cu (%) Co (%) Au (g/t) Ag (g/t) Pt (g/t) Pd (g/t) Eagle 39 1.21 1.40 0.03 0.20 7.35 0.38 0.24 Eagle East - - - - - - - - Measured (M) Keel - - - - - - - - Total Measured 39 1.21 1.40 0.03 0.20 7.35 0.38 0.24 Eagle 43 1.17 1.26
Slide 19: Eagle Mine Mineral Reserves Estimate
Eagle Mine Mineral Reserves Estimate • The Eagle East and Keel deposits represent the majority of the remaining reserve base. • Mineral Reserves are reported as diluted tonnes delivered to the process plant and are inclusive of dilution and mining loss. Grade Contained Metal Tonnes Domain Category N
Slide 20: Mining Methods
Mining Methods Eagle uses three underground mining methods: Zone Drift and Fill (D&F) Longitudinal (LSLOS) Transverse (TSLOS) Eagle Eagle East Keel • Longitudinal (LSLOS) and Transverse (TSLOS) are used where ore geometry supports stoping between sublevels or along strike. • Drift and Fill (D&F) is
Slide 21: Processing Method
Processing Method Humboldt Mill Flowsheet • Ore from the Eagle, Eagle East, and Keel deposits is planned to be processed at the Humboldt Mill. • The mill uses conventional flotation to produce nickel and copper concentrates. • Current mill throughput is ~2,200 tonnes per day. • The existing processi
Slide 22: Tailings Management
Tailings Management • Tailings are managed through the Humboldt Tailings Disposal Facility (HTDF), where thickened tailings are delivered from the mill through double-containment pipelines and deposited subaqueously. • The HTDF also supports broader water management, including process-water reclaim
Slide 23: Closure Planning
Closure Planning Supports a responsible end-of-mine pathway while preserving future Mill optionality • The Technical Report outlines closure pathways for both Eagle Mine and Humboldt Mill. • The Humboldt Mill and associated infrastructure are expected to remain in place for potential future optional
Slide 24: Next Steps
Next Steps Supporting safe operations today and evaluating future opportunities • Maintain safe, stable operations across the Eagle Mine and Humboldt Mill. • Maximize free cash flow from operations to enable long-term company growth. • Continue Michigan exploration and evaluate future ore opportunit
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