Talon Metals Expands Drilling Fleet at Tamarack as Fall and Winter 2025/2026 Exploration Program Advances the Vault Zone

Executive Summary

• Talon Metals completed ~7,900 m of drilling at the Boulderdash discovery (27 holes) and ~1,500 m at the Roland target during the 2025 Michigan season, intercepting massive sulphide mineralization in multiple holes.
• The company has drilled ~14,000 m toward the 25,000 m Stage‑One Earn‑in Requirement needed to secure a 51 % interest in a 400,000‑acre land package adjacent to the Eagle Mine and Humboldt Mill.
• With Michigan drilling winding down, Talon is shifting its rigs to the Tamarack Nickel‑Copper‑Cobalt Project in Minnesota to expand the Fall/Winter 2025‑2026 program at the Vault Zone; the Lundin exclusivity agreement was terminated and Lundun will be repaid via issuance of ~18.5 M shares.

Key Details

• Michigan drilling progress – Total to date ≈14,000 m (7,900 m at Boulderdash, 1,500 m at Roland).
• Boulderdash results – Sulphide mineralization intersected in 11 of 27 holes; massive sulphides encountered in 3 holes down to 190 m depth. New semi‑massive and massive sulphide accumulations identified.
• Roland target – ~1,500 m drilled in three holes; data used for stratigraphic interpretation and borehole EM surveys (results pending).
• Earn‑in status – Approximately 56 % of the 25,000 m Stage‑One requirement completed; on track to secure 51 % ownership of the 400,000‑acre package owned by UPX Minerals (Sweetwater Royalties subsidiary).
• Transition to Tamarack – All Michigan rigs will be mobilized to the Vault Zone in Minnesota; two rigs already active, with plans to expand drilling through spring 2026. Program expected to conclude at Boulderdash by 31 Oct 2025.
• Lundin agreement termination – Exclusivity Agreement terminated; Talon will repay US$5 M advance by issuing 18,502,906 common shares at a deemed price of C$0.3762 (subject to TSX approval).
• Future Michigan program (2026) – Design underway to continue defining Boulderdash mineralization along ~1.5 km strike and to meet remaining earn‑in meters; four additional drill pads prepared on the magnetic anomaly.
• Qualified Person – Dr. Etienne Dinel, VP Geology, has reviewed and approved all technical information per NI 43‑101.

Notable Quotes

“The Talon in‑house exploration team … has delivered discoveries at CGO‑East, CGO‑West, Boulderdash, and now the Vault Zone in record time… Talon represents the only future domestic source of high‑grade nickel currently in development for U.S. supply chains…” – Henri van Rooyen, CEO

All forward‑looking statements are subject to risks and uncertainties as described in the release.