Talon Metals completes 14,000 m of drilling in Michigan

Executive Summary

• Talon Metals is transitioning its drill fleet from Michigan to the Tamarack project in Minnesota, expanding the fall/winter 2025‑2026 exploration program at the Vault zone.
• The company has completed ~14,000 m of drilling toward the 25,000 m Stage 1 earn‑in target needed for a 51 % interest in a 400,000‑acre land package near the Eagle mine.
• The Lundin exclusivity agreement was terminated; Talon will repay the $5 M advance and issue ~18.5 million shares to Lundin at a deemed price of C$0.3762 per share.

Key Details

• Exploration Strategy: Leveraging winter conditions in Minnesota (frozen ground, less snow) versus Michigan’s heavy snowfall to increase drill productivity.
• Drilling Progress – Michigan: ~14,000 m completed; target 25,000 m by Aug 2027 to satisfy Stage 1 earn‑in for a 51 % interest in the UPX Minerals land package (≈400,000 acres).
• Boulderdash Discovery (Michigan):
• Since June 2024, identified multiple high‑grade Ni‑Cu sulphide targets; first discovery announced Oct 2024.
• 2025 drilling: ~7,900 m in 27 holes; sulphide mineralization intersected in 11 holes, including massive sulphides to 190 m depth.
• Roland Target (Michigan): ~1,500 m drilled in three holes to improve stratigraphic understanding and conduct borehole EM surveys.
• Assay Work: Core logging continues at L’Anse core shed; assay results expected through winter 2025/26.
• Rig Relocation: Remaining Michigan rigs are being mobilized to Tamarack; two rigs already active on the Vault zone, with full fleet slated for fall/winter expansion.
• Vault Zone (Minnesota): Full drill fleet will focus on expanding drilling at the Vault zone through spring 2026.
• Lundin Agreement Termination: Exclusivity agreement terminated; Talon to repay $5 M U.S. advance and issue 18,502,906 common shares to Lundin at C$0.3762 per share (subject to TSX approval).
• Future Plans – Michigan 2026 Program:
• Continue defining Boulderdash mineralization along ~1.5 km strike of magnetic anomaly.
• Advance toward the 25,000 m Stage 1 earn‑in requirement for full ownership interest.
• Four additional drill pads prepared along the magnetic anomaly for accelerated exploration.
• Qualified Person: Dr. Etienne Dinel, VP Geology, qualified under NI 43‑101, reviewed and approved all technical information.

Notable Quotes

“We are executing our strategy of leveraging seasonality — shifting from Michigan snow to Minnesota ice — to maximize drill production and significantly expand drilling at the Vault zone through spring 2026.” – Henri van Rooyen, CEO, Talon Metals Corp.

Materiality Assessment: Material – Positive (significant operational progress, advancement toward earn‑in target, and a material transaction with Lundin).