Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (February 2026)
39 slides from Talon Metals's investor presentation, February 2026
Slide 1: Corporate Presentation
TSX:TLO / OTC:TLOFF TALONMETALS.COM CORPORATE PRESENTATION February 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 “November 2022 National Instrument 43-101 Technical or the “Company”) and is being delivered for informat
Slide 3: Forward-Looking Information
Forward-Looking Information This presentation contains certain “forward-looking statements”. All statements, other Factors that could cause actual results or events to differ materially from current than statements of historical fact that address activities, events or developments that expectations
Slide 4: Vision
An operating U.S. nickel-copper company Vision with an integrated growth pipeline. Two U.S. Nickel Mines Operating Platform Two U.S. Processing • Eagle Mine & Humboldt Mill (Michigan): The only U.S. nickel mine - an established underground Facilities mine and processing facility. • Proven team deliv
Slide 5: Operations: Eagle Mine & Humboldt Mill
Operations Eagle Mine & Humboldt Mill
Slide 6: 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 6
Slide 7: Humboldt Mill
Humboldt Mill Michigan’s Upper Peninsula, USA Humboldt Mill Processing method Conventional flotation Products Nickel & copper concentrates Mill throughput 2,000 tpd Tailings management Subaqueous 7
Slide 8: Eagle Mine Current Focus
Eagle Mine Current Focus Eagle Safe & Stable Operations Deliver consistent production with safety-first discipline, strong operating controls, and reliable mill performance. Upper Keel Maximize Cashflows Maintain operating continuity and cashflow while progressing the next Michigan mine opportunity.
Slide 9: Projects: Tamarack & BMPF
Projects Tamarack & BMPF
Slide 10: Tamarack Project
Tamarack Project Minnesota, USA Overview • High-grade nickel & copper 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 owned with an earn-in right
Slide 11: Tamarack Resource
Tamarack Resource Minnesota, USA Mineral Resource Million lbs of Ni In Situ Million lbs of NiEq In Situ (1) Tonnes (000’s) Ni (%) Cu (%) Co (%) Pt (g/t) Pd (g/t) Au (g/t) NiEq (%) (in the ground) (in the ground) Classification Total Indicated 8,564 1.73 0.92 0.05 0.34 0.21 0.17 2.34 326 441 Total In
Slide 12: Tamarack Permitting
Tamarack Permitting Minnesota, USA Current Stage EIS scoping underway. The Minnesota Department of Natural Resources is preparing scoping materials to define the issues and analyses for the EIS. Next milestone • July 2026: Anticipated release of the Scoping EAW and Draft Scoping Decision Document fo
Slide 13: Responsive Mine Design: Progress Permitting
Responsive Mine Design: Progress Permitting Results from the Environmental Review Process *Water storage is • 3 years of engagement with regulators and retained solely as an operational participating Tribal sovereign governments. contingency and is not precipitation- • 1,632 stakeholder comments add
Slide 14: "Mine in a Box"
“Mine in a Box” Conceptual layout as submitted in the Environmental Assessment Worksheet 14
Slide 15: 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 16: Beulah Minerals Processing Facility (BMPF)
Beulah Minerals Processing Facility (BMPF) North Dakota, USA Rail Connectivity Located in North Dakota, the planned facility is designed to receive Tamarack ore by rail and produce nickel and copper concentrates, creating a domestic processing step in the overall U.S. supply chain. Location Located
Slide 17: Growth & Exploration
“Se maces Growth & Exploration
Slide 18: Exploration Success
Exploration Success Built to Find & Delineate High-Grade Nickel Our Advantage • In-house rigs + in-house drillers + in-house geophysics = Cohesive team producing fast and cost-effective drilling. • Generating follow up targets from drillholes in hours instead of weeks. • Follow up holes can be teste
Slide 19: The Vault Zone
The Vault Zone Latest Discovery Below Current Resource Vault Zone Our Focus 28.88% NiEq, 57.76% CuEq • Midcontinent Rift prospectivity with multiple target areas. (14.86% Ni, 15.37% Cu, 0.11% Co, 9.18 g/t Au, 16.31 g/t Pt, 8.65 g/t • Advancing targets in parallel to drive discovery pace. Pd, and 42.
Slide 20: The Vault Zone: BHEM Surveys & Directional Drilling Program
The Vault Zone BHEM Surveys & Directional Drilling Program • 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 electromagnetic surve
Slide 21: The Vault Zone: 700 meter level
The Vault Zone: 700 meter level Step-Out Drilling from Drill Hole 16TK0250 • At the 700m depth level, drilling now has 4 intercepts at a drill spacing of ~15 to ~40 meters. • Discovery drill hole 16TK0250 with 8.25 meter grading 23.28% NiEq (48.87% CuEq) starting at 707.77 meters. • Drill hole 25TK0
Slide 22: The Vault Zone: 778 meter Level
The Vault Zone: 778 meter Level Step-Out Drilling from Drill Hole 25TK0563 • Discovery drill hole 25TK0563 intercepted a combined 34.9 meters of Massive Sulphide Unit (“MSU”) mineralization grading 28.88% NiEq and 57.76% CuEq starting at 762.34 meters. • Step out drilling ~15 meter to the northwest
Slide 23: The Vault Zone: Drainage Model
The Vault Zone Drainage Model • 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 country rock, creat
Slide 24: The Vault Zone: BHEM Surveys & Directional Drilling Program
The Vault Zone BHEM Surveys & Directional Drilling Program • Borehole electromagnetic (BHEM) 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 electromagneti
Slide 25: Exploration Upside: Tamarack Resource Area Remains Open
Exploration Upside Tamarack Resource Area Remains Open Tamarack North Tamarack South See press release dated February 3, 2025, for further details. 25
Slide 26: Exploration Upside: Large MT Anomaly
Exploration Upside Large MT Anomaly (1.5km from Surface) Tamarack Resource Area Geophysical Anomalies & Mineralization • MT (geophysical) anomaly sits directly underneath the Tamarack Resource Area. Raptor Zone plane • Off-hole BHEM (geophysical) anomaly identified at the same location suggesting th
Slide 27: Exploration Upside: Reprocessed MT Data
Exploration Upside Reprocessed MT Data (L492300E) • 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 Tamar
Slide 28: Exploration Upside: New Raptor MT Anomaly
Exploration Upside New Raptor MT Anomaly • 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 • Strike length of approx. 1,500 me
Slide 29: Tamarack Intrusive Complex: Prospects for Growth
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 intersected historica
Slide 30: Michigan Exploration
Michigan Exploration Upper Peninsula, Michigan, USA Land Package • 400,000+ acre land package Talon is earning into. • Strategically located adjacent to Eagle Mine and the Humboldt Mill. Boulderdash Discovery & Results • Boulderdash is located 8 miles northwest of Eagle Mine. • First Hole (24BD0001)
Slide 31: Michigan Exploration: Highly Prospective Targets
Michigan Exploration Highly Prospective Targets Historic Intercepts BIC & Little BIC • 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 • Mineralized boulders at surface, including ma
Slide 32: Social Performance
Social Performance Engaging with our communities
Slide 33: Proven, Trusted Social License
Proven, Trusted Social License Partnering with our communities We engage early We lead with We act on We invest locally and often transparency feedback • Regular, two-way communication with local • Clear, proactive updates on project status • Tamarack Project design evolved through • We prioritize l
Slide 34: Funding America's Next Nickel-Copper Mine
Funding America’s Next Nickel-Copper Mine
Slide 35: US Government Grant Funding
US Government Grant Funding Federal government grants to support exploration, engineering & environmental studies Remaining Received Grant Amounts in USD millions Nature Amount expected to to date be received Exploration in Michigan and Minnesota; Department of War (DOW) $20.6m $4.8m $15.8m Feasibil
Slide 36: Credible Backing, Strong Financial Position
Credible Backing, Strong Financial Position Strong shareholder base and U.S. government funding support execution of Talon’s U.S. nickel strategy Lundin Mining, the previous owner of the Eagle Mine and Humboldt Mill. The Pallinghurst Group, a specialist battery metals investment fund. Rio Tint
Slide 37: Executive Team
Executive Team
Slide 38: Executive Team
Executive Team Mike Kicis Vince Conte Brian Goldner President Chief Financial Chief Exploration Officer Officer Jessica Rob Beranek Matt Johnson Darby Stacey Sandstrom Vice President Vice President Projects & Corporate Affairs Chief Executive Officer Vice President Environmental Health, Safety, & Hu
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