Talon Metals Reports First Quarter 2026 Results

• Talon Metals reported its first quarterly financial results following the acquisition of Eagle Mine and Humboldt Mill (closed Jan 9, 2026).
• Revenue reached $46.9 million in Q1 2026 compared to nil in Q1 2025.
• Net income turned positive at $1.6 million ($0.01/share) versus a net loss of $0.6 million in the prior year period.
• Operational challenges regarding snowfall and ore flow at Eagle assets were resolved, with stable performance expected for Q2.
• Cash position strengthened to $55.1 million as of May 15, 2026, up from $31.5 million at March 31, 2026.
• Working capital improved significantly to $48.6 million as of March 31, 2026.

• The acquisition announced in December 2025 was the primary "Game Changer" event that shifted the company from exploration to production; this earnings release confirms the integration is proceeding as planned.
• Revenue generation validates the economic projections outlined in the April 30, 2026 NI 43-101 Technical Report for Eagle Mine.
• The turnaround from loss to profit is expected given the asset acquisition and does not constitute a surprise market-moving event beyond what was priced into the stock following the January closing.
• Cash position of $55.1 million provides ample liquidity, reducing immediate capital raising risk compared to previous quarters.
• Warrants accelerating expiry on May 6 could add up to $18.27 million in proceeds if exercised, further strengthening the balance sheet without dilution.

• Talon Metals is a U.S.-based nickel-copper company created by the acquisition of Lundin Mining's Eagle Mine and Humboldt Mill operations.
• Flagship Project: Tamarack Nickel-Copper-Cobalt Project (Minnesota) remains the primary exploration asset with high-grade Vault Zone mineralization.
• Operating Assets: Eagle Mine (Michigan) is now a producing operation providing immediate cash flow; Humboldt Mill provides processing capacity for both Eagle and external ore.
• Strategic Focus: Creating the only operating primary nickel-copper company in the United States with expansion potential into Michigan exploration packages.