Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (September 2026)
45 slides from Talon Metals's investor presentation, September 2026
Slide 1: Creating a Multi-Asset Nickel-Copper Company
CREATING A MULTI-ASSET NICKEL-COPPER COMPANY We produce metals essential to society. TSX: TLO / OTC: TLOFF TALONMETALS.COM September 2026 Corporate Presentation
Slide 2: Conditions of Presentation, Technical Reference, and QPs
Conditions of Presentation, Technical Reference, and QPs Please see the technical report entitled “November 2022 National Instrument 43-101 Technical This presentation has been prepared by Talon Metals Corp. (together with its affiliates, Report of the Tamarack North Project – Tamarack, Minnesota” wit
Slide 3: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain “forward-looking statements.” All statements, other than mineral reserves and mineral resources; uncertainties relating to the financing needed to statements of historical fact, that address activities, eve
Slide 4: Our Mission, Our Values
Our Mission Our Values We produce metals • SAFETY We look out for one another – safety comes first in everything we do. essential to society • RESPECT We treat each other, our communities, and the land with respect. We listen, we are transparent, and we hold ourselves accountable. • INTEGRITY We act
Slide 5: Vision
Vision An operating U.S. nickel-copper company To discover, build, and operate a multi-staged portfolio of mining with an integrated growth pipeline assets that sustain long-term value and growth. Operations • Eagle Mine & Humboldt Mill (Michigan): The only U.S. nickel mine - an established ~500 und
Slide 6: Operations
Operations Eagle Mine and Humboldt Mill
Slide 7: Eagle Mine
Michigan’s Upper Peninsula, USA Eagle Mine Mine Type Underground Operations Since 2014 LOM: H2 2030 Employees ~425 Domestic Production Nickel, Copper, Cobalt, PGMs Talon Metals 7
Slide 8: 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 Talon Metals 8
Slide 9: Current Focus
Eagle Mine Current Focus Safe & Stable Operations Deliver consistent production with safety-first discipline, strong operating controls, and reliable mill performance. Generate Free Cash Flow Maintain operating continuity and generate free cash flow while Talon advances plans for future Tamarack mater
Slide 10: Mining Plan
Eagle Mine Mining Plan Talon Metals 10
Slide 11: Economics & Cashflow
Eagle Mine Economics & Cashflow 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 cas
Slide 12: Projects
Projects Tamarack Project
Slide 13: Tamarack Project
Minnesota, USA Tamarack Project Overview • High-grade nickel-copper-cobalt project currently in the Minnesota environmental review process, with a feasibility study nearing completion. • Drilling continues at pace on the Vault Zone. • Joint venture with Rio Tinto: 51% Talon, earn-in right to 60%. Si
Slide 14: Talon Selects Humboldt Mill as Processing Location for Tamarack
Minnesota, USA Talon Selects Humboldt Mill as Processing Location for Tamarack Processing Decision • Talon has selected its Humboldt Mill in Michigan as the processing location for future ore from the Tamarack Project in Minnesota. • As a result of that decision, Talon will not be advancing the prev
Slide 15: Tamarack Environmental Review & Permitting
Minnesota, USA Tamarack Environmental Review & Permitting Current Stage The Minnesota Department of Natural Resources (MN DNR) has published the Scoping Environmental Assessment Worksheet and Draft Scoping Decision Document, formally beginning the public scoping process for the Environmental Impact
Slide 16: Responsive Mine Design: Progress Permitting
Minnesota, USA Responsive Mine Design: Progress Permitting Results from the Environmental Review Process • 3 years of engagement with regulators and *Water storage is participating Tribal sovereign governments. retained solely as an operational • 1,632 stakeholder comments addressed through continge
Slide 17: "Mine in a Box"
Minnesota, USA “Mine in a Box” Conceptual layout as submitted in the Environmental Assessment Worksheet Talon Metals 17
Slide 18: Comparison: Big Box Store vs. Conceptual Surface Layout
Comparison: Big Box Store vs. Conceptual Surface Layout As Submitted in Environmental Assessment Worksheet BIG BOX STORE The above is a conceptual surface layout as submitted to the regulatory authorities in connection with the environmental review process in the State of Minnesota. The Tamarack Nic
Slide 19: Humboldt Mill: Strategic Processing Platform
Existing U.S . Facility Positioned to Suppor t Tamarack Project Humboldt Mill: Strategic Processing Platform Existing Operating Platform • Talon’s Humboldt Mill is an established conventional flotation facility in Michigan, already producing nickel and copper concentrates. • Existing infrastructure,
Slide 20: One Path to Production
Development Roadmap One Path to Production Tamarack is designed to be in production before Eagle closes. The platform never stops producing. Projected Timeline* 2026 2027 2028 2029 2030 2031 2032 2033 2034+ Eagle Mine Operations to H2 2030 Closure and reclamation Michigan Humboldt Mill Nickel and co
Slide 21: Growth & Exploration
Growth & Exploration
Slide 22: Exploration Success
Built to Find & Delineate High-Grade Nickel Exploration Success Our Advantage In-house rigs + in-house drillers + in-house geophysics = Cohesive team delivering fast, more cost-effective exploration. Generating follow-up targets from drillholes in hours instead of weeks. • Follow-up holes can be test
Slide 23: The Vault Zone: Record Intercept & Continued Expansion
Record Vault Zone Assays Confirm High-Grade Mineralization The Vault Zone: Record Intercept & Continued Expansion Overview 25TK0562A – Record Intercept Assays • High-grade nickel-copper discovery located below the 46.43 meters grading 27.39% NiEq or 54.78% CuEq Tamarack Resource in Minnesota. 13.37%
Slide 24: Vault Zone: Stacked Mineralized System
Tamarack, MN, USA Vault Zone: Stacked Mineralized System Stacked mineralized system continues to expand • New assays from 25TK0567A and 25TK0568C support mineralization across multiple vertically stacked levels. Stringer Zone returns broad mineralized intervals • Drill hole 25TK0567A intersected 30.
Slide 25: The Vault Zone: High-Grade 710-Meter Level
Continued Step-out Drilling Below the Tamarack Resource Area The Vault Zone: High-Grade 710-Meter Level High-grade mineralization continues • Drill hole 25TK0568C: 7.20 meters grading 12.27% NiEq, including 2.50 meters grading 22.48% NiEq. • Previous drilling includes 8.88 meters grading 18.62% NiEq
Slide 26: The Vault Zone: Expansion at the 778-Meter Level
Continued Expansion at the 778-Meter Level The Vault Zone: Expansion at the 778-Meter Level Expansion at the 778-meter level • Step-out drilling north of discovery hole 25TK0563 returned 16.07 meters grading 10.43% NiEq in drill hole 25TK0569A. • Results support continued expansion of mineralization
Slide 27: Geological Model Guides Vault Zone Targeting
Combining In-House Geophysics and Directional Drilling Geological Model Guides Vault Zone Targeting Model-Driven Exploration • Geological interpretation supports a series of vertically stacked sulphide traps below the Tamarack Resource Area. • Each new intercept helps refine the interpreted geometry
Slide 28: Tamarack Intrusive Complex
Tamarack Intrusive Complex Prospects for Growth Raptor Zone: Crest (Formerly 264 Zone) • Tamarack has multiple areas Hole 18TK0264 intersected 0.25m where high-grade nickel- grading 9.95% Ni, 5.74% Cu, starting copper mineralization has at 539m (3km away from resource) 1KM been historically intersec
Slide 29: Exploration Upside
Large MT Anomaly (1.5km from Surface) Exploration Upside Tamarack Resource Area Geophysical Anomalies & Mineralization • MT (geophysical) anomaly sits directly underneath the Tamarack Resource Area. • Off-hole BHEM (geophysical) anomaly identified at the same location, suggesting Raptor Zone plane the
Slide 30: Exploration Upside
Reprocessed MT Data (L492300E) Exploration Upside • The Vault Zone shows a dramatically different emplacement orientation striking E-W instead of the standard south-dipping nature of the Tamarack Intrusive Complex. • All previous MT data have been modeled with E-W lines to be orthogonal to the Tamara
Slide 31: Exploration Upside
Raptor Zone: Additional Deep Exploration Target Exploration Upside • Located approx. 1km east of the Tamarack Resource Area. • 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
Slide 32: Michigan Exploration
Upper Peninsula, Michigan, USA Michigan Exploration Land Package • Actively drilling multiple targets across Talon’s 400,000+ acre land package, acquired in 2022. • Strategically located adjacent to Eagle Mine and the Humboldt Mill. Boulderdash Discovery & Results • Boulderdash is located 8 miles no
Slide 33: Social Performance
Social Performance
Slide 34: Proven, Trusted Social License
Partnering with our communities Proven, Trusted Social License We engage We lead We act We invest early and often with transparency on feedback locally • Regular, two-way communication with local • Clear, proactive updates on project status • Tamarack Project design evolved through • We prioritize l
Slide 35: Funding America's Next Nickel-Copper Mine
Funding America’s Next Nickel-Copper Mine
Slide 36: Q2 2026 Financial Snapshot
Q2 2026 Financial Snapshot Q2 2026 marked Talon’s second quarter of results that included the operations of the Eagle Mine (and Humboldt Mill), reflecting Talon’s transition to an operating U.S. nickel-copper company. All Figures in U.S. dollars. EBITDA and Adjusted EBITDA are non-GAAP financial measu
Slide 37: US Government Grant Funding
US Government Grant Funding Federal government grants to support exploration, engineering & environmental studies Remaining Grant Amounts in Received Nature Amount expected to be USD millions to date received Exploration in Michigan and Minnesota; Feasibility study for the Department of War (DOW) $2
Slide 38: Credible Backing, Strong Financial Position
Capital Structure Credible Backing, Strong Financial Position Strong shareholder base and U.S. government funding support execution of Talon’s U.S. nickel strategy. WHO HOLDS THE REGISTER CAPITAL STRUCTURE · SEPT 9, 2026 24.5% strategic + insider Shares issued 162.2M Options (avg C$3.43) 9.4M 18.10%
Slide 39: Leadership Team
Leadership Team
Slide 40: Our Team
LEADERSHIP Our Team Darby Stacey Vince Conte Brian Goldner Chief Executive Officer Chief Financial Officer Chief Exploration Officer Rebecca Coffelt Jessica Sandstrom Rob Beranek Matt Johnson Vice President Vice President Vice President Vice President Legal and Governance Health, Safety, and Human Resourc
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Slide 42: Appendix
Appendix
Slide 43: Eagle Mine Mineral Resources Estimate
Michigan, USA 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
Slide 44: Eagle Mine Mineral Reserves Estimate
Michigan, USA 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 Dom
Slide 45: LOM Production Schedule
Eagle Mine 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%
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