Talon Metals Corp. · TSX:TLO
Talon Metals — Investor Presentation (October 2026)
46 slides from Talon Metals's investor presentation, October 2026
Slide 1: Corporate Presentation October 2026
October 2026 CORPORATE PRESENTATION We produce metals essential to society. TSX: TLO / OTC: TLOFF TALONMETALS.COM
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, Please see the technical report entitled “November 2022 National Instrument 43-101 Technical “Talon” or the “Company”) and is being delivered for informatio
Slide 3: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain “forward-looking information” and “forward-looking statements” changes in interest rates; tariffs and trade restrictions; risks inherent in exploration results, timing and within the meaning of applicable s
Slide 4: Our Mission and 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 An operating U.S. nickel-copper company To discover, build, and operate a multi-staged portfolio of with an integrated growth pipeline mining assets that sustain long-term value and growth. Operations • Eagle Mine & Humboldt Mill: The only primary nickel mine currently operating in the United
Slide 6: Momentum & Upcoming Catalysts
Talon Metals Momentum & Upcoming Catalysts 2026 Progress Near-Term Catalysts – 2026+ Eagle Mine life extended to H2 2030 Tamarack feasibility study targeted for Q4 2026 Humboldt Mill selected as Tamarack Project Final scoping decision following Minnesota processing location Department of Natural Res
Slide 7: Operations
Operations Eagle Mine and Humboldt Mill
Slide 8: 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 8
Slide 9: 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 9
Slide 10: Humboldt Mill: Strategic Processing Platform
Established U.S. Processing Supporting Talon’s Growth Humboldt Mill: Strategic Processing Platform Existing Processing Platform • Established conventional flotation facility with an experienced workforce, infrastructure, and operating systems already in place. • Provides an existing processing base t
Slide 11: Operating Today, Positioned for Growth
Eagle Mine & Humboldt Mill Operating Today, Positioned for Growth Safe & Stable Operations Consistent production with strong operating controls. Generate Free Cash Flow Maintain operating continuity and generate free cash flow while advancing growth. Mine Life Extended to H2 2030 Updated mine plan, d
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. • Drilling continues at pace on the Vault Zone. • Joint venture with Rio Tinto: 51% Talon, earn-in right to 60%. Site Access & Infrastructure Greenfield site wit
Slide 14: Tamarack Environmental Review & Permitting
Minnesota, USA Tamarack Environmental Review & Permitting Current Stage • Public scoping comment period closed Sept. 14, 2026 • The Minnesota Department of Natural Resources is reviewing comments and preparing the final scoping decision. Next Steps in MN DNR Environmental Review Process Projected Tim
Slide 15: Responsive Mine Design: Progress Permitting
Tamarack Project 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 contin
Slide 16: "Mine in a Box"
Tamarack Project “Mine in a Box” Conceptual surface layout as submitted in the Environmental Assessment Worksheet 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 Nickel Pro
Slide 17: One Path to Production
Development Roadmap One Path to Production Talon’s current development plan targets Tamarack production before Eagle closes. 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 copper concentrate
Slide 18: Growth & Exploration
Growth & Exploration
Slide 19: 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 20: 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 21: 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 22: The Vault Zone: High-Grade 710-Meter Level
Tamarack, MN, USA 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 in 25TK0568A and 8.25 meters grading 23.28
Slide 23: The Vault Zone: Expansion at the 778-Meter Level
Tamarack, MN, USA 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 to the east and west. Re
Slide 24: Geological Model Guides Vault Zone Targeting
Tamarack, MN, USA 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 and identify additional targets. Rapi
Slide 25: 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 26: 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 27: 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 28: 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 29: 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 30: Roland Conduit Discovery
Upper Peninsula, Michigan, USA Roland Conduit Discovery Overview • Drilling has identified a new mineralized magmatic conduit at Roland. • The conduit is interpreted to be up to approximately 71 meters thick and strikes easterly. • Drilling is continuing along the conduit to test its geometry and eva
Slide 31: Social Performance
Social Performance
Slide 32: 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 33: Funding America's Next Nickel-Copper Mine
Funding America’s Next Nickel-Copper Mine
Slide 34: 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 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 be USD millions to date received Exploration in Michigan and Minnesota; Feasibility study for the Department of War (DOW) $2
Slide 36: Credible Backing, Strong Financial Position
Capital Structure Credible Backing, Strong Financial Position Strong shareholder base, no debt and U.S. government funding support execution of Talon’s U.S. nickel strategy. WHO HOLDS THE REGISTER CAPITAL STRUCTURE · OCT 6, 2026 24.6% strategic + insider Shares issued 163.1M Options (avg C$3.96) 9.1
Slide 37: Leadership Team
Leadership Team
Slide 38: 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 40: Appendix
Appendix
Slide 41: Eagle Mine Mining Plan
Eagle Mine Mining Plan Talon Metals 41
Slide 42: Eagle Mine: Economics & Cashflow
Michigan, USA 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 • Aft
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%
Slide 46: Metal-Equivalent Grade Calculations & Assumptions
TECHNICAL REFERENCE Metal-Equivalent Grade Calculations & Assumptions Metal-equivalent grades presented in this presentation are calculated using the metal prices, metallurgical recoveries, and other assumptions set out below and in the applicable Company disclosures. Tamarack Nickel-Copper Project