Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (June 2026)
40 slides from Talon Metals's investor presentation, June 2026
Slide 1: Corporate Presentation June 2026
TSX:TLO / OTC:TLOFF TALONMETALS.COM CORPORATE PRESENTATION June 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 primary nickel mine in the US, with a reserve- Facilities backed mine plan supporting operations through t
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 LOM: H2 2030 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 ~2,200 tpd Tailings management Subaqueous 7
Slide 8: Eagle Mine: 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 evaluates future ore opportunities fo
Slide 9: Eagle Mine: Mining Plan
Eagle Mine: Mining Plan 7 Eagle 2025 Production 2025 Development 2026 Mining 2027 Mining 2028 Mining 2029 Mining 2030 Mining Pre-2026 Development Eagle East Pre-2026 Stopes TALON METALS coRP
Slide 10: Eagle Mine: 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%
Slide 11: Eagle Mine: Economics & Cash Flow
Eagle Mine: 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
Slide 12: Projects: Tamarack & BMPF
Projects Tamarack & BMPF
Slide 13: 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 14: 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 15: 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 16: 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 17: "Mine in a Box"
“Mine in a Box” Conceptual layout as submitted in the Environmental Assessment Worksheet 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: 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 20: Growth & Exploration
“Se maces Growth & Exploration
Slide 21: 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 22: The Vault Zone
The Vault Zone Latest Discovery Below the Tamarack Resource Vault Zone Discovery Hole 25TK0563 Overview • 34.9 meters starting at 762.34 meters • High-grade nickel-copper discovery located below the Tamarack Resource in • 28.88% NiEq, 57.76% CuEq Minnesota. • (14.86% Ni, 15.37% Cu, 0.11% Co, 9.18 g/
Slide 23: The Vault Zone: Cross-Section Looking West
The Vault Zone Cross-Section Looking West • Vault Zone drilling continues to define a vertically stacked mineralized system. • Mineralization has been identified across multiple levels, including the 610m, 710m, 778m and 802m levels. • The most recent assays (May 2026 press release) provide addition
Slide 24: The Vault Zone: 710 meter level
The Vault Zone: 710 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 meters grading 23.28% NiEq (48.87% CuEq) starting at 707.77 meters. Photo of drill core
Slide 25: The Vault Zone: 778 meter Level
The Vault Zone: 778 meter Level Step-Out Drilling from Drill Hole 25TK0563 • Drill hole 25TK0569A targeted the 778- meter level north of discovery hole 25TK0563. • It intercepted 16.07 meters grading 4.14% Ni and 9.46% Cu, or 10.43% NiEq, starting at 766.16 meters. • The result supports potential ex
Slide 26: 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 27: Exploration Upside
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 28: Exploration Upside
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 29: Exploration Upside
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). • Target is at approx. 1,000 meters depth. Cross-Section looking West • Strike length of approx. 1,500 meters
Slide 30: Tamarack Intrusive Complex: Prospects for Growth
Tamarack Intrusive Complex Prospects for Growth Raptor Zone: Crest (Formerly 264 Zone) • Tamarack has multiple Hole 18TK0264 intersected 0.25m areas where high-grade grading 9.95% Ni, 5.74% Cu, starting nickel-copper at 539m (3km away from resource) 1KM mineralization has been 0.6MI intersected hist
Slide 31: Michigan Exploration
Michigan Exploration Upper Peninsula, Michigan, USA Land Package • 2026 Michigan exploration drilling is underway with one drill rig on site and second drill arriving mid-June. • 400,000+ acre land package Talon is earning into. • Strategically located adjacent to Eagle Mine and the Humboldt Mill. B
Slide 32: 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 33: Social Performance
Social Performance Engaging with our communities
Slide 34: Proven, Trusted Social License
Proven, Trusted Social License Partnering with our communities 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: 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 $5.6m $15.0m Feasibil
Slide 37: 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. Analyst Ca
Slide 38: Executive Team
Executive Team
Slide 39: 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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