Talisker Announces Preliminary Economic Assessment for the Bralorne Gold Project Highlighting C$1.0 Billion After-Tax NPV5% and 31.3% IRR at a Base-Case Gold Price of US$3,500/oz; At US$4,300/oz Spot Gold, C$1.9 Billion After-Tax NPV5% and 67.2% IRR

Talisker Resources Ltd. (TSK) released the first independent Preliminary Economic Assessment (PEA) for its 100% owned Bralorne Gold Project on September 21, 2026, after market close. Prepared by SGS Geological Services, the assessment outlines economic scenarios based on specific gold price and foreign exchange assumptions. Under a base case of US$3,500/oz gold and an FX rate of 1.35 (US$:C$ 0.74), the project yields an after-tax NPV5% of C$1,048 million, an internal rate of return (IRR) of 31.3%, and a payback period of 2.1 years from commercial production. In a spot case assuming US$4,300/oz gold and an FX rate of 1.41 (US$:C$ 0.71), the after-tax NPV5% rises to C$1,876 million, with an IRR of 67.2% and a payback of 1.0 year.

The project features a total mine life of 17.6 years, comprising a 4.0-year pre-mill-expansion phase from 2027 to 2030 and a 13.6-year post-expansion phase from 2031 to 2044. Average annual production is projected at approximately 110,000 oz post-commissioning, with a life-of-mine (LOM) average of 95,000 oz/yr. Total mined material is estimated at 15.05 Mt, containing 1,883 koz of gold, with 1,679 koz expected to be recovered as payable gold. The average life-of-project head grade is 3.9 g/t Au, rising to 5.7 g/t during the 2027-2030 period and settling at 3.7 g/t post-expansion. Average gold recovery is projected at 90.6%, with 93.3% pre-expansion and 90.2% post-expansion.

Operating costs vary significantly between phases. The LOM average total cash cost is US$1,553/oz and the all-in sustaining cost (AISC) is US$1,914/oz. However, during the 2027-2030 pre-expansion window, cash costs are estimated at US$2,509/oz and AISC at US$2,957/oz. Capital requirements include C$416 million in initial capital, C$782 million in sustaining capital, and C$35 million for closure, totaling C$1,233 million. This total includes C$65 million in initial contingency, with a 35% contingency applied to all capital except mining.

The project relies substantially on Inferred Mineral Resources, with no Mineral Reserves declared. The mineral inventory includes Measured and Indicated resources of 0.72 Mt at 8.91 g/t for 206,300 oz, and Inferred resources of 11.23 Mt at 8.73 g/t for 3,151,000 oz. Processing involves sorting, crushing/grinding, gravity separation (approximately 51%), carbon-in-leach (CIL), and adsorption-desorption-recovery (ADR). The nominal plant capacity is 2,400 tpd, with a combined sorting-plus-milling rate averaging ~2,700 tpd and peaking at 2,877 tpd.

Permitting status includes existing Permit M-207, which allows 175 tpd. A 750 tpd Bridge Application was submitted in July 2026, with approval expected in January 2027. A Major Amendment for production exceeding 750 tpd and on-site milling is targeted for submission in late 2027. The supporting NI 43-101 technical report is scheduled to be filed on SEDAR+ within 45 days, and a management webinar is set for September 25, 2026.

Talisker Resources Ltd. (TSK) has published the first economic study for the Bralorne project, establishing a base-case after-tax NPV5% of C$1,048 million against a market capitalization of roughly C$306 million, based on 208.0 million shares at C$1.47. This equates to C$5.04 per share of undiscounted NPV on the current share count, or approximately C$4.18 per share on the fully diluted count of 251 million.

The study’s headline figures are qualified by several factors. First, 94% of the contained resource, totaling 3,151,000 of 3,357,300 ounces, is classified as Inferred. The Preliminary Economic Assessment (PEA) warns that it relies substantially on Inferred Mineral Resources and that there is no certainty the results will be realized, with no Mineral Reserves currently defined.

Second, the base case utilizes a gold price of US$3,500/oz, which is below the US$4,300/oz spot price cited by the company. Sensitivity analysis shows that at US$2,800/oz, the NPV falls to C$437 million and the internal rate of return (IRR) drops to 15.2%.

Third, the economics are back-end loaded. The 2027-2030 pre-expansion window features an all-in sustaining cost (AISC) of US$2,957/oz and cash costs of US$2,509/oz on production of 47,000 ounces per year. The 2,700 tonnes per day (tpd) scenario depends on a Major Amendment, the application for which is targeted for late 2027, beyond the currently permitted capacity of 175 tpd.

Regarding market context, the stock rallied from C$1.34 on September 15-16 to C$1.52 on September 18, a 13% increase, following sorting news on September 17. Because the PEA was published after the September 21 close, the market’s reaction is not captured in the provided price data.

Talisker Resources Ltd. (TSX: TSK, OTCQB: TSKFF) is a Toronto-headquartered junior gold company operating entirely in British Columbia, Canada, a Tier 1 jurisdiction with grid power, highway and rail access, and proximity to the Port of Vancouver. Its flagship asset is the 100% owned Bralorne Gold Project, which now covers 24,000 hectares and a 40 km strike length following the July 2026 Ben Nevis acquisition from Coast Copper. The acquisition involved 16 claims totaling 10,404 hectares, for which Talisker paid C$125,000 in cash plus 211,864 shares valued at C$250,000, along with contingent payments of C$100,000 per 100,000 oz up to 1,000,000 oz, and a C$300,000 three-year exploration commitment.

Bralorne is currently producing at the Mustang Mine, with a second planned centre at Bralorne West, where the decline ramp is completed, and Olympus identified as a second mine in the PEA plan. The company also holds other assets, including the Ladner Gold Project, which is permitted under Major Mines Permit M-138 with a tailings joint venture LOI signed with Regeneration Enterprises; the Congress Project, which holds a historic non-compliant resource of 186,000 oz at 9.1 g/t; Pioneer Deeps; BRX; and the Spences Bridge landholding.

Management includes CEO Terry Harbort, who holds a PhD in structural geology and is the former Chief Geoscientist at Barkerville Gold Mines, alongside VP Exploration Kyle Orr, VP Resource Development Leonardo de Souza, and CFO Andres Tinajero. GM Bralorne Richard Murrell brings over 30 years of underground mining experience, having previously worked at Barrick, BHP, and Anglo American.