Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (June 2025)
35 slides from Talon Metals's investor presentation, June 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 June 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 “Company”) and is being deliv
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: America's Next High-Grade Nickel-Copper Mine
America's Next High-Grade Nickel-Copper Mine TSX:TLO OTC:TLOFF The Tamarack Partnerships Intrusive Complex A world-class high-grade nickel and copper district Minnesota Proposed Tamarack Nickel Mine Tamarack Resource Area US Government Support North Dakota Department of Energy Funding Proposed Beula
Slide 5: 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 6: Minnesota - Tamarack Nickel Mine
Minnesota - Tamarack Nickel Mine TSX:TLO OTC:TLOFF Ready-to-Go Access, Roads, Power & Rail • 1.5 miles from city of Tamarack 69kV Transmission Line • 1.1 miles from BNSF rail line • 69kV power line Proposed Project • Maintained paved roads Facilities Area • Skilled labor Tamarack Intrusive Complex O
Slide 7: 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 In progress: Expected to Worksheet (EAW) Scoping warrant detailed analysis conclude Q2/Q3 2025 Scoping Decision Propose altern
Slide 8: Responsive Mine Design - Progressing Permitting
Responsive Mine Design - Progressing Permitting TSX:TLO OTC:TLOFF Results from Environmental Review Process: • 3 years of engagement with DNR and Tribal sovereign governments • 1,632 stakeholder comments addressed through multiple design iterations in EAW • Responsive Conceptual Design: Small, fully
Slide 9: Tamarack – Resource and Feasibility
Tamarack – Resource and Feasibility TSX:TLO OTC:TLOFF Growing Resource, Strong Grades Drilling in Tamarack Resource Area Since 2022 Technical Report Category Meters Holes With over 150 new holes drilled since the November 2022 Technical Report, Geotech/ 2,361 95 Engineering Tamarack is growing. Feas
Slide 10: The Tamarack Intrusive Complex: A High-grade Nickel-Copper District
The Tamarack Intrusive Complex: A 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 ground) Classification (000’s) (in the ground) Total Indicated 8,56
Slide 11: 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 12: 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 13: 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 14: 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 15: Full Value Mining: Talon's Proposed Nickel Supply Chain
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 16: Right Place, Right Time: Developing a Nickel Mine in the U.S.
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 17: 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 17
Slide 18: Exploration
TSX:TLO OTC:TLOFF Exploration: Supporting America’s Efforts Towards Critical Mineral Independence
Slide 19: Talon Team: Proven Nickel Hunters
Talon Team: Proven Nickel Hunters TSX:TLO OTC:TLOFF Dean Rossell was previously Rio Tinto’s Chief Nickel Geologist and Prospector. Dean joined Cohesive team of geologists, geophysicists, and drillers has Talon in August 2021 after 30 years with Rio Tinto. allowed drilling to be accelerated on a cost
Slide 20: Integrated Exploration System + Highly Prospective Geology
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 21: The Integrated Exploration System – An Asset funded by DOD
The Integrated Exploration System – An Asset funded by DOD TSX:TLO OTC:TLOFF An In-House Exploration Engine Funded by the DOD, Talon’s built a world-class exploration team. Efficient. Scalable. Revenue-generating. • 5 rigs, in-house team, advanced geophysics • Transitioning from cost center to reven
Slide 22: Minnesota Exploration Upside: Tamarack Resource Area Remains Open
Minnesota 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 continues for the completion of a feasibility study in 2025, with a focus on converting infe
Slide 23: The Drainage Model (Tamarack) Below 138 Zone
The Drainage Model (Tamarack) Below 138 Zone 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 grading 28.88% NiEq or 57.76% C
Slide 24: The Drainage Model (Tamarack) CGO East vs. CGO West
The Drainage Model (Tamarack) CGO East vs. CGO West TSX:TLO OTC:TLOFF • Drainage Model: Observed in magmatic sulphide mineralization. • Process: Remobilization of sulphides from higher elevations to deeper pools along vertical structure. • Location: Tamarack site features observable mineralization c
Slide 25: Exploration Upside: Large MT Anomaly
Exploration Upside: Large MT Anomaly TSX:TLO Geophysical Anomalies and Mineralization 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 potential for signific
Slide 26: 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 27: 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 28: 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 29: Highly Prospective Michigan Targets
Highly Prospective Michigan Targets Historic Intercepts TSX:TLO 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 30: Funding America's Next Nickel-Copper Mine
TSX:TLO OTC:TLOFF Funding America’s Next Nickel-Copper Mine
Slide 31: Talon/Lundin Exclusivity Agreement
Talon/Lundin Exclusivity Agreement TSX:TLO OTC:TLOFF Lundin Eagle Mine – the U.S. only active nickel mine is slated to close by 2029 The proposed Option Agreement is expected to contain the following terms: • Talon will provide Lundin Mining with the right to acquire up to a 70% ownership interest i
Slide 32: Funding
Funding TSX:TLO Federal government grants to support exploration, engineering & environmental studies OTC:TLOFF Grant Nature Amount Received Remaining Amounts in USD millions (USD) to date expected to be (USD) received (USD) Department of Defense (DOD) Exploration in Michigan and Minnesota $20.6m $3
Slide 33: Financial Strength: Strong Shareholder Base
Financial Strength: Strong Shareholder Base TSX:TLO OTC:TLOFF • As of May 31, 2025, C$4.3m cash plus approx. C$0.7m reimbursable from Gov’t grants - total of C$5.0m • Strong shareholder base including The Pallinghurst Group, Rio Tinto and a 9.9% “Strategic Investor”: • The Pallinghurst Group is a sp
Slide 34: Summary
Summary TSX:TLO OTC:TLOFF America's Next High-Grade Nickel- Exploration for More Nickel Funding Sources Copper Mine in America Minnesota Environmental Drilling below resource Expected Lundin Mining Option Assessment Worksheet nearing Agreement completion Working towards the drilling division making
Slide 35: 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