Talon Metals (TLO) Corporate presentation summary

Strategic vision and operations

• Operating two U.S. nickel mines and two processing facilities, employing about 500 people over an 11-year period.

• Eagle Mine and Humboldt Mill in Michigan are the only primary nickel mine and mill in the U.S., with operations planned through the second half of 2030.

• Tamarack Project in Minnesota is advancing through feasibility and permitting, with a planned processing facility (BMPF) in North Dakota.

• In-house exploration and drilling accelerate discovery and reduce contractor dependency.

• Strategic partnerships include a 75,000-tonne nickel concentrate offtake agreement with Tesla and joint venture with Rio Tinto.

Eagle Mine and Humboldt Mill performance

• Eagle Mine is an underground operation with about 425 employees, producing nickel, copper, cobalt, and PGMs since 2014.

• Humboldt Mill processes about 2,200 tonnes per day using conventional flotation, producing nickel and copper concentrates.

• Updated mine plan supports operations through H2 2030, with the Keel deposit playing a key role in later years.

• Projected ore mined and milled from Mar 2026 to 2030 totals 3.5 Mt, with average nickel head grade of 1.06% and copper head grade of 0.82%.

• After-tax NPV (8%) is US $19M, with after-tax free cash flow of US $69.7M for 2026–2030; AISC is $6.55/lb (2026–2030).

Tamarack Project and BMPF development

• Tamarack is a high-grade nickel-copper project in Minnesota, nearing completion of environmental review and feasibility study.

• Indicated resource: 8.56 Mt at 1.73% Ni, 0.92% Cu; inferred: 8.46 Mt at 0.83% Ni, 0.55% Cu.

• Permitting is in EIS scoping, with public comment and meetings expected in mid-2026; production targeted for 2033.

• Mine design incorporates stakeholder feedback, reducing surface footprint and eliminating exposed waste rock.

• BMPF in North Dakota will process Tamarack ore, supported by a $114.8M DOE grant, with construction planned for 2029–2032.