Talon Metals (TLO) investor relations material

Executive summary

• Q2 2026 marked the second quarter including results from the Eagle Mine and Humboldt Mill acquisition, with significant operational and financial milestones achieved.

• Exploration advanced at the Tamarack Project, with two rigs mobilized in Michigan and a key permitting milestone reached in Minnesota.

• Board changes included the resignation of two long-standing directors and the appointment of Victoria McMillan, an experienced CPA and CFO.

Financial highlights

• Revenue reached $51.5 million in Q2 2026, compared to $0 in Q2 2025, reflecting the Eagle acquisition.

• Net income was $3.2 million ($0.02 per share), reversing a net loss of $0.8 million in Q2 2025.

• EBITDA was $11.4 million and adjusted EBITDA was $12.6 million, both up from negative values in Q2 2025.

• Cash provided by operating activities was $1.3 million, up from $0.1 million in Q2 2025.

• Cash, cash equivalents, and term deposits totaled $46.6 million as of June 30, 2026, up from $25.4 million at year-end 2025.

Outlook and guidance

• The company is advancing the Tamarack Project feasibility study and expects continued exploration progress in Minnesota and Michigan.

• Management believes the company is well-positioned to execute on its exploration and development plans.