Talon Metals Reports Additional Results from Tamarack Exploration Program

Talon reported assay results from ongoing exploration at the Tamarack Nickel-Copper-Cobalt Project in Minnesota. The release is an incremental exploration update, not a resource or economic study. All lengths are downhole drill lengths, not true widths.

• 138 Zone, hole 26TK0572: 162.37 m from 422.00 m to 584.37 m grading 0.87% Ni, 0.74% Cu, 0.02% Co, 0.16 g/t Pd, 0.27 g/t Pt, 0.19 g/t Au and 3.77 g/t Ag; 1.47% NiEq / 2.72% CuEq. Talon calls this the thickest 138 Zone interval to date, versus the prior 149.01 m in hole 25TK0552.
• Eastern Vault step-out, hole 26TK0570: approximately 50 m east of previously reported 778-level mineralization. Narrow high-grade sulphide veins include 0.53 m @ 2.32% Ni, 2.48% Cu and 6.14% NiEq; 0.50 m @ 6.39% Ni, 6.25% Cu and 12.05% NiEq; 0.70 m @ 7.98% Ni, 0.48% Cu and 20.93% NiEq; and 1.00 m @ 0.19% Ni, 2.15% Cu and 3.40% NiEq. A broader shallow interval of 12.00 m @ 0.71% Ni and 1.17% NiEq is also reported.
• Hole 26TK0571: 4.83 m from 732.17 m to 737.00 m grading 0.98% Ni, 3.07% Cu, 0.02% Co, 0.11 g/t Pd, 0.14 g/t Pt, 0.07 g/t Au and 7.55 g/t Ag; 2.82% NiEq / 5.04% CuEq. The hole also reports two broad low-grade intervals: 23.75 m @ 1.14% NiEq and 66.13 m @ 1.16% NiEq.
• Hole 26TK0574, 710-level: 6.25 m from 706.15 m to 712.40 m grading 3.62% Ni, 3.86% Cu, 0.04% Co, 1.79 g/t Pd, 4.15 g/t Pt, 2.64 g/t Au and 13.99 g/t Ag; 7.51% NiEq / 14.25% CuEq. This is about a 13 m east step-out from previously reported 710-level mineralization.
• Hole 26TK0574, 778-level: 0.64 m from 773.00 m to 773.64 m grading 15.70% Ni, 6.04% Cu, 0.10% Co, 5.36 g/t Pd, 7.99 g/t Pt, 4.01 g/t Au and 14.60 g/t Ag; 21.81% NiEq / 44.88% CuEq.
• Hole 25TK0568B: 7.26 m @ 0.43% Ni, 0.88% Cu and 1.32% NiEq from 616.78 m; and 3.40 m @ 1.48% Ni, 4.13% Cu and 4.80% NiEq from 734.66 m.
• Hole 26TK0573 was abandoned. Hole 26TK0575 returned no significant mineralization. Assays for hole 25TK0566A are pending.

Talon is no longer a pre-resource explorer. It is a C$1.1B market-cap nickel-copper producer and developer following the Eagle Mine and Humboldt Mill acquisition, with Tamarack as a 51%-owned development project alongside Rio Tinto. At that scale, a single exploration release needs to change the perceived resource scale, grade, mine life or permitting path to be material. This release does not do that.

The 138 Zone result is the thickest reported interval, but it is low grade and sits above the Vault Zone. It may add geological confidence and possibly low-grade tonnes, but there is no new resource estimate and no evidence that it changes the Tamarack mine plan. The Vault step-out results are genuine exploration progress: high-grade sulphide veins 50 m east of the known footprint, a tested BHEM anomaly and a 13 m step-out at the 710 level. But the best coherent new high-grade intercept is 6.25 m @ 7.51% NiEq, far below the 46.43 m @ 27.39% NiEq anchor and below several earlier Vault step-outs. The 0.64 m @ 15.70% Ni hit is too narrow to carry tonnes.

The stock has already re-rated substantially on the Vault Zone discovery and the Humboldt Mill selection. It closed at C$7.04 on November 11, 2026, versus C$3.85-C$4.15 in late 2025 and a C$11.20 close high in September 2026. The current price still embeds meaningful Vault optimism. This release does not replicate the anchor high-grade result, but it also does not break the Vault thesis: it confirms high-grade sulphide is present east of the known footprint and reports a record low-grade 138 Zone interval. The balance is incremental and mixed. Expected share-price impact is muted.

Prior-period financial context, not new in this drill release: Q1 2026 revenue was US$46.9M, net income US$1.6M and cash US$31.5M; Q2 2026 release figures were revenue US$51.5M, net income US$3.2M, EBITDA US$11.4M and cash US$46.6M at June 30, 2026. The Q1 MD&A carried a going-concern material uncertainty, dependent on Eagle cash flow and future financing.

Talon Metals Corp. is a TSX-listed nickel-copper company with shares also trading on the OTC under TLOFF. It owns 100% of the Eagle Mine, described as the only primary nickel mine currently operating in the United States, and the Humboldt Mill in Michigan. It owns 51% of the Tamarack Nickel-Copper-Cobalt Project in Minnesota, with an earn-in right to 60%, alongside Rio Tinto. It also holds a large exploration land package in Michigan’s Upper Peninsula of more than 400,000 acres.

Tamarack’s November 2022 NI 43-101 resource estimate reported 8.564 Mt indicated at 1.73% Ni and 0.92% Cu, plus 8.461 Mt inferred at 0.83% Ni and 0.55% Cu. Eagle’s February 2026 reserve estimate reported 3.486 Mt proven and probable at 1.06% Ni and 0.82% Cu, with mine life extended into H2 2030.

Prior-period financial context, not new in this release: Q1 2026 revenue was US$46.9M, net income US$1.6M, cash US$31.5M and working capital US$48.6M. Q2 2026 release figures were revenue US$51.5M, net income US$3.2M, EBITDA US$11.4M and cash US$46.6M at June 30, 2026. The Q1 MD&A flagged a going-concern material uncertainty tied to Eagle cash flow and future financing. The company had US$138.6M of U.S. government grant awards disclosed in the presentation, with US$13.4M received and US$125.2M remaining; the DOE award status is under review after the Humboldt Mill processing decision.