Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (August 2026)
43 slides from Talon Metals's investor presentation, August 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 August 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 Tamarack Nickel Project or to put a mine into production; the costs of commencing statements of historical fact that address activities, events or d
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
An operating U.S. nickel-copper company Vision with an integrated growth pipeline Two U.S. Nickel Mines Two U.S. Processing Facilities Operating Platform • Eagle Mine & Humboldt Mill (Michigan): The only U.S. nickel mine - an established underground mine ~500 and processing facility. • Proven team d
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 evaluates future ore opportunities for t
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 and Beulah Minerals Processing Facility
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: Tamarack Resource
Minnesota, USA Tamarack Resource 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 Inf
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: Beulah Minerals Processing Facility (BMPF)
North Dakota, USA Beulah Minerals Processing Facility (BMPF) Rail Connectivity The BMPF is rail-connected, providing a direct transportation link between Tamarack and the facility. Ramp-up Ore Flexibility Currently evaluating optionality for ore processing between BMPF and Humboldt Mill. Grant Fundi
Slide 20: Growth & Exploration
Growth & Exploration
Slide 21: 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 22: The Vault Zone: Record Intercept & Continued Expansion
Latest Discovery Below the Tamarack Resource The Vault Zone: Record Intercept & Continued Expansion Overview Record Intercept – 25TK0562A • High-grade nickel-copper discovery located below the • Intersected a record 46.43-meter interval of massive and mixed massive sulphide Tamarack Resource in Minn
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: Michigan Exploration
Upper Peninsula, Michigan, USA Michigan Exploration Land Package • 2026 Michigan exploration drilling is underway with two drill rigs on site. • 400,000+ acre land package acquired in 2022. • Strategically located adjacent to Eagle Mine and the Humboldt Mill. Boulderdash Discovery & Results • Boulde
Slide 32: Social Performance
Social Performance
Slide 33: 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 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 Grant Amounts in Received Nature Amount expected to USD millions to date be received Exploration in Michigan and Minnesota; Feasibility Department of War (DOW) $20.6m $7.3m $13
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. Analyst Capita
Slide 37: Leadership Team
Leadership Team
Slide 38: Our Team
LEADERSHIP Our Team Darby Stacey Vince Conte Brian Goldner Chief Ex ecut iv e Offi cer Chief Financial Offi cer Chief Ex plorat ion Offi cer Jessica Sandstrom Rob Beranek Matt Johnson Vice President Vice President Vice President Healt h, Safet y , and Human Resources Project s and Env ironment al Corporat
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Slide 40: Appendix
Appendix
Slide 41: 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 42: 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 43: 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%