Talon Metals (TLO) Company Presentation summary

Strategic vision and project overview

• Advancing a U.S.-based supply chain for critical minerals, focusing on high-grade nickel and copper from the Tamarack Intrusive Complex in Minnesota and a new processing facility in North Dakota.

• Partnerships with Tesla, Rio Tinto, and U.S. government agencies support project development and funding.

• The Beulah Minerals Processing Facility (BMPF) in North Dakota is supported by a $114.8M Department of Energy grant and leverages brownfield infrastructure.

• The company is aligning its business plan with recent U.S. executive orders and national security initiatives to reduce reliance on foreign critical minerals.

• Environmental review and permitting for the Tamarack mine and BMPF are progressing, with key milestones expected in 2025.

Resource growth and technical progress

• Tamarack resource area has grown significantly, with 153 new drill holes since the November 2022 Technical Report and a feasibility study underway.

• Indicated resources: 8.56Mt @ 2.34% NiEq; inferred: 8.46Mt @ 1.19% NiEq, with a 98% increase in indicated contained nickel since 2021.

• Grade-tonnage curves support a range of economic mining scenarios, with ongoing engineering to optimize cut-off grades and NPV.

• Recent drilling below the current resource intercepted high-grade massive sulphides, indicating potential for further resource expansion.

• The drainage model and geophysical anomalies suggest additional exploration upside, including the Raptor Zone and other undrilled targets.

Environmental, social, and permitting initiatives

• Mine design incorporates a small, fully enclosed surface facility, direct ore rail transport, and elimination of exposed waste rock and tailings at surface.

• Environmental review includes extensive stakeholder engagement, with over 1,600 comments addressed and multiple design iterations.

• BMPF enables responsible processing and tailings management at a brownfield site, reducing land disturbance in Minnesota.

• Permitting in North Dakota is expected to be straightforward, with a 12–18 month timeline and feasibility study in progress.

• Community engagement includes open-door policies and informational events to incorporate local feedback into mine planning.